Accounting Glossary
15 terms — search by name or definition
Source document
Document supporting a posting: invoice, act, order. No doc = no transaction in books.
AR / AP
AR — owed to us (unpaid clients). AP — we owe (suppliers/budget).
Trial balance
Trial balance sheet: per-account balance and Dr/Cr turnovers. Main reconciliation tool.
VAT
20% value-added tax. Payers accrue liability on sales and credit on purchases.
SSC
22% social contribution paid by employer on payroll.
PIT
Personal income tax — 18% salary, or 5%/9%/18% for dividends/other.
Depreciation
Spreading FA cost over useful life. Monthly, straight-line or other method.
Month-end close
Period-end procedure: reconciliations, accruals, allocations, TB control.
EDI
Electronic document interchange — legally valid QES-signed docs via providers.
Accounting policy
Internal doc: inventory valuation, depreciation, reserves methods. Approved by order.
Advance report
Employee report on advance funds spent, with receipts. Due by month-end.
Doubtful debt
AR unlikely to be collected — reserve accrued, written off after limitation.
Monetary items
FX items in fixed amounts — revalued at balance date.
Gross income / margin
Revenue minus COGS. Margin% = (revenue − COGS) / revenue × 100.
RN / TI
Tax invoice — VAT document. Adjustment calc — decreases/increases liability.