Glossary
Accounting Vouchers Vouchers that affect only the accounting aspect of the business
Alias An abbreviation or a Short name
Assets Resources owned by a company, can be anything that enables a business
to get benefit
Backup Making copy of data
Balance Sheet A financial statement depicting the financial position of the business by
listing the assets and liabilities as on a certain date
Bank Reconciliation Process of comparing and matching figures from accounting records
against those shown in a bank statement
Bill Reference A bill raised for the party stating the due amount and the due date of bill
Bill Sundry An entity used to record the extra cost over and above the sale/purchase
amount
Bills Payable A bill stating the amount payable by a party
Bills Receivable A bill stating the amount receivable from a party
Books Commencing Date The date on which the books of accounts of the company were started
Capital Goods Goods that are purchased for further use in manufacturing process or for
any other business purpose
Closing Stock Goods lying unsold at the end of a day / month / year
Contra Entry An entry in which cash is deposited / withdrawn to / from Bank
Credit An entry that increases an income, liability or capital account, and
decreases an expense or asset account
Cost of Goods Item basic price plus / minus the Bill sundry amount in which Cost of
Goods is set to Yes
Credit Note Document for a credit to be raised for a party for reasons other than the
bill already given to that party
Creditors A person or business concern to which a business concern owes money.
Data Directory Path where BUSY data is to be stored
Data Freezing Freezing of data on a particular date, data entered before which cannot be
modified
Database An application use to store and retrieve data
Debit Note A document for a debit to be raised against a party for reasons other than
the bill already received from the party
Debtors A person or business concern that owes money to another business
concern
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Delimiter A symbol used as a separator between two components
Dongle A security device attached to the USB port to check the authenticity of the
software
Dual Vouchers Vouchers that affect both accounting and inventory aspect of business
Exempted Items Items, which are totally exempted from tax
Expense Amount spent in order to produce and sell the goods and services, which
produce the revenue
Financial Year An accounting period, generally from 1st April to 31st March
FTP File Transfer Protocol is a standard network protocol used to copy a file
from one host to other over a network such as Internet
Income Money received by a person or organization because of effort or works
done by the person
Input Tax Tax paid on purchases of goods not meant for consumption
Input Tax Credit Amount of input tax for which you are allowed to claim a credit
Inventory Vouchers Vouchers that affect only the inventory aspect of business
Invoice Popularly known as a bill, is a claim raised by the seller of the goods on the
buyer of the goods in respect of the goods sold
Item Basic Price Price of the item without charging any tax
Ledger A report displaying all the transactions for an account within a specified
date range
Liabilities Something that a business owes to a third party in the form of an
obligation to pay
Master Master signifies information that is generally created once but further
used in various activities and transactions
Material Centre A place where goods are kept, such as Godown, Showroom
Multi Tax Invoice A single Invoice in which different tax rates are used
Narration A one or two line explanation giving precise information about
the voucher entry
Net Tax Payable / Difference between Output Tax and Tax Credits allowed to claim in a given
Receivable tax period
Nett Bill Amount Refers to final bill amount
On Account Entries Entries for which no bill reference has been created
Opening Stock Goods lying unsold at the beginning of the day / month / year
Optional Fields User defined fields created to store additional information about Masters
/ Vouchers
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Output Tax The tax charged on sales that are subject to tax
Parent Group Group to which a Master belongs
Predefined Masters Accounts, which are necessary for maintaining books of accounts.
Without these accounts, you cannot maintain accounting aspect of business
Prefix Any string added in front of a word
Pricing Mode Mode or method by which Item price will be calculated in vouchers
Primary Group A group which is at the top most level of hierarchy and which does not
falls under any other group
Print Name Refers to the name that will appear on documents given to parties such as
sales invoice, receipt, debit note and so on
Purchase Return Refers to the goods returned by your company to the party from whom
the goods were purchased
Purchase Type Refers to the classification of purchase i.e. central / local, rate of tax and
so on
Restore To copy data from the backup copy already created
Retail Invoice Invoice on which Input Tax Credit cannot be claimed
Revenue Income generated during a given period
Sale Return Refers to the goods returned to your company by the party to whom the
goods were sold
Sale Type Refers to the classification of sales i.e. central / local, rate of tax and so on
ST Form Sales Tax declaration forms used by registered dealers
Stock Refers to goods lying unsold on a particular date
Stock Transfer Transfer of goods from one place to another generally from one Material
Centre to another for reason other than sale / purchase
Stock Updation Date Date on which the goods have been moved out or moved in. Basically, the
date on which the goods have been delivered or received Stock Valuation Method Method by which value of closing stock is calculated
SuperUser SuperUser is the top most user in the hierarchy of the users in BUSY. A
SuperUser is like the owner of a business who has all the rights and access
privileges in the business. He can create and defines the rights and access
of other users
Tax Free Items Items, which are exempted from tax but under certain conditions or in
some states
Tax Inclusive Items Items in which tax is included in their price
Tax Invoice An Invoice or bill on which Input Tax Credit can be claimed
Tax Paid Items Items on which tax is already paid or is paid at the first stage of
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manufacturing
Taxable Items Items on which tax is to be charged
Taxable Amount Amount on which tax will be calculated
TIN Tax Payer Identification Number. TIN is the registration number allotted
to a dealer registered under the Value Added Tax (VAT) Act
Transactions Day to day activities of a business such as sale, purchase, payment and
receipts
Trial Balance A statement prepared to check accuracy of the accounting records. It
shows the debit and credit balances of the accounts in two different columns
Unit Conversion Number of Sub Units per Main Unit, such as I Dozen = 12 pieces, I Kg =
1000 gms
VAT Value Added Tax is an indirect tax charged on both the purchase and sale
transactions in the chain of production and distribution of goods and provision for a set-off for the tax paid at earlier stages in the chain
Warning Alarms Refer to the alarms or warnings to be raised when the User is making any
wrong data entry or under any other situation, which can have a negative impact