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GLOSSARY
MYOB Accounting Plus Terms
An entry made in the Adjustment fields of the Enter Activity Slips window or Prepare Time Billing Invoice window. You can enter an adjustment to change an activity slipís billable amount without affecting the record of the hours or units you actually performed or changing the rate you usually charge for the activity. You can enter adjustments in hours or units and also in dollar amounts.
An accountóusually an expense or income accountóused to automatically balance a transaction such as a cheque or deposit, or inventory increase or decrease.
The process of distributing customer payments to outstanding sales transaction balances, and vendor payments to outstanding purchasing transaction balances.
The process of combining two or more inventoried items, known as ìcomponents,î to create another inventoried item, known as a ìfinished item.î
The process of storing copies of computer files at a location other than the primary location, with the intent of easily recovering the information in the files if damage occurs to the files at the primary location.
Computer files stored at a secondary location, copied during the backing-up process.
A collection of information about transactions, containing the debit and credit amounts for affected accounts.
The Cash Disbursements Journal contains information about vendor payments that affect (credit) chequing accounts.
A collection of information about transactions, containing the debit and credit amounts for affected accounts.
The Cash Receipts Journal contains information about customer payments that affect (debit) chequing accounts.
Changeable transactions, as their name suggests, can be changed at any time. If you want transactions to be changeable, you must be sure the Transactions CAN'T Be Changed; They Must Be Reversed option is unmarked; this option appears on the Security tab in the Preferences window.
An accounting period in which all activity is complete.
Transactions can be entered in a closed period until the period is ìlockedî using the Preferences window.
A location in which selections can be made to accomplish accounting tasks.
An item combined with another item to create a finished item.
The month in which a business starts entering transactions in MYOB Accounting Plus.
The amount paid to purchase an inventoried item.
The cost of an individual item is based on the average cost of all the items of the same type. For example, if 10 widgets exist in inventory and cost a total of $500, an individual widgetís cost will be $50.
The agreed-upon rules governing the number of days between delivery and payment, discounts for early payment and penalties for late payment.
Information thatís entered by a user and stored in a companyís data file.
The medium by which data is stored. All the accounting information thatís entered in MYOB Accounting Plus for a single company is stored in one data file.
A suggested entry that appears in a data entry field.
The process of transferring data from MYOB Accounting Plus to a text file so it can be used with another software program.
A single location where one unit of information, such as the phone number for a customer, is entered.
See Data file.
An inventoried item thatís the result of combining two or more components.
Documents that are typically distributed to people or companies outside a business, such as cheques, invoices, statements, purchase orders and mailing labels.
A collection of information about transactions, containing the debit and credit amounts for affected accounts.
The General Journal contains transactions that donít belong in the Sales, Purchases, Inventory, Cash Disbursements, or Cash Receipts journals.
A report section thatís printed at the top of a page. Report headers typically include labels for each of the columns in a report, as well as the date and time the report was printed.
The act of selecting an item in a list or field so you can perform an action that affects the selected item. For example, when you start MYOB Accounting Plus, you highlight the name of your data file in a dialog box, then click OK or Open to open the data file.
The balance of an account before itís transferred to MYOB Accounting Plus.
A purchase made before you began using MYOB Accounting Plus.
A sale made before you began using MYOB Accounting Plus.
A graphic representation of an object that appears on a computer screen. Icons in MYOB Accounting Plus include the zoom arrow and search icon.
A character used to organize cards.
The process of receiving data into MYOB Accounting Plus that originated from a different software program, or from a different MYOB software data file.
A physical unit stored for possible sale to a customer. Usually referred to in MYOB Accounting Plus documentation simply as an ìitem.î
The process of changing the quantity of an inventoried item so it matches the actual quantity on hand.
A collection of information about transactions, containing the debit and credit amounts for affected accounts.
In MYOB Accounting Plus, the Inventory Journal contains transaction information affecting quantities of inventoried items.
The process of adjusting item quantities after finished items are created.
The printed record of a sale.
Four types of invoices can be recorded: item invoices, which document the sale of itemsóinventoried and not inventoried; service invoices, which document the sale of services and items not inventoried; professional invoices, which document the sale of services and other items not inventoried, as well as the dates each individual service or item was sold; and time billing invoices, which document time spent working on a clientís behalf.
See also Miscellaneous sale.
