- Accrual basis
- Counting sales and purchases when they're invoiced, not when they're paid.
- Approval limit
- The amount above which an invoice needs approval, or a bill needs a second approver.
- Audit trail
- The record of who did what in Plain, and when.
- Balance sheet
- What the business owns and owes on a given date.
- Bank reconciliation
- Checking that Plain's bank balance agrees with your bank statement.
- BAS
- The GST return you lodge with the ATO.
- Cash basis
- Counting sales and purchases when the money is received or paid.
- Chart of accounts
- The list of accounts your transactions are sorted into.
- Credit note
- A document that reduces what a customer owes.
- Current year earnings
- Profit since the start of this financial year, shown in equity on the balance sheet.
- Draft
- A document that's saved but not yet approved, so not in your accounts.
- GST code
- The label on each line that sets the GST rate and where it's reported.
- Lock date
- The date on or before which nothing can be changed.
- Manual journal
- An entry made directly to accounts, usually for adjustments.
- Opening balance
- An account's balance on the day before you start using Plain.
- Pay run
- One payment of wages to employees for a pay period.
- PAYG withholding
- Tax you hold back from employees' pay and pay to the ATO.
- Profit and loss
- Income less expenses for a period.
- Reconcile
- Confirm a bank line matches a record in Plain.
- Retained earnings
- Profit from previous financial years kept in the business.
- STP (Single Touch Payroll)
- Reporting each pay run to the ATO from your payroll software.
- Super guarantee
- The minimum super you must pay for employees, 12% of qualifying earnings.
- TFN declaration
- The form an employee fills in so you know how much tax to withhold.
- Working holiday maker
- A visitor on a 417 or 462 visa, taxed under the ATO's Schedule 15.
- Workspace
- One business in Plain, with its own accounts, team and plan.