BOOKKEEPING TERMS — WITHOUT THE ACCOUNTING GIBBERISH
Bookkeeping Has Its Own Language. Here's What It Actually Means.
Bank reconciliation. Accounts payable. GST. Accrual. Debits. Credits. General ledger.
If you've ever sat in a meeting nodding politely while somebody used one of those phrases and thought, “I have absolutely no idea what that means,” this page is for you.
You do not need an accounting degree to understand what is happening inside your own business.
So we've translated the bookkeeping language into normal language — with enough detail to make the terms genuinely useful.
If We Use the Word, We Should Be Able to Explain the Word.
Some bookkeeping terms sound far more complicated than the thing they actually describe.
Others sound simple but have a very specific meaning once they appear in your accounting records.
We'll tell you what each term means, where you might see it, and — most importantly — what it means for your business.
Use This Page However You Like
Read it from beginning to end, or jump around whenever somebody says something that makes you wonder whether accountants have secretly invented another language.
EVERYDAY BOOKKEEPING TERMS
The Words You’ll See All the Time
These are the bookkeeping terms that tend to appear first — in your software, your reports, your emails and your regular bookkeeping routine.
Turn each card to see what the term actually means inside a real business.
Bank Reconciliation
Checking that the transactions recorded in your accounting software agree with what actually happened in the bank account.
Bank Reconciliation
Your accounting software contains one version of what happened. Your bank statement contains the independent record of the money that actually moved.
Reconciliation is the process of checking that those two records properly agree.
It can help expose:
- missing transactions;
- duplicate transactions;
- incorrect amounts;
- payments matched to the wrong invoice or bill;
- unexplained transfers;
- transactions sitting unreconciled for months;
- and historical mistakes that have never been resolved.
A reconciled bank account gives us considerably more confidence that the bookkeeping contains the transactions that actually occurred.
But getting the reconciliation screen to turn green does not automatically mean the bookkeeping is correct. A transaction can still be reconciled to the wrong account, with the wrong GST treatment or with completely the wrong explanation.
🐰Transaction
A financial event recorded in the books — such as money received, money spent, an invoice, a bill, a transfer or another accounting entry.
Transaction
Every transaction becomes part of the financial history of your business.
But recording the amount is only part of the job.
The transaction may also need the correct:
- date;
- account or category;
- description;
- customer or supplier;
- GST treatment;
- payment status;
- and supporting document.
That distinction matters because two payments for the same amount could represent completely different things.
One might be rent. Another might be equipment. Another could be a loan repayment or money taken by the owner.
One wrongly recorded transaction might be small. Hundreds of them can completely change what your reports appear to say about the business.
🐰Chart of Accounts
The organised list of accounts used to classify the financial activity recorded in your accounting file.
Chart of Accounts
Think of the Chart of Accounts as the filing system underneath your bookkeeping.
It provides the categories used to organise things such as:
- sales and other income;
- bank and credit-card accounts;
- rent and operating expenses;
- wages and payroll accounts;
- equipment and other assets;
- loans and liabilities;
- GST accounts;
- and owner's equity.
The accounts you choose affect where transactions appear in your financial reports.
Too many unnecessary accounts can make reports cluttered. Too few can hide useful information.
And if similar transactions are coded inconsistently, comparing one month or year with another becomes much harder.
A well-designed Chart of Accounts should help you understand the business — not make the bookkeeping look impressive because it has 347 mysterious categories.
🐰General Ledger
The detailed accounting record showing transactions that have been posted to the accounts in your bookkeeping system.
General Ledger
Financial reports usually give you a summary. The General Ledger lets you go underneath that summary.
It shows the detailed transactions sitting inside individual accounts.
That makes it useful when investigating:
- an unexpected balance;
- transactions coded to the wrong account;
- duplicate entries;
- old adjustments;
- unusual transactions;
- historical corrections;
- and why a report does not look the way you expected.
That is why reviewing only the final report can sometimes miss the real problem.
When a number looks strange, the ledger is often where we start asking, “What exactly is sitting inside this?”
🐰Source Document
A document or record that helps support, explain or verify a transaction recorded in the books.
Source Document
A bank transaction might tell us who received the money and how much was paid.
It may not tell us enough to understand exactly what the purchase was or how it should be treated.
