Terms are listed alphabetically. Where Simple mode uses a different word, it is shown in brackets.
Account — A category in the chart of accounts that money is filed under, such as Bank, Sales Revenue or Rent & Utilities. (Simple mode: Category.)
Accounts payable (AP) — What you owe suppliers for finalized purchases; control account 2000. (Simple mode: What I Owe.)
Accounts receivable (AR) — What customers owe you for sent invoices; control account 1100. (Simple mode: Who Owes Me.)
Accrual basis — Recognising revenue when an invoice is sent and cost when a purchase is finalized, regardless of when cash moves. OneBooks’ profit and loss is accrual-based.
Aging — Splitting open balances by how long they have been outstanding. See Receivables and payables aging.
Balance sheet — What the business owns (assets), owes (liabilities) and is worth (equity) on a date. (Simple mode: Financial Position.)
Balance due — The unpaid part of an invoice or purchase.
Cash flow statement — Where cash came from and went to in a period. (Simple mode: Cash Movement.)
Chart of accounts — The full list of accounts, grouped by type and ordered by code.
Contra — A transfer between two of your own cash or bank accounts. See Transfers between cash and bank.
Control account — An account whose balance summarises many parties: 1100 for all customers, 2000 for all suppliers.
Credit — One side of a journal line; increases liabilities, equity and revenue, decreases assets and expenses.
Credit note — The printed form of a sales return; reduces what a customer owes. See Sales returns and credit notes.
Debit — The other side of a journal line; increases assets and expenses, decreases liabilities, equity and revenue.
Debit note — The printed form of a purchase return; reduces what you owe a supplier.
Double entry — Every transaction is recorded as debits and credits of equal total, so the books always balance.
Draft — A document that has been saved but not posted; editable and invisible to reports.
Equity — The owners’ stake: capital put in plus retained profits.
Fiscal year — Your accounting year, starting in the month set in Business Profile. Can be open, locked or closed.
Finalize — Post a purchase (status Received). The purchase equivalent of sending an invoice.
General ledger — Every posting on every account. See General ledger and account ledger.
GST — Goods and Services Tax (India, and other countries). See India.
Input tax — Tax you paid on purchases and can usually reclaim; account 1300.
Journal entry — One dated, balanced set of debit and credit lines. Created automatically by documents or manually. (Simple mode: Activity.)
Opening balance — A balance as of the day before you started using OneBooks. See Opening balances.
Output tax — Tax you charged on sales and owe to the authority; account 2100.
Payable — See accounts payable.
Period lock — Blocking postings dated inside a locked or closed fiscal year.
Place of supply — India: the state a supply is delivered to, which decides CGST/SGST versus IGST.
Profit and loss (P&L) — Revenue minus expenses for a period. (Simple mode: Financial Performance.)
Proposal — A document the AI assistant has prepared and that a person must confirm. See Draft documents with proposals.
Receivable — See accounts receivable.
Reconciliation — Matching your bank statement to the books. See Bank reconciliation.
Retained earnings — Profit kept in the business from prior years.
Reversal — A new journal entry that cancels an earlier one by swapping its debits and credits. See Corrections.
Reverse charge — Tax accounted for by the buyer instead of the seller. See Tax settings.
Tax-inclusive — Prices that already contain tax. See Tax settings.
Trial balance — Every account’s balance in debit and credit columns, proving the books add up.
VAT — Value Added Tax (UAE, Saudi Arabia, UK, EU and others).
Void — Cancel a sent invoice or finalized purchase that should not have existed; posts a reversal.
Write-off — Book an unpaid invoice as a bad-debt expense because it will never be collected.
ZATCA — The Saudi tax authority whose e-invoicing rules OneBooks implements. See Saudi Arabia.