Accounting
We are showing a list of Chart Of Accounts. You can use or not.
Report Type:
The Report Type (Balance Sheet, Income Statement, etc.) is used for categorizing things like Assets, Liabilities, and Equity. It is mainly here to use in the Chart Of Accounts Model.
Account Type:
The Account Type further categorizes the Account Category. An example: For the Assets Account Category, you can have Current Assets, Non-Current Assets, and Fixed Assets.
Chart Of Accounts:
The Chart Of Accounts is a list of different accounts that contain a Account Category and an Account Type. An example:
Assets=> Current Assets=> Main Bank Account (1001)
Balance Sheet:
The Balance Sheet consolidates Assets, Liabilities, and Equity (Account Categories) into 1 area of your financial data.
Income Statement:
The Income Statement consolidates Income, Expense, etc of the Account Types. It is not further broken down into Assets, Liabilities, or Equity. It just tracks Income and Expenses.
Ledger:
A Ledger tracks global things like Sales, Bank, and Purchases..