Analysis of transactions is identified as a standardized process in the organizations to translate different events and actions in the business that have a measurable influence over the accounting equation. Thus it is essential to record them in the accounting books in writing.
Analysis of transactions is recognized as the initial stage of the accounting cycle that allows further accounting calculations. It is the foundation of accounting through which the accountants prepare different accounting statements for the organization’s effectiveness and promote a suitable decision. After understanding the key accounting terms, equations, stakeholderâ€™s equity, assets, and liabilities, the transaction analysis is essential to prepare and review the corresponding transactions and financial statements for the business. As the first step of the accounting cycle, the financial implications can only be evaluated if the source is written in the information. Each source has a different impact on the accounting statements; thus, analysis of transactions helps identify the influence of the original source on the financial statements. If a firm gets a cash payment from a client, for example, the firm must know how to record the cash payment in a relevant way in order to maintain its financial statements current.
Transaction analysis includes six steps which can be seen as below.
Identify the nature of the transaction: It is the first step for the accounting department to analyze the nature of the business transaction. Each transaction is necessary to be based on a specific monetary amount, such as payment of rent. Therefore, the sign for the rental contract is not considered a business transaction as it does not involve any monetary amount.
Evaluate the impact of the transaction: Another step in the transaction is identifying the account that gets impacted by the transaction. For example, the purchase of a plant can impact the cash account and plant account. Thus, each transaction always impacts in a dual manner.
Identify the type of account: Each transaction changes the accounting equation as it necessarily belongs to equity, liabilities, or assets. It helps to identify the debit or credit balance of the account.
Identify the effect of the account: Business transaction allows the individuals to identify the debit or credit impact of the entry keeping the double-entry procedure in mind.
Application of the debit and credit rules: After recording each transaction for two or more accounts, the debit and credit rules are verified. The left side of the account will represent a debit entry and another side credit entry.
Identify the transaction amount: The final step is to enter the transaction amount for a proper business record.
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