Glossary of Terms in the Invoicing Area in Dynamics GP

The following table explains the terminology used in the Distribution area in Dynamics GP.

Glossary

Term	Definition
Account	The type of record—asset, liability, revenue, expense, or owner's equity—traditionally used for recording individual transactions in an accounting system. Also, the identifying alphanumeric characters that have been assigned to the record. See also Posting account.
Account alias	A "short name" for a posting account in the chart of accounts. If the account format has a large number of segments, using aliases can speed data entry.
Accounting period	A subdivision of the fiscal year. Common periods are months or quarters.
Active customer	A user with whom business is conducted on a regular basis.
Alert message	A message that appears when inappropriate, inadequate, or unclear data or instructions are issued, when data is not accessible or when a confirmation is sought. Additional information about some alert messages and their causes can be viewed by choosing the Help button in the alert message dialog box.
Alignment form	A document that ensures text will be properly aligned when statements are printed.
Application	A software program designed to perform particular tasks through the use of one or more windows. See also Module.
Audit trail	A series of permanent records used to track a transaction to the point where it was originally entered in Microsoft Dynamics GP. The audit trail can be used to verify the accuracy of financial statements by outside accountants
or auditors.
Audit trail code	A series of alphanumeric characters providing a precise record of each transaction and where it has been posted within Microsoft Dynamics GP.
Bank card	A card, such as VISA or Master Card. Bank cards differ from charge cards, such as American Express, because payments can be treated as cash by the business that receives the payment.
Batch	A group of transactions identified by a unique name or number. Batches are used in computerized accounting to conveniently group transactions, both for identification purposes and to speed the posting process.
Batch approval	Allows users to choose whether to approve batches of transactions before
posting. If the batch approval option is being used, the ID of the user who
approved the batch and the approval date will appear on posting reports.Batch controls	Values for both the number of transactions in a batch and the total currency amount of the batch. As transactions are entered, the actual totals will be
displayed. These totals can be verified periodically as transactions are entered to ensure that the required number and amount of transactions match the actual number and amount that was entered.
Batch frequency	A selection in many batch entry windows that determines how often a recurring batch will be posted, such as weekly, monthly, or quarterly. Invoicing batches must be single-use.
Batch posting	An option used to post a group of transactions identified by a unique name or number in the Invoice Batch Entry window.
Batch-level posting	A posting method you can use to save transactions in batches and post the batches whenever it's convenient. There are three types of batch-level posting: batch posting, series posting, and master posting. See also Series posting.
Calendar year	An accounting period running from January 1 to December 31.
Calendar-year history	A record of transactions by calendar months.
Cash	Ready money or its equivalent that a bank will accept at face value. Cash includes coins; paper money; certain deposited negotiable instruments such as checks, bank drafts, and money orders; amounts in checking and savings accounts; and demand certificates of deposit.
Cash receipt	A document used to record payments and deposits received from users.
Charge card	A type of credit card. Charge cards are issued by banks and authorize the holder to buy goods or services on credit. Payments received from charge cards are treated as accounts receivable amounts, because you must submit them to the card companies for reimbursement. You must receive reimbursement to consider the charged amounts paid.
Check card	A type of credit card. When purchases are made with a check card, the amount of purchase will be immediately withdrawn from the user's bank account.
Checkbook	An account used to maintain a currency balance and track the receiving and disbursing of cash.
Class	A feature that allows users, vendors, or items to be grouped according to common characteristics. For example, a user class could be created to group users according to credit limit or location.
Comma-delimited field	The standard comma-separated ASCII character format used when exporting a report so that it can be read by database programs, such as dBASE and 4th Dimension.
Commission	The amount, usually a percentage of the sale amount, paid to the salesperson making the sale.
Credit card	Cards used to pay for items instead of a check, cash, or other method. The amount due is then billed by the credit card company. You can use the Credit Card Setup window to classify cards used to make payments as credit cards or check cards. Cards accepted as payment by a company can be classified as bank cards or charge cards.
Credit limit	A limit placed by the vendor on the monetary amount that a business can charge.
Credit term	A condition agreed on when credit is granted.
Creditor	A business or person that lends money or extends credit to another business or person.
Customer	A person or company provided with goods or services with an obligation to pay for these goods and services.
Customer ID	An alphanumeric identification assigned to users in the Customer Maintenance window. The customer ID can be used to sort information for reports.
Debtor	A person or business that has borrowed money or has received credit from another person or business.
