Accounting system – the inputs, processes and outputs of a system to record, process and manage accounting data.
Batch processing – the processing of transactions at either predetermined intervals or when a predetermined number of transactions are ready to be processed.
Block codes – a coding system commonly used as the basis of general ledger coding systems which allocate a block of codes to particular account headings so that the coding system can be added to in a logical manner if required.
Hierarchical codes – are a type of faceted code whereby each digit represents a classification, and each digit further to the right represents a smaller subset than those to the left.
Cloud accounting – the application of cloud computing to accounting systems and processes.
Cloud computing – access to software and data storage that is hosted on remote servers and is accessed via the internet. Cloud computing enables data and information stored to be accessed from any location at any time by multiple users if the user has an internet connection and can log in.
Faceted codes – codes that are broken down into a number of facets or fields, each of which signifies a unit of information.
General ledger – the complete set of ledger accounts used by a business in which transactions are recorded. It may also be referred to as a 'nominal ledger' or 'chart of accounts'.
Ledger account – a record of transactions assigned to a specific asset, liability, source of income or expense, along with a capital account for a sole proprietor. It will identify increases and decreases in that item during an accounting period.
Mnemonic codes – a code in alphanumeric form and incorporate some descriptive element that makes it easy to find the correct code.
Real-time processing – the processing of transactions in a computerised system whereby, as soon as a transaction has occurred, processing of that transaction is immediate.
Sequential codes – codes that are allocated to items in strict numerical order.
Significant digit codes – codes that incorporate digits that are part of the description of the item.