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Term
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Description
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| Financial Perids |
-- The Financial Periods screen is where a set of financial periods for an accounting period is established, such as Jan-Dec of a particular year.
-- When a particular Financial Period is open, additional transactions can be posted to that period.
-- When a particular Financial Period is closed, additional transactions can NOT be posted to that period. This is to keep financial information, (once reported to the IRS or other institutions), consistent and unaltered. |
| Financial Reports |
-- Literal meaning... The Balance Sheet, Income Statement, and Statement of Cash Flows reports.
-- Loose meaning... Any and all reports that help users get a better understanding of the company financial standing. |
| Fixed Assets |
The Fixed Assets screen is used to track and depreciate (for GL purposes) fixed, tangible assets. |
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