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Account Chart on
SMART Accounting Software

 

Account Description
Sales Consists of 49 different departments of sales
Cost of Sales Includes cost inputs to the ‘manufacturing and selling process’ of the ‘traded items’.
Other Income Comprises all other sources of income which are not sales - e.g.  Rent received and interest received
Administration Costs Expenses incurred in administering your business such as telephone and advertising.
Establishment Costs Items such as electricity and rent.
Management Management expenses and management salaries
Financials expenses such as bank charges and lease charges
Provisions and write-offs Provisions for ‘unknown’ future expenditure and items such as goodwill written off etc.
Appropriations Various adjustments, appropriations, and income tax (not used by sole traders)
Share Capital Only used for companies and close corporations
Current Assets These are assets readily convertible into cash (within 1 year) and include the bank, stock on hand and debtors (accounts receivable).   There is space to include 92 individual debtors.
Current Liabilities These are short-term obligations and include the short term liabilities such as bank overdraft and creditors (accounts payable). There is space to include 93 individual creditors.
In-between assets These are the assets which are not fixed or current except for land and buildings which is fixed and shown separately.
Depreciating Assets These are assets which diminish in value as time passes and include cars, machinery, furniture and fittings.
Long term liabilities These are obligations of the business that exceed one year and items include hire purchase accounts, bonds and long term leases
Shareholders or Members loan accounts These accounts are used for loans to the business from shareholders of a company or members of a close corporation.
Capital for partnerships and sole traders These include the opening capital, capital introduced, and drawings for sole traders and partnerships.
Other Accounts These are memorandum accounts which can be used for any purpose, provided certain conditions are met:
  • None of the figures within these accounts are part of the financial accounts, as all financial statements are prepared excluding these accounts.
  • The net total of these accounts must therefore be zero.

 

Accounting Terminology

Financial Accounting Interpretation

 

Reports
Sample Reports:
SMART includes a wide range of financial reports fulfilling all the financial purposes.

 

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