Source documents can include:
- supplier bills;
- receipts;
- customer invoices;
- bank statements;
- credit notes;
- contracts or agreements;
- loan documents;
- and other supporting records.
Source documents can also help determine whether GST has been treated correctly and whether an item belongs in the account originally selected.
They become particularly important when reconstructing historical bookkeeping or investigating transactions entered a long time ago.
Good bookkeeping is much easier when we can follow evidence instead of trying to reconstruct the story from a cryptic bank description.
🐰Coding
Choosing how a transaction should be classified inside the accounting system.
Coding
Coding determines where a transaction is recorded and therefore where it appears in your accounts and reports.
For example, a payment might relate to:
- rent;
- software;
- insurance;
- motor vehicle costs;
- equipment;
- a loan repayment;
- owner drawings;
- or something else entirely.
The GST treatment may also need to be considered separately from the account used to classify the transaction.
Coding affects your Profit & Loss, Balance Sheet and other reports.
So if transactions are consistently put into the wrong accounts, the reports can look perfectly neat while telling you the wrong story.
Correct amount. Correct bank match. Wrong coding. Still wrong bookkeeping.
🐰The Bank Feed Is Not the Bookkeeping
A bank feed can bring transactions into your accounting software.
It does not automatically know what every transaction represents, whether the supporting evidence exists, whether the GST treatment is correct or whether the transaction belongs in the account selected.
Importing transactions is easy. Understanding and recording them correctly is the bookkeeping.
BAS, GST & ATO TERMS
When Bookkeeping Starts Talking to the ATO
This is where bookkeeping terminology can suddenly feel a little more serious.
BAS, GST, PAYG and activity statements all relate to different parts of your reporting obligations. They are connected — but they do not all mean the same thing.
Turn each card to see what the term means inside a real business.
BAS
BAS stands for Business Activity Statement.
It is used to report certain business tax obligations to the Australian Taxation Office.
BAS
A BAS can bring together several reporting obligations for a particular period.
Depending on the business, that may include amounts relating to:
- GST on sales;
- GST credits on eligible purchases;
- PAYG withholding;
- PAYG instalments;
- and other applicable obligations.
The BAS itself is the reporting form. The figures on it come from the underlying bookkeeping and payroll records.
Lodging a BAS is not just about filling in boxes. The records underneath those boxes need to support the figures.
GST
GST stands for Goods and Services Tax.
It is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.
GST
If your business is registered for GST, relevant sales and purchases need the correct GST treatment.
But not every transaction is simply: “add 10%” or “claim 10%”.
Different transactions can have different GST treatments, which is why the tax code selected in your software matters.
Supporting documents also matter, because GST treatment should be based on what the transaction actually was.
Correct amount. Wrong GST treatment. Still wrong bookkeeping.
GST Collected
The GST included in taxable sales made by a business that is registered for GST.
GST Collected
When your business makes a taxable sale, part of the amount charged to the customer may be GST.
That GST can be included in the money your customer pays, but it is not simply additional business income.
It forms part of the GST calculation that may later be reported through an activity statement.
Money sitting in your bank account does not automatically mean every dollar is available for the business to spend.
GST Credits
GST credits — also called input tax credits — may be available for GST included in eligible business purchases.
GST Credits
Being registered for GST does not mean you automatically claim GST on everything the business pays for.
The transaction needs the correct GST treatment, and where required, the business needs suitable supporting documentation.
Some purchases may have no GST. Others may have a different GST treatment.
GST credits should come from eligible transactions that are properly recorded and supported.
PAYG Withholding
Amounts a business withholds from certain payments — most commonly employee wages — and reports to the ATO.
PAYG Withholding
When you run payroll, an amount may need to be withheld from an employee's pay for tax.
That amount is part of the employer's reporting and payment obligations.
This is why payroll, STP reporting, the accounting file and the activity statement need to make sense together.
PAYG withholding is not the same thing as PAYG instalments.
PAYG Instalments
Regular prepayments towards an expected income tax liability.
PAYG Instalments
PAYG instalments and PAYG withholding both contain the words “PAYG”, but they do different jobs.
PAYG withholding generally involves amounts withheld from certain payments, such as employee wages.
PAYG instalments are generally prepayments towards an expected income tax liability.
Same acronym family. Completely different purpose.
Activity Statement
A form used to report particular tax obligations to the ATO for a reporting period.
