<?xml version="1.0" encoding="utf-8"?>
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xml:lang="en" lang="en" xmlns="http://www.w3.org/1999/xhtml">
  <head>
    <!-- Start Webworks code in head section-->
    <meta http-equiv="Content-Type" content="text/html;charset=utf-8" />
    <meta http-equiv="Content-Style-Type" content="text/css" />
    <!-- saved from url=(0014)about:internet -->
    <title>Glossary</title>
    <link rel="StyleSheet" href="" type="text/css" media="all" />
    <link rel="StyleSheet" href="css/webworks.css" type="text/css" media="all" />
    <link rel="StyleSheet" href="document.css" type="text/css" media="all" />
    <script type="text/javascript" language="JavaScript1.2" src="scripts/expand.js"></script>
    <script type="text/javascript" language="JavaScript1.2" src="scripts/seealso.js"></script>
    <script type="text/javascript" language="JavaScript1.2">
      <!--
        var  WebWorksRootPath = "";
      // -->
    </script>
    <script type="text/javascript" language="JavaScript1.2">
      <!--
        		var  WebWorksSeeAlso = "xxx";
		      // -->
    </script>
    <!-- End Webworks code in head section-->
    <!-- Start custom CSS for layout-->
    <style>	
		#topborder {
		position : absolute;
		top: 0px;
		left:0px;
		width : 100%;
		height: 36px;
		background-color: #E4F1F8;
		padding: 0px;
				}
		#navigation {
		position : absolute;
		clear: right;
		top: 90px;
		width : 20%;
		left: 10px;
		border-right:3px dotted #C2DDF3;
		padding : 1px;
		overflow: hidden;
		}
		#content {
		margin-top: 42px;
		margin-left : 23%;
  		padding : 1px;
		}
		</style>
    <!--End custom CSS for layout-->
  </head>
  <body style="">
    <!--ZOOMSTOP-->
    <!--Above is code to tell the search engine to not index top matter-->
    <div id="topborder">
      <!--Start navigation buttons and company info at top of page-->
      <div style="text-align: left;">
        <table height="32px" cellspacing="5" summary="" align="right">
          <tr>
            <!--TOC is suppressed because of left navigation 
		  <td wwpage:condition="navigation-toc-current">
            <img src="images/tocx.gif" wwpage:attribute-src="copy-relative-to-output" alt="Table of Contents" wwpage:attribute-alt="navigation-toc-title" border="0"/>
          </td>
          <td wwpage:condition="navigation-toc-not-current">
            <a href="toc" wwpage:attribute-href="navigation-toc-link"><wwexsldoc:NoBreak /><img src="images/toc.gif" wwpage:attribute-src="copy-relative-to-output" alt="Table of Contents" wwpage:attribute-alt="navigation-toc-title" border="0" /></a>
          </td>
		  End comment for TOC suppression-->
            <!--Previous/next buttons are suppressed because of left navigation 
         <td wwpage:condition="navigation-previous-exists" valign="top"> 
		 <a href="previous" wwpage:attribute-href="navigation-previous-link"><wwexsldoc:NoBreak />
		<img src="images/prev.gif" wwpage:attribute-src="copy-relative-to-output" alt="Previous" wwpage:attribute-alt="navigation-previous-title" border="0" />
		</a> 
        </td>
          <td valign="top" wwpage:condition="navigation-previous-not-exists">
            <img src="images/prevx.gif" wwpage:attribute-src="copy-relative-to-output" alt="Previous" wwpage:attribute-alt="navigation-previous-title" border="0" />
          </td>
          <td wwpage:condition="navigation-next-exists" valign="top">
            <a href="next" wwpage:attribute-href="navigation-next-link"><wwexsldoc:NoBreak /><img src="images/next.gif" wwpage:attribute-src="copy-relative-to-output" alt="Next" wwpage:attribute-alt="navigation-next-title" border="0" /></a>
          </td>
          <td wwpage:condition="navigation-next-not-exists" valign="top">
            <img src="images/nextx.gif" wwpage:attribute-src="copy-relative-to-output" alt="Next" wwpage:attribute-alt="navigation-next-title" border="0" />
          </td>
		  		  End comment for Previous/next button suppression-->
            <a name="top"></a>
            <td valign="top">
              <a href="ix.html"><img src="images/index.gif" alt="Index" border="0" /></a>
            </td>
            <td></td>
            <td>
              <form method="get" action="searchhelp.htm" align="right">
                <input type="text" name="zoom_query" size="20"></input>
                <input name="submit" type="submit" value="Search" size="60"></input>
              </form>
            </td>
          </tr>
        </table>
      </div>
      <table summary="">
        <tr>
          <td class="WebWorks_Company_Logo_Top">
            <img src="images/logo.gif" />
          </td>
        </tr>
      </table>
    </div>
    <!--End navigation and company info at top of page-->
    <!--Start container for all content-->
    <div id="content">
      <br />
      <div class="WebWorks_Breadcrumbs" style="text-align: left;">Glossary</div>
      <!---Index image-->
      <!---Index image-->
      <!--ZOOMRESTART-->
      <!--Above is code to tell the search engine to start indexing after this line-->
      <blockquote>
        <div class="hfb_FrontBackHeading"><a name="1067432">Glossary</a></div>
        <div class="b_Body" style="font-size: 9.0pt;"><span class="l_Link"><a href="#1063441" name="1067502">A</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1063621">B</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1059994">C</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1060043">D</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1060073">E</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1060083">F</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1060093">G</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1060101">H</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1060107">I</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1060122">J</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - K - </span><span class="l_Link"><a href="#1060128">L</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1060135">M</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1060141">N</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1060147">O</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1060163">P</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1067882">Q</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1064093">R</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1060203">S</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1060218">T</a></span><span class="eb_EmphasisBold" style="color: #000000;"> </span><span class="eb_EmphasisBold" style="color: #000000;">- </span><span class="l_Link"><a href="#1064181">U</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1064182">V</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - </span><span class="l_Link"><a href="#1064207">W</a></span><span class="eb_EmphasisBold" style="color: #000000;"> - X - Y - </span><span class="l_Link"><a href="#1064227">Z</a></span><span class="eb_EmphasisBold" style="color: #000000;"> </span></div>
        <div class="Gg_GlossaryGroupTitle"><a name="1063441">A</a></div>
        <div class="Gt_GlossaryTerm"><a name="1059944">account</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059945">Something to which transactions are assigned. </a>Accounts in MYOB software are in one of eight categories:</div>
        <div class="bb_Bulleted_outer" style="margin-left: 0pt;">
          <table border="0" cellspacing="0" cellpadding="0" summary="">
            <tr style="vertical-align: baseline;">
              <td>
                <div class="bb_Bulleted_inner" style="width: 14.1732283464567pt; white-space: nowrap;">
                  <span style="color: Gray;">■</span>
                </div>
              </td>
              <td width="100%">
                <div class="bb_Bulleted_inner"><a name="1059946">Asset</a></div>
              </td>
            </tr>
          </table>
        </div>
        <div class="bb_Bulleted_outer" style="margin-left: 0pt;">
          <table border="0" cellspacing="0" cellpadding="0" summary="">
            <tr style="vertical-align: baseline;">
              <td>
                <div class="bb_Bulleted_inner" style="width: 14.1732283464567pt; white-space: nowrap;">
                  <span style="color: Gray;">■</span>
                </div>
              </td>
              <td width="100%">
                <div class="bb_Bulleted_inner"><a name="1059947">Liability</a></div>
              </td>
            </tr>
          </table>
        </div>
        <div class="bb_Bulleted_outer" style="margin-left: 0pt;">
          <table border="0" cellspacing="0" cellpadding="0" summary="">
            <tr style="vertical-align: baseline;">
              <td>
                <div class="bb_Bulleted_inner" style="width: 14.1732283464567pt; white-space: nowrap;">
                  <span style="color: Gray;">■</span>
                </div>
              </td>
              <td width="100%">
                <div class="bb_Bulleted_inner"><a name="1059948">Equity</a></div>
              </td>
            </tr>
          </table>
        </div>
        <div class="bb_Bulleted_outer" style="margin-left: 0pt;">
          <table border="0" cellspacing="0" cellpadding="0" summary="">
            <tr style="vertical-align: baseline;">
