Glossary
This section provides a list of terms and conventions used in the Accounting Module, complete with detailed explanations and definitions.
Accrual
A general term for any document or transaction that creates a financial claim from one party (creditor) to another (debtor).Balance of Payment
The remaining part of a payment that is not yet used to close any accruals.Bank Account
A specific account in a bank, held by a company or individual, linked to a specific currency.Basis (Functional) Currency
The currency used for general financial reporting across the system. All operations are converted to this currency.Bunkering Invoice
An invoice for marine fuel supply and/or refueling services.Client
The company or counterparty that receives the service listed in the invoice.Client Balance
Shows the total of accruals, payments, and outstanding amounts between the organization and a counterparty.Creditor
The company or counterparty that issues a financial claim. For invoices, this is the ‘Issued By’ party.Debtor
The company or counterparty that receives a financial claim. For invoices, this is the ‘Payer’.Default Currency
The currency that is automatically used when creating a new invoice or payment.Direction of Accrual
Shows whether the financial claim is incoming or outgoing for the organization.Incoming — The invoice is issued to the organization.
Outgoing — The invoice is issued by the organization.
Direction of Payment
Shows the flow of funds in relation to the organization.Incoming — Funds are added to the organization’s bank account.
Outgoing — Funds are transferred from the organization’s bank account.
Hire Invoice
An invoice for chartering a vessel for a set period.Inverse Rate of Exchange
The opposite of the main rate. Divide the original amount by this value to convert to another currency.Invoice
A formal document listing goods or services provided. It states a financial claim from the supplier to the recipient. It is a type of accrual.Invoice — Issued By
The company or counterparty that issued the invoice.Obligation
Any other type of financial claim between two parties. Includes mutual debt cancellations, deposits, etc.Payer
The company or counterparty that is financially responsible for the invoice.Payment
A financial transaction, usually involving the transfer of funds (cash or non-cash). Payments are often used to close accruals, including invoices.Rate of Exchange, RoE
A value used to convert an amount from one currency to another. Multiply the original amount by the rate to get the result in the second currency.Reconciliation
Offsetting or reallocating one accrual against another. Examples:Prepayment applied to a final invoice;
Cross-debt balancing between counterparties;
Overpayment adjustment from a previous invoice.
Reward
An informal intent to transfer funds from a company to an individual or another organization.Unpaid Accrual Balance
The remaining amount that hasn’t yet been paid under an accrual (such as an invoice). This balance decreases as payments are applied.