- 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.
- 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.
- 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.
- 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.
- VAT code
- The label on each line that sets the VAT rate and where it's reported.
- VAT3 return
- The VAT return you lodge with Revenue.
- Workspace
- One business in Plain, with its own accounts, team and plan.