Overview
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Chart of Accounts is a list of numbered accounts containing Ledger Account Names and Numbers that are affected by the financial transactions of a business into the General Ledger. The Purpose of the Chart of Accounts is to provide a listing of the different accounts used by the organisaion according to their intended purpose. Readysell has a set Chart of Accounts, the Chart is reviewed by the Site as additonal Accounts may need to be added. The 7 Basic Accounting Types (in order) are: - Assets - Things you own
- Liabilities - Things you owe
- Equity - Owners Stake in Company
- Revenue - Income through Sales of the Products of the Business
- Costs of Goods Sold - Costs to provide the service or to manufacture or acquire the product the business sells
- Expenses - Things that are paid for that are consumable, they have no lasting value but are part of the cost of running a business
- Other Revenue and Expenses - Revenue and Expenses that are unusual cases and are not directly related to the business product and are not usual costs of running a business.
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Getting Started
| Child pages (Children Display) |
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| page | Getting started with accounts |
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| Field | Description |
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| Account ID | The Account ID, used to identify the General Ledger account |
| Account Type | The account type determines whether this account is an asset, expense, income or liability. |
| Description | This field shows the account's |
Status Tab
| Field | Description |
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| Current Period Range |
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| Start Period | The Period you have set to be the Start Period |
| End Period | The Period you have set to be the End Period |
| Actual Opening Bal | Total Sum of all Transactions that are dated into the Period Less than the Start Period that has been set. |
| Actual Closing Bal |
| Field | Description |
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| Start Period | The Period you have set to be the Start Period |
| End Period | The Period you have set to be the End Period |
| Actual Opening Bal | Total Sum of all Transactions that are dated into the Period Less than the Start Period that has been set. |
| Actual Closing Bal | Actual Opening Balance + Actual MovementBudget Opening Bal | Total Sum of All Values that are in a Period Less that the Start Period that have been set with Budgets. |
| Budget Closing Bal | |
| Actual Movement | |
| Budget Movement | |
| Comparison Period Range |
| Comparison Start Period | |
| Comparison End Period | |
Actual Opening Bal | |
| Actual Closing Bal | |
| Budget Opening Bal | |
| Budget Closing Bal | |
| Actual Movement | |
| Budget Movement | |
Account Sites tab
Button
| Image | Field | Description |
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 Image Removed | Related | Shows objects related to the current selection, in this case it will show the site details. |
 Image Removed | Dissections | Is a list of all the transactions that have been dissected against that Bank Account highlighted for the Period Range that has been set. |
| Image Removed | Daily Totals | Shows you a Total Dollar Value Summarised by Date,Transaction Type for all transactions for that one Account Site. |
Status Tab
| Actual Opening Balance + Actual Movement |
| Budget Opening Bal | Total Sum of All Values that are in a Period Less that the Start Period that have been set with Budgets. |
| Budget Closing Bal | Budget Opening Balane + Budget Movement |
| Actual Movement | The total sum of all movements from the start to the end period |
| Budget Movement | Sum of all Values in the Budger for the Period |
| Comparison Period Range |
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| Comparison Start Period | Sum of all Values in the Budger for the Period |
| Comparison End Period | The Previous Comparative End Period |
Actual Opening Bal | Total Sum of all Transactions that are dated are have a Period Less than the Comparative Start Period. |
| Actual Closing Bal | Actual Opening Balance + Actual Movement |
| Budget Opening Bal | Total Sum of All Values that are in a Period Less that the Comparative Start Period that have been set with Budgets. |
| Budget Closing Bal | Budget Opening Balane + Budget Movement |
| Actual Movement | The total sum of all movements from the comparative start to the comparative end period |
| Budget Movement | Sum of all Values in the Budget for the Period |
Account Sites tab
Button
| Image | Field | Description |
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Filter - All sites
Active Sites
Inactive Sites | Filter | Display the balance/transactions for the site and period select |
Image Added | Related | Shows objects related to the current selection, in the Budger this case it will show the site details. |
| Image Added | Dissections | Is a list of all the transactions that have been dissected against that Bank Account highlighted for the Period Range that has been set. |
| Image Added | Daily Totals | Shows you a Total Dollar Value Summarised by Date,Transaction Type for all transactions for that one Account Site. |
Balances and Budgets
The Balance and Budgets tab contains the Movement for the period and the Budget for the Period. The 'Variance' is the difference between the Movement and Budget for the period set. The Period range that is set,whether it be at the header level or detail level is global.
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| Field | Description |
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| Period | The Financial year selected being either the current period or all periods by dropping down the filter and selecting. |
| Actual Movement | The actual movement is the total of all the debit less credit postings to one general ledger account site for a single period |
| Budget Movement | This is the budget movement |
| Variance | This field shows the variance for the balance and budget |
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| Field | Description |
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| Date | The date and time of the daily balance and budget in summary |
| Actual Movement | The actual movement is the total for that day in summary |
| Budget Movement | This is the budget movement for the linethat day in summary |
| Variance | This field shows the variance for the balance and budget in summary for the day |
Settings
| Field | Description |
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| Show on P&L | |
| Show on Bal Sheet | |
| Heading on P&L | |
| Heading on Bal Sheet | |
| P&L Sort Index | |
| Bal Sheet Sort Index | |
| P&L Parent | |
| Bal Sheet Parents | |
| Normally Debit/ Credit | How the value is to display on the report, |
| Daily Budgeting | |
| Clear to Account | The P&L appropriation general ledger account that all the income/cost of goods and expense accounts are cleared to. |
| Clear At Year End | |
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| This needs to be turned on for all Income/Revenue/Cost of Goods and Expense accounts that you wish to clear at year end to the Clear to Account. |
Settings>Bank Account tab
| Field | Description |
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| Is Bank Account | If this field is True, this determines that this account is a bank account and can be linked to tenders. If this check box is ticked, the transactions can be seen in the Banking file. If this check box is checked you can perform a bank reconcilation for this form of a bank account. |
| Primary Bank Account | You can only have 1 primary main bank account. |
| Bank Account Bank | The bank eg ANZ |
| Bank Account Name | The name on the Bank Account |
| Bank Account bsb | BSB |
| Bank Account Number | Bank Account number |
Benchmarks
| Field | Description |
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| Benchmark ID | Name |
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