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Computerised accounting key terms
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- 1Cash paymentsPayments made straightaway
- 2Petty cash accountAn account used to record payments of small cash purchases from the office petty cash fund
- 3Petty cashA float of cash kept in the office for making small purchases
- 4Cash bookThe manual record which records money paid in and out of the bank account
- 5Tax codesA term used by Sage to refer to the rate of VAT which is applied to transactions: T1 refers to standard rate, T0 to the zero rate, T2 to VAT exempt items and T9 to transactions which do not involve VAT
- 6Current accountThe 'everyday' bank account which handles routine receipts and payments
- 7Cash salesSales made where payment is immediate
- 8Remittance adviceA document that tells a business that a payment is being made
- 9Credit paymentsPayments made at a later date following the issue of an invoice to a customer or by a supplier
- 10Petty cash voucherThe document which records and authorises a payment out of petty cash
- 11Current accountThe 'everyday' bank account which handles routine receipts and payments
- 12BatchA group of documents, eg invoices or credit notes
- 13Capital itemsItems bought which the business intends to keep
- 14ExpensesPayments made which relate to the running of the business - also known as overheads
- 15PurchasesItems bought which will be turned into a product or be sold as part of day-to-day trading
- 16Purchases ledgerThe part of the accounting system where the supplier's accounts are kept
- 17Payables (creditors)Suppliers to whom the business owes money
- 18Credit saleA sale made where payment is due at a later date
- 19Company credit card accountAn account used to record payments made on credit cards issued to employees to cover business expenses
- 20Returned chequeA cheque that has been paid into a bank account but has been returned unpaid by the bank either because of lack of funds, or because of some technical irregularity on the cheque
- 21Bad debtA debt that is never likely to be paid and so will need to be written off
- 22Write offThe removal of a Customer (or supplier) account balance from the accounting records
- 23Double-entryThe system of book-keeping which involves each transaction having two entries made - a debit and a credit; computer accounting program's (which are largely single entry systems) deal with the double entry automatically
- 24JournalThe part of the accounting system which enables you to make transfers from one nominal account to another, and to enter new balances
- 25Bank reconciliationThe process of checking the bank statement entries against the accounting records of an organisation and identifying the differences that exist between the two documents
- 26Activity reportA list of transactions on individual Nominal, Customer and Supplier accounts
- 27Aged creditor analysisA list of supplier balances which are split up according to the length of time they have been outstanding
- 28Aged debtor analysisA list of customer balances which are split up according to the length of time they have been outstanding
- 29Audit trailA numbered list of transactions on the computer produced in order of input
- 30Trial balanceA list of Nominal account balances set out in debit and credit columns, the totals of which should be the same
- 31Standing order / direct debit scheduleA document which lists recurring payments and receipts with their due date
- 32Recurring entryA bank payment or receipt which occurs on a regular basis and which is automated within the computer accounting program
- 33Cash receipts accountAn account used to record cash receipts made by a business where the money is kept for a time by the business before it is paid into the bank
- 34HardwareThe computer equipment on which the computer programs run
- 35SoftwareThe computer programs which enable the computer to work and carry out its functions
- 36IntranetA linked network of computers within an organisation
- 37InternetComputers linked up externally by phone line with other computers on the worldwide web (www)
- 38Word processorA computer program which allows text to be entered and manipulated on screen
- 39DatabaseA computer program which acts as an electronic filing system, storing data so that it can be sorted, searched and organised efficiently
- 40RecordA set of information stored in a computer database, e.g a name and address
- 41FieldA part of a database record which contains a specific category of information, e.g a postcode
- 42SpreadsheetA computer program which stores text and numbers on a grid system of columns and rows and enables calculations to be performed on the numbers
- 43CSVComma Separated Values is a special format of text used to transfer data from one computer program to another - the fields / pieces of data are separated by commas
- 44Email managementA program which enables the computer to send and receive emails and to organise messages sent and received
- 45EDIElectronic Data Interchange (EDI) is a system which enables data and financial documents to be sent electronically from computer to computer -e.g from supermarket to supplier