              <td>
                <div class="bb_Bulleted_inner" style="width: 14.1732283464567pt; white-space: nowrap;">
                  <span style="color: Gray;">■</span>
                </div>
              </td>
              <td width="100%">
                <div class="bb_Bulleted_inner"><a name="1059949">Income</a></div>
              </td>
            </tr>
          </table>
        </div>
        <div class="bb_Bulleted_outer" style="margin-left: 0pt;">
          <table border="0" cellspacing="0" cellpadding="0" summary="">
            <tr style="vertical-align: baseline;">
              <td>
                <div class="bb_Bulleted_inner" style="width: 14.1732283464567pt; white-space: nowrap;">
                  <span style="color: Gray;">■</span>
                </div>
              </td>
              <td width="100%">
                <div class="bb_Bulleted_inner"><a name="1059950">Cost of sales</a></div>
              </td>
            </tr>
          </table>
        </div>
        <div class="bb_Bulleted_outer" style="margin-left: 0pt;">
          <table border="0" cellspacing="0" cellpadding="0" summary="">
            <tr style="vertical-align: baseline;">
              <td>
                <div class="bb_Bulleted_inner" style="width: 14.1732283464567pt; white-space: nowrap;">
                  <span style="color: Gray;">■</span>
                </div>
              </td>
              <td width="100%">
                <div class="bb_Bulleted_inner"><a name="1059951">Expense</a></div>
              </td>
            </tr>
          </table>
        </div>
        <div class="bb_Bulleted_outer" style="margin-left: 0pt;">
          <table border="0" cellspacing="0" cellpadding="0" summary="">
            <tr style="vertical-align: baseline;">
              <td>
                <div class="bb_Bulleted_inner" style="width: 14.1732283464567pt; white-space: nowrap;">
                  <span style="color: Gray;">■</span>
                </div>
              </td>
              <td width="100%">
                <div class="bb_Bulleted_inner"><a name="1059952">Other income</a></div>
              </td>
            </tr>
          </table>
        </div>
        <div class="bb_Bulleted_outer" style="margin-left: 0pt;">
          <table border="0" cellspacing="0" cellpadding="0" summary="">
            <tr style="vertical-align: baseline;">
              <td>
                <div class="bb_Bulleted_inner" style="width: 14.1732283464567pt; white-space: nowrap;">
                  <span style="color: Gray;">■</span>
                </div>
              </td>
              <td width="100%">
                <div class="bb_Bulleted_inner"><a name="1059953">Other expense</a></div>
              </td>
            </tr>
          </table>
        </div>
        <div class="Gd_GlossaryDefinition"><a name="1059954">Accounts are classified as header or detail. Transactions are </a>assigned directly to detail accounts. Header accounts are used to summarise and group multiple detail accounts. Each MYOB account must have a unique number.</div>
        <div class="Gt_GlossaryTerm"><a name="1067507">account classification</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067508">One of the eight accounts groups in the </a>Accounts List: Assets, Liabilities, Equity, Income, Cost of Sales, Expenses, Other Income, Other Expenses.</div>
        <div class="Gt_GlossaryTerm"><a name="1067509">account type</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067510">A label assigned to each account to indicate its </a>classification. For header accounts, account type names are the eight account classifications. Detail accounts have multiple asset (Bank, Accounts Receivable, Other Asset) and liability (Credit Card, Accounts Payable, Liability, Other Liability) account types. Each of the other six classifications has just one account type, each named the same as the classification.</div>
        <div class="Gt_GlossaryTerm"><a name="1059955">accounting period</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059956">A part of your financial year. MYOB </a>software treats each calendar month as a separate accounting period. Additionally, MYOB software provides an optional 13th period for year-end adjustments.</div>
        <div class="Gt_GlossaryTerm"><a name="1059957">accounts list</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059958">Commonly referred to as a chart of accounts, this </a>is a list of all your asset, liability, equity, income, cost of sales, expense, other income and other expense accounts.</div>
        <div class="Gt_GlossaryTerm"><a name="1059959">account number</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059960">The account number identifies an account. </a>Each MYOB account must have a unique number.</div>
        <div class="Gt_GlossaryTerm"><a name="1059962">accounts payable</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059963">What you owe someone else for goods or </a>services delivered. The sum of all accounts payable is recorded as a liability account. Any time you record a purchase in the <span class="w_Widgets">Purchases</span> command centre, the unpaid balance of the purchase is added to your accounts payable. Every time you pay a bill (using <span class="w_Widgets">Pay Bills</span> in the <span class="w_Widgets">Purchases</span> command centre), the amount is subtracted from your accounts payable balance.</div>
        <div class="Gt_GlossaryTerm"><a name="1059965">accounts receivable</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1063557">What your customers owe you. The sum </a>of all accounts receivable is recorded as an asset account. Any time you record a sale in the <span class="w_Widgets">Sales</span> command centre, the unpaid balance of the sale is added to your accounts receivable balance. Every time you enter a customer payment (using the <span class="w_Widgets">Sales</span> command centre), the amount is subtracted from your accounts receivable balance.</div>
        <div class="Gt_GlossaryTerm"><a name="1063558">accrual method (basis)</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059968">This is a method of accounting which </a>records sales and purchases at the time they’re delivered, not at the time they’re paid for. This is the opposite of the cash method of accounting.</div>
        <div class="Gt_GlossaryTerm"><a name="1059969">accrued expenses</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059970">These are expenses for goods or services </a>received but not yet paid. </div>
        <div class="Gt_GlossaryTerm"><a name="1067515">activity</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067516">[MYOB Accounting Plus only]</a> A task or service provided by your company for which you can track costs and bill customers on time billing sales.</div>
        <div class="Gt_GlossaryTerm"><a name="1067517">activity slip</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067518">[MYOB Accounting Plus only]</a> A record of the activities performed by your company; the basic record keeping unit of the <span class="w_Widgets">Time Billing</span> command centre. Customers are billed for the recorded time on time billing sales.</div>
        <div class="Gt_GlossaryTerm"><a name="1067519">activity statement</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067520">A statement that includes all sales invoices, </a>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.</div>
        <div class="Gt_GlossaryTerm"><a name="1067521">adjustment: Time Billing</a> [MYOB Accounting Plus only]</div>
        <div class="Gd_GlossaryDefinition"><a name="1067522">Time billing adjustments change an activity slip’s billable amount </a>without affecting the record of the hours or units that were actually worked, or changing the rate usually charged for an activity. </div>
        <div class="Gt_GlossaryTerm"><a name="1067523">adjustment: Inventory</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067524">Inventory adjustments change an </a>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. </div>
        <div class="Gt_GlossaryTerm"><a name="1067525">adjustment: Bank Deposit</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067526">Entries in the Bank and Deposit </a>Adjustments window account for details that would prevent a bank reconciliation if omitted. An example is a fee charged by a credit card processor.</div>
        <div class="Gt_GlossaryTerm"><a name="1067527">Administrator</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067528">The</a><span style="font-weight: bold;"> </span>user ID that has access to the entire company file. 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 authorised to create new User IDs.</div>
        <div class="Gt_GlossaryTerm"><a name="1059971">ageing: payables</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059972">The number of days between receiving a bill </a>from a supplier and an ageing date (usually today).</div>
        <div class="Gt_GlossaryTerm"><a name="1059973">ageing: receivables</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059974">The number of days between invoicing a </a>customer and an ageing date (usually today).</div>
