Overview
A 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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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 Balance = Total Sum of all Transactions that are dated into the Period Less than the Start Period that has been set.
Budget Opening Balance = Total Sum of All Values that are in a Period Less that the Start Period that have been set with Budgets.
Actual Movement = The total sum of all movements from the start to the end period
Actual Closing Balance = Actual Opening Balance + Actual Movement
Budget Closing Balance = Budget Opening Balane + Budget Movement
Budget Movement = Sum of all Values in the Budger for the Period
Comparison Period Range:
Comparison Start Period = The Previous Comparative Start Period
Comparison End Period = The Previous Comparative End Period
Actual Opening Balance = Total Sum of all Transactions that are dated are have a Period Less than the Comparative Start Period.
Budget Opening Balance = Total Sum of All Values that are in a Period Less that the Comparative Start Period that have been set with Budgets.
Actual Movement = The total sum of all movements from the comparative start to the conparative end period
Actual Closing Balance = Actual Opening Balance + Actual Movement
Budget Closing Balance = Budget Opening Balane + Budget Movement
Budget Movement = Sum of all Values in the Budger for the Period