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Reference6 min read

Glossary

These definitions explain how terms are used inside this application. They are not substitutes for legal, payroll, or tax advice.

Accounting terms

  • Accrual basis: recognizes revenue when earned and expenses when incurred.
  • Cash basis: reports activity based on when cash changes hands.
  • Journal entry: a dated, balanced set of debit and credit lines.
  • General ledger: the account-by-account history of posted journal lines.
  • Clearing account: a temporary account used while provider money is in transit.
  • Accounts payable: amounts the shop owes vendors for posted bills.
  • Liability: an amount the shop owes, including tax, payroll, store credit, and gift cards.
  • Reversal: a linked entry that offsets an earlier posted entry without deleting it.

Inventory terms

  • Acquisition lot: quantity and cost received from one source at one time.
  • Specific identification: assigns the actual cost of a unique item to its sale.
  • FIFO: uses the oldest available fungible cost layer first.
  • COGS: the inventory cost recognized when an item is sold.
  • Write-down: reduces carrying value when inventory is worth less than recorded cost.
  • Reservation: temporarily holds available inventory for a durable cart or order.

Payroll and provider terms

  • Effective-dated: a record whose rule or value begins on a stated local date without changing the past.
  • Payroll mirror: the local status and totals that correspond to a provider payroll.
  • Payroll clearing: a temporary liability/asset path between final payroll and the provider’s bank debit.
  • Filing mirror: local status of a payroll filing managed by the provider.

Control terms

  • Capability: one server-enforced permission such as viewing finance or approving payroll.
  • MFA: an additional sign-in factor required for protected roles and approvals.
  • Reconciliation: proof that a source statement and the books agree.
  • Period close: a lock that prevents ordinary posting into a reviewed accounting month.
  • Audit event: immutable evidence of who performed a controlled action and why.
  • Readiness gate: a required setup or review step that keeps a live operation disabled until satisfied.

Still unsure?

Pause before posting, approving, refunding, or moving money. Ask the owner or the role responsible for that workflow to review the source record with you.

This guide explains software workflows only. It is not legal, tax, accounting, payroll, employment, or security advice. Requirements and provider availability can change; confirm current obligations with the relevant agency and qualified professionals.