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Accounting Glossary

Accounting Terms and Definitions

Learn core accounting terms and definitions to help your small business get to the next level. Check out our accounting glossary, and find related articles and resources.

Accounting Glossary

Learn about the accounting terms that all small business owner needs

A

Accountant

Accounting

Accounting cycle

Accounting Period

Accounts payable

Accounts receivable

Accrual accounting

Accrual Basis Accounting

Accruals

Accrued Expenses

Acrual Method Accounting

Amortization

Assets

Audit

B

Bad Debt Expense

Bad debts

Balance sheet

Balloon payment

Bankfeed

Bookkeeping

Bootstrapping

C

Capital

Capital cost

Cash

Cash accounting

Cash Basis Accounting

Cash Equivalents

Cash flow

Cash flow statement

Cash method accounting

Cash on Hand

CGT - Capital Gain Tax

Chart of accounts

Cloud Migration

Cost of goods sold

Credit

Credit entries

Crowdfunding

CSV file

Current assets

Current liabilities

D

Data backup

Data export

Data field

Data formatting

Data import

Data integrity

Data mapping

Data migration

Data privacy

Data record

Data restore

Data security

Data validation

Debit

Debit entries

Debt

Depreciation

Dividends

Double-entry bookkeeping

E

Encumbered asset

EOFY

Equity

Expenses

F

FBT – Fringe Benefit Tax

Financial statements

Financial year

Fiscal Year

Fixed assets

Fixed Expense

Forecasting

G

General ledger

Goodwill

Google Sheets

Gross Profit

Gross profit margin

H

Header Row

I

Income

Income statement

Income Tax (Business)

Insolvency

Intangible assets

Inventory

Invoice

J

Journal

K
L

Legacy System

Liabilities

Liability Account

Liquidate

Liquidity

Long-term liabilities

M

Margin

Marketable Securities

N

Net

Net income

Net profit

Non-current assets

Non-current liabilities

Non-operating assets

O

Opening Balance

Operating assets

Operational Expense

Overheads

Owner’s equity

P

Payroll

Payslip

Petty cash

Prepaid Expenses

Profit

Profit and loss

Profit and loss statement

Q
R

Receipt

Retained earnings

Revenue

ROI

S

Stagflation

Statement of cash flows

Stock

Stocktaking

T

Tangible assets

Third-party provider

Trial balance

U
V

Variable Expense

W

Working capital

Write-Off

X

XLS/XLSX file

Y
Z
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Features that help you run your business

Invoicing
Invoicing

Create professional custom invoices, send payment reminders, and match payments to invoices, automatically.

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Expenses
Expenses

Be prepared for the tax season with all your expenses organised in one place.

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Payroll
Bank feeds

Save time and reduce errors when you connect your bank to get a full view of your finances.


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VAT
VAT

Easily organise expenses into tax categories and track VAT on income and expenses, so you know where you stand and how much you owe.


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Capture and organise receipts
Capture and organise receipts

Use your phone to take photos of receipts. Match these to expenses to stay organised and ready for tax season with everything in one place.


Payment
Mobile app

Save time by running your business on-the-go with your mobile device*.

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Insights and reports
Insights and reports

See how your business is doing and get an advance snapshot for 90 days ahead, with a range of popular reports and the cash flow planner.

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Inventory
Inventory

Stay on top of your orders and quantities while managing your inventory in real-time.


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Multi-currency support
Multi-currency support

Send invoices, record transactions and adjust reports in different currencies and assign specific currencies to each customer.

Security
Security

See how we keep your information safe and compliant at all times.

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Manage cash flow
Manage cash flow

Get a clear view of your cash flow with all your finances in one place.

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Switch to QuickBooks
Switch to QuickBooks

Switch from Xero, Excel, MYOB or Reckon Desktop to QuickBooks Online.

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