GuideHelp & Reference
Accounting & Financial Glossary.
4 min read
Plain-English definitions of financial and accounting terms used throughout Framebooks.
1
#Accounts Receivable (AR)
Money owed to your business by clients for services or goods already delivered via issued invoices.
2
#Accounts Payable (AP)
Money your business owes to suppliers, vendors, or contractors.
3
#Net Profit
The actual money you made after subtracting all operating costs, expenses, and taxes from total revenue.
4
#Reconciliation
The process of ensuring your records in Framebooks match the physical bank statement from your bank.
5
#Trial Balance
A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to verify mathematical accuracy.
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