Glossary
Plain-English definitions of the accounting, ERP, and industry terms our clients ask about most, with examples and answers to common questions.
Accounting & close
Multi-entity accounting
Managing the books for two or more legal entities under common ownership, with each entity's ledger rolling up into consolidated results.
Financial consolidation
Combining the financial statements of a parent company and its subsidiaries into one set of statements, with intercompany activity removed.
Intercompany eliminations
Removing transactions between related entities so consolidated statements show only activity with outside parties.
Dimensional general ledger
A general ledger that tags each transaction with attributes like location, department, or project, so you can report by any combination without adding accounts.
Month-end close
The process of recording, reconciling, and reviewing a period's transactions to produce final financial statements.
AP automation
Software that captures, codes, routes for approval, and pays supplier invoices with little or no manual entry.
Hospitality
USALI
The standard chart of accounts and reporting format for hotels, used so owners, brands, and operators can compare performance consistently.
Hotel flash report
A daily snapshot of a hotel's key performance numbers, such as occupancy, ADR, RevPAR, and revenue.
Not-for-profit
Fund accounting
An accounting method that tracks resources by fund or purpose to show accountability to donors and funders rather than profit.
Restricted funds
Donations a donor has limited to a specific purpose or time period.
Functional expense reporting
Classifying nonprofit expenses by function (program, management and general, fundraising) and by nature.
Equipment, distribution & manufacturing
Equipment utilization rate
The percentage of available time an asset is on rent or in use (hours on rent divided by hours available).
Lot traceability
Tracking a batch of product from supplier through production to customer so it can be located fast in a recall.
Landed cost
The total cost of getting a product into your warehouse: purchase price plus freight, duties, insurance, and handling.
ERP selection & implementation
ERP implementation
The process of designing, configuring, migrating data into, and launching an ERP system.
New terms are added every month. Can't find a term? Ask our team.
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