A physical unit stored for possible sale to a customer or a billable service provided by a company.
A series of specific transactions for which income and expenses are tracked, and for which a separate profit and loss statement is desired.
A profit centre, a product line or a similar division of a business can be considered a job.
A collection of information about transactions, containing the debit and credit amounts for affected accounts.
A transaction consisting of equal debit and credit amounts.
An account to which specific transaction amounts are assigned automatically. Linked accounts were set up for you when you created your MYOB Accounting Plus data file. Linked accounts ensure that transactions are recorded consistently and in the appropriate accounts; they also make entering transactions faster and easier.
An accounting period in which entries are no longer allowed. Periods are locked using the Preferences window.
Purchases that donít require a printed purchase order.
Sales that donít require a printed invoice.
An account balance thatís entered during the setup of the MYOB system.
A set of characters used to restrict access to specific parts of the MYOB system. Passwords can be set up using the Preferences window.
A sale for which the items or services sold havenít been delivered yet.
A purchase for which the items or services purchased havenít been delivered yet.
The vendor from whom an item is usually purchased.
A service invoice that contains the dates each service was performed.
A service purchase order that contains the dates each service was performed.
A financial statement showing a companyís performance over a period of time. Also referred to as ìIncome Statement.î
An MYOB Accounting Plus profit and loss statement shows the income gained by a business, the cost of sales and expenses incurred by the business and the net profit or loss that results.
The written record of a purchase.
Three types of purchase orders can be recorded: item purchase orders, which record the purchase of inventoried items; service purchase orders, which record the purchase of services and other items not included in inventory; and professional purchase orders, which record the purchase of services and other items not included in inventory, as well as the dates each individual service or item was purchased.
See also Miscellaneous purchase.
A collection of information about transactions, containing the debit and credit amounts for affected accounts.
The Purchases Journal contains purchasing transaction information affecting accounts payable, inventory asset and purchase expense accounts.
The process of removing unnecessary or outdated data from a companyís data file. Information that can be purged from the data file includes journal entries, closed sales, closed purchases, activity slips and business contacts.
A window that allows users to review a journal entry before itís saved. This window, selected from the Edit menu, may be helpful when youíre viewing transactions such as invoices and purchase orders for which the journal entry isnít apparent.
The process of verifying that a businessís recordkeeping of various accounts is consistent with a bankís recordkeeping of the same accounts.
A collection of information about individual parts of accounting data. For example, information about a single customer is stored as a record.
An accounting entry that occurs repeatedly, such as weekly payroll and monthly rent.
The process of offsetting the effects of an incorrect transaction by entering a new transaction (called a ìreversing transactionî) that reverses the debit and credit entries of the incorrect transaction.
A collection of information about transactions, containing the debit and credit amounts for affected accounts.
The chronological list of past monthly sales amounts recorded for an item, customer or salesperson.
The term used to describeWidgets, Inc., a fictitious set of data that allows MYOB software users to experiment with MYOB Accounting Plus.
The written record of a sale of services or other items not included in inventory.
A service performed by a company thatís entered in the Item Information window and can have item invoices written for it.
The written record of a purchase of services and other items not included in inventory.
A report containing journal activity since the MYOB Accounting Plus data file was last opened.
A recordkeeping tool used to categorize transactions into similar groups. When a transaction is saved, itís assigned to the source journal that best applies to it. MYOB Accounting Plusís six source journals are the General Journal, Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Disbursements Journal and Inventory Journal.
An identification number assigned to a transaction.
A set of detailed federal and provincial tax information used for calculating employee withholding amounts. Tax tables are updated periodically by MYOB Accounting Plus.
See Credit terms.
An entry that affects the balance of an account or group of accounts.
If your transactions are unchangeable, you've marked the Transactions CAN'T be Changed selection in the Preferences window. If this is the case, transactions can't be changed or removed; you must enter a reversing transaction to undo any errors that occur.
The term used to describe the sample company provided in the MYOB software package. Widgets, Inc., is a fictitious set of data that allows MYOB software users to experiment with MYOB Accounting Plus.
A character used to further define search criteria in reports. MYOB Accounting Plus uses an asterisk (*) and a question mark (?) as wildcards.
An icon that allows a user to review, or ìzoom to,î more detailed information about a specific topic, such as a transaction.
The process of clicking a zoom arrow to review more detailed information about a specific topic, such as a transaction.