Definition of Terms

1) Customer - a person or organization that buys goods or services from a store or business.

2) Credit Memo - is a contraction of the term "credit memorandum," which is a document

issued by the seller of goods or services to the buyer, reducing the amount that the buyer owes

to the seller under the terms of an earlier invoice.

3) File - A file is a collection of data stored in one unit, identified by a filename. It can be a

document, picture, audio or video stream, data library, application, or other collection of data.

4) Journal - a daily record, as of occurrences, experiences, or observations

5) Journal voucher - Journal vouchers include the names of accounts affected, the date of

the transaction, a description of the transaction, signatures of authorizing parties, and other

details critical to proper accounting procedures.

6) Inventory records – it forms an important part of material requirements planning systems.

Such records usually make use of some form of part numbering or classification system, and

include a description of the part, the quantity held, and the location of all the holdings.

7) Inventory subsidiary ledger – it usually contains separate sets of columns for purchases,

sales, and the account balance. Each set has three columns, which are used to record the

number of units, the cost of each unit, and the total cost.

8) Accounts Receivable subsidiary ledger - is an accounting ledger that shows the

transaction and payment history of each customer to whom the business extends credit. The

balance in each customer account is periodically reconciled with the accounts receivable

balance in the general ledger, to ensure accuracy. The subsidiary ledger is also commonly

referred to as the subsidiary ledger or subaccount.

9) Accounts Receivable summary - provides a summary of your end accounts receivable.

10) General ledger - is the master set of accounts that summarize all transactions occurring

within an entity. There may be a subsidiary set of ledgers that summarize into the general

ledger.
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11) Customer order - A formal order from the customer which provides details of the amount

and due date for a customer’s requirement of products.

12) Sales order - is an order issued by a business or sole trader to a customer. A sales order

may be for products and/or services.

13) Credit copy - the ability of a customer to obtain goods or services before payment, based

on the trust that payment will be made in the future.

14) Check credit - ensures that both parties have the means necessary to cover their

leveraged positions in the trade and is done before the transaction takes place.

15) Packing slip - form used in a warehouse pick-and-pack operation that lists the items to be

shipped and the recipient of the shipment. The packing slip may also include the amount due for

a credit order and any shipping and handling charges, as well as a shipment control number.

The packing slip travels with the shipment and, at the destination, is used to confirm that the

shipment is complete. It is matched with the pertinent invoice before payment is made.

16) Shipping notice - is a notification of pending deliveries, like a packing list. It is usually sent

in an electronic format and is a common EDI document.

17) Invoice - a list of goods sent, or services provided, with a statement of the sum due for

these; a bill.

18) Sales journal - A sales journal is a specialized accounting journal and it is also a prime

entry book used in an accounting system to keep track of the sales of items that

customers(debtors) have purchased on account by charging a receivable on the debit side of an

accounts receivable account and crediting revenue on the credit side.

19) Shipping log - is the process of automating the backup of a transaction log files on a

primary (production) database server, and then restoring them onto a standby server.

20) Bill of lading - a detailed list of a shipment of goods in the form of a receipt given by the

carrier to the person consigning the goods.

21) Remittance advice check - is a letter sent by a customer to a supplier to inform the

supplier that their invoice has been paid. If the customer is paying by cheque, the remittance
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advice often accompanies the cheque. The remittance advice should therefore specify the

invoice numbers for which payment is tendered.

22) Remittance list - A document sent by a customer to the supplier of a product or service

informing the supplier of the payment of their invoice or bill. In a common business practice, a

remittance advice slip is typically included by the customer along with their payment check and

could also be attached to it in some way.

23) Cash receipt - an amount of money received by a company for goods or services: We add

the cash receipts to the balance brought down to give us the total amount of cash we have

available.

24) Deposit slip - is a small written form that is sometimes used to deposit funds into a bank

account. A deposit slip indicates the date, the name of the depositor, the depositor's account

number and the amounts of checks, cash and coin being deposited.

25) Terminal - comes from early computer systems that were used to send commands to other

computers. Terminals often consist of just a keyboard and monitor, with a connection to another

computer.

26) Customer data - is information held on file about customers by a store or other business,

usually including names, contact details, and buying habits.

27) Open sales order - is where the order has not been delivered (physical goods).

28) Management reports - is a complex, multistage activity which takes place in the context of

other business processes and makes use of the multiple information systems that may have

been provided for other purposes -- general documentation, project management, financial

control, email communication and business.

29) Credit card - is a card issued by a financial company giving the holder an option to borrow

funds, usually at point of sale. Credit cards charge interest and are primarily used for short-term

financing.

30) Credit approval - is the process a business or an individual undergoes to become eligible

for a loan or pay for goods and services over an extended period.
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31) Credit card voucher - A credit voucher is a form of payment that allows for credit to be

used in lieu of cash.

32) Batch update - is a batch of updates grouped together and sent to the database in one

"batch", rather than sending the updates one by one.

33) Reconciliation form - is a document that begins with a company's own record of an

account balance, adds and subtracts reconciling items in a set of additional columns, and then

uses these adjustments to arrive at the record of the same account held by a third party.

34) Employee - a person employed for wages or salary, especially at nonexecutive level.

35) Bank - is a financial institution licensed to receive deposits and make loans. Banks may

also provide financial services, such as wealth management, currency exchange and safe

deposit boxes.

36) Purchase order - is a commercial document and first official offer issued by a buyer to a

seller, indicating types, quantities, and agreed prices for products or services.

37) Purchase requisition - Document generated by a user department or storeroom-personnel

to notify the purchasing department of items it needs to order, their quantity, and the timeframe.

It may also contain the authorization to proceed with the purchase.

