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American Bankers Association code number on a check; identifies the financial institution on which the check is drawn.
A recording tool that tracks the monetary additions and subtractions that occur in regular business activity. MYOB AccountEdge accounts are organized into eight classifications: Asset, Liability, Equity, Income, Cost of sales, Expense, Other income and Other expense. In MYOB AccountEdge, an account must be assigned to every transaction.
In MYOB AccountEdge, one of the eight accounts groups in the Accounts List: Assets, Liabilities, Equity, Income, Cost of Sales, Expense, Other Income, Other Expense.
In MYOB AccountEdge, a label assigned to each account to indicate its classification.
For header accounts, account type names are the eight account classifications. Detail accounts have multiple asset (Bank, Accounts Receivable, Other Current Asset, Fixed Asset, Other Asset) and liability (Credit Card, Accounts Payable, Other Current Liability, Long Term Liability, Other Liability) account types. Each of the other six classifications has just one account type, each named the same as the classification.
The process of recording, classifying, reporting and interpreting the financial data of a business.
The methods and records used to accurately report a business's transactions. MYOB AccountEdge is an accounting software system.
A complete list of a business's account names and numbers, usually organized into logical groupings; also known as a chart of accounts.
Amounts a business owes a vendor for goods and services; listed in the current liabilities section of the Accounts List or Balance Sheet.
When a purchase is recorded using the Purchases Command Center, the unpaid balance of the purchase is added to the Accounts Payable balance. When a bill is paid using Pay Bills in the Purchases command center, the amount is subtracted from the Accounts Payable balance.
Amounts a customer owes a business for goods and services; listed in the current assets section of the Accounts List or Balance Sheet.
When a sale is recorded using the Sales command center, the unpaid balance of the sale is added to the Accounts Receivable balance. When a customer payment is recorded using the Sales command center, the amount is subtracted from the Accounts Receivable balance.
A method of accounting in which transactions are recorded and income and expenses are recognized as they occur, rather than when they are paid.
MYOB AccountEdge uses this method of accounting. (See also, cash basis accounting.)
Hours that accumulate on paychecks; used to pay special wages, such as vacation or sick pay.
A task or service provided by your company for which you can track costs and bill customers on time billing sales.
A record of the activities performed by your company; the basic record keeping unit of the Time Billing Command Center. Customers are billed for the recorded time on time billing sales.
In MYOB AccountEdge, a statement that includes all sales invoices, payments and orders with a customer deposit for a specific period of time; a running balance is included. Quotes never appear on an activity statement.
Time Billing: In MYOB AccountEdge, time billing adjustments change an activity slip's billable amount without affecting the record of the hours or units that were actually worked, or changing the rate usually charged for an activity.
Inventory: Inventory adjustments in AccountEdge change an item's quantity to match the actual quantity on hand, or to change the unit cost. An inventory adjustment changes the item's total value.
Bank Deposit: Entries in the Bank and Deposit Adjustments window to account for details that would prevent a bank reconciliation if omitted. An example is a fee charged by a credit card processor.
In MYOB AccountEdge, tracking past due accounts and analyzing the account balances of customers and vendors. Daily aging periods can be any length; monthly aging periods can also be used.
In MYOB AccountEdge, the user ID that has access to the entire MYOB AccountEdge system. The Administrator ID is created automatically upon creation of the company file. The Administrator must assign a user ID to every other person who uses the system; no other user is authorized to create other user IDs.
An account - usually an expense or income account - used to automatically balance a transaction such as a check or deposit, or an increase or decrease in inventory.
The process of distributing customer payments to outstanding sales transaction balances, or vendor payments to outstanding purchasing transaction balances.
An account that tracks things a business owns, such as the money in a checking account, and computers and office buildings. Money owed to a business is also considered an asset. Current assets include cash and any asset that can be converted into cash within a relatively short period of time (usually less than a year). Fixed assets (such as office buildings) usually take more than a year to convert into cash.
Asset accounts are assigned the prefix 1 in MYOB AccountEdge, and normally have a debit balance.
Anything a company owns. Assets such as buildings, trucks, product inventories, equipment and cash are considered physical assets. Assets can also be intangibles, such as goodwill, trademarks and patents. Assets are listed as a category on the Balance Sheet.
Information captured by the accounting system to track how each transaction affected every account balance, who performed the processing, and so on.
The Audit Trail Tracking System security preference in MYOB AccountEdge activates a tracking system that records and reports certain entries and many changes performed to your company file.
The process of examining the financial statements and the underlying records of a company in order to render an opinion as to whether the statements are fairly presented.
The process of combining two or more inventoried items, or "components,' to create another inventoried item, known as a "finished item'
In AccountEdge, the replacement of a transaction ID # with `Auto #' when you click in the ID # field. It indicates that AccountEdge will assign an actual transaction number automatically when the transaction is recorded. This ensures that, if you're using AccountEdge on more than one workstation, two or more users won't create transactions with the same transaction number at the same time.
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