Appendix

Glossary

Aged Creditors report: A report showing all balances owed to creditors, categorised into debts owed for 30 days, 60 days and 90 days or older.

Aged Debtors report: A report showing all outstanding balances owed to a business, categorised into amounts owed for 30 days, 60 days and 90 days or older.

Asset: Item a business owns. (See current asset; fixed asset.)

Audit trail: A list of all the transactions that occur in Sage in chronological order. Each transaction is identified by its own transaction number.

Balance Sheet: A financial report that shows a snapshot of the financial status of a business at a point in time. It identifies the business’s assets and liabilities and shows how those assets and liabilities have been funded through retained profits or invested capital.