Glossary

Confused by accounting jargon? Here are simple definitions for terms you might see in the portal.

Accounts Payable (AP)

Money your business owes to suppliers (bills you need to pay).

Accounts Receivable (AR)

Money customers owe to your business (unpaid invoices).

BAS (Business Activity Statement)

A form submitted to the ATO to report tax obligations like GST and PAYG.

Chart of Accounts

A list of all categories used to classify money coming in and out (e.g., "Sales", "Rent", "Office Supplies").

Reconciliation

The process of matching transaction lines on your bank statement with the records in your bookkeeping software to ensure they agree.

Xero / MYOB Sync

The background process that sends data from this portal to the master accounting software used by your accountant.