Default	A value that is displayed in a window automatically, and that will be used unless a different value is entered.
Deleting	The process of removing stored information that has been selected.
Discount available	A reduction in the amount payable, typically offered if the payment is made by a certain date. See also Discount taken.
Discount date	The date an invoice must be paid for a discount to be valid.
Discount taken	The discount amount users take from their available payment terms discount. See also Discount available.
Distributing	The process of allocating to separate accounts a percentage or part of transaction amounts.
Distribution account	An account designated to receive a percentage of transaction amounts posted to a fixed or variable allocation account or accounts designated to receive a percentage or part of posted transactions.
Distribution history	A record of the debits and credits for each document that was distributed to individual posting accounts.
Document	All the information entered for a single, complete transaction, including distribution amounts.
Document number	The number assigned to any invoice, return, or packing slip document recorded in Invoicing.
Document type	A selection that identifies a document's purpose and how document amounts will be posted. In Invoicing, the document types include invoices, returns, and packing slips.
Drill down	See Link.
Edit list	A list of transactions in an un-posted batch that can be printed to verify the accuracy of transactions before posting. Edit lists can be printed from the Invoice Batch Entry window or any transaction entry window as long as a batch ID has been entered.
Error message	See Alert message.
Extended price	The total price for each line item on an invoice calculated using the following formula: (Unit Price – Markdown) x Quantity = Extended Price.
Group printing	Creating and printing report options in groups. For example, a report group could be used to print all the financial statements and the Trial Balance before closing a month, quarter, or fiscal year.
History	A record of transactions or account balances for previous years.
Hold	A restriction that prevents a document from being posted. Items that have been assigned to a transaction on hold will be allocated in inventory for that transaction, if you're using the Inventory Control module.
HTML file	A file format that allows you to put information onto a web page and access it from the Internet or from your company's intranet using a web browser.
Inactive customer record	A user with whom business isn't being conducted any longer. Typically, records for these users can't be deleted because historical records are being maintained.
Inquiry	A feature that allows users to view open-year and historical information.
Integrate	To join two or more accounting modules to form a system in which data is shared among modules. All Microsoft Dynamics GP modules are automatically integrated.
Intrastat	The system for collecting statistics on the trade of goods between European Union (EU) countries/regions. Intrastat data is required for all items either bought from EU vendors or sold to EU customers, and must be provided on a monthly basis. Requirements for Intrastat are similar in all EU countries/regions. The government uses these statistics as an economic indicator.
Invoice	A document that records the prices and other details of goods and services sold or supplied.
Link	A feature in some windows that displays information as it was originally entered.
Lookup window	A window that displays a list of accounts, users, jobs, or other items in the Microsoft Dynamics GP system. Lookup windows for a specific field are displayed by choosing the lookup button next to the field.
Lot number	A number that describes items that were created at the same time and have characteristics in common, such as the dye used in fabrics and carpet.
Markdown	The amount or percentage subtracted from the unit price of an item to determine the price at which the item is sold.
Master posting	A posting process in which marked batches from different series can be posted simultaneously.
Miscellaneous charge	A charge that isn't part of a normal purchasing process. A miscellaneous charge may be a service charge such as installation or repair of merchandise.
Module	A Microsoft Dynamics GP application that can be used to perform a specific set of tasks. Modules are combined to form a series. For example, the Receivables Management and Invoicing modules are part of the Sales series. See also Series.
Multiple addresses	Locations in addition to a company's main location. For example, a business with several stores can specify an address for each location.
Notes	A feature that is used to attach messages to windows and records throughout the Microsoft Dynamics GP system. The Notes button shows whether a note is attached to a window. Notes can be edited and reattached, deleted, or printed.
Origin	A transaction entry window within a specific Microsoft Dynamics GP module. Certain options, such as closing fiscal periods, can be selected for each transaction origin. Also, the transaction origin will appear as part of the audit trail code on all posting reports in Microsoft Dynamics GP.
Packing slip	A document you can print that displays the items and quantities that are included when you ship an order.
Payment terms	Conditions for payment agreed on when a sales transaction takes place. Payment terms might include a discount to the selling price if the payment is received within a certain time period.
Posting	A procedure to make temporary transactions a part of permanent records or to update accounts with specific transaction amounts. In manual accounting, posting transfers journal entries to the appropriate accounts in a general
ledger.
Posting account	A financial account that tracks assets, liabilities, revenue, or expenses. These accounts will appear on the financial statements and other reports created in the financial series. See also Account.