        <div class="Gt_GlossaryTerm"><a name="1059975">allocation accounts</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059976">In MYOB software when writing a cheque </a>or recording a payment, the allocation accounts are the expense, income, etc., accounts that balance the transaction.</div>
        <div class="Gt_GlossaryTerm"><a name="1059977">audit trail</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059978">A list of the transactions that make up the balance of </a>an account or accounts.</div>
        <div class="Gt_GlossaryTerm"><a name="1067572">auto-build</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067573">The process of combining two or more inventoried </a>items, or ‘components’, to create another inventoried item, known as a ‘finished item’.</div>
        <div class="Gt_GlossaryTerm"><a name="1059979">assets</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059980">Assets are things you own. Your bank account is an asset. </a>So is your computer. If someone owes you money, the total owed to you is an asset. Current assets are assets that can be turned into cash within a relatively short period of time (less than a year). Things that take longer to turn into cash, like your factory building, are called fixed assets. Assets normally have a debit balance.</div>
        <div class="Gt_GlossaryTerm"><a name="1067578">average cost method</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067579">The cost method to value an item. That </a>is, the total cost of all your purchases for a particular item currently on hand divided by the number of items on hand.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1063621">B</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067584">backing up</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067585">The process of preserving information in another </a>location to ensure the information you enter using your computer is safe. Use the <span class="w_Widgets">Back Up</span> command to back up the company file, with or without any supporting folders.</div>
        <div class="Gt_GlossaryTerm"><a name="1067586">backup file</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067588">A computer file copied during the backing-up </a>process, and stored at a secondary location.</div>
        <div class="Gt_GlossaryTerm"><a name="1063622">bad debt</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1063623">Money owed to you that is unlikely to be paid. Many </a>businesses create a contra-asset account to approximate the value of their bad debt. That way, they have a clearer picture of the actual value of their assets.</div>
        <div class="Gt_GlossaryTerm"><a name="1059985">balance</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059986">The sum of all the money added to and subtracted </a>from an account.</div>
        <div class="Gt_GlossaryTerm"><a name="1059987">balance sheet</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059988">The balance sheet is a financial snapshot of a </a>company’s position at a particular time. A balance sheet lists the company’s asset, liability and equity accounts. It is called a balance sheet because the total value of the asset accounts minus the total value of the liability always equals the total of the equity accounts.</div>
        <div class="Gt_GlossaryTerm"><a name="1059989">bill</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059990">The record of a supplier’s invoice.</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067593">billing unit</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067594">[MYOB Accounting Plus only]</a> A 1, 6, 10, 12, 15 or 30 minute measure that you define in the <span class="w_Widgets">System</span> tab of the <span class="w_Widgets">Preference</span> window for use in time billing for hourly activities, rather than whole hours. Whether or not you use billing units, time billing invoices will display your billable units as whole hours.</div>
        <div class="Gt_GlossaryTerm"><a name="1059991">budgets</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059992">Expected monthly net activity for an account. Budgets </a>are useful for planning for the future and for analysing actual performance against planned performance.</div>
        <div class="Gt_GlossaryTerm"><a name="1067612">build item</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067613">The process of transferring item quantities after </a>finished items are created; also, the change in quantity.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1059994">C</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067618">card</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067619">A record of contact information and other details of </a>customers, suppliers, employees and personal acquaintances.</div>
        <div class="Gt_GlossaryTerm"><a name="1059997">cash drawer</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1059998">Where the money is kept between leaving the </a>customers’ hands and being deposited in the bank. Many businesses set up their cash drawer as a bank account.</div>
        <div class="Gt_GlossaryTerm"><a name="1067624">cash flow</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067625">The net flow of money in minus money out over a </a>selected date range.</div>
        <div class="Gt_GlossaryTerm"><a name="1060001">cash method (basis)</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060002">The opposite of the accrual method of </a>accounting. The cash method records the sale and purchase of goods and services at the time they’re paid for, not when they’re delivered.</div>
        <div class="Gt_GlossaryTerm"><a name="1067630">category</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067631">A category is an entity for grouping transactions. For </a>example, a category can be a department, profit centre, geographic division or any other subset of your business that requires separate reporting.</div>
        <div class="Gt_GlossaryTerm"><a name="1060003">cleared</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060004">A withdrawal or deposit is cleared when your bank </a>adjusts your account balance for it.</div>
        <div class="Gt_GlossaryTerm"><a name="1060005">closed period</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060006">An accounting period in which all entries are </a>completed. MYOB software does not require that you actively close a period. However, in <span class="w_Widgets">Preferences</span> you can prevent accidental posting to a closed (locked) period.</div>
        <div class="Gt_GlossaryTerm"><a name="1060007">closed purchases</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060008">Purchases that have been paid in full.</a></div>
        <div class="Gt_GlossaryTerm"><a name="1060009">closed sales</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060010">Sales that have been paid in full.</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067636">comma-separated text file</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067637">A file format in which fields are </a>separated by commas. Files in this format can usually be imported into MYOB software.</div>
        <div class="Gt_GlossaryTerm"><a name="1067638">company file </a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067639">A file comprising all your company’s financial </a>information such as business name, contact information, accounts, and account transactions. You can use MYOB software for 90 days in trial-mode. After this time, you will be unable to enter any changes until the file is activated.</div>
        <div class="Gt_GlossaryTerm"><a name="1060011">company information</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1063673">Found in MYOB software’s </a><span class="w_Widgets">Setup</span> menu, your company information contains your company’s name, address, tax information and information about your company’s financial year.</div>
        <div class="Gt_GlossaryTerm"><a name="1063675">contra account</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060015">This is an account that normally carries the </a>opposite balance of the accounts of the same type. Assets, for example, normally have a debit balance; a common contra-asset account is the accrued depreciation of an asset. By using a contra account, you can show a company a car that’s worth $12,000, by listing the asset at its $15,000 purchase price followed by the -$3,000 balance of the accrued depreciation account. </div>
        <div class="Gt_GlossaryTerm"><a name="1060016">conversion month</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060017">The conversion month is the earliest month </a>in the financial year for which transactions are to be recorded. For example, suppose you purchase your MYOB software in October but want to record transactions dated from 1 September. In this case, your conversion month is September. The conversion month determines the opening balances you will enter when you set up your company file. </div>
        <div class="Gt_GlossaryTerm"><a name="1060018">cost item</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060019">The cost of an inventory item. Your MYOB software </a>uses average cost. That is, the total cost of all your purchases for a particular item currently on hand divided by the number of items on hand.</div>
