ERP accounting Definitions

  • A

    account

    An account is a unique record for each type of asset, liability, equity, revenue and expense.  

  • accounts payable

    Accounts payable is a liability account in the general ledger (GL).

  • accounts receivable (AR)

    Accounts receivable (AR) is an item in the general ledger (GL) that shows money owed to a business by customers who have purchased goods or services on credit.

  • AR-to-GL reconciliation

    AR-to-GL (accounts-receivable-to-general-ledger) reconciliation is a process commonly used to balance accounts in bookkeeping, particularly within an Oracle relational database. 

  • asset liability management

    Asset liability management (ALM) is the administration of policies and procedures that address financial risks associated with changing interest rates, foreign exchange rates and other factors that can affect a company’s liquidity.

  • B

    BAI2 file format

    BAI2 file format is a specialized and standardized set of codes used for cash management by the Bank Administration Institute (BAI).

  • Basel III

    Basel III is a set of standards and practices created to ensure that international banks maintain adequate capital to sustain themselves during periods of economic strain.

  • Basware

    Learn about Basware, a Finland-based vendor of networked purchase-to-pay, e-invoicing, procurement, and financing software and services.

  • BIC (bank identifier code)

    A bank identifier code (BIC) is a unique identifier for a specific financial institution.

  • C

    chart of accounts (COA)

    A chart of accounts (COA) is a financial organizational tool that provides a complete listing of every account in an accounting system.

  • contract management software

    Contract management software is a program or series of related programs for storing and managing legal agreements such as contracts with vendors, leases and licensing agreements.

  • cost of goods sold (COGS)

    Cost of goods sold (COGS) is the total of the costs directly attributable to producing goods. It includes material and labor costs but not indirect costs such as sales, marketing and distribution. In accounting, it is a standard item in the expense section of a company's income statement.

  • E

    e-filing (electronic filing)

    E-filing is the electronic submission of information that is required by law.

  • e-invoicing

    E-invoicing (or electronic invoicing) is the delivery of bills and related information by an enterprise to its clients using electronic communications, usually the Internet.

  • enterprise accounting software

    Enterprise accounting software is technology that keeps track of an organization's financial transactions and data.

  • ERP finance module

    The ERP finance module is the software component that handles the main accounting and financial management functions of an ERP system.

  • F

    financial analytics

    Financial analytics is the creation of ad hoc analysis to answer specific business questions and forecast possible future financial scenarios.

  • financial application

    A financial application is a software program that facilitates the management of business processes that deal with money. 

  • financial management system

    A financial management system is the methodology and software that an organization uses to oversee and govern its income, expenses, and assets with the objectives of maximizing profits and ensuring sustainability.

  • financial supply chain management

    Financial supply chain management (FSCM) is a set of software tools and processes designed to enhance an organization’s product flow, maximizing profitability and minimizing expenses.

  • G

    GASB

    GASB (Governmental Accounting Standards Board) is private not-for-profit organization that seeks to establish and improve the standards of accounting and financial reporting for U.S. state and local governments.

  • general ledger (GL)

    A general ledger (GL) is a set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports.

  • ghost asset

    A ghost asset is a fixed asset in a general ledger (GL) that cannot be accounted for because it is physically missing or otherwise rendered unusable.  

  • GR/IR clearing accounts

    A GR/IR (goods-receipt/invoice-receipt) clearing account is a bookkeeping device that can be used when goods arrive before the invoice is generated, or when an invoice arrives before the goods are delivered.

  • I

    ISO 20022

    ISO 20022 is an ISO standard for developing financial services messages.

  • O

    order to cash (OTC or O2C)

    Order to cash (OTC or O2C) is a set of business processes that involve receiving and fulfilling customer requests for goods or services.

  • P

    procure to pay (P2P)

    Procure to pay is the process of requisitioning, purchasing, receiving, paying for and accounting for goods and services.

  • procurement software

    Procurement software is a computer program or suite that allows an organization to automate the processes of purchasing materials and maintaining an inventory of goods.

  • profit and loss statement (P&L)

    A profit and loss statement (P&L), also known as an income statement, is a financial report that shows a company's revenues and expenses over a given period of time, usually a fiscal quarter or year.

  • S

    spreadsheet controls

    Spreadsheet controls are a set of steps that an organization's accounting personnel can take to ensure accuracy and integrity of financial records and bookkeeping procedures.

  • SQL-ledger

    SQL-Ledger (SL) is a Web-based open source double-entry accounting system that is used primarily in the retail and manufacturing sectors.

  • SWIFT FIN message

    SWIFT FIN is a message type (MT) that transmits financial information from one financial institution to another.

  • T

    Tagetik

    Tagetik is a software vendor of cloud-based and on-premises applications on a single platform for enterprise performance management.

  • treasury management

    Treasury management is the administration of a company’s cash flow as well as the creation and governance of policies and procedures that ensure the company manages risk successfully.

  • X

    X9 (ASC X9)

    ASC X9, Inc. (X9) is the American National Standards Institute (ANSI) organization responsible for the development of all financial services standards in the United States.

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