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Glossary of Terms

Glossary of Terms

A

Account Listing: A list of all the accounts used to record transactions in the general ledger. The accounts are usually sorted by account type and alphabetised within their type.

Accounting

Accounts Payable: Money owed by an organisation to its suppliers for goods or services purchased on credit.

Suppliers, Transactions

Accounts Receivable: Money owed to an organisation by its customers for goods or services delivered on credit.

Customers, Transactions

Accrual: Provision for future expenses.

Accounting, Financial Statements

Accrual Accounting: An accounting method where revenues and expenses are recorded when they are earned or incurred, not when the cash is received or paid.

Accounting, Financial Statements

Actions: The process of doing something.

Batch Updates

Address Book: A collection of contact information for individuals or organisations.

Contacts, Customers, Suppliers

Age Analysis: A list of amounts outstanding usually shown in columns with each column representing a month or 30 days.

Customers, Suppliers

Artwork: A visual representation of goods consisting of illustrations or photographs.

Transactions, Transaction Types

Assemblies: Collections of individual parts or components that are put together to form a complete product or a larger functional unit.

Items, Estimating

Assets: Resources owned by organisations that have monetary values. In accounting, assets are divided into fixed and current assets.

Accounting, Assets

Attachments: A file or reference to a file that is linked to a specific record.

Attachments Module

Attributes: An attribute is a characteristic or quality that describes an object, person, or concept.

Customers, Suppliers, Items

Audit Trail: A step-by-step record that traces financial data from its source to its final entry in the financial statements.

Transactions, Financial Statements

B

Backup: The process of making a copy of your data.
The name of the copied data.

Administration

Bad Debts: Accounts receivable that are no longer recoverable and are written off.

Customers, Service Manager

Balance Sheet: A financial statement that summarises a company’s assets, liabilities, and equity at a specific point in time.

Financial Statements

Bank Accounts: A financial account held at a banking institution where money is deposited, withdrawn, and managed.

Accounting

Batch Updates: Updating multiple records simultaneously.

Batch Updates

Bill of Materials (BOM): A comprehensive list of materials, components, and assemblies required to construct or manufacture a product.

Estimating, Items

Billing Methods: The ways an organisation charges customers for products or services.

Billing Methods

Budgets: A financial plan on how best to use the organisation’s resources.

Business Operating System (BOS): Integrated management software that combines core organisation processes (finance, HR, manufacturing, supply chain) into a single system.

Features Overview

C

Calendars: A digital tool that facilitates planning and tracking tasks and events.

Calendars

Capital: The value remaining in an organisation after deducting liabilities from assets.

Accounting, Financial Statements

Cash Flow: The net effect of cash received vs cash spent.

Category: A group with shared characteristics.

Customers, Suppliers, Items

Chart of Accounts: A list of all the accounts used to record transactions in the general ledger. The accounts are usually sorted by account type and alphabetised within their type.

Accounting

Clients: Money owed to an organisation by its customers for goods or services delivered on credit.

Customers, Transactions

Cloud Storage: A service that allows users to save data on remote servers accessed via the internet and managed by a provider.

Cloud Hosting

Contacts: A collection of contact information for individuals or organisations.

Contacts, Customers, Suppliers

Context Menu: A menu that appears because of a user’s action.

Copy Rules: The rules that govern how transactions are copied.

Copying Transactions (Copy Rules)

Cost Centre: A department or group of activities in an organisation that incur costs.

Entities

Cost of Goods Sold: The direct costs attributable to the production of the goods sold by a company.

Accounting, Financial Statements

Cost of Sales: The direct costs attributable to the production of the goods sold by a company.

Accounting, Financial Statements

Cost per Unit: The direct costs associated with producing one unit of an item.

Item Prices Explained

Costing Unit: The item’s unit that is used for costing purposes.

Items, Estimating

Costings: Pricing the collection of individual parts or components that are joined to form a complete product or a larger functional unit.

Items, Estimating

Credit Account (Accounting term): The account that is credited when a transaction is created.

Accounting

Credit Terms: Credit terms are the conditions under which a seller allows a buyer to purchase goods or services and pay later.

Credit Terms

Creditors: Money owed by an organisation to its suppliers for goods or services purchased on credit.

Suppliers, Transactions

Currencies: Systems of money used as a medium of exchange within a country or region.

Accounting

Current Assets: Any asset that is of a temporary nature (i.e. is cash or can be converted to cash within a year).
For example: Accounts Receivable, Cash on Hand, Bank Accounts, Inventory

Accounting, Financial Statements

Current Liabilities: Any debt that is likely to be repaid during the next year. For example: Accounts Payable, Taxes Due.

