ERP accounting Definitions

  • E

    ERP finance module

    An ERP (enterprise resource planning) finance module is a software program that gathers financial data and generates reports such as ledgers, trail balance data, overall balance sheets and quarterly financial statements.

  • 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.

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