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Jooax

Arabic business software that fits how you actually work

22 apps · 67 industries

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JooDax
Glossary

33 terms

Accounting and business glossary

Each term in one clear line, then a short explanation, a worked example, and the app that does it for you.

Accounting Tax and invoicing Stock and manufacturing Sales and pricing People and payroll Operations

Accounting

Accounts receivableAccounts receivable are the amounts customers owe a business for invoices issued but not yet collected.
Balance sheetA balance sheet shows a business’s assets, liabilities and equity at a date; assets always equal liabilities plus equity.
Chart of accountsA chart of accounts is the organised list of every account a business records its transactions in, arranged by type: assets, liabilities, equity, revenue and expenses.
Double-entry bookkeepingDouble-entry bookkeeping records every financial effect in at least two accounts — a debit and a credit of the same amount.
General ledgerThe general ledger collects every posted movement for each account, and gives the balance of any account at any date.
Income statementAn income statement shows a business’s revenue and expenses over a period; the difference is the net profit or loss.
Period closeClosing a period stops new entries being dated into a month or year that has finished and been reviewed.
Reversing entryA reversing entry cancels the effect of an earlier entry by recording the same lines the other way round, instead of deleting the original.
Trial balanceA trial balance lists the balance of every account at a date, with total debits equal to total credits.

Tax and invoicing

Amount in words (tafqeet)Tafqeet is writing an amount out in words on invoices, cheques and receipts so it cannot be altered by adding a digit.
Tax invoiceA tax invoice is issued by a VAT-registered seller and shows the value of the goods or services, the VAT on them and the seller’s tax number.
Tax registration numberA tax registration number is the identifier a tax authority gives a VAT-registered business, printed on its invoices.
Value added tax (VAT)Value added tax (VAT) is an indirect tax charged on goods and services at each stage of sale and borne by the final consumer.

Stock and manufacturing

Bill of materialsA bill of materials lists the components and quantities needed to make one unit of a manufactured product.
Cost of goods soldCost of goods sold is the cost of the items sold in a period, deducted from sales to reach gross profit.
Moving average costMoving average cost values stock by recalculating the average unit cost at every receipt, and issuing each unit at the average of its moment.
Reorder pointThe reorder point is the stock level at which a new order must be placed before the item runs out.
Stock countA stock count is counting what is physically in the warehouse and matching it against the system balance.
Stock reservationA stock reservation sets aside quantity for an order not yet shipped, so it is not offered to another customer although it is still on the shelf.

Sales and pricing

Instalment saleAn instalment sale is paid for in regular instalments after a down payment, sometimes with a flat profit on the financed amount.
MarkupMarkup is profit relative to cost, used to set a selling price from cost.
Price listA price list sets each item’s price for a group of customers or one customer, possibly with quantity breaks and validity dates.
Profit marginProfit margin is profit relative to the selling price — different from markup, which is relative to cost.
QuotationA quotation is the document a seller sends a customer with items, prices and terms before agreement, valid for a stated period.
Sales orderA sales order confirms a customer’s order and drives delivery and invoicing.
Sales pipelineA sales pipeline is the stages a deal moves through from first contact to won or lost, each with a probability.

People and payroll

End-of-service awardAn end-of-service award is paid to an employee when their contract ends, calculated from the last wage, length of service and reason for leaving.
Housing allowanceA housing allowance is a fixed amount added to basic pay for accommodation, usually stated in the contract.
Payroll runA payroll run is the monthly statement of staff pay: basic, allowances, additions, deductions and net pay for each employee.
Unpaid leaveUnpaid leave is approved absence with no pay, so its days come off the days worked that month.

Operations

Point of sale (POS)A point of sale is the place and system where a sale is recorded, payment taken and a receipt issued — the till in a shop.
Service level agreement (SLA)A service level agreement sets the maximum time to respond to or resolve a customer request, by priority.
Umm al-Qura calendarThe Umm al-Qura calendar is the official Hijri calendar in Saudi Arabia, used for government transactions and residence permits.