Account
Accounts are something to which transactions are assigned. Accounts are classified into eight categories: assets, liabilities, equity, income, cost of sales, expense, other income, and other expense. You can also …
Glossary Term: MYOB ERP
Account Classification
The Assets accounts include assets you currently own, such as cash, accounts receivable and inventory. Liabilities income include the amounts you owe to other individuals or organizations.
Account Type
Account type indicates its classification. Header accounts have one of eight classifications, each named the same as the classification. Detail accounts have multiple assets. Each of the other six classifications …
Accounting Period
Accounting period refers to financial calendar of a company.
Accounts List
List of accounts or Chart of accounts is list all asset, liabilities, debt, equity, cost of sales, other income and expense .
Accounts Payable
The amount you owe to someone else after accounting for all of your purchases.
Accounts Receivable
What is owed to you is recorded as an asset account; every time you record a sale, the unpaid balance of that sale is added to your accounts receivable balance. …
Accrual Method (basis)
This is a method of accounting that records sales and purchases at the time they’re delivered, not when you receive payment.
Accrued Expenses
These are expenses you know about but haven’t incurred yet.
Administrator
There is a special user profile in the company file called “administrator.” In general, the Administrator ID can create new user profiles. An Administrator can enter and save changes to …