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<aside> 🧠 Use Case Leverage these prompts to guide you through the entire 8-step accounting cycle. ChatGPT aids in recording transactions, creating financial statements, and closing the books, ensuring a smooth and efficient accounting process.

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• Input required = transaction details, accounts, account adjustments
• Six-step prompt

🔨 Prompt for Steps 1 & 2: Identify and Record Transactions

I have conducted the following transactions this accounting period:

• Sales transactions: [all sales with date, amount, and buyer]
• Purchase transactions: [all purchases with date, amount, and seller]
• Other transactions (payments, receipts, etc.): [all other transactions with date, amount, type, and parties involved]"

I am using [accrual/cash] accounting for my business. Can you help me record the provided transactions into my journal?"

🔨 Prompt for Step 3: Posting

Here is the list of all accounts in my general ledger: [List of all accounts in the general ledger]. Can you help me post my transactions to these accounts?"

🔨 Prompt for Step 4: Unadjusted Trial Balance

Can you help me create an unadjusted trial balance from my general ledger accounts after posting the transactions?

🔨 Prompt for Steps 5 & 6: Worksheet and Adjusting Entries

These are additional adjustments that need to be made:

• Depreciation: [Details]
• Prepaid expenses: [Details]
• Accrued revenue: [Details]
• Accrued expenses: [Details]

Can you help me update the worksheet with these adjustments, making the adjusting entries?

🔨 Prompt for Step 7: Financial Statements

Here are the final adjusted balances of all my general ledger accounts: [Adjusted balances of accounts]. Can you help generate an income statement, balance sheet, and cash flow statement from these balances?"