3122 Final

ERP

Enterprise resource planning; software used by organizations to manage business activities.

Customization

Modification of the software to meet the specific needs of the company.

Configuration

Deciding on the ERP options or settings that best fit your business.

Chart of Accounts

A list of all company's financial accounts categorized into easily identified types.

Realtime Information

Each transaction is posted to the general ledger as soon as it is entered and saved.

Control Data

System and technical settings of the accounting system itself, including its functions and structure.

Master Data

Key business information that supports and classifies transactional data and analytical data.

Transaction Data

Represents business events that result from business processes.

Bill of Materials

List of different inventory components used to construct a finished good.

Routing

Production steps required to produce the finished product.

Product Costs

Costs directly related to the production of a product or service intended for sale.

Period Costs

Incurred by the business that are not directly related to manufacturing the product.

Variance

Difference between planned versus actual results that gives insight into overall performance.

Cash Application

Matching incoming customer payments to the correct outstanding invoices in accounts receivable.

Positive Pay Workflow

Proactive fraud prevention service that helps protect company checks and cash.

Independent Contractors

Persons who perform work for the company but are not employees.

Imprest Account

Bank account held by a company that has funds solely for paying employee payroll dues.

Credit Risk Assessment

Evaluates how likely a customer is to pay what they owe on time and in full.

Aged Receivables Report

Listing of open accounts receivable that reports each receivable by its aging.

Evaluated Receipt Settlement

Approach used to pay suppliers based on matching purchase orders with receipts.

Business Email Compromise (BEC)

Method used to commit payment fraud by tricking departments into transferring money.