        <div class="Gt_GlossaryTerm"><a name="1060020">cost of sales</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1062633">Sometimes called </a><span class="ei_EmphasisItalic">cost of goods sold, </span>this account type works just like an expense account. The only difference is where it appears on the profit &amp; loss statement. Cost of Sales accounts appear after your income accounts but before your expense accounts. Cost of Sales is subtracted from your income to produce gross profit. Your expenses are subtracted from your gross profit to produce net profit. You are not required to use Cost of Sales accounts.</div>
        <div class="Gt_GlossaryTerm"><a name="1060022">credit amount</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060023">Appears on the right side of the ledger (a debit </a>amount occupies the left side). A credit amount increases the balance of accounts with a credit balance and decreases the balance of accounts with a debit balance. Accounts that normally carry a credit balance are liability, equity and income accounts.</div>
        <div class="Gt_GlossaryTerm"><a name="1067644">credit hold</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067645">A status that can be imposed on a customer’s </a>account which prevents recording further sales orders or invoices for the customer. This action may be taken if the currently past due amount reaches a certain amount or has existed for a certain period of time, even if the amount due does not exceed the credit limit.</div>
        <div class="Gt_GlossaryTerm"><a name="1060024">credit invoice</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060025">A credit invoice is a sale with a negative balance </a>due. Usually caused by a return or adjustment, a credit invoice is settled by writing a refund cheque or applying the amount to another open invoice.</div>
        <div class="Gt_GlossaryTerm"><a name="1060026">credit terms</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060027">Terms are the agreed upon rules governing the </a>number of days between delivery and payment discounts for early payment and penalties. You can set default terms for all customers.</div>
        <div class="Gt_GlossaryTerm"><a name="1060028">creditors</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060029">A creditor is someone to whom you owe money. See </a>also <span class="l_Link"><a href="#1059962">accounts payable</a></span>.</div>
        <div class="Gt_GlossaryTerm"><a name="1060033">current assets</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060034">Assets that can be turned into cash within a </a>relatively short time (less than a year) are called current assets. Some of your current assets are your bank accounts, accounts receivable and petty cash. Current assets usually do not lose their value over time. Current assets normally have a debit balance.</div>
        <div class="Gt_GlossaryTerm"><a name="1060035">current liabilities</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060036">Liabilities that become payable within the </a>next year are called current liabilities. When recording a liability that is to be paid over a long period, many accountants split it into two liabilities. The part that is to be paid off within the next year is entered as a current liability; the remaining is entered as a long-term liability.</div>
        <div class="Gt_GlossaryTerm"><a name="1060038">current year earnings</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060039">Current year earnings is an equity </a>account. Its balance equals your income minus cost of sales and expenses. Current year earnings are zero at the beginning of a financial year. Current year earnings are kept as a running total as the financial year progresses. When you start a new financial year, current year earnings are reset to zero when its balance is moved into the account called Retained Earnings.</div>
        <div class="Gt_GlossaryTerm"><a name="1067650">custom fields</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067651">Fields that can be assigned names to customise </a>the way card and item records are defined.</div>
        <div class="Gt_GlossaryTerm"><a name="1067652">custom lists</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067653">Lists of predefined attributes that remain standard </a>over time and can be assigned to cards and items. Once assigned, they can be used to sort or to include or exclude cards or items from reports.</div>
        <div class="Gt_GlossaryTerm"><a name="1067654">custom report</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067655">A modified version of one of the standard </a>reports (listed in the Index to Reports) that was saved for future use. These reports are listed in the <span class="w_Widgets">Custom</span> tab of the <span class="w_Widgets">Index to </span><span class="w_Widgets">Reports </span>window.</div>
        <div class="Gt_GlossaryTerm"><a name="1060040">customer</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060041">Someone to whom you sell goods or services. In </a>MYOB software, you must enter a customer card before you record a sale.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060043">D</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067660">Day of Month after EOM</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067661">A setting to indicate that the </a>payment due date and early payment discount date are based both on the month after the transaction was recorded (after the End of Month) and the selections made in the Discount Date and Balance Due Date fields. For example, if a transaction was recorded in April with a discount date of the 1st and a balance due date of the 25th, a discount would apply if the balance was paid by May 1; the entire balance would be due May 25.</div>
        <div class="Gt_GlossaryTerm"><a name="1060044">debit</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060045">Appears on the left side of the ledger (the credit amount </a>occupies the right side); a debit amount increases the balance of accounts with a debit balance and decreases the balance of accounts with a credit balance. Accounts that normally carry a debit balance are assets and expense accounts.</div>
        <div class="Gt_GlossaryTerm"><a name="1060046">debit purchase</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060047">A debit purchase is a purchase with a negative </a>balance due. Usually caused by a return or adjustment, a debit purchase is settled by recording a supplier’s refund cheque or applying the amount to another open bill.</div>
        <div class="Gt_GlossaryTerm"><a name="1060048">debtors</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060051">A debtor is someone who owes you money. See also </a><span class="l_Link"><a href="#1059965">accounts receivable</a></span>.</div>
        <div class="Gt_GlossaryTerm"><a name="1067666">deduction</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067667">Any amounts other than taxes that are subtracted </a>from an employee’s gross pay.</div>
        <div class="Gt_GlossaryTerm"><a name="1067668">delivery status</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067669">The means by which you send a form to a </a>customer, employee or supplier. The choices are <span style="font-style: italic;">To Be Printed</span>, <span style="font-style: italic;">To </span><span style="font-style: italic;">Be Emailed</span>, <span style="font-style: italic;">To Be Printed and Emailed</span>, or <span style="font-style: italic;">Already Printed or Sent</span>. For sales and purchases, you can assign a default status to a customer or supplier and change it for an individual sale or purchase.</div>
        <div class="Gt_GlossaryTerm"><a name="1060053">deposits from customers</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060054">Advances received for goods or </a>services not yet delivered. Customer deposits are kept in a liability account. </div>
        <div class="Gt_GlossaryTerm"><a name="1060055">deposits to suppliers</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060056">Advances paid to suppliers for goods or </a>services not yet delivered. </div>
        <div class="Gt_GlossaryTerm"><a name="1060057">depreciation</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060058">The expense allocation of the cost of an asset </a>over a period of time. Most accountants create a contra-asset account to<span style="font-size: 10.0pt;"> </span>track the depreciation of an asset. See also <span class="l_Link"><a href="#1063675">contra account</a></span>. A typical depreciation transaction credits the contra asset account and debits a depreciation expense account. Depreciation is most often recorded as a general journal entry.</div>
        <div class="Gt_GlossaryTerm"><a name="1060062">detail accounts</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060063">An MYOB account to which transactions can </a>be assigned.</div>
        <div class="Gt_GlossaryTerm"><a name="1067674">detail job</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067675">A job used for tracking the specific income, costs and </a>expenses incurred on a daily basis. Reimbursable expenses can be tracked and specific line items in transactions can be assigned.</div>
