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Glossary: A

Explore commonly used Workload Automation and Job Scheduling terms.

Account reconciliation

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Account reconciliation ensures the accuracy of financial records by matching the balances in an organization's accounting records with external sources such as bank statements. It identifies discrepancies and confirms the correctness of transactions recorded. This process is especially critical during the month-end close to ensure all financial activities are accounted for accurately.

Accounts receivable

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Accounts receivable refers to the funds a company is due from its customers for goods or services provided on credit. This asset is expected to be converted to cash within one year and is crucial for maintaining cash flow.

Accrual accounting

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Accrual accounting is a financial reporting method in which revenues and expenses are recorded when earned or incurred, regardless of when the cash is received or paid. This approach accurately represents a company's financial position by matching income and expenses to the relevant accounting period. It offers a clearer view of its economic performance over time.

Accrual basis accounting

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Accrual basis accounting is a method in which revenues and expenses are recorded when earned or incurred, regardless of when the cash is received or paid. This approach contrasts with cash-based accounting, offering a more comprehensive view of a company's financial activities by recognizing transactions as they occur rather than when cash changes hands.

Accrued expenses

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Accrued expenses refer to costs that have been incurred but have not been paid. These expenses are recognized on the income statement when incurred, regardless of when the payment is made. Common examples include salaries, utilities, and interest expenses, which accumulate over time and are typically recorded as liabilities until settled.

Accrued interest

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Accrued interest is the amount accumulated on a financial obligation but has yet to be paid or received. This interest is typically recorded as a liability by the borrower and as an asset by the lender until it is settled. Accrued interest is commonly associated with loans, bonds, and other interest-bearing financial instruments.

Accrued revenue

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Accrued revenue is income that has been earned but has yet to be received. This revenue is recognized on the income statement when earned, regardless of when the payment is received. Common examples include service fees, rent, and interest income, which accrue over time and are typically recorded as assets until collected.

Adjusting entries

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Adjusting entries are journal entries made at the end of an accounting period to update accounts and ensure that financial statements reflect accurate information. These entries are necessary to account for transactions that have occurred but have not been recorded, such as accrued expenses or unearned revenue. Adjusting entries is crucial for maintaining the accuracy of financial records and preparing financial statements using generally accepted accounting principles (GAAP).

Find out more about journal entry including the process, common challenges and how to overcome them.

Analytics Cloud

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Analytics Cloud is a tool that combines data analysis and planning features to help organizations use key business applications and data sources more effectively for informed decision-making.

AP automation

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AP automation refers to using technology to streamline and automate accounts payable processes. This includes invoice processing, payment approval workflows, and vendor management. Organizations can improve efficiency, reduce errors, and gain better control over their cash flow and financial obligations by automating these tasks.

Approval workflow

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Approval workflow is a systematic process used to route documents, requests, or transactions through various stages of review and approval within an organization. In finance, approval workflows are commonly used for authorizing expenditures, verifying invoices, and approving financial transactions. These workflows help ensure compliance with internal policies and procedures while providing transparency and accountability in the approval process.

Automate approval workflows and audit trails for seamless, compliant recording.

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