Activity Statement
“Activity statement” is the broader term used for forms that report certain business tax obligations.
A Business Activity Statement (BAS) can report several different obligations.
An Instalment Activity Statement (IAS) may be used for particular obligations in relevant circumstances.
What appears on the statement depends on the registrations and obligations applying to that business.
The form you receive depends on what the business is registered and required to report for.
Registered BAS Agent
A person or entity registered with the Tax Practitioners Board to provide BAS services for a fee or other reward.
Registered BAS Agent
“Bookkeeper” and “Registered BAS Agent” are not automatically interchangeable titles.
BAS services are regulated, and a person providing those services for a fee or reward generally needs to be appropriately registered or otherwise legally permitted to provide them.
A BAS Agent may work with bookkeeping records, GST, activity statements and other BAS-related matters within their professional scope.
Other matters may need to be handled by a registered tax agent, accountant or another appropriate professional.
When BAS services are involved, professional registration matters.
BAS, GST and PAYG Are Not Three Names for the Same Thing
GST is a tax.
PAYG withholding and PAYG instalments are two different tax-related obligations.
A BAS is one of the ways applicable amounts can be reported to the ATO.
Once you separate the tax from the form used to report it, the terminology becomes much less mysterious.
PAYROLL TERMS
The Language of Paying People
Payroll has its own vocabulary — and some of the terms sound almost identical until you actually have to use them.
Turn each card to see what the term means in practice.
Gross Pay
The employee's earnings before applicable deductions are taken out.
Gross Pay
Gross pay is the employee's earnings before amounts such as PAYG withholding and other applicable deductions are taken from their pay.
Depending on the employee and the pay run, gross pay can include different components.
- ordinary earnings;
- overtime;
- allowances;
- bonuses;
- leave payments;
- and other earnings where applicable.
Gross pay is useful because it gives you the starting earnings figure, but it is not necessarily the amount the employee receives.
Gross pay is not the same thing as net pay.
Net Pay
The amount remaining for the employee after applicable deductions have been taken from their pay.
Net Pay
Net pay is what remains after the relevant deductions have been taken from gross pay.
It is generally the amount you expect to see paid to the employee.
If the employee's bank payment does not agree with the net pay from the pay run, that is something worth investigating.
Gross pay tells you what they earned. Net pay tells you what remains to be paid to them.
PAYG Withholding
Amounts an employer withholds from certain payments and reports to the ATO.
PAYG Withholding
When payroll is processed, an amount may need to be withheld from an employee's pay for tax.
That withheld amount is not simply spare cash belonging to the business.
It forms part of the employer's reporting and payment obligations.
This is one reason the employee's net pay is lower than their gross pay.
PAYG withholding and PAYG instalments are different things.
Super
Employer contributions that may be required for eligible employees.
Superannuation
Super is part of the employer's payroll obligations, but it is separate from the employee's ordinary take-home pay.
Payroll records need to correctly calculate and track applicable superannuation amounts.
The business then needs to make the required payments through the appropriate process.
Historical payroll problems can become messy when the super calculated in payroll does not agree with the amounts actually paid.
Calculating super is not the same as paying super.
STP
STP stands for Single Touch Payroll.
Single Touch Payroll
STP is the system used to report certain payroll information to the ATO.
This means payroll is not just sitting quietly inside your accounting software.
The information being processed and reported needs to be accurate.
The payroll file, STP reporting and the actual employee payments should make sense together.
Clicking “file” is not a substitute for checking the payroll.
Pay Run
The payroll process used to calculate employee pay for a particular pay period.
Pay Run
A pay run brings together the payroll information for a particular period.
Depending on the circumstances, that can include:
- ordinary earnings;
- overtime;
- leave;
- allowances;
- deductions;
- PAYG withholding;
- and superannuation information.
Once finalised, the pay run becomes part of the payroll records that should agree with the actual payments and bookkeeping.
A pay run should be reviewed before you assume the software has got everything right.
Payslip
A document provided to an employee showing information about their pay for a particular period.
Payslip
A payslip gives the employee a breakdown of the pay that has been processed for them.
It can show information such as:
- gross earnings;
- tax withheld;
- net pay;
- leave information;
- superannuation;
- and other relevant payroll details.
Payslips can also be a useful place to spot payroll issues, because employees often notice quickly when something does not look right.
