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.
Reference
Buttons
There are no custom buttons for this list. Refer to Common Buttons.
Fields
| 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, expense, income or liability. |
| Description | This field shows the account's description |
Status Tab
| Field | Description |
|---|---|
| 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 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 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 | |
| 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 |
|---|---|---|
 | Related | Shows objects related to the current selection, in this case it will show the site details. |
 | 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. |
 | Daily Totals | Shows you a Total Dollar Value Summarised by Date,Transaction Type for all transactions for that one Account Site. |
Status Tab
| Field | Description |
|---|---|
| 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 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 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 Budger for the Period |
Balances and Budgets
| Field | Description |
|---|---|
| Period | |
| 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 |
Daily Balances
| Field | Description |
|---|---|
| Date | The date and time of the daily balance and budget |
| Actual Movement | The actual movement is the total |
| Budget Movement | This is the budget movement for the line |
| Variance | This field shows the variance for the balance and budget |
Settings
| Field | Description |
|---|---|
| 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 | |
| Daily Budgeting | |
| Clear to Account | |
| Clear At Year End |
Bank Account tab
| Field | Description |
|---|---|
| Is Bank Account | |
| Primary Bank Account | |
| Bank Account Bank | |
| Bank Account Name | |
| Bank Account bsb | |
| Bank Account Number |
Benchmarks
| Field | Description |
|---|---|
| Benchmark ID | Name |