        <div class="Gt_GlossaryTerm"><a name="1060064">discount early payment</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060065">The amount taken off the balance </a>due in return for payment within an agreed number of days.</div>
        <div class="Gt_GlossaryTerm"><a name="1060066">discount volume purchase</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060067">The amount taken off an item’s </a>cost because of a special supplier or customer arrangement.</div>
        <div class="Gt_GlossaryTerm"><a name="1060068">discount days</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060069">Discount days are the number of days from a </a>sale or purchase within which full payment of the balance due entitles the payee to a discount.</div>
        <div class="Gt_GlossaryTerm"><a name="1060070">double-entry accounting</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060071">A method of bookkeeping in which </a>every entry is balanced by another entry. Correct double-entry accounting always provides a balanced set of books; that is, the total value of your asset accounts minus the total of your liability accounts will equal the total of your equity accounts.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060073">E</a></div>
        <div class="Gt_GlossaryTerm"><a name="1060074">earnings</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060077">Income minus cost of sales and expenses. See also </a><span class="l_Link"><a href="#1060038">current year earnings</a></span>.</div>
        <div class="Gt_GlossaryTerm"><a name="1067680">electronic payment</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067681">A payment that directly debits or credits </a>your bank. For example, you can choose to pay a supplier electronically by setting up electronic payment details in the supplier card.</div>
        <div class="Gt_GlossaryTerm"><a name="1067682">employer expenses</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067683">[MYOB Accounting Plus only]</a> Your company’s costs of having employees. They are calculated on employees’ paycheques, but don’t affect the employees’ net pay; instead, they affect the amounts you must contribute to the employee, to the government, or to other institutions.</div>
        <div class="Gt_GlossaryTerm"><a name="1066428">entitlements</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1066429">[MYOB Accounting Plus only]</a> Hours that accumulate on paycheques; used to pay special wages, such as holiday or sick pay.</div>
        <div class="Gt_GlossaryTerm"><a name="1060079">equity</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060080">This is a company’s net worth. The equity of a company </a>equals its assets minus its liabilities. Equity is an account type in MYOB software. Equity accounts usually carry a credit balance. Some common equity accounts are current year earnings, retained earnings and shareholder’s equity.</div>
        <div class="Gt_GlossaryTerm"><a name="1060081">expense</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060082">A cost associated with running a business. Expense is </a>an account type in MYOB software. Expense accounts usually carry a debit balance.</div>
        <div class="Gt_GlossaryTerm"><a name="1067701">exporting</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067702">The process of transferring data from a company file </a>to a text file for use with another software program.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060083">F</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067708">field</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067709">A location where one unit of information, such as the </a>telephone number for a customer, is entered and displayed. Data fields can contain either information entered by a user or the results of a calculation performed by your MYOB software. Text fields usually are labels for data fields.</div>
        <div class="Gt_GlossaryTerm"><a name="1067710">file locking</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067711">A special function that makes it possible for more </a>than one user to enter information in the same company file at the same time. (See <span style="font-style: italic;">multiuser file locking</span> and <span style="font-style: italic;">single-user file </span><span style="font-style: italic;">locking</span>.)</div>
        <div class="Gt_GlossaryTerm"><a name="1067712">filters</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067713">Selections that enable you to set criteria to specify </a>information that you want to display, print or email.</div>
        <div class="Gt_GlossaryTerm"><a name="1060084">finance charge</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060085">The amount added to an outstanding balance </a>as a penalty for late payment.</div>
        <div class="Gt_GlossaryTerm"><a name="1060086">financial statements</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060087">The balance sheet and income (profit &amp; </a>loss) statement. The balance sheet is your company’s financial picture at a particular time. The income statement shows your company’s financial performance over a period of time.</div>
        <div class="Gt_GlossaryTerm"><a name="1060088">financial year</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060089">The 12-month period you use to define your </a>accounting year. You MYOB software does not require that it match the calendar year. Your MYOB software also provides an optional 13th period for making year-end adjustments that you do not want to affect a particular month.</div>
        <div class="Gt_GlossaryTerm"><a name="1067718">finished item</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067719">An item that has been built ready for sale from its </a>component items.</div>
        <div class="Gt_GlossaryTerm"><a name="1060090">fixed assets</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060091">Fixed assets are assets that have a relatively long </a>life. Your buildings, cars and computers are fixed assets. Fixed assets are usually depreciated; that is, they lose some of their value as you use them.</div>
        <div class="Gt_GlossaryTerm"><a name="1067725">form</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067726">A document used in day-to-day business, usually to </a>accomplish transactions like sales and purchases. Typical forms include sales invoices, statements, purchase orders and cheques. Documents such as labels, personalised letters and packing slips are also considered forms.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060093">G</a></div>
        <div class="Gt_GlossaryTerm"><a name="1060094">general journal</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060095">A journal used to record miscellaneous </a>transactions not entered in other journals, for example, year-end adjustments and depreciation expense.</div>
        <div class="Gt_GlossaryTerm"><a name="1060096">general ledger</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060097">This is where all your account </a>information—sales, purchases, inventory, cash in, cash out—come together. You draw your financial statements (balance sheet and income statement) from the general ledger.</div>
        <div class="Gt_GlossaryTerm"><a name="1060098">gross profit</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060099">Gross profit is your income minus cost of sales.</a></div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060101">H</a></div>
        <div class="Gt_GlossaryTerm"><a name="1060102">header account</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060103">A header account in MYOB software is used to </a>group similar detail accounts. You cannot post a transaction to a header account.</div>
        <div class="Gt_GlossaryTerm"><a name="1067731">header job</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067732">A job used for grouping jobs and organising </a>income, costs, expenses and profit or loss in larger, more comprehensive categories than individual jobs. </div>
        <div class="Gt_GlossaryTerm"><a name="1060104">historical balance</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060105">The balance of an account prior to </a>converting your records to MYOB software. You are not required to enter historical balances in MYOB software. Enter them only if you wish to compare a current month’s activity to the activity for the same month last year. </div>
        <div class="Gt_GlossaryTerm"><a name="1067737">historical purchase</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067738">A purchase that had a current balance due </a>on the first day of the month in which you began using your MYOB software.</div>
        <div class="Gt_GlossaryTerm"><a name="1067739">historical sale</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067741">A sale that had a current balance due on the first </a>day of the month in which you began using your MYOB software.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060107">I</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067746">icons</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067747">A graphic representation of an object that appears on a </a>computer screen. Icons in include the zoom arrow and search icon.</div>