The payslip should agree with the payroll record behind it.
Leave
Time away from work that may be paid or unpaid, depending on the type of leave and the employee's circumstances.
Leave
Payroll may need to track different types of employee leave and applicable balances.
Depending on the circumstances, leave may:
- accrue over time;
- be taken;
- be paid;
- be adjusted;
- or affect payroll in different ways.
Accurate leave records matter because those balances can represent real employee entitlements.
Incorrect leave balances can become much harder to repair after they have been wrong for months or years.
Gross Pay. Deductions. Net Pay.
Gross pay is what the employee earns before applicable deductions.
Deductions are amounts taken from that pay where applicable.
Net pay is what remains after those deductions.
If those three numbers make sense, you have already untangled one of the most common pieces of payroll terminology.
MONEY IN & MONEY OUT
Customers Owe You. You Owe Suppliers. Here's the Language.
These terms describe the everyday movement of money through your business — what you've invoiced, what you owe, what's been paid and what is still outstanding.
Turn the cards to see what each one means in practice.
Invoice
A document issued to a customer showing what they owe for goods or services supplied.
Invoice
An invoice records a sale and tells the customer what is due.
It usually includes things such as:
- what was supplied;
- the amount charged;
- GST where applicable;
- the invoice date;
- and when payment is due.
Sending an invoice is not the same as being paid.
🐰Bill
A supplier document recording an amount your business owes for goods or services received.
Bill
A bill records something the business needs to pay.
Entering bills properly can help you see:
- which suppliers are owed money;
- how much is due;
- when it is due;
- and whether it has already been paid.
A bill belongs to the supplier side of the books.
🐰Accounts Receivable
Money customers owe your business for invoices that have not yet been paid.
Accounts Receivable
If you invoice customers and allow them time to pay, unpaid invoices sit in accounts receivable.
This tells you who still owes the business money.
Sales on a report do not necessarily mean the cash is already sitting in your bank account.
🐰Accounts Payable
Money your business owes suppliers for bills that have not yet been paid.
Accounts Payable
Accounts payable shows supplier bills that are still outstanding.
A reliable payable list can help you see:
- who needs to be paid;
- how much is due;
- when payment is due;
- and which bills may already be overdue.
Credit Note
A document used to reduce or reverse all or part of an invoice or bill.
Credit Note
A credit note may be needed when:
- goods are returned;
- an amount was overcharged;
- a sale is partly reversed;
- or another adjustment is required.
It changes the amount owing rather than pretending the original transaction never existed.
🐰Outstanding
An amount that is still unpaid or unresolved.
Outstanding
You might hear:
- outstanding invoice;
- outstanding bill;
- outstanding balance;
- or outstanding payment.
It simply means the item has not yet been fully settled.
“Outstanding” sounds impressive. Usually it just means somebody still owes somebody money.
🐰Payment Terms
The agreed conditions describing when an invoice or bill should be paid.
Payment Terms
Common examples include payment due:
- immediately;
- within a certain number of days;
- or on a specified date.
Clear payment terms help establish when an amount moves from simply unpaid to overdue.
🐰Aged Receivables
A report showing unpaid customer invoices, usually grouped by how long they have been outstanding.
Aged Receivables
Instead of just showing the total customers owe you, this report helps show how old those unpaid amounts are.
That makes it easier to spot invoices that may need follow-up.
A large receivables number is not especially comforting if most of it has been unpaid for months.
🐰Receivable = They Owe You. Payable = You Owe Them.
Accounts receivable is money customers still owe your business.
Accounts payable is money your business still owes suppliers.
If you remember nothing else from this part of the page, remember who is waiting for the money.
REPORTS & FINANCIAL STATEMENTS
What the Numbers Are Actually Trying to Tell You
Reports are only useful if you understand what you are looking at.
These are some of the terms you will see when your bookkeeping starts turning into financial information.
Turn each card to see what the number means inside the business.
Profit & Loss
A report showing income and expenses over a period of time, resulting in a profit or loss.
Profit & Loss
This report helps answer one of the most common business questions:
Depending on the business and report layout, it can show:
- revenue or income;
- cost of sales;
- gross profit;
- operating expenses;
- and net profit or loss.
The Profit & Loss covers a period — for example, a month, quarter or financial year.
