90244
Description
Flashcards by tomfaulkner, updated more than 1 year ago
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Created by tomfaulkner
almost 13 years ago
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| Question | Answer |
| Cash payments | Payments made straightaway |
| Petty cash account | An account used to record payments of small cash purchases from the office petty cash fund |
| Petty cash | A float of cash kept in the office for making small purchases |
| Cash book | The manual record which records money paid in and out of the bank account |
| Tax codes | A 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 |
| Current account | The 'everyday' bank account which handles routine receipts and payments |
| Cash sales | Sales made where payment is immediate |
| Remittance advice | A document that tells a business that a payment is being made |
| Credit payments | Payments made at a later date following the issue of an invoice to a customer or by a supplier |
| Petty cash voucher | The document which records and authorises a payment out of petty cash |
| Current account | The 'everyday' bank account which handles routine receipts and payments |
| Batch | A group of documents, eg invoices or credit notes |
| Capital items | Items bought which the business intends to keep |
| Expenses | Payments made which relate to the running of the business - also known as overheads |
| Purchases | Items bought which will be turned into a product or be sold as part of day-to-day trading |
| Purchases ledger | The part of the accounting system where the supplier's accounts are kept |
| Payables (creditors) | Suppliers to whom the business owes money |
| Credit sale | A sale made where payment is due at a later date |
| Company credit card account | An account used to record payments made on credit cards issued to employees to cover business expenses |
| Returned cheque | A 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 |
| Bad debt | A debt that is never likely to be paid and so will need to be written off |
| Write off | The removal of a Customer (or supplier) account balance from the accounting records |
| Double-entry | The 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 |
| Journal | The part of the accounting system which enables you to make transfers from one nominal account to another, and to enter new balances |
| Bank reconciliation | The process of checking the bank statement entries against the accounting records of an organisation and identifying the differences that exist between the two documents |
| Activity report | A list of transactions on individual Nominal, Customer and Supplier accounts |
| Aged creditor analysis | A list of supplier balances which are split up according to the length of time they have been outstanding |
| Aged debtor analysis | A list of customer balances which are split up according to the length of time they have been outstanding |
| Audit trail | A numbered list of transactions on the computer produced in order of input |
| Trial balance | A list of Nominal account balances set out in debit and credit columns, the totals of which should be the same |
| Standing order / direct debit schedule | A document which lists recurring payments and receipts with their due date |
| Recurring entry | A bank payment or receipt which occurs on a regular basis and which is automated within the computer accounting program |
| Cash receipts account | An 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 |
| Hardware | The computer equipment on which the computer programs run |
| Software | The computer programs which enable the computer to work and carry out its functions |
| Intranet | A linked network of computers within an organisation |
| Internet | Computers linked up externally by phone line with other computers on the worldwide web (www) |
| Word processor | A computer program which allows text to be entered and manipulated on screen |
| Database | A computer program which acts as an electronic filing system, storing data so that it can be sorted, searched and organised efficiently |
| Record | A set of information stored in a computer database, e.g a name and address |
| Field | A part of a database record which contains a specific category of information, e.g a postcode |
| Spreadsheet | A computer program which stores text and numbers on a grid system of columns and rows and enables calculations to be performed on the numbers |
| CSV | Comma 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 |
| Email management | A program which enables the computer to send and receive emails and to organise messages sent and received |
| EDI | Electronic 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 |
| Ledgers | The 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) |
| Integrated system | A 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 |
| Double-entry book-keeping | The 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 |
| Hard copy | A paper document containing data - often a printout from a computer |
| Data export | The transfer of data from one computer program to another |
| System password | A code word used to allow an employee to 'log on' to access the computer accounting system |
| Software password | A code word used to allow an employee to 'log on' to access a particular computer accounting program, such as Sage 50 |
| Access rights | The right of an employee to access specific areas of the computer accounting program |
| System date | The date allocated by the operating system of the computer - normally the actual date |
| Program date | The date which you can tell the computer accounting software to use as 'today's date' |
| Financial year | The twelve month period used by the business to record it's financial transactions |
| Back - up | To copy the computer data onto a separate storage medium in order to ensure that the data is not lost |
| Restore | To copy the back-up data back onto the computer when the original data has been lost or corrupted |
| Corrupt data | Data which has become unusable because it will not open, or print, or both |
| Virus | A computer program introduced into the computer system which then disrupts or destroys the operation of the system |
| Data Protection Act | The law which establishes the regulations for the protection of personal data held by organisations on computer (and paper-based) files |
| Wizard | On-screen dialogue boxes in a Sage program which take you step-by-step through complex procedures |
| Sales ledger | The accounts of customers to whom a business sells on credit - in sage this part of the accounting system is known as 'Customers' |
| Purchases ledger | The accounts of suppliers from whom a business buys on credit - in Sage this part of the accounting system is known as 'Suppliers' |
| Nominal ledger | The remaining accounts in the accounting system which are not Customers or Suppliers, e.g income, expenses, assets,'liabilities - in Sage this know as 'Nominal' |
| Chart of accounts | The structure of the nominal accounts, which groups accounts into categories such as Sales, Purchases, Overheads ... And so on |
| Cash sale | A sale where payment is immediate |
| Credit sale | A sale where payment follows after an agreed period of time |
| Receivables (debtors) | Customer who owe money to a business |
| Receivables (debtors) | Customer who owe money to a business |
| Payables (creditors) | Suppliers who are owed money by a business |
| Debtors control account | The total of the balances of debtor's accounts |
| Creditors control account | The total of the balances of creditor's accounts |
| Credit terms | Discounts and extended payment periods allowed to customers who make purchases |
| Defaults | Set of data on the computer which are automatically applied |
| Nominal ledger | The 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' |
| Chart of accounts | The structure of the nominal accounts, which groups accounts into categories such as Sales, Purchases, Overheads ... And so on |
| Categories | Subdivisions of the chart of accounts (e.g Sales, Purchases) each of which is allocated a range of account numbers by the computer |
| Trial balance | A 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 |
| Credit sale | A sale made where payment is due at a later date |
| Receivables (debtors) | Customers who owe money to a business |
| Sales ledger | The part of the accounting system where the customer accounts are kept - it records the accounts that are owed to the business |
| Purchase order | The financial document which requests the supply of goods or services and specifies exactly what is required |
| Invoice | The 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 |
| Credit note | The financial document - normally issued when goods are returned - which reduces the amount owing by the customer |
| Batch | A group of documents, e.g invoices or credit notes |
| Batch entry | The input of a number of documents in a group |
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