        <div class="Gt_GlossaryTerm"><a name="1060108">identifiers</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060109">A one-letter code used to sort and select cards in the </a>card file. You can assign up to 26 identifiers to a card.</div>
        <div class="Gt_GlossaryTerm"><a name="1067752">import log</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067753">A report created during the importing process. This </a>report (titled <span style="font-style: italic;">myobplog.txt</span>) lists information about any problems that occurred during the importing process, as well as information about rejected duplicate records.</div>
        <div class="Gt_GlossaryTerm"><a name="1067754">importing</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067755">The process of bringing data into a company file </a>from a different software program, or from a different MYOB software company file.</div>
        <div class="Gt_GlossaryTerm"><a name="1067756">In a Given Number of Days</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067757">A setting to indicate that the </a>payment due date and early payment discount date are based on a specified number of days since the transaction date.</div>
        <div class="Gt_GlossaryTerm"><a name="1067759">inactive</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067760">If you rarely use a card or item and you do not want it </a>to appear in Select From Lists, you can make it inactive. The record and it’s history still exists and can be manually added to a transaction. Items and cards can be made active again at any time. </div>
        <div class="Gt_GlossaryTerm"><a name="1060110">income</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060111">Revenue from the sale of goods or services. Income is </a>an account type in MYOB software. Income accounts usually carry a credit balance.</div>
        <div class="Gt_GlossaryTerm"><a name="1060113">income statement</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060114">Also called a profit &amp; loss statement, the </a>income statement shows your company’s performance over a period of time. An income statement begins with income. It then subtracts cost of sales to produce a gross profit. Expenses are subtracted from gross profit to produce operating profit. ‘Other income’ accounts are added to operating profit and ‘other expense’ accounts are subtracted from operating profit to produce net profit.</div>
        <div class="Gt_GlossaryTerm"><a name="1067765">inventoried item</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067766">A physical unit stored for possible sale to a </a>customer. This is an item record for which the <span class="w_Widgets">I Inventory This </span><span class="w_Widgets">Item</span> option has been selected.</div>
        <div class="Gt_GlossaryTerm"><a name="1060115">inventory</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060116">Physical items kept for possible sale to a customer. </a>Most accountants record an inventory’s value in a current asset account.</div>
        <div class="Gt_GlossaryTerm"><a name="1067771">inventory adjustment</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067772">The process of changing the quantity of </a>an inventoried item to match the actual quantity on hand. This term also means the change in quantity.</div>
        <div class="Gt_GlossaryTerm"><a name="1060117">invoice</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060118">The written record of a sale. </a></div>
        <div class="Gt_GlossaryTerm"><a name="1060119">item</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060120">A unit in your items list. An item can be physical inventory, </a>like a widget or a pair of shoes, or it can be non-physical, like an hour of your time.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060122">J</a></div>
        <div class="Gt_GlossaryTerm"><a name="1060123">job</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060124">A job is work for which you wish to track income and </a>expenses. In MYOB software, a job can be a profit centre, a product line, a project or any other subset of your business that requires a separate income statement.</div>
        <div class="Gt_GlossaryTerm"><a name="1060125">journal</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060126">A journal is a tool for organising your accounting </a>entries. MYOB software groups all entries into one of six journals: general, disbursements, receipts, sales, purchases or inventory. </div>
        <div class="Gt_GlossaryTerm"><a name="1067777">journal entry</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067778">A transaction consisting of equal debit and credit </a>amounts.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060128">L</a></div>
        <div class="Gt_GlossaryTerm"><a name="1060129">liability</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060130">Liabilities are things you owe. Your working capital </a>loan is a liability. Your accounts payable, what you owe someone for a purchase, is also a liability. Liabilities that are due within the next year are called current liabilities. When a liability is not due for more than a year, it is called a long‑term liability. Liabilities normally have a credit balance.</div>
        <div class="Gt_GlossaryTerm"><a name="1063915">line item</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1063916">The information entered in one row of the scrolling </a>list for a transaction (sale, purchase, nominal journal entry).</div>
        <div class="Gt_GlossaryTerm"><a name="1060131">linked account</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060132">Linked accounts are what MYOB software uses </a>to post your inventory, sales and purchase transactions to the proper account. When, for example, you link your receivables account, you are telling MYOB software which account to post the balance due from a sale.</div>
        <div class="Gt_GlossaryTerm"><a name="1067783">location</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067787"> A record of a physical location where stocked items </a>are stored, for example, a building, an aisle or a bin.</div>
        <div class="Gt_GlossaryTerm"><a name="1067788">locked period</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067789">An accounting period in which entries are no </a>longer allowed. Periods can be locked using a security option in the <span class="w_Widgets">Preferences</span> window.</div>
        <div class="Gt_GlossaryTerm"><a name="1060133">long-term liability</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060134">Something you owe that does not have to </a>be paid for at least a year.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060135">M</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067794">markup</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067795">The difference between your cost and the selling price. </a>Percent markup is calculated by dividing the markup by the cost. For example, an item that costs $10 and sells for $12 has a $2 markup. The markup percent is 20%. For comparison, see also <span style="font-style: italic;">margin</span>.</div>
        <div class="Gt_GlossaryTerm"><a name="1067805">margin</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067806">Percent margin is calculated by dividing the markup by </a>the selling price. For example, an item that costs $10 and sells for $12 so has a $2 markup. The margin percent, calculated by $2/$12, is 16.67%.</div>
        <div class="Gt_GlossaryTerm"><a name="1060136">miscellaneous purchases</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060137">Miscellaneous purchases are used in </a>MYOB software to record non-item purchases that do not require a printed purchase order.</div>
        <div class="Gt_GlossaryTerm"><a name="1060138">miscellaneous sales</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060139">Used in MYOB software to record </a>non-item sales that do not require a printed invoice.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060141">N</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067826">negative on-hand quantity</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067830"> Negative on-hand quantity is </a>stock with an on-hand quantity <span style="font-style: italic;">and</span> a total value less than zero.</div>
        <div class="Gt_GlossaryTerm"><a name="1060142">net income</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060143">Net income (net profit or loss) is the total of all </a>income accounts minus the sum of your expense and cost of sales accounts.</div>
        <div class="Gt_GlossaryTerm"><a name="1060144">net profit</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060145">The total of all income accounts minus the sum of </a>your expense and cost of sales accounts. Also called <span class="ei_EmphasisItalic">net income</span>.</div>
