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.

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