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Cougar Mountain - Accounting terms Category: Economy and Finance > Accounting Date & country: 29/04/2011, USA Words: 166

Magnetic Media (Payroll)
Method of saving data in a report format to tape or disk in order to submit the report electronically, rather than on paper.

Master Files
The files that hold the records containing general information about the participants or objects of transactions within a module. In General Ledger the master file contains the account names, numbers, and balances. In Accounts Receivable the master file contains the customer names, numbers, balances, and other general information. In Inventory the master file contains the inventory item descriptio...

Master Records
The individual records found in a master file. General information about the participants or objects of transactions within a module.

Module
One of the functional applications of Cougar Mountain Software for Windows. Modules available are General Ledger, Accounts Receivable, Accounts Payable, Order Entry, Point of Sale, Inventory, Payroll, Bank Reconciliation, and Data Exchange.

Nested Tax Codes
A set of Sales Tax Codes that are set up to charge tax on a sale for more than one taxing agency. The total for all agencies is assessed on the sale, and the amounts for the individual agencies are recorded separately.

Non-Inventory Code
A Profile Code that defines product categories that are not Inventory items.

Nonprofit Organization
An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well.

Note
A written obligation to pay a specific sum of money, within a specific period, at a certain rate of interest.

Note Payable
A debt owed to a lender and evidenced by a written promise of payment. Note payable, an entry on the liabilities side of many corporate balance sheets, indicates that a certain dollar amount of loans will be repaid to the lenders at a future time.

Note Receivable
A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers.

Open Item
A line item from a receivable or payable transaction that has an amount remaining to be paid or applied.

Operating Capital
Current assets minus current liabilities. The net amount of liquid resources available to finance business operations.

Operating Expenses
Costs associated with the operation and maintenance of an income producing property.

Operating Income
The difference between gross profit and operating expenses. Referred to as net operating income; the subtotal before net profit.

Operator Identity
A label attached to an invoice batch to identify the transactions in the batch.

Orientation
Used to define how a report will print, such as Portrait (oriented vertically) or Landscape (oriented horizontally).

Other Assets
Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately.

Other Time
In Payroll, units worked at other than the regular pay rate, such as overtime units.

Outstanding Checks
Checks issued on a bank account that have not been presented to the bank for payment.

Owner
Amounts of cash or other assets removed from the business by the owner and/ or the account used to record them.

Owner
The resources invested in a business by the owner plus profits retained in the business. The amount by which the assets of a company exceed liabilities.

Periodic
Occurring at regular time intervals.

Periodic Activity Cycle
A set of company specific transactions that reoccur on a regular basis, usually monthly but sometimes quarterly and even yearly.

Perpetual Inventory
An accounting method of maintaining up-to-date property records that accurately reflect the level of goods on hand.

Posting
The process of recording the effects of transactions in the general and subsidiary ledgers.

Prepaid Expenses
Expenses, such as rent and insurance, which are paid in advance. The unused portion of prepaid expenses are a balance sheet asset.

Principal
The amount borrowed or the amount still owed on a loan, separate from interest. Or, the original amount invested separate from earnings.

Profile Codes
Data records that define the company operations. These records are relatively unchanging and general in scope. They define such things as departments within a company, product categories, payables categories, receivables categories, and company policies.

Profit
The amount by which the revenue from business operations exceeds the cost of operations.

Raw Materials Inventory
Inventory that will be used to manufacture a product.

Recurring Batch
A transaction batch that holds template invoices that can be generated time after time. It is used to invoice periodically recurring transactions without having to retype the information each time.

Retained Earnings
The portion of owner or stockholder equity that is a result of profit earned by the business.

Short-term Liability
An obligation that will take less than one year to satisfy.

Single Entry
A method of accounting that does not use a two-sided ledger to capture financial data instead only noting amounts owed by and due to a business.

Social Security Taxes
Federal tax levied equally on employers and employees, used to pay for Social Security programs.

SQL
Structured Query Language. This is the language that most database systems use to manipulate data in a specific way.

SSN (Payroll)
Social Security Number

Stand-Alone Module
A module of the accounting program that does not interact with other modules. Any of the modules can be used as stand-alone or as elements of a fully integrated accounting system.

Standard Cost
An Inventory valuation method by which the cost assigned to an Inventory item at the time of sale is a predetermined estimate. When the actual cost is recognized, any variance between standard and actual costs is posted to an inventory variance account and an expense adjustment account.

Statement of Cash Flow
A financial statement listing how a firm has obtained its funds and how it has spent them within a period of time.

Statement of Income and Expense
A financial statement that shows the revenues, expenses, and net income for a given accounting period.

Straight-line Depreciation
A method of calculating the depreciation of an asset that assumes the asset will lose an equal amount of value each year of its useful life.

Taxable Income
The amount of income subject to income tax (adjustments, deductions, and exemptions) by the IRS or state taxing authorities.

Terms Code
A Profile Code in Accounts Receivable that outlines terms for early payment discounts and finance charges. When a Terms Code is attached to a transaction, the terms specified in the code apply to the transaction.

Tips (Payroll)
A gratuity paid in addition to earned wages.

Trailer Character
A designated character that always follows a printed field on a document.

Trailer Spaces
A designated number of blank spaces that follow a printed field on a document

Transaction
An agreement between a buyer and a seller for the exchange of goods or services for payment that is recorded in the accounting records.

Transaction Batch
A group of transactions that will be posted together.

Transactions
Business events which can be measured in money.

Turnover
The number of times inventory or accounts receivable are replaced during a year.

Unapplied Credit
A credit in Accounts Receivable that reduces the total amount owed by the customer, but does not reduce the amount remaining to be paid on a specific debit item. The unapplied item is an open item until the full amount is applied.

Unapplied Debit
A debit in Accounts Payable that reduces the amount owed a vendor, but does not reduce the amount remaining to paid on a specific credit item. The unapplied item is an open item until the full amount is applied.

Unapplied Payment
A payment in Accounts Receivable that reduces the total amount owed by the customer, but does not reduce the amount remaining to be paid on a specific debit item. The unapplied item is an open item until the full amount is applied.

Under Capitalized
To provide an insufficient amount of capital for (a business enterprise).

Unearned Revenue
When an individual or company receives money for a service or product that has yet to be fulfilled.

Units (Payroll)
The number by which the pay rate is multiplied to calculate gross pay. The most commonly used units in Payroll calculations are hours, but other measures of time or production can be used.

Universal Bridge
The Cougar Mountain feature that imports unposted transactions from an external file. Modules that support this feature are General Ledger, Accounts Receivable, Accounts Payable, Inventory, Order Entry, Payroll, and Bank Reconciliation.

User Interface
The means by which a computer user exchanges information with the computer. The menu and data entry screens are good examples of user interface.

Variance
The difference between an actual amount and a budgeted amount.

Vendor
A supplier of goods or services.

Weighted Average Cost Method
This method of inventory valuation divides the total cost of stock items available to sell by the number of units available.

Withholding
An amount deducted by an employer from an employee's gross wage earnings before he or she receives the funds.

Work in Process Inventory
Raw materials are processed but the product is not yet a finished good.

W-2 (Payroll)
Employee wage and tax statement, provided by the employer to the employee.

W-3 (Payroll)
Transmittal of Wage and Tax Statements. Information filed with the Social Security Administration by the employer.