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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 (
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in order)
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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.
Reference
Buttons
There are no custom buttons for this list. Refer to Common Buttons.
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| Field | Description |
|---|---|
| Account ID | The Account ID, used to identify the General Ledger account |
| Account Type | The account type determines whether this account is an asset, liabilityexpense, income or expenseliability. |
| Description | This field shows the account's description |
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