Accounting and ERP glossary

Accounts payable: Money you owe suppliers.
Accounts receivable: Money customers owe you.
Ageing: How long amounts have been owed, grouped into bands such as 1–30 days.
Approval: A sign-off by someone with authority before a document can move on.
BOM (bill of materials): The list of components and quantities that make up one unit of a product.
Chart of accounts: The full list of accounts your entries post to.
Credit note: A document that reduces what a customer owes.
Cut-over date: The date you stop using your old system and start using AXO.
Double-entry: Every transaction is recorded on two sides, so debits always equal credits.
Drill down: Clicking a figure to see the entries behind it.
EOBI: Pakistan's Employees' Old-Age Benefits Institution contribution.
Fiscal year: Your company's financial year — in Pakistan usually July to June.
GRN (goods received note): A record of goods that actually arrived from a supplier.
Journal entry: A balanced record of a transaction in the ledger.
Ledger: The complete record of every posted transaction.
MCP: A standard way for AI assistants to use outside tools, such as AXO.
MIN (material issue note): A record of stock taken out of inventory for a job.
MRN (material return note): A record of unused material returned to stock.
NTN: National Tax Number, issued by FBR in Pakistan.
Period close: Locking a finished month or year so its figures can't change.
Posting: Recording a document in the ledger. Posted entries can't be edited.
Reconciliation: Matching your bank statement to your books.
Reversal: An equal and opposite entry that cancels a posted one.
STRN: Sales Tax Registration Number in Pakistan.
Trial balance: A list of every account's balance; total debits equal total credits.
Withholding tax (WHT): Tax deducted at source from a payment and paid to the tax authority.
Work in progress (WIP): The cost of work started but not yet finished.

Glossary