- 46LedgersThe books of the accounting system which contain individual accounts - the sales ledger, for example, contains the individual accounts of customers who buy on credit (they pay later)
- 47Integrated systemA computerised accounting system which links together all the ledgers and accounts so that a transaction on one account will always be mirrored in another account
- 48Double-entry book-keepingThe method of manual book-keeping from which the integrated system has been developed - it involves the making of two entries in the accounts for every financial transaction
- 49Hard copyA paper document containing data - often a printout from a computer
- 50Data exportThe transfer of data from one computer program to another
- 51System passwordA code word used to allow an employee to 'log on' to access the computer accounting system
- 52Software passwordA code word used to allow an employee to 'log on' to access a particular computer accounting program, such as Sage 50
- 53Access rightsThe right of an employee to access specific areas of the computer accounting program
- 54System dateThe date allocated by the operating system of the computer - normally the actual date
- 55Program dateThe date which you can tell the computer accounting software to use as 'today's date'
- 56Financial yearThe twelve month period used by the business to record it's financial transactions
- 57Back - upTo copy the computer data onto a separate storage medium in order to ensure that the data is not lost
- 58RestoreTo copy the back-up data back onto the computer when the original data has been lost or corrupted
- 59Corrupt dataData which has become unusable because it will not open, or print, or both
- 60VirusA computer program introduced into the computer system which then disrupts or destroys the operation of the system
- 61Data Protection ActThe law which establishes the regulations for the protection of personal data held by organisations on computer (and paper-based) files
- 62WizardOn-screen dialogue boxes in a Sage program which take you step-by-step through complex procedures
- 63Sales ledgerThe accounts of customers to whom a business sells on credit - in sage this part of the accounting system is known as 'Customers'
- 64Purchases ledgerThe accounts of suppliers from whom a business buys on credit - in Sage this part of the accounting system is known as 'Suppliers'
- 65Nominal ledgerThe remaining accounts in the accounting system which are not Customers or Suppliers, e.g income, expenses, assets,'liabilities - in Sage this know as 'Nominal'
- 66Chart of accountsThe structure of the nominal accounts, which groups accounts into categories such as Sales, Purchases, Overheads ... And so on
- 67Cash saleA sale where payment is immediate
- 68Credit saleA sale where payment follows after an agreed period of time
- 69Receivables (debtors)Customer who owe money to a business
- 70Receivables (debtors)Customer who owe money to a business
- 71Payables (creditors)Suppliers who are owed money by a business
- 72Debtors control accountThe total of the balances of debtor's accounts
- 73Creditors control accountThe total of the balances of creditor's accounts
- 74Credit termsDiscounts and extended payment periods allowed to customers who make purchases
- 75DefaultsSet of data on the computer which are automatically applied
- 76Nominal ledgerThe remaining accounts in the accounting system which are not Customers or Suppliers, e.g income, expenses, assets, liabilities - in Sage this is known as 'Nominal'
- 77Chart of accountsThe structure of the nominal accounts, which groups accounts into categories such as Sales, Purchases, Overheads ... And so on
- 78CategoriesSubdivisions of the chart of accounts (e.g Sales, Purchases) each of which is allocated a range of account numbers by the computer
- 79Trial balanceA list of the accounts of a business divided into two columns:
Debits - mostly assets and expenses and drawings
Credits - mostly income and liabilities and capital
The two columns should have the same total, reflecting the workings of the double-entry book-keeping system - 80Credit saleA sale made where payment is due at a later date
- 81Receivables (debtors)Customers who owe money to a business
- 82Sales ledgerThe part of the accounting system where the customer accounts are kept - it records the accounts that are owed to the business
- 83Purchase orderThe financial document which requests the supply of goods or services and specifies exactly what is required
- 84InvoiceThe financial document which sets out the details of the goods sold or services provided, the amount owing and the date by which the amount is due
- 85Credit noteThe financial document - normally issued when goods are returned - which reduces the amount owing by the customer
- 86BatchA group of documents, e.g invoices or credit notes
- 87Batch entryThe input of a number of documents in a group
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- (Conputerised accounting) Accounts Fichas sobre Computerised accounting key terms, creado por tomfaulkner el 14/05/2013.
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