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Flashcards

Computerised accounting key terms

tomfaulkner Accounts English 5.0Average rating 5.0 out of 5 (1 rating) 87 cards

Cards in this deck (87)

  1. 1Cash paymentsPayments made straightaway
  2. 2Petty cash accountAn account used to record payments of small cash purchases from the office petty cash fund
  3. 3Petty cashA float of cash kept in the office for making small purchases
  4. 4Cash bookThe manual record which records money paid in and out of the bank account
  5. 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
  6. 6Current accountThe 'everyday' bank account which handles routine receipts and payments
  7. 7Cash salesSales made where payment is immediate
  8. 8Remittance adviceA document that tells a business that a payment is being made
  9. 9Credit paymentsPayments made at a later date following the issue of an invoice to a customer or by a supplier
  10. 10Petty cash voucherThe document which records and authorises a payment out of petty cash
  11. 11Current accountThe 'everyday' bank account which handles routine receipts and payments
  12. 12BatchA group of documents, eg invoices or credit notes
  13. 13Capital itemsItems bought which the business intends to keep
  14. 14ExpensesPayments made which relate to the running of the business - also known as overheads
  15. 15PurchasesItems bought which will be turned into a product or be sold as part of day-to-day trading
  16. 16Purchases ledgerThe part of the accounting system where the supplier's accounts are kept
  17. 17Payables (creditors)Suppliers to whom the business owes money
  18. 18Credit saleA sale made where payment is due at a later date
  19. 19Company credit card accountAn account used to record payments made on credit cards issued to employees to cover business expenses
  20. 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
  21. 21Bad debtA debt that is never likely to be paid and so will need to be written off
  22. 22Write offThe removal of a Customer (or supplier) account balance from the accounting records
  23. 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
  24. 24JournalThe part of the accounting system which enables you to make transfers from one nominal account to another, and to enter new balances
  25. 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
  26. 26Activity reportA list of transactions on individual Nominal, Customer and Supplier accounts
  27. 27Aged creditor analysisA list of supplier balances which are split up according to the length of time they have been outstanding
  28. 28Aged debtor analysisA list of customer balances which are split up according to the length of time they have been outstanding
  29. 29Audit trailA numbered list of transactions on the computer produced in order of input
  30. 30Trial balanceA list of Nominal account balances set out in debit and credit columns, the totals of which should be the same
  31. 31Standing order / direct debit scheduleA document which lists recurring payments and receipts with their due date
  32. 32Recurring entryA bank payment or receipt which occurs on a regular basis and which is automated within the computer accounting program
  33. 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
  34. 34HardwareThe computer equipment on which the computer programs run
  35. 35SoftwareThe computer programs which enable the computer to work and carry out its functions
  36. 36IntranetA linked network of computers within an organisation
  37. 37InternetComputers linked up externally by phone line with other computers on the worldwide web (www)
  38. 38Word processorA computer program which allows text to be entered and manipulated on screen
  39. 39DatabaseA computer program which acts as an electronic filing system, storing data so that it can be sorted, searched and organised efficiently
  40. 40RecordA set of information stored in a computer database, e.g a name and address
  41. 41FieldA part of a database record which contains a specific category of information, e.g a postcode
  42. 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
  43. 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
  44. 44Email managementA program which enables the computer to send and receive emails and to organise messages sent and received
  45. 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
  46. 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)
  47. 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
  48. 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
  49. 49Hard copyA paper document containing data - often a printout from a computer
  50. 50Data exportThe transfer of data from one computer program to another
  51. 51System passwordA code word used to allow an employee to 'log on' to access the computer accounting system
  52. 52Software passwordA code word used to allow an employee to 'log on' to access a particular computer accounting program, such as Sage 50
  53. 53Access rightsThe right of an employee to access specific areas of the computer accounting program
  54. 54System dateThe date allocated by the operating system of the computer - normally the actual date
  55. 55Program dateThe date which you can tell the computer accounting software to use as 'today's date'
  56. 56Financial yearThe twelve month period used by the business to record it's financial transactions
  57. 57Back - upTo copy the computer data onto a separate storage medium in order to ensure that the data is not lost
  58. 58RestoreTo copy the back-up data back onto the computer when the original data has been lost or corrupted
  59. 59Corrupt dataData which has become unusable because it will not open, or print, or both
  60. 60VirusA computer program introduced into the computer system which then disrupts or destroys the operation of the system
  61. 61Data Protection ActThe law which establishes the regulations for the protection of personal data held by organisations on computer (and paper-based) files
  62. 62WizardOn-screen dialogue boxes in a Sage program which take you step-by-step through complex procedures
  63. 63Sales ledgerThe accounts of customers to whom a business sells on credit - in sage this part of the accounting system is known as 'Customers'
  64. 64Purchases ledgerThe accounts of suppliers from whom a business buys on credit - in Sage this part of the accounting system is known as 'Suppliers'
  65. 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'
  66. 66Chart of accountsThe structure of the nominal accounts, which groups accounts into categories such as Sales, Purchases, Overheads ... And so on
  67. 67Cash saleA sale where payment is immediate
  68. 68Credit saleA sale where payment follows after an agreed period of time
  69. 69Receivables (debtors)Customer who owe money to a business
  70. 70Receivables (debtors)Customer who owe money to a business
  71. 71Payables (creditors)Suppliers who are owed money by a business
  72. 72Debtors control accountThe total of the balances of debtor's accounts
  73. 73Creditors control accountThe total of the balances of creditor's accounts
  74. 74Credit termsDiscounts and extended payment periods allowed to customers who make purchases
  75. 75DefaultsSet of data on the computer which are automatically applied
  76. 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'
  77. 77Chart of accountsThe structure of the nominal accounts, which groups accounts into categories such as Sales, Purchases, Overheads ... And so on
  78. 78CategoriesSubdivisions of the chart of accounts (e.g Sales, Purchases) each of which is allocated a range of account numbers by the computer
  79. 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
  80. 80Credit saleA sale made where payment is due at a later date
  81. 81Receivables (debtors)Customers who owe money to a business
  82. 82Sales ledgerThe part of the accounting system where the customer accounts are kept - it records the accounts that are owed to the business
  83. 83Purchase orderThe financial document which requests the supply of goods or services and specifies exactly what is required
  84. 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
  85. 85Credit noteThe financial document - normally issued when goods are returned - which reduces the amount owing by the customer
  86. 86BatchA group of documents, e.g invoices or credit notes
  87. 87Batch entryThe input of a number of documents in a group

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Accounts (Conputerised accounting) Flashcards on Computerised accounting key terms, created by tomfaulkner on 14/05/2013.
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tomfaulkner
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Average rating 5.0 out of 5 (1 rating)

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