Posting journal	A report printed following the posting process that shows the detail for each transaction that has been posted. Posting journals also include the audit trail code, which provides a precise record of where each transaction has been posted within Microsoft Dynamics GP.
Price level	A feature that allows you to specify different prices for an item or group of items, depending on who it's being sold to. For example, you might charge one price if you are selling to a retail customer and another price if you are selling to a wholesale customer. You don't need to assign all price levels to all U of Ms, but you need to verify that each U of M can be used with every price level at which you might want to sell the item.
Range	A selection used to narrow the amount of records that will be printed on a report. For example, a selected range of customer IDs could be those between 5,000 and 6,000.
Real-time posting	See Transaction-level posting.
Record	A collection of related fields within a file. Records typically comprise most or all of the data entered in the fields in a given window. The entries in a single transaction entry window constitute a record.
Removing history	A procedure used to erase ranges of historical information. Additional hard disk space will become available when history has been removed and files have been shrunk.
Report option	A collection of entries that specify the amount of information or the type of information that will appear on a report. Multiple report options can be created for each Microsoft Dynamics GP report.
Return	A transaction that records the return of merchandise after the invoice for the sale has been posted. Returns are applied to the original invoice (for open item customers) or to the customer's balance (for balance forward customers).
Sales tax detail	See Tax detail.
Sales tax schedule	See Tax schedule.
Sales territory	A division of the regions in which a company's products are sold, based on geographic location. In Microsoft Dynamics GP, sales and commissions can be tracked for each sales territory.
Salesperson	A person who sells a company's goods or services.
Sample data	Data that can be used to practice procedures by entering the information listed in the online lessons. Sample data can be accessed using the lesson company, Fabrikam, Inc.
Serial number	A number assigned to a specific inventoried item to identify it and differentiate it from similar items with the same item number.
Series	A group of Microsoft Dynamics GP modules that form an interrelated set of applications. Receivables Management is part of the Sales series, for example.
Series posting	A posting process in which marked batches from the same series can be posted simultaneously.
Setup routine	A series of procedures that can be used to open the windows where options and defaults for a specific module are modified or set up.
Single-use batch	A batch that is created, posted once and then deleted from the system automatically.
Sorting	A method of arranging data based on the order of specified information. For example, records sorted by document would list all items on a document before listing the items on the next document.
Sorting segment	Segments of posting accounts that can be used for sorting Microsoft Dynamics GP reports. Sixteen sorting segments can be used; seven are predefined and the remaining nine can be selected by the user.
Tab-delimited fields	The tab-separated ASCII character format used when exporting a report so that it can be read by worksheet programs, such as Microsoft Excel.
Tax detail	A definition of a tax that may apply to users. Tax details are grouped into tax schedules. See also Tax schedule.
Tax schedule	Groups of tax details that define each tax that may apply to users, items, or other taxable costs. Tax schedules are used to determine which taxes apply to individual sales.
Text-only format	A file format that saves reports as text without formatting. This format is used when exporting reports to applications that are unable to read other formats available in Microsoft Dynamics GP.
Trade discount	A discount a user always receives. The rate is calculated at the time of a sale and is given in addition to any payment terms discounts that also may be offered.
Transaction	An event or condition that is recorded in asset, liability, expense, revenue, and/or equity accounts. Sales to users or purchases from vendors are examples of transactions.
Transaction date	The date a transaction occurred; not necessarily the date it was entered in the system.
Transaction history	A record of the transactions that have been entered and posted in Invoicing.
Transaction-level posting	A posting method in which transactions can be entered and posted without having to create a batch. Also know as real-time posting. See also Batch-level posting.
Unit account	An account that tracks statistical or non-financial quantities, like the number of users with past-due balances or the number of invoices generated over a specific time period.
Unit cost	The amount per unit that you paid for an item you're planning to sell or consume.
Unit of measure	A user-defined unit in which an item can be bought or sold. Items can be sold in multiple units of measure. For example, a "pair" might be your unit of measure for shoes.
Unit price	The amount per unit that you sell an item for.
VAT (Value-Added Tax)	A sales tax used in Europe and elsewhere in the world.
ZIP code	In the United States, the postal code assigned to business and residential addresses. In other countries/regions, it may be referred to as postcode or postal code.

See also

Invoicing in Microsoft Dynamics GP
Invoicing in Microsoft Dynamics GP - Part 2: Transaction Entry
Invoicing in Microsoft Dynamics GP - Part 3: Transaction activity
Invoicing in Microsoft Dynamics GP - Part 4: Inquiries, reports, and utilities