Accounting, Financial Statements

Custom Item: An item that is customised at the time of the transaction.

Transactions

Custom Reports: A report that can be customised or created from scratch.

Custom Reports

Customer Accounts: Money owed to an organisation by its customers for goods or services delivered on credit.

Customers

Customer Invoice: A document issued by a seller to a buyer that lists the products or services provided and the amount due.

Transactions, Transaction Examples – Customers, Transaction Type Examples – Customers

Customer Ledger: The accounting records in which all the financial transactions with customers are recorded.

Customers, Customer Age Analysis

Customer Relationship Manager (CRM): A system for managing a company’s interactions with current and potential customers.

Service Manager

Customers: The organisations or individuals who buy services from an enterprise.

Customers

D

Dashboard: A dashboard is a visual snapshot of information such as key metrics and other data.

Mobile App

Data Filters: A procedure that isolates certain data based on set criteria.

Data Filters

Databases: An organised collection of information stored electronically.

Administration

Debit Account (Accounting Term): The account that is debited when a transaction is created.

Accounting, Transactions

Debtors: Money owed to an organisation by its customers for goods or services delivered on credit.

Customers, Transactions

Depreciation: The systematic reduction in the recorded cost of a fixed asset over its useful life.

Accounting, Transactions

Detailed Ledger: The master accounting records in which all the financial transactions are recorded. Often divided into General, Customer, and Supplier Ledgers.

Accounting, Customers, Suppliers

Double-entry Accounting: A bookkeeping method where each transaction affects at least two accounts (debits and credits), ensuring the accounting equation remains balanced.

Accounting, Transactions

E

Email: An electronic communications tool.

Output, Emails, and Designers

Enterprise Resource Planning (ERP): Integrated management software that combines core organisation processes (finance, HR, manufacturing, supply chain) into a single system.

Features Overview

Entities: Independent structures.

Entities

Equity: The value remaining in an organisation after deducting liabilities from assets.

Accounting, Financial Statements

Estimate Types: Provides a shell and lookup lists for estimating.

Estimating

Estimates: The calculation of the quantity and cost of work.

Estimating

Estimating: The calculation of the quantity and cost of work. Used to calculate and quote accurate prices.

Estimating

F

Financial Statements: Formal records of financial activities. Usually includes the Statement of Profit or Loss, Statement of Financial Position, Cash Flow Statement, and explanatory notes.

Financial Statements

Fixed Asset: Any asset used in an organisation’s operations that has a lasting value. For example Property, Machinery, and Vehicles.

Accounting, Assets

Fixed Cost: A cost that is charged regardless of the quantity purchased.

Item Prices Explained

Fixed Price: A price that is charged regardless of the quantity sold.

Item Prices Explained

Followers: The group of users who want to receive information, or a service.

Followers

Foreign Exchange: The system of dealing with currencies across multiple countries.

Accounting, Transaction Types

Forms: A specific way in which information is organised and presented.

Output, Emails, and Designers

G

General Ledger: The master accounting records in which all the financial transactions are recorded.

Accounting

Goods Issued: When inventory is given to a customer, or different section of an organisation.

Inventory, Transaction Type Examples – Inventory, Transaction Examples – Inventory

Goods Received: When inventory is received by an organisation.

Inventory, Transaction Type Examples – Inventory, Transaction Examples – Inventory

Goods Returned: When issued inventory is returned, either by a customer or production returning unused inventory.

Inventory, Transaction Type Examples – Inventory, Transaction Examples – Inventory

Grid Views: A spreadsheet-like presentation of data.

Layout

Gross Margin: The difference between revenue (e.g. sales) and direct costs (e.g. cost of sales).
The profit earned on a costing calculation (e.g. the difference between the selling and cost price).

Items, Financial Statements

Gross Profit: The difference between revenue (e.g. sales) and direct costs (e.g. cost of sales).

Items, Financial Statements

Groups: Industry or organisation segments that are grouped together.

Groups

GST: A tax imposed by governments on organisations.
Used as an equivalent to VAT in some countries.
Used as a tax that only applies to retail sales in some countries.

VAT

I

ID: An automatically generated identification number.

Transactions

Inventory: The value of all goods held for resale.

Inventory, Items

Inventory Management: Systems to manage the flow of inventory.

Inventory

Invoice: A document issued by a seller to a buyer that lists the products or services provided and the amount due.

Transaction Types, Transactions

Item: An individual article or unit.

