THIS IS A TEST INSTANCE. ALL YOUR CHANGES WILL BE LOST!!!!
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Concept or Term | Definition | Example | |
|---|---|---|---|
Party | look to user-manual General Glossary | ||
| Party Id | look to user-manual General Glossary | ||
ERP | look to user-manual General Glossary | ||
CRM | look to user-manual General Glossary | ||
E-Business | |||
E-Commerce | look to user-manual General Glossary | ||
MRP | look to user-manual General Glossary | ||
SCM | look to user-manual General Glossary | ||
CMMS/EAM | |||
Vendor | look to user-manual Party Glossary | ||
Supplier | look to user-manual Party Glossary | ||
Component | look to user-manual General Glossary | ||
Application | look to user-manual General Glossary | ||
| Agreement | An agreement is a way of recording a business arrangement or contract that your business makes with other companies or individuals. | Examples: Customer or Supplier payment terms (eg.30 days to pay), Discounts (e.g products or volome), Commissions, Customer Contracts (agreement to sell x number of widgets for y price, or sell at y price for a certain time frame) | |
Assets | These are all of the non-inventory "things" that the enterprise owns. These are items of value owned by the business. There are different types of assets (fixed, current, intangible) In accounting assets are shown as balance sheet accounts. | Examples :Furniture, computer or manufacturing equipment, vehicles, bank accounts, investments and goodwill. | |
| Asset Maintenance | Any expense incurred during the process of maintaining an asset. | Real Estate assessor fees, stock broker fees, vehicle maintenance costs | Accounts Payable | These are the debts that your business owes to suppliers. It is also called 'A/P' for short or 'Creditors'. | Accounts Receivable | These are the outstanding debts that your customers owe to your business. It is also called 'A/R' for short or Debtors. | Accounts Payable Invoice | AP invoice is a document raised by the customer and sent to the company with the details of the items sent, qty sent, price and other details. The company will enter this invoice details in the Payable module and then pay the customer according to the credit terms. This invoice may come along with the consignment or may be sent to the company separately. | Accounts Receivable Invoice | AR Invoice is a document raised by the company and sent to the customer with the details of items sold, qty sold, price, tax and other details. Based on this invoice, the customer will send the payment in case of credit sales. | Accrual Based Accounting | This is a method where you record the income when the sale occurs and not necessarily when you receive the payment. Also you record an expense when you receive goods or services, even though you may not pay for them until later. |
| look to user-manual Party Glossary | |||
Assets | look to user-manual Accounting Glossary | ||
| Asset Maintenance | look to user-manual Accounting Glossary | ||
Accounts Payable | look to user-manual Accounting Glossary | ||
| Accounts Receivable | look to user-manual Accounting Glossary | ||
| Accounts Payable Invoice | look to user-manual Accounting Glossary | ||
| Accounts Receivable Invoice | look to user-manual Accounting Glossary | ||
| Accrual Based Accounting | look to user-manual Accounting Glossary | ||
| Balance Sheet | look to user-manual Accounting Glossary | ||
| Budget | look to user-manual Accounting Glossary | ||
| Budget Id | look to user-manual Accounting Glossary | ||
| Budget Item | look to user-manual Accounting Glossary | ||
| Budget Role | |||
| Capital | look to user-manual Accounting Glossary | ||
| Cash Based Accounting | look to user-manual Accounting Glossary | ||
| Chart of Accounts | look to user-manual Accounting Glossary | ||
| Cost of Goods Sold | look to user-manual Accounting Glossary | ||
| Creditor | look to user-manual Accounting Glossary | ||
| Credits | look to user-manual Accounting Glossary | ||
| Current Assets | look to user-manual Accounting Glossary | ||
| Current Liabilities | look to user-manual Accounting Glossary | Balance Sheet | This is like a financial snapshot of your business at a certain point in time. It lists your assets, liabilities and the difference between the two which is the net worth (or equity) of the business. The balance sheet is also called the 'Statement of Financial Position' |
| Budget | A budget is used to track spending in the company for a future period of time. The company may have one or more budgets depending on the requirements A budget has a status, type and is composed of budget line items. | Examples: Operating Budget, Capital Budget. | Budget Id | The unique identifier for a budget. | Budget Item | Describes an item in a budget. It may have a type, amount and purpose. | Budget Role | Capital | This is money invested in the business by the owners. It is also called equity. | Cash Based Accounting | This method is when you record income only when you receive the cash from your customers. You also only record an expense when you actually pay your suppliers. | Chart of Accounts | This is a list or hierarchy of account descriptions that you use to keep the accounting records for your business. | Cost of Goods Sold | This is the amount it costs you to provide your product or services sold to your customers. It is often called and abbreviated to 'COGS' | Creditor | This is a company or an individual that you owe money to. | Credits | One component of every accounting transaction (journal entry) is a credit. Credits increase liabilities and equity but decrease assets. |
| Current Assets | Normally these are things that the business owns that are in the form of cash or will generally be converted to cash or used up within a year. | Examples: Accounts Receivable (because people owe you money that you expect will pay you), Inventory and money in your company bank account | |
| Current Liabilities | Normally these are debts that the business owes that are generally payable within a year. | Examples: Accounts Payable, Taxes and Payroll | |
| Debits | One component of every accounting transaction (journal entry) is a debit. Debits increase assets but decrease liabilities and equity. | ||
| Debtor | This is a company or an individual that owes you money. | ||
| Depreciation | This is a write-off of a portion of the cost of fixed assets, such as vehicles and equipment. It is usually done annually but can be done more frequently. Depreciation is also listed as part of the expenses on the 'Profit & Loss' or 'Income Statement' | ||
