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Account
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A names section of the General Ledger that holds similar entries
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Account Entry (Entry)
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A single amount entered into an Account. Each entry is either a debit or a credit.
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Debtor
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A customer with unpaid invoices.
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Creditor
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A supplier that you need to pay.
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Current Year Earnings
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Profit/Loss from the current financial year recorded on the Balance Sheet
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Financial Year
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The 12 months period used for financial and tax reporting purposes. The financial year end date may be different to the calendar year end.
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Retained Earnings
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Profit/Loss from the prior financial year recorded on the balance sheet
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Transaction
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See updated article in Actionstep Help Center: https://support.actionstep.com/hc/en-us/articles/360052068374-Accounting-Basics (terminology at the bottom of article) |