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Explain the steps in the posting process. Also, discuss what a Trial balance is and why...

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Accounting

Explain the steps in the posting process. Also, discuss what aTrial balance is and why it is an important step in the accountingcycle. Does a trial balance that is in balance guarantee that alltransactions posted are error-free?

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Posting is the act of moving debit and credit account balances from individual journals to their corresponding ledgers These ledgers are later used to create a trial balance used to generate the income statement balance sheet and other financial statements Posting in accounting consists of a few simple stepsThe five steps of posting from the journal to ledger include Typing the account name and number The first step is to enter the account name and number on the ledger form A companys two main financial statements income statement and balance sheet have different accounts Specifying the details of the journal entry The second step is to post the date description and reference number of each journal entry for each account during an accounting period Entering the debits and credits for the transaction The recording of debits or credits is    See Answer
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