        <div class="Gt_GlossaryTerm"><a name="1064007">Number of Days after EOM</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1064008">A setting to indicate that the </a>payment due date and early payment discount date are based on a set number of days after the end of the month.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060147">O</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067835">OfficeLink</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067836">A feature used to transfer reports to Microsoft Excel, </a>and allows creation of personalised letters using a compatible word processing program.</div>
        <div class="Gt_GlossaryTerm"><a name="1067837">OfficeLink template</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067838">One of the special Excel templates that </a>are installed if you indicate that you use Microsoft Excel. Each Excel template is used to display a specific report in Excel. This term also refers to the personalised letter templates that are designed to work with word processing software.</div>
        <div class="Gt_GlossaryTerm"><a name="1067839">On a Day of the Month</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067840">A setting that indicates that the </a>payment due date and early payment discount date are based on the month when the transaction was recorded as well as selections made in the <span class="w_Widgets">Discount Date</span> and <span class="w_Widgets">Balance Due Date</span> fields. For example, if a transaction is recorded in April with a discount date of the 10th and a balance due date of EOM, a discount would apply if the balance were paid by April 10 and the entire balance would be due April 30.</div>
        <div class="Gt_GlossaryTerm"><a name="1060148">open bill</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060149">A purchase with an outstanding balance due.</a></div>
        <div class="Gt_GlossaryTerm"><a name="1060150">open sale</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060151">A sale with an outstanding balance due.</a></div>
        <div class="Gt_GlossaryTerm"><a name="1060152">opening balance</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060153">The balance of an account as at the start of </a>the first day of your conversion month. </div>
        <div class="Gt_GlossaryTerm"><a name="1060154">operating profit</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060155">This is your profit before considering Other </a>Income and Other Expense<span style="font-size: 10.0pt;">.</span></div>
        <div class="Gt_GlossaryTerm"><a name="1067845">optimising</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067846">The process of removing unused areas in the </a>company file and keeping your accounting software running in top form. You can use the Optimisation Assistant to complete this process.</div>
        <div class="Gt_GlossaryTerm"><a name="1060156">other expenses</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060157">An MYOB account type used to record </a>expenses that are not directly related to your company’s operations. Use other expense accounts to record expenses that are outside the normal operation of your business such as loan interest, fines, etc. Other expense accounts usually have a debit balance.</div>
        <div class="Gt_GlossaryTerm"><a name="1060158">other income</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060159">An MYOB account type used to record income </a>that is not directly related to your company’s operations. Use other income accounts to record income that is outside the normal operation of your business such as interest income. Other income accounts usually have a credit balance.</div>
        <div class="Gt_GlossaryTerm"><a name="1060160">out of balance</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060161">When the total credit amount does not equal </a>the total debit amount in a transaction, it is out of balance. MYOB software does not allow you to record an out-of-balance transaction.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060163">P</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067851">paid-up capital</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067852">The amount of money paid by shareholders in </a>excess of the par value of the shares.</div>
        <div class="Gt_GlossaryTerm"><a name="1060166">payables</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060167">What you owe someone else for items or services </a>delivered. See also <span class="l_Link"><a href="#1059962">accounts payable</a></span>.</div>
        <div class="Gt_GlossaryTerm"><a name="1067857">payroll categories</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067858">[MYOB Accounting Plus only]</a> The components of an employee’s pay. These are grouped into five payroll category types: wages, entitlements, deductions, employer expenses and taxes.</div>
        <div class="Gt_GlossaryTerm"><a name="1067859">posting</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067860">Transferring a journal entry to the General Ledger.</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067861">preferences</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067862">A variety of setup options used to customise the </a>way you work in your company file. (Find them by choosing <span class="w_Widgets">Preferences</span> from the <span class="w_Widgets">Setup</span> menu.)</div>
        <div class="Gt_GlossaryTerm"><a name="1067863">prepaid</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067864">A transaction for which the balance is due at the time </a>the transaction occurs. No credit is extended to the customer in a prepaid transaction.</div>
        <div class="Gt_GlossaryTerm"><a name="1060171">profit &amp; loss statement</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060175">See </a><span class="l_Link"><a href="#1060113">income statement</a></span>.</div>
        <div class="Gt_GlossaryTerm"><a name="1060176">profit centre</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060177">A subset of your business for which you want to </a>track income and expenses. In MYOB software profit centres are called ‘jobs’.</div>
        <div class="Gt_GlossaryTerm"><a name="1060178">promised date</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060179">The date a pending sale or pending purchase is </a>due to be delivered. If a pending sale is not delivered as of its promised date, a reminder is posted to your To Do List.</div>
        <div class="Gt_GlossaryTerm"><a name="1060180">purging</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1064090">The act of erasing old data. Your MYOB software </a>allows you to purge journal entries, closed sales, closed purchases and contact logs.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1067882">Q</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067883">quote</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067884">An estimate you provided to one of your customers or </a>received from one of your suppliers. A quote doesn’t create a transaction, so it has no impact on your financial records or stock levels. No payments can be applied to a quote.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1064093">R</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067889">realised losses and gains</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067893">Actual changes in the value of your </a>assets, liabilities and capital that occur when you exchange foreign currency for your local currency.</div>
        <div class="Gt_GlossaryTerm"><a name="1060184">recap transaction </a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060185">A function that lets you look at a journal </a>entry before it is recorded. Recap transaction is particularly useful for those transactions, like invoices and bills, for which the journal entry is not immediately obvious.</div>
        <div class="Gt_GlossaryTerm"><a name="1060186">receivables</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060187">What someone else owes you for items or services </a>delivered. See <span class="l_Link"><a href="#1059965">accounts receivable</a></span>.</div>
        <div class="Gt_GlossaryTerm"><a name="1060191">reconciling</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060192">The process of checking that your records agree </a>with your bank’s records.</div>
        <div class="Gt_GlossaryTerm"><a name="1067898">record</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067899">A collection of information about individual parts of </a>your accounting data. For example, information about a single customer is stored as one record. </div>
        <div class="Gt_GlossaryTerm"><a name="1060193">recurring transaction</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060194">An accounting entry that is made </a>periodically, such as weekly payroll, monthly rent, etc. </div>
        <div class="Body" style="color: #000000; font-family: &quot;Times New Roman&quot;; font-size: 2.0pt; font-style: normal; font-variant: normal; font-weight: normal; margin-top: 0.0pt; text-align: justify; text-transform: none; vertical-align: baseline;"><a name="1060195">&nbsp;</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067904">reimbursable expense</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067905">An expense that is incurred on behalf </a>of a customer for a job and that will be reimbursed by the customer.</div>
