Accounting is classified by underlying business processes, called “accounting cycles”. These processes include revenue and receipts, purchases and payments, payroll, fixed assets, financing, and general ledger. Several cycles are basically variations of others, thus the core accounting cycles of revenue, expenditures, and general ledger discussed in this post.     Revenue and Receipts Cycle The revenue and receipts (sales) cycle includes all systems that record the sale of goods and services, and receive and record customer remittances (see chart below.) [...]