38) PO blind copy - a copy of a letter or the like, the original of which bears no evidence that

the copy was sent to some other person.

39) Receiving report - is an important record of the merchandise that a retailer has actually

received from a supplier because it documents what is owed to the supplier in terms of payment

for the goods received or the return of the goods, in some cases.

40) Voucher register - s called the book of original entry because all the vouchers are entered

into the voucher register before they are entered into any other part of the accounting system.

41) Accounts payable subsidiary ledger - is an accounting ledger that shows the transaction

history and amounts owed for each supplier from whom the business receives credit for

purchases.

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42) Purchase journal - is a specialized type of accounting log that keeps track of orders made

by a business on credit or on account. Cash purchases for inventory are not tracked in the

purchases journal. The amount of detail provided in a purchases journal is determined by the

type of purchase and products received.

43) Cash disbursement voucher - is a form used to have a check made to pay an individual or

an organization for merchandise sold or services rendered.

44) Vendor - a person or company offering something for sale, especially a trader in the street.

45) Supplier invoice - are where all parts purchases congregate before being posted to

payables.

46) Transaction listing – is the process of accumulating transactions.

47) Check register - also called a cash disbursements journal, is the journal used to record all

of the checks, cash payments, and outlays of cash during an accounting period.

48) Open Purchase Order - open order is a Purchase order which has been issued to a

vendor, against which specified purchases may be made for a specified period of time.

49) General ledger control - is an account in the general ledger for which a corresponding

subsidiary ledger has been created.

50) Receiving report - is an internal document used to record what materials and inventory

were received by the company. The receiving report is sent to other departments to notify them

what items have been received and are ready for use.

51) Time cards - a card used to record an employee's starting and quitting times, usually

stamped by a time clock. This document is prepared to show how many hours an employee

worked during a workweek.

52) Job tickets - an auxiliary printed form that may accompany a job order to a workshop to be

used variously for recording worker's time, identifying material, giving brief instructions as to

procedure, routing, tools, and destination

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53) Labor Distribution Summary - is an accounting statement that details hours worked,

wages earned, and benefits accrued by a company's employees. Some labor cost distribution

reports also include information about what organizational funds were used to pay for that labor.

54) Personnel - people employed in an organization or engaged in an organized undertaking

such as military service.

55) Personnel action - is used to report appointments, terminations, changes in status,

compensation of an individual employee, etc.

56) Employee records - contain confidential documents and are managed and maintained by

Human Resources staff.

57) Payroll register - is a hard copy or electronic spreadsheet listing important employee

payroll information for specific payroll periods.

58) Pay master - A paymaster is someone appointed by a group of investors or government to

dispense commissions, fees or salaries within the private sector or public sector.

59) Labor hours - is the amount of work performed by the average worker in one hour.

60) Employee payroll file - is the repository for everything that has to do with an employee's

paycheck. The main reason to create a payroll file is to limit access to the rest of the confidential

information that is in the personnel file.

61) Receiving procedure - is needed to properly inspect all incoming goods, mark them with

tags, and record them as having been received.

62) Disbursement voucher - is a form used to have a check made to pay an individual or an

organization for merchandise sold or services rendered.

63) Fixed asset report - shows a summary of book value, credits and debits to fixed asset

accounts, and accumulated depreciation, helping you to quickly reconcile the balance sheet and

the fixed asset register.

64) Fixed asset depreciation report - displays a “snapshot” of your fixed assets as of the end

of the selected accounting period. This means all the numbers presented reflect their true value

at the end of the period.

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65) Marketing - the action or business of promoting and selling products or services, including

market research and advertising.

66) Sales forecast – is the estimated amount of sales in the future.

67) Route sheet - is the map or the blueprint of the manufacturing process in a production unit,

providing the precise route or sequence to be followed. A route sheet describes the series of

actions to be performed to achieve a particular task in the manufacturing or production process.

68) Engineering specifications - means those records which provide detailed documentation

of the construction, wiring, arrangement and related engineering details of the information

processing equipment.

69) Cost accounting - the recording of all the costs incurred in a business in a way that can be

used to improve its management.

70) Work order - is usually a task or a job for a customer, that can be scheduled or assigned to

someone. Such an order may be from a customer request or created internally within the

organization. Work Orders may also be created as follow ups to Inspections or Audits. A work

order may be for products or services.

71) Material requisition - lists the items to be picked from inventory and used in the production

process or in the provision of a service to a customer, usually for a specific job.

72) Production schedule - is a plan for individual commodities to be produced in each period

such as production, staffing, inventory, etc.

73) Production planning - is the planning of production and manufacturing modules in a

company or industry. It utilizes the resource allocation of activities of employees, materials and

production capacity, to serve different customers.

74) Work center - is an organization unit where manufacturing activities are performed. In

other words, Work Centers are the master data which represent real machines, Production

Lines, Assembly Work Center, etc.

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75) Inventory control -also known as stock control, involves regulating and maximizing your

company's inventory. The goal of inventory control is to maximize profits with minimum

inventory investment, without impacting customer satisfaction levels.

76) Work station - is a special computer designed for technical or scientific applications.

Intended primarily to be used by one person at a time, they are commonly connected to a local

area network and run multi-user operating systems.

77) CAD (Computer-aided design) software - is technology for design and technical

documentation, which replaces manual drafting with an automated process.

78) Design database - is the process of producing a detailed data model of a database. This

data model contains all the needed logical and physical design choices and physical storage

parameters needed to generate a design in a data definition language, which can then be used

to create a database.

79) CAM (Computer-aided design) software - applications are used to both design a product

and program manufacturing processes, specifically, CNC machining.

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