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Quick hints regarding usages terms in financial accounting and inventory control software

Quick References
 

C

Cash Book is a book in which transaction done through the cash is recorded.

Closing Balance is the remaining balance at the end of accounting period.

Compound Unit represents the relation between two single units.

Credit is amount remaining in person’s account.

Creditor a person/business to whom money is owed.

Credit Note is issued by the business that allows a buyer to purchase goods or services from the business on a future date.

Credit Note Report displays all the transaction done by credit note.

Currency is a unit of exchange, facilitating to transfer of goods and services. It is a form of money.

Currency Converter is a useful tool which allows a certain amount of one currency to be converted into another currency, using up to date currency values. Each currency has its own currency and the standard foreign exchange rate for each currency varies day to day.

Current Assets are those assets which are meant for sale or which the management would want to convert into cash within one year.

Current Date is used to specify the default date to create Voucher records.

Current Liabilities refers to those liabilities which are to be aid in near future.

Customer is a person who pays for goods or services.

 

D

Day Book an account book in which a day’s transactions are entered.

Date Administrator is an important feature to manage the date of existing records. This feature is used to provide higher level security of those transactions which have done during Voucher Entry.

Data Connectivity is an important feature to connect the database records from different location of single machine or all those machines which are connected within Local Area Network.

Debit a book keeping entry that decreases the balance of a member’s account.

Debit Note a note indicating an amount owed by a person or Company.

Debit Note Report displays all the transactions done by debit note.

Debtors a person or firm to whom goods have been purchased.

Decode Barcode is used to fetch the item information of related barcode value.

Deposit is a sum of money given in advance of large amount being expected in the future.

Discount is a reduction in the selling price of products or services usually offered by the seller when the buyer agrees to meet specific conditions.

 

E

Entity is an economic unit that performs economic activities.

Expenses are the cost incurred in producing and selling the goods and services.

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