| Double Entry Accounting | In this method every transaction has two entries: a debit and a credit (also called a journal entry). Debits must always equal credits. Most if not all accounting software use double entry accounting. | ||
| End of Year Rollover | At the end of the financial year the Profit & Loss accounts totals are reset to zero and the balance sheet accounts totals are carried forward into the next financial year. | ||
| Employee | An employee is a person who has an employment relationship with your Company. They will also be a 'party'. | ||
Employee Position Type | Employee Positions Type is a name that describes a position. You can define your own position types in Global HR Settings > Position Types. | Examples: Business Analyst, Programmer and System Administrator are position types in the demo data | |
Employment | In OFBiz an Employment defines the relationship between your Company and a person who is an employee. The employment relationship tracks employee benefits, preferences, pay history, and unemployment claims and agreements. | ||
| Entity | In OFBiz the term entity represents the important business concept of data structure used to store records in the database. | ||
| Equity | This is the net worth of your business. It is also called 'Capital' or 'Owner's Equity. Equity is made up of investment in the business by the owners plus any profits that the business has made that hasnt been taken out. | ||
| Fixed Assets | These are assets that are generally not going to be converted to cash within a year. | Example: Manufacturing equipment or vehicles. | |
| Fulfillment | In the Human Resources application, a fulfillment associates a person with a position. A person can fulfill more then one position and a position can have more then one person. | ||
| General Ledger | This is a collection of different types of accounts (balance sheet, income, expense) that are used to keep the accounting records of a business. A general ledger works with double entry accounting and journal entries for each transaction. | ||
| Income Accounts | These are the accounts that are used to keep track of your sources of income. | Examaple: Sales, Consulting Income or Interest. | |
| Income Statement | This is also called a Profit and Loss Statement' or a 'P&L'. It lists the income, expenses, and net profit (or loss) for the business. The net profit (or loss) is equal to the total income minus the total expenses. | ||
| Intangible Asset | This is something of value that is owned by the business that cannot be touched physically. | Examples: A trademark, patent or goodwill | |
| Internal Organization | An Internal organization is a special term in OFBiz that allows you to flag the main accounting company that is being setup. It can also be used to highlight relationship between your company and any of your any departments, business units or subsidiaries. | ||
| Inventory | These are goods are held for sale to customers. Inventory is also referred to a Stock. Inventory can be items that are bought for resale or it can be products that are manufactured and sold to the customer. | ||
| Invoice Date | This is the date that the invoice was created. Normally this will be based on when products were shipped or services were provided | ||
| Invoice Due Date | This is the last possible date that payments can be made or received for an invoice without triggering any late payment penalties | ||
| Journal | This is a detailed accounting transaction that is recorded (or posted) in the general ledger. It can also be referred to as a Journal Entry. It is made up of a debit and a credit component. | ||
| Journal Entry | This is a detailed accounting transaction that is recorded (or posted) in the general ledger. It can also be referred to as a Journal. It is made up of a debit and a credit component. | ||
| Liabilities | These are the debts that your business owes to its suppliers, banks or the government. | Examples can be taxes or loans. | |
| Long Term Liabilities | These are debts that a business owes to its suppliers that are not generally due to be paid off within a year. | An example would be a mortgage payment. | |
| Net Income | This is also called 'Profit' or 'Net Profit'. It is the total income minus the total expenses | ||
| Person | In OFBiz a person is a human being as distinguished from a party group which is an generally an organization. Human beings and organizations have different attributes i.e. People have first and last names while groups have group names. Both person and party group are types of parties and share information and processes common to parties. | ||
| Position | A position is a job that can be filled by more then one person over time or at the same time. Positions are defined by a type of work. For example there may be 20 positions in an organization for a secretary. Each position is related to a department in the organization. A position can me thought of as a full-time equivalent employee (FTE). So an FTE may be assigned to one or more positions and position can be assigned to more then one FTEs (job sharing). | ||
| Profit & Loss Statement | This is also called the 'Income Statement' or 'P&L'. It is the total income minus the total expenses for the business. | ||
| Retained Earnings | These are profits from the business that have been kept or 'retained' in the business and not paid out to the owners. | ||
| Responsibility | In the Human Resources application responsibilities define duties assigned to a position. | ||
| Stock | These are goods are held for sale to customers. Stock is also referred to as Inventory. Stock can be items that are bought for resale or it can be products that are manufactured and sold to the customer. | ||
| Security Group | A security group is a collection (or a set) of application privileges that can be assigned to a user login id. A user can be assigned to multiple security groups | Examples: FULLADMIN,BIZADMIN, and, ECOMMERCE_CUSTOMER | |
| Termination Reason | In the Human Resources application,this is a name describing the cause related to a termination type | Example:Found new job, | |
| Termination Type | In the Human Resources application, this is a name for the kind of termination | Example:Resigned, Fired, layoff | |
| Trial Balance | This is a list of the general ledger accounts showing the debits in one column and the credits in another. The main objective of a trial balance is to ensure that the total credits and total debits balance (eg. total debits = total credits). It also validates that the double entry accounting is working correctly. | ||
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