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.

Copying A Chart of Account:

Its Easier to Create a new account by Copying an existing account from the correct 'Accounting Type'.

1. Log onto Readysell
2. Select Financials
3. Select General Ledger
4. Select Accounts
5. Select List View
   
6. Search for an acount within the right Accounting Type
7. Try and keep the numbers in Sequential /Alphabetical Order within that Accounting Type
8. Find a Gap for the Account Number within the Accounting Type for the Account you are about to create. 
9. Highlight the Account
10. Click on Copy
11. Enter the New Account ID
12. Change the Description to read the new account name
13. Click on Either 'Save' Save Button
    OR
14. Click on 'Save and Close' 'SAVE AND CLOSE' BUTTON

Set Period Range  Set Period Range

Setting the period range allows you to see the detail view list for the Account in question with the Balances/Movements for the Period set.

'Status Tab':

Current Period Range:

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