It does not tell you exactly how much cash is sitting in the bank at that moment.
Profit and cash are related, but they are not the same number.
Balance Sheet
A report showing what the business owns, what it owes and the owner's interest at a particular point in time.
Balance Sheet
The Balance Sheet is more like a snapshot than a movie. It shows the financial position at a particular date.
It brings together three broad areas:
- Assets — what the business controls;
- Liabilities — what the business owes;
- Equity — the owner's interest in the business.
It can also reveal balances that deserve attention:
- old loans that should have been cleared;
- negative asset balances;
- GST or payroll liabilities that look unusual;
- old suspense accounts;
- and historical amounts nobody remembers creating.
If the Balance Sheet looks strange, there is usually a bookkeeping reason hiding underneath it.
Cash Flow
The movement of cash into and out of the business.
Cash Flow
Cash flow is about actual movement of money.
A business can show a profit and still struggle to pay its bills.
That can happen because:
- customers have not paid yet;
- loans are being repaid;
- equipment has been purchased;
- tax obligations are due;
- owners have withdrawn money;
- or cash has moved for reasons that do not appear as ordinary expenses.
Profitable does not automatically mean cash-rich.
Revenue
Income earned from the ordinary activities of the business.
Revenue
Revenue is usually one of the first numbers people look at when reviewing business performance.
It tells you about income generated by the business.
But revenue does not tell you what it cost to generate that income, how many expenses the business had, or how much profit remained.
A business can have impressive revenue and still make very little profit.
Selling a lot and keeping a lot are two very different achievements.
Expense
A cost recognised in operating the business.
Expense
Expenses can include things such as:
- rent;
- insurance;
- software;
- telephone;
- wages;
- professional fees;
- advertising;
- and other operating costs.
But not every payment leaving the bank is automatically an expense.
A payment could instead relate to:
- an asset purchase;
- a loan repayment;
- an owner's transaction;
- or another Balance Sheet item.
Bank movement and accounting treatment are not the same thing.
Gross Profit
Revenue remaining after deducting relevant direct costs associated with generating that revenue.
Gross Profit
Gross profit looks at the relationship between sales and the direct costs associated with making those sales.
It can help show whether there is enough margin left after direct costs to cover the other expenses of running the business.
But it is not the final result.
Other operating expenses still need to be taken into account before you reach net profit.
Gross profit is partway through the Profit & Loss story.
Net Profit
The result after relevant business expenses have been deducted from income for the period.
Net Profit
Net profit is the result after the Profit & Loss has worked through the income and relevant expenses for the period.
A positive result indicates profit. A negative result indicates a loss.
But net profit is still an accounting result.
It does not tell you exactly how much cash is currently available in the bank.
Net profit is not your bank balance.
Asset
A resource controlled by the business that can provide future economic benefit.
Asset
Assets are resources controlled by the business.
Depending on the business, examples can include:
- cash at bank;
- amounts customers owe;
- inventory;
- equipment;
- vehicles;
- property;
- and other resources.
Some assets are expected to be used or converted to cash quickly. Others remain in the business for years.
Something can cost the business money without being recorded as an immediate expense.
Liability
A present obligation of the business that is expected to require resources to settle.
Liability
Liabilities represent amounts or obligations the business needs to settle.
Examples can include:
- supplier bills owing;
- business loans;
- credit cards;
- GST liabilities;
- PAYG withholding;
- superannuation payable;
- and other amounts owed.
Liabilities matter because a healthy-looking bank balance does not tell you what is waiting to be paid elsewhere.
A bank account can look lovely while liabilities are quietly lining up outside.
Revenue. Profit. Bank Balance.
Revenue tells you about income generated.
Profit tells you what remains after the relevant expenses in the report are taken into account.
Your bank balance tells you how much cash is sitting in that account at that moment.
A business can have strong revenue, show a profit and still have surprisingly little cash available.
ACCOUNTING LANGUAGE PEOPLE COMMONLY MIX UP
Similar Words. Very Different Meanings.
Some bookkeeping terms are confusing because they sound almost interchangeable.
They aren't.
Turn each card to see the difference.
Debit vs Credit
In double-entry accounting, debits and credits are the two sides used to record transactions.
Debit vs Credit
A debit does not simply mean money going out.
A credit does not simply mean money coming in.
Whether a debit or credit increases or decreases a balance depends on the type of account involved.
