Glossary of Terms

Glossary of Terms

This section will attempt to clarify what is meant by terms used in iBilling and the documentation.

Deposit: A sum of money paid into an account.

Income: Money received at your Account. (To record income in your iBilling, Go Transaction -> New Deposit)

Expense: The cost incurred in or required for something.

Transfer: A transfer of funds from one account to another.

Balance Sheet: A financial statement that summarizes all accounts.

Account: An account is a record that is used to collect and store debit and credit amounts. In iBilling you may create as many as account to track transactions. You may add your bank account. Also you may add other non banking account (e.g. Cash at Office, Money at Home). For example, a company will have a Cash account in which every transaction involving cash is recorded.

Product: Item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form.

Service: Work that is done for others as an occupation or business.

Localization: The process of adapting a product or service to a particular language, culture, and desired local “look-and-feel.”

TAX: A fee charged (“levied”) by a government on a product, income, or activity.