Accounts Payable

Accounts Payable are the current bills a business owes to suppliers.

Accounts Receivable

Accounts Receivable are the amounts owed to a company by its customers and/or employees.

Activity

A discrete unit of work that consumes organisational resources.

Agent

A representative who acts on behalf of other persons or organisations.

Aging

The separation of invoices, orders, inventory and production lots into time buckets based on due dates, receipt dates, expiration dates, or other factors.

Balance Sheet

A basic financial statement that measures the positions of a company's assets, liabilities and shareholders' equity as of a given date and usually compares those positions to the status on the same date in the previous fiscal year.

Budget

A planning, control and reporting system that estimates future costs and revenues based on projected operating levels. It provides target spending levels and profit estimation, and allows for interim review and corrective action.

Cash Management

The strategy by which a company administers and invests its cash.

Cashier

A person who works at receiving payments in the company.

Chart of Accounts

The account structure your organisation uses to record transactions and maintain account balances.

Contract

A binding agreement between two or more persons that is enforceable by law.

Cost Profit Centre

The smallest organisational entity where budget and actual cost activities take place, and which has both characteristics pertinent in cost generation and the ability to track and control those costs.

Credit

An accounting entry acknowledging income or capital items.

Customer

Someone who pays for goods or services provided by the company.

Debit

An accounting entry acknowledging sums that the company is owing.

Depreciation

A charge against earnings that does not involve a cash payment for the write-off of the cost of an asset less salvage value over its estimated useful life. A variety of depreciation methods have been developed to specify the rate and amount of the write-off for each fiscal period.

Fiscal Year

Any yearly accounting period without regard to its relationship to a calendar year.

Fixed Asset

A tangible, non-monetary asset used in normal business operations that exists in and is depreciated over multiple fiscal periods.

General Ledger

The set of financial accounts used to accumulate the results of transaction processing, create budgets, generate financial statements and provide source financial data for reporting purposes. 

Generic Report

A powerful and flexible tool you can use to build your own custom reports without programming. You can define reports with complete control over the rows, columns and contents of your report.

Income Statement

Also called a profit and loss statement or P&L. An income statement lists the company's income by revenue sources, cost of sales, expenses by various categories, and net income which is gross profit minus total expenses.

Letter of Credit

A form of guarantee of payment issued by a bank used to guarantee the payment of interest and repayment of principal on bond issues.

Loan

It is money owned by one party and used by another. It can be repaid under specific terms and rates of interest.

Netting

To allow a positive value and a negative value to set-off and partially or entirely cancel each other out.

Open Balance

A balance brought forward at the beginning of a new accounting period, on the credit or the debit side of the ledger.

Payment

Delivery of money in fulfilment of an obligation.

Payment Term

The conditions that specify the period allowed to the payee to pay off the amount due, and may demand cash in advance, cash on delivery, deferred payment period of 30 days or more, etc.

Post-Dated Cheque

A cheque that carries a date later than the date on which it was written.

Receipt

A formal acknowledgment that something of value has been received.

Bank Reconciliation

It is the verification of the company's chequebook balance through comparing entries to those on the bank statement. Included in the bank reconciliation is a list of outstanding deposits and outstanding cheques.

Settlement

The process of exchanging the consideration for financial instruments once a transaction has been executed.

Statement of Account

A document listing transactions over a given period, normally monthly. It includes details of invoices, payments received and any credits approved with a resultant balance payable.

Trial Balance

A trial balance is a listing of the accounts in a company's general ledger and their balances as of a specific date.

Write-Off

It is the reduction in book value of an asset.

Post (v.)

To update a record through acceptance of entered data.

Value Added Tax (VAT)

A general consumption tax for the production and distribution of goods and services, added as a percentage charge based on price that reflects the incremental value added by a given activity.

Voucher Number

An internal number assigned to track and reference one or more invoices.

Exchange Rate

A rate that represents the amount of one currency that you can exchange for another at a particular point in time. Oracle Applications use the daily, periodic, and historical exchange rates you maintain to perform foreign currency conversion, revaluation, and translation.

Source

The source by which General Ledger identifies and differentiates the origin of journal entries.

Query

A search for system information that you initiate using ESKA^® Business Manager.