Page tree

Versions Compared

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.


Account

A names section of the General Ledger that holds similar entries

Account Entry (Entry)

A single amount entered into an Account. Each entry is either a debit or a credit.

Debtor

A customer with unpaid invoices.

Creditor

A supplier that you need to pay.

Current Year Earnings

Profit/Loss from the current financial year recorded on the Balance Sheet

Financial Year

The 12 months period used for financial and tax reporting purposes. The financial year end date may be different to the calendar year end.

Retained Earnings

Profit/Loss from the prior financial year recorded on the balance sheet

Transaction

A container for the two, or more, related account entries making up a balanced set of debits and credits.