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. |
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