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Particular format and selection of fields for each different type of sale or purchase. There are five layouts for sales (item, service, professional, time billing and miscellaneous) and four layouts for purchases (item, service, professional and miscellaneous).
An account that track things a business owes, such as a working capital loan. Money owed by a business for purchases is also considered a liability. Current liabilities are due within a short period of time (usually less than a year). Long-term liabilities usually aren't due for more than a year. Liability accounts are assigned the prefix 2 in MYOB AccountEdge, and normally have a credit balance.
The information entered in one row of the scrolling list for a transaction (sale, purchase, general journal entry).
An account to which specific transaction amounts are assigned automatically to ensure that transactions are recorded consistently and in the appropriate accounts.
In MYOB AccountEdge, a record of a physical location where inventoried items are stored, for example, a building, an aisle or a bin.
See also inventoried item
An accounting period in which entries are no longer allowed. Locked periods aren't required in MYOB AccountEdge. Periods may be locked using a security option in the Preferences window.
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