Accounting Cycle Paper

The Accounting Cycle is the order or sequence of doing something, in this case accounting transactions. Every company has it's own way of journalizing and entering a transaction. In the company Multimodal Esquer, the accounting department is formed by four persons. Each person is in charge of doing something different, but at the same time all working together to get the same objective that is have the books up to date.

Zulema is in charge of gathering all the information and then giving to Cynthia so she can process of the transactions that are coming in in the bank statement and compare it to Prophecy that is another program besides QuickBooks (an accounting software) that we use to complete this cycle. Zulema is also in charge of reminding Jose (owner), about the payments that are due next making checks and have him sign them. Lastly she is in charge of supervising every single one of the other girls in this department to make sure everyone is doing what they are supposed to. Zulema is the one that makes the deposits in the bank after Monica posts all the payments that are received.

Cynthia is the one that posts transactions and compares it to the invoices or receipts that Zulema has given to her. At the end of every month, Zulema and Cynthia get together to reconcile the Bank Accounts. Since this is a freight company we use Prophecy and use that so we can get all the information from the trucks like the weight, the driver, destination etc., and Cynthia is in charge of this too. She sometimes helps Zulema out with the payroll checks. Also she helps with all the filing and other things that are happening on a daily basis within the company.

Monica is the one in charge of Accounts Receivable she goes after every customer that has 30 days or more with an open invoice. After posting every payment she gives it to Zulema that is the one that handles the Deposits. Since we work for big companies like Costco, Tecate, Etc. We hire a company named Fleetone, fleetone pays this big companies invoices for us, as soon as the job is done they deposit about 80% of the money into our account, but at the end of the month they charge about 1% of what we earned and then deposit the rest. This is only done for like about 3 or 4 big clients. Monica takes care of the rest, makes calls and makes payments arrangements.

However after all this teamwork, this doesn't stop here. We also have an External accountant that comes at least once a week, when there is a lot of work she is constantly coming. If not every Tuesday she is here, to check everybody's work , to make the process the liabilities and then have Zulema pay them. She is also the one that closes the accounting cycle every year and helps with forms, contracts, etc.

For every company there is a different way of doing things, however for this company we tried and tried until we got the right amount of work for everybody and now we all know what we are