For example, the accounting treatment of cash, expenses, income, loans and equity does not all work in the same direction.
If somebody tells you “debit means money out” and “credit means money in”, that shortcut will eventually get you into trouble.
Cash vs Accrual
Two different ways of recognising financial activity in reports and accounting records.
Cash vs Accrual
Cash basis generally focuses on when money is actually received or paid.
Accrual basis recognises income and expenses when they are earned or incurred, even if the cash movement happens at a different time.
That means the same business can show different timing depending on which basis a report is using.
Same business. Same transaction. Different timing view.
Capital vs Expense
Some business purchases are treated as assets rather than being recognised immediately as ordinary expenses.
Capital vs Expense
Day-to-day operating costs may be recorded as expenses.
Other purchases may provide benefit over a longer period and therefore be recorded as assets.
That can affect where the transaction appears in your reports and how it is dealt with over time.
The exact treatment can depend on the nature of the purchase and the relevant accounting and tax rules.
Money leaving the bank does not automatically make something an expense.
Bookkeeping vs Accounting
Bookkeeping and accounting work with the same financial story, but they are not exactly the same job.
Bookkeeping vs Accounting
Bookkeeping focuses heavily on maintaining accurate financial records and recording the regular financial activity of the business.
That can include transactions, reconciliations, payroll records, accounts receivable, accounts payable and other bookkeeping processes.
Accounting can involve interpreting, analysing and reporting on those records, along with work that may sit within an accountant's or tax agent's professional role.
Good accounting needs reliable bookkeeping underneath it.
Gross Profit vs Net Profit
Both are profit measures, but they appear at different stages of the Profit & Loss.
Gross Profit vs Net Profit
Gross profit looks at revenue after relevant direct costs associated with generating that revenue.
Net profit goes further and reflects the result after relevant operating expenses have also been taken into account.
That is why a business can have a healthy gross profit but still end up with a disappointing net profit.
Gross profit is partway through the story. Net profit is much closer to the ending.
Invoice vs Receipt
An invoice requests payment. A receipt provides evidence that payment has occurred.
Invoice vs Receipt
Invoice: “Please pay this amount.”
Receipt: “This amount has been paid.”
They can relate to the same transaction, but they serve different purposes.
Depending on the transaction, one document may also contain information needed to support the bookkeeping or GST treatment.
Asking for an invoice when what you actually need is proof of payment can lead to a very circular email chain.
Profit vs Cash
Profit is an accounting result. Cash is money actually available in the bank or elsewhere.
Profit vs Cash
A business can show a profit while having very little cash available.
That can happen when:
- customers still owe money;
- loans are being repaid;
- equipment has been purchased;
- tax obligations are due;
- owners have withdrawn cash;
- or money has moved for reasons that do not appear as ordinary expenses.
“We made a profit” does not automatically answer “Why is there no money in the bank?”
Drawings vs Wages
Money taken by a business owner is not automatically the same thing as employee wages.
Drawings vs Wages
The way money paid to an owner is treated depends on the business structure and the nature of the payment.
For example, money a sole trader takes from the business is not automatically an employee wage.
Other business structures can involve different arrangements and obligations.
The business structure matters before you decide whether a payment is wages, drawings, a loan, a distribution or something else.
Stop Translating Everything Into “Money In” and “Money Out”
Bookkeeping records more than movement in a bank account.
It also records what the money represented, who owed whom, when income or expenses belonged to a period, and what type of account was affected.
Once that clicks, a lot of bookkeeping terminology starts making considerably more sense.
TIME TO SEE WHAT STUCK
How Well Do You Speak Bookkeeping?
Ten questions. One answer each. No accountant hovering over your shoulder.
Choose the answer you think is right, then Bunny will keep score.
ONE MORE TEST BEFORE YOU ESCAPE
The Bookkeeping Crossword
You've turned the cards. You've survived the quiz. Now let's see whether the words have actually moved in.
Click any white square and type your answer. You can also click a clue to jump straight to that word.
Across
Down
No googling the glossary three centimetres above you. Bunny cannot actually enforce this, but she would like you to know she is disappointed in advance.
Did you get 10/10 on the quiz and finish the crossword?
Okay, show-off.
You may officially know more bookkeeping terminology than you expected when you arrived on this page.
Bunny is impressed.