Receipt
A written record of a transaction.

Accounts Payable
Amounts that a business owes

Account
A collection of financial information grouped according to customer or purpose.

Cash Method Of Accounting
Accounts for income and expenses when actually received or paid.

Statement
A formal written summary of outstanding invoices.

Audit
A systematic review or examination of the assertions or actions of a third party to evaluate conformance to some norm or benchmark.

Bad Debt
Money owed for a business debt that cannot be collected

Cash Letter
A group of checks accompanied by a paper listing sent to a clearinghouse, a Federal Reserve Bank, or another institution. A cash letter contains a number of negotiable items, mostly checks, accompanied by a letter that lists the amounts and instructions for transmittal to another bank. May also be called a transmittal letter.

Accounts Receivable
Amounts owed to a business that the business expects to receive.

Bookkeeping
The task of recording the amount, date, and source of all business revenues and expenses. Bookkeeping is essentially the starting point of the accounting process. Only with accurate bookkeeping numbers can meaningful accounting be