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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.