Items

Item Summary: A summary of transactions relating to a specific item.

Item Summary

J

Job Positions: A specific role or function performed by an individual in an organisation.

Positions

Journal Entry: A method to enter a financial transaction in the ledger by specifying both sides of the entry (the debit and credit sides).

Transaction Types, Transactions, Transaction Type Examples – Ledger, Transaction Examples – Ledger

K

Key Performance Indicators (KPI): A measurable value that indicates how effectively a company is achieving key organisational objectives.

Mobile App, Financial Statements

L

Languages: The way humans communicate.

Languages

Layout: The way information is presented.

Layout

Ledger: The master accounting records in which all the financial transactions are recorded. Often divided into General, Customer, and Supplier Ledgers.

Accounting, Customers, Suppliers

Liabilities: The debts an organisation must repay. In accounting, liabilities are divided into current and long-term liabilities.

Accounting, Financial Statements

Linked Item: An item that was used in a transaction.

Transactions

Liquidity: A determination of the organisation’s ability to pay its debts on time (e.g. by assessing the ratio between current assets and current liabilities).

Financial Statements

Long-Term Liabilities: A debt the organisation must repay over several years (e.g. mortgages, hire purchase).

Accounting, Financial Statements

M

Markup: An amount of percentage that is added to a cost price to calculate a selling price.

Items, Estimating

Materials: Goods that are purchased for manufacturing or resale purposes.

Items

Measurement Units: Used to measure length, width, height, capacity, or volume.

Items

Menus: Navigational elements used in software.

Menus

Minimum Cost: The minimum cost an item can be purchased for.

Estimating, Items

Mobile App: Ability to access the app from any internet-connected device.

Mobile App

Module: A specific function in software (e.g. Accounting, Inventory).

Features Overview

Multi-Currency Support: The ability to record transactions in multiple currencies by providing the necessary tools for conversions.

Accounting, General Settings, Transaction Types

N

Net Income: The profit remaining after all expenses, taxes, and costs have been subtracted from total revenue.

Financial Statements

Net Loss: The loss remaining after all expenses, taxes, and costs have been subtracted from total revenue.

Financial Statements

Net Profit: The profit remaining after all expenses, taxes, and costs have been subtracted from total revenue.

Financial Statements

Notes: Information that is attached to records or transactions.

Notes and Attachments

O

Offsets: When an enterprise is both a customer and supplier, the account balances may be offset against each other.

Transaction Types, Transactions

Operating Expenses: The cost of running the daily operations of the organisation which is not directly affected by the amount of revenue earned.

Financial Statements

Operations: The practical running of the business.

Production Planning, Service Manager

Operator: A person who operates equipment and machinery.

Entities, User Access

Output: Something produced by a process or business.

Output, Emails, and Designers

Outwork: Work that is outsourced to an external organisation or person.

Items, Suppliers

Overheads: The cost of running the daily operations of the organisation which is not directly affected by the amount of revenue earned.

Financial Statements

P

Payables: Money owed by an organisation to its suppliers for goods or services purchased on credit.

Suppliers, Transactions

Payroll: A term that refers to all the related costs of remunerating employees for their labour.

Attributes

Periodic Accounting: An accounting method where certain expenses are recorded once a month. Creates fewer transactions in a ledger.

Transactions

Perpetual Accounting: An accounting method where all transactions are recorded in real time. Creates many transactions in a ledger.

Transactions

Positions: A specific role or function performed by an individual in an organisation.

Positions

Pricing: The process of setting a price for every item and service.

Estimating, Item Prices Explained

Production Planning: The process of organising and managing manufacturing activities, including managing materials and labour.

Production Planning

Projects: A set of tasks that need to be performed.

Service Manager, Production Planning

Proposals: A document that provides several options for clients to select from.

Transactions

Purchase Order: A document sent from a buyer to a seller, specifying types, quantities, and agreed prices for products or services the buyer wishes to purchase.

Transactions, Transaction Types, Transaction Examples – Production, Transaction Type Examples – Production

Q

Quantity Types: A way of distinguishing how calculations should be done in costings, estimates, and invoices.

Quantity Types Explained

Quotations: A description and price for proposed goods or services that an organisation presents to a prospective customer.

Transactions, Transaction Types, Transaction Examples – Customers, Transaction Type Examples – Customers

R

Receivables: Money owed to an organisation by its customers for goods or services delivered on credit.

Customers, Transactions

Recycle Bin: A temporary storage for deleted files.

Recycle Bin

Remittance Advice: A document that accompanies a payment and lists the invoices that were paid.

