Accounts Payable
Amounts that a business owes

Receipt
A written record of a transaction.

Accounting
term that refers to the overall process of tracking your business's income and expenses, and then using these numbers in various calculations and formulas to answer specific questions about the financial and tax status of the business.

Bad Debt
Money owed for a business debt that cannot be collected

Double-Entry Accounting
A system of accounting that records each business transaction twice.

Invoice
A written record of a transaction, often submitted to a customer or client when requesting payment.

Accounts Receivable
Amounts owed to a business that the business expects to receive.

Statement
A formal written summary of outstanding invoices.

Audit
A systematic review or examination of the assertions or actions of a third party to evaluate conformance to some norm or benchmark.

Cash Letter
A group of checks accompanied by a paper listing sent to a clearinghouse, a Federal Reserve Bank, or another institution. A cash letter contains a number of negotiable items, mostly checks, accompanied by a letter that lists the amounts and instructions for transmittal to another bank. May also be called a transmittal letter.