        <div class="Gt_GlossaryTerm"><a name="1067906">report batch</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067907">A group of reports that are set up so that they can </a>be printed at one time. </div>
        <div class="Gt_GlossaryTerm"><a name="1067908">report header</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067909">A report section that’s printed at the top of a </a>page. Report headers typically include labels for each column in the report, as well as the date and time the report was printed.</div>
        <div class="Gt_GlossaryTerm"><a name="1064134">restoring</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1064135">The process of reopening a backup company file.</a></div>
        <div class="Gt_GlossaryTerm"><a name="1060196">retained earnings</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060197">Money from previous years earnings that </a>has been left in the company. At the end of a financial year any money earned (or lost) during the financial year is transferred to retained earnings. Retained earnings are recorded in an equity account.</div>
        <div class="Gt_GlossaryTerm"><a name="1060198">revenue</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060199">Income from the sale of goods or services. Revenue is </a>recorded in an income account in MYOB software. Income accounts usually carry a credit balance.</div>
        <div class="Gt_GlossaryTerm"><a name="1067914">reversing</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067915">The process of cancelling a transaction by entering a </a>new transaction with the same amounts but with opposite signs.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060203">S</a></div>
        <div class="Gt_GlossaryTerm"><a name="1067920">session report</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067921">A report containing journal activity since the </a>company file was last opened.</div>
        <div class="Gt_GlossaryTerm"><a name="1060206">settle a credit invoice</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060207">When someone returns something, and </a>you record an invoice that has a negative balance due, it is called a credit invoice. Paying off this negative amount is called settling a credit invoice. </div>
        <div class="Gt_GlossaryTerm"><a name="1060208">settle a debit purchase</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060209">When you return something to a </a>supplier, and you record a purchase with a negative balance due, it is called a debit purchase. Paying off this negative amount is called settling a debit purchase.</div>
        <div class="Gt_GlossaryTerm"><a name="1067926">shareholders’ equity</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067927">The owners’ stake in the company. It is </a>the amount the owners invested in the company plus the current year earnings and retained earnings.</div>
        <div class="Gt_GlossaryTerm"><a name="1067934">standard cost</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067935">The price entered for the item in the </a><span class="w_Widgets">Buying </span><span class="w_Widgets">Details</span> view of the <span class="w_Widgets">Item Information</span> window. You can change the price on the purchase, if you want. If you select the <span class="w_Widgets">Use </span><span class="w_Widgets">Standard Cost as the Default Price on Purchase Orders and </span><span class="w_Widgets">Bills</span> option, it is the price that will appear automatically for the item when you enter a purchase. </div>
        <div class="Gt_GlossaryTerm"><a name="1060210">standard pay </a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060211">The current values of an employee's payroll </a>details (wages, superannuation, entitlements, deductions, employer expenses and taxes) that are automatically used when processing the employee's pay.</div>
        <div class="Gt_GlossaryTerm"><a name="1067940">system-wide preference</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067941">A setting in the </a><span class="w_Widgets">Preferences</span> window that affects everyone who works with the company file, not just the user who selects that preference.</div>
        <div class="Gt_GlossaryTerm"><a name="1067942">sub-job</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067943">A component of another larger, more comprehensive </a><span style="font-style: italic;">job</span>.</div>
        <div class="Gt_GlossaryTerm"><a name="1060212">supplier</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060213">Someone from whom you buy goods or services. In </a>MYOB software you must enter a supplier card before you can record a purchase. See also <span class="l_Link"><a href="#1059962">accounts payable</a></span>.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1060218">T</a></div>
        <div class="Gt_GlossaryTerm" style="margin-top: 7.0pt;"><a name="1067948">tab-delimited text file</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067949">In this file format, fields are separated </a>by tab spaces. Files in this format can be opened by most word processing and spreadsheet software and can usually be imported into MYOB software.</div>
        <div class="Gt_GlossaryTerm"><a name="1067950">tax table</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067951">A set of detailed tax information used for calculating </a>employee withholding amounts. Tax tables are updated periodically.</div>
        <div class="Gt_GlossaryTerm"><a name="1060219">terms</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060220">Terms are the agreed upon rules governing the number </a>of days between delivery and payment, discounts for early payment and penalties for late payment.</div>
        <div class="Gt_GlossaryTerm"><a name="1060221">transaction</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060222">An entry in MYOB software that affects the balance </a>of accounts.</div>
        <div class="Gt_GlossaryTerm"><a name="1060223">trial balance</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1060224">This is a report showing all the activity for an </a>account or accounts within a selected date range. It shows the balance of the account at the beginning of the date range, the activity within the date range, and the balance at the end of the date range. A trial balance is useful for checking your entries prior to doing your period-end processing.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1064181">U</a></div>
        <div class="Gt_GlossaryTerm" style="margin-top: 7.0pt;"><a name="1064187">undeposited funds account</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1064188">The linked account into which </a>individual cash-receipts transactions are recorded when not credited directly to cheque or credit card accounts. Amounts from individual transactions in the undeposited funds account are grouped together. When deposited, they are recorded as a single bank deposit transaction on the bank or credit card statement.</div>
        <div class="Gt_GlossaryTerm" style="margin-top: 7.0pt;"><a name="1067956">unrealised losses and gains</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1067957">Potential changes in the value of </a>overseas transactions when dealing in multiple currencies; affects only open (unpaid) transactions.</div>
        <div class="Gt_GlossaryTerm" style="margin-top: 7.0pt;"><a name="1064195">user IDs</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1064196">A unique identification code assigned to each user of </a>the company file. Each user must enter an ID. User IDs are the basis for the software’s security system, and can be used to keep track of the actions of each person who performs tasks that affect the company file.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1064182">V</a></div>
        <div class="Gt_GlossaryTerm"><a name="1064212">verifying</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1064213">The process of checking a company file for errors to </a>detect minor inconsistencies in the file before they cause serious problems.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1064207">W</a></div>
        <div class="Gt_GlossaryTerm"><a name="1064221">wildcard</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1064222">A character used to further define search criteria in </a>reports. Your MYOB software uses the asterisk (*) and the question mark (?) as wildcards.</div>
        <div class="Gg_GlossaryGroupTitle"><a name="1064227">Z</a></div>
        <div class="Gt_GlossaryTerm"><a name="1064228">zoom arrow</a></div>
        <div class="Gd_GlossaryDefinition"><a name="1064216">An icon that allows a user to review, or “zoom to“ </a>more detailed information about a specific topic, such as a transaction.</div>
      </blockquote>
    </div>
    <div style="font-family:Arial, Verdana;font-size:x-small;text-align: right;">
      <a style="color:gray" href="#top">Top of page</a>
    </div>
    <!--End container for all content-->
    <!--Start container for left navigation-->
    <div id="navigation">
      <script type="text/javascript" src="scripts/quickmenu.js"></script>
    </div>
    <!--End container for left navigation-->
    <!--Start stuff at bottom of page-->
  </body>
</html>