Glossary

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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Contra Entry An entry in which cash is deposited / withdrawn to / from Bank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

Glossary 289

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

Glossary 291

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

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