Accounting Term of the Day – Flag (noun)
Flag (noun) -
Definition:
A flag is an indicator that can be set to signify one of a small number of possible conditions. Flags are most commonly used to signify which of an either-or situation exists. For instance, a journal entry is either a debit or a credit. When entering journal entries, we set a flag to 0 to signify a debit or to 1 to signify a credit.
Published by angie on February 8th, 2010 tagged Term of the day | Comment now »
Accounting Term of the day – Finished Good
Finished Good -
Definition:
A product that is created by combining other items. The Finished Good has completed the manufacturing and/or assembly process and is ready for sale.
Published by angie on February 5th, 2010 tagged Term of the day | Comment now »
Accounting Term of the Day – FIFO (first in, first out)
FIFO (first in, first out) -
Definition:
An inventory valuation method based on the assumption that the first item acquired is the first item sold, and that the remaining items are the most recently acquired.
Published by angie on February 4th, 2010 tagged Term of the day | Comment now »
Accounting Term of the day – FICA (Payroll)
FICA (Payroll) -
Definition:
Federal Insurance Contributions Act Social Security. Tax paid equally by employee and employer.
Published by angie on February 3rd, 2010 tagged Term of the day | Comment now »
Using Batches in Cougar Mountain
We are often asked about using batches, so here is a recap of how batches work in Cougar Mountain Software.
What is a batch?
Think of a batch as a bucket that holds your transactions, and this “bucket” exists up until the time that it is “posted”. Posting is when the transactions in a batch are committed to history, and afterwards the batch is deleted.
You have the option of running Cougar Mountain in either Single-Batch or Multi-Batch modes (look in Module Preferences to change it). Each module can be set to run in either mode independently of the other modules.
- Single-Batch mode behaves how a novice thinks of as “normal” – When you enter a transaction, you simply open the program and enter the transaction, and no mention of batches comes up.
- Multi-Batch mode behaves differently though – before entering a transaction you have to first select a batch for it to go into. This means that you can have many batches set up; one for each of your sales representatives for instance, or one for each day of the week, whatever best fits your business and temperament. When you post the transactions in a batch, only the selected batch is posted – the action does not affect the other batches.
When the module is in Multi-Batch mode, the menus have a “Batch Control” option available that allows you to create new batches, change their status, or switch to another batch. To help you have even more control, there are also different kinds of batches that can be set up, depending on the module:
- Recurring Batches hold your recurring transactions. Within this type of transaction, the batch is not deleted as it normally would be – it remains so that it can be used again.
- Quote Batches are in sales modules that hold quote transactions, up until the time the transaction is changed into an invoice.
- Back Order Batches hold transactions that have been backordered.
Published by Joe on February 2nd, 2010 tagged Tips & Tricks, Training | Comment now »
Accounting Term of the Day – Factor
Factor -
Definition:
A secondary party attached to an Accounts Payable vendor to whom you make invoice payments. If a vendor is factored, you typically purchase items from the vendor, but make payments for those items to the associated factor.
Published by angie on February 2nd, 2010 tagged Term of the day | Comment now »
Accounting Term of the Day – Extended Price
Extended Price -
Definition:
The result when the quantity invoiced is multiplied by the price per unit. The total for a detail line on an invoice.
Published by angie on February 1st, 2010 tagged Term of the day | Comment now »
Accounting Term of the day – Expense Allocation
Expense Allocation -
Defintion:
The process of allocating indirect expenses of a business among departments to measure the performance of each department.
Published by angie on January 29th, 2010 tagged Term of the day | Comment now »
Accounting Terms of the Day – Various Payroll Forms
Form 940 (Payroll) -
Definition:
Employer’s Annual Federal Unemployment (FUTA) Tax Return.
Form 941(Payroll) -
Definition:
Employer’s Quarterly Federal Tax Return.
Form 945 (Payroll) -
Definition:
Annual Return of Withheld Federal Income Tax.
FUTA (Payroll) -
Definition:
Federal Unemployment Tax (see Form 940).
Published by angie on January 28th, 2010 tagged Term of the day | Comment now »
Accounting Term of the Day – Expense
Expense -
Definition:
The cost of goods or services used up for the purpose of generating revenue.
Published by angie on January 28th, 2010 tagged Term of the day | Comment now »