Suppliers

Report Customisations: The process of customising a report to include or exclude specific information.

Custom Reports, Output, Emails, and Designers

Resolve: Decide on a course of action.

Transaction Type Settings

Revenue: The income generated from the supply of goods or services.

Accounting, Financial Statements

Routing: Refers to the services or outwork that are needed to complete a product.

Estimating, Items

S

Sales: The income generated from the supply of goods or services.

Accounting, Financial Statements

Sales Orders: An internal document that confirms that the order will be processed.

Transactions, Transaction Types, Transaction Examples – Production, Transaction Type Examples – Production

Search Function: The ability to find information in a document.

Search Functions

Service (Accounting Term): The portion of revenue that does not relate to selling goods.

Accounting, Financial Statements, Items

Service Manager: A system for managing a company’s interactions with current and potential customers.

Service Manager

Services Rendered: The income generated from the supply of services.

Accounting, Financial Statements, Items

Settings: The options that determine the features or interface of software.

Getting Started, Transaction Type Settings

Setup (In Production): The time or cost involved in getting a machine or service ready to be used.

Estimating, Items

Software as a Service (SaaS): A subscription-based software delivery model in which software is online, rather than installed on individual computers.

Features Overview

SQL: A structured query language used to extract information from databases.

Output, Emails, and Designers

Staff: The representatives of an organisation.

Contacts, User Access

Statement of Financial Position: A financial statement that summarises a company’s assets, liabilities, and equity at a specific point in time.

Financial Statements

Statuses: A method of indicating to other users the position that a transaction or record is in.

Statuses

Stock on Hand: The value of all goods held for resale.

Inventory, Items

Subscribers: The people who subscribe to something (e.g. software).

Administration, User Access

Substrate (printing): The material that is being printed on.

Items

Supplier Invoice: Transactions, Transaction Types, Transaction Examples – Suppliers, Transaction Type Examples – Suppliers

Supplier Ledger: The accounting records in which all the financial transactions with suppliers are recorded.

Suppliers

Suppliers: The organisations or individuals an enterprise purchases goods or services from to generate sales or to assist in running the organisation.

Suppliers

Supply Chain Managements (SCM): The handling of the entire production flow of a good or service, from acquiring raw components up to delivery to the consumer.

Production Planning

T

Templates: A pattern or system to arrange information.

Output, Emails, and Designers

Time Zones: A region that observes a specific time.

Features Overview

Timekeeping: Recording how long a process takes.

Timekeeping

Transaction Flow: The transactions or documents that are linked to each other because they were copied from each other or integrated.

Transactions, Transaction Types

Transaction Linking: Links transactions that relate to each other.

Transactions, Transaction Types

Transaction Types: The settings for the different transactions that can be recorded.

Transactions, Transaction Types

Transaction Versions: A way of tracking multiple documents that are sent to the same customer.

Transactions, Transaction Types

Transactions: The way in which accounting data is captured.

Transactions, Transaction Types

Transfer Issue: The transfer of goods within an organisation: sending the goods.

Inventory, Transaction Type Examples – Inventory, Transaction Examples – Inventory

Transfer Received: The transfer of goods within an organisation: receiving the goods.

Inventory, Transaction Type Examples – Inventory, Transaction Examples – Inventory

Trial Balance: A report that lists the balances of all ledger accounts to ensure that debits equal credits. General ledger accounts are normally listed separately whereas customer accounts are merged as Receivables and supplier accounts are merged as Payables.

Accounting, Financial Statements

Troubleshooting: The method of identifying a problem and finding a solution.

Transaction Warnings and Troubleshooting

U

Unit Cost: The cost of producing one item.

Item Prices Explained

Unit Price: The price for one item.

Item Prices Explained

Units: Used to measure length, width, height, capacity, or volume.

Items

Upgrade: The process of adding fixes or enhancements to software.

Administration

Users: The representatives of an organisation who access software and are assigned permission-based access levels to the software.

Contacts, User Access

V

Value Added Tax (VAT): A tax imposed by a government that only taxes the value- added portion of a transaction.

VAT

Vendors: The official suppliers of goods or services.

Suppliers, Transactions

W

Web App: Ability to access the app from any internet-connected device.

Mobile App

Work Orders: A document that specifies which materials and services are needed to produce a specific product.

Transactions, Transaction Types, Transaction Examples – Production, Transaction Type Examples – Production

Workflow: A sequence of steps that define how a task or process is completed within the software system.

Production Planning, Service Manager

Write-offs: The elimination of worthless assets from the accounting records.

Accounting, Assets