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1.   Return to Explore the 32 Category Master List of Productivity Software Applications
2.   See our Side-by-Side Comparison of Accounting & Finance Applications
3.   Return to the Accounting & Finance Applications Category List
4.   Scan Through the List of Accounting & Finance Applications FAQs (Frequently Asked Questions)Â
📘 Glossary: Accounting and Finance Tools – Category-Specific Terms
📘 Glossary: Accounting and Finance Tools – Category-Specific Terms
Accounts Payable (AP)
Accounts Payable (AP)
Money a business owes to suppliers for goods or services received.
Accounts Receivable (AR)
Accounts Receivable (AR)
Money owed to a business by its customers for goods or services delivered.
Bank Reconciliation
Bank Reconciliation
The process of matching a company’s financial records to its bank statements to identify discrepancies or missing transactions.
Chart of Accounts (COA)
Chart of Accounts (COA)
An organized list of a company’s financial accounts used to categorize transactions.
Cloud Accounting
Cloud Accounting
Accounting software hosted online (e.g., QuickBooks Online, Xero), accessible from any device with internet access.
Cost of Goods Sold (COGS)
Cost of Goods Sold (COGS)
Direct costs of producing goods or delivering services sold by a business.
Double-Entry Accounting
Double-Entry Accounting
A bookkeeping method where each transaction affects at least two accounts (debit and credit), keeping the accounting equation balanced.
Expense Tracking
Expense Tracking
The recording and categorization of business-related costs, often with receipt attachments and automation.
Fixed Assets
Fixed Assets
Long-term tangible assets (e.g., equipment, vehicles) used in business operations.
General Ledger
General Ledger
The master record of all financial transactions categorized by accounts.
Invoicing
Invoicing
The process of billing clients for products or services, including payment terms, due dates, and itemized charges.
Journal Entry
Journal Entry
A record of a financial transaction in the accounting system, typically including date, amount, and account affected.
Payroll
Payroll
The process of calculating and distributing employee wages, as well as managing taxes, benefits, and deductions.
Profit and Loss Statement (P&L)
Profit and Loss Statement (P&L)
Also called an Income Statement, it summarizes revenues, costs, and expenses over a specific period.
Recurrent Billing
Recurrent Billing
Automated invoicing and charging for subscriptions or services at regular intervals.
Sales Tax / VAT / GST
Sales Tax / VAT / GST
Government-imposed taxes that businesses must collect and remit on eligible transactions.
Trial Balance
Trial Balance
A financial statement used to confirm that debits and credits are properly balanced.
Write-Off
Write-Off
Removing an uncollectible receivable from the books as a loss.
Year-End Closing
Year-End Closing
The process of finalizing all accounting records for a fiscal year, preparing financial reports and tax documents.
🔤 Glossary of Acronyms – Accounting and Finance Tools
🔤 Glossary of Acronyms – Accounting and Finance Tools
AP – Accounts Payable
AP – Accounts Payable
What the business owes to suppliers.
AR – Accounts Receivable
AR – Accounts Receivable
Money owed to the business by customers.
COA – Chart of Accounts
COA – Chart of Accounts
A categorized listing of all the company’s accounts.
COGS – Cost of Goods Sold
COGS – Cost of Goods Sold
The direct costs related to production or service delivery.
ERP – Enterprise Resource Planning
ERP – Enterprise Resource Planning
A suite of integrated software used to manage business processes, including accounting.
FIFO / LIFO – First In First Out / Last In First Out
FIFO / LIFO – First In First Out / Last In First Out
Inventory valuation methods that determine how stock is accounted for.
GAAP – Generally Accepted Accounting Principles
GAAP – Generally Accepted Accounting Principles
A framework of accounting standards used in the U.S.
GST – Goods and Services Tax
GST – Goods and Services Tax
A value-added tax levied on most goods and services sold for domestic consumption.
MRC – Monthly Recurring Charge
MRC – Monthly Recurring Charge
Recurring billing typically used in SaaS and subscription models.
P&L – Profit and Loss Statement
P&L – Profit and Loss Statement
A summary of income and expenses over a given time frame.
POS – Point of Sale
POS – Point of Sale
A system where sales transactions are completed—often linked to accounting software.
VAT – Value Added Tax
VAT – Value Added Tax
A consumption tax assessed on the value added to goods and services.
W-2 / W-9 / 1099
W-2 / W-9 / 1099
U.S. tax forms related to payroll and contractor income reporting.
Important Links to Related Pages
1.   Return to Explore the 32 Category Master List of Productivity Software Applications
2.   See our Side-by-Side Comparison of Accounting & Finance Applications
3.   Return to the Accounting & Finance Applications Category List
4.   Scan Through the List of Accounting & Finance Applications FAQs (Frequently Asked Questions)Â
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