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ERP Glossary

Glossary

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A

Accounting Manager

This manager is responsible for the planning, directing, monitoring and controlling of the accounting functions for the Company and all personnel in his/her department.

Accounting software

Is application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, and trial balance. It functions as an accounting information system.

Accounts Payable

A file or account sub-ledger that records amounts that a person or company owes to suppliers, but has not paid yet. The A/P is a form of credit that suppliers offer to their customers by allowing them to pay for a product or service after it has already been received.

Accounts Receivable

Accounts receivable represent money owed by entities to the firm on the sale of products on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms or payment terms. Accounts receivable departments use the sales ledger.

Activity-based costing system

A system that tracks costs based on the activities that are responsible for driving costs in the production of manufactured goods.

Actual cost

Actual amount paid or incurred, as opposed to estimated cost or standard cost.

Aged Receivables

This report is a summary of receivables by customer account number aged as 0-30 days, 31-60 days, 61 to 90 days, and >90 days.

Application software

Also known as an application or an “app”, is computer software designed to help users to perform singular or multiple related specific tasks

Assembly work order

Assembly Work Order creates a stock itemfrom multiple stock items – components canbe sub-assembled for multi-level assembly.

ATO (Assemble to Order)

Product is assembled once an order is received.

AutoCAD

A CAD (Computer Aided Design or Computer Aided Drafting) software application for 2D and 3D design and drafting.

Available to promise

A business function that provides a response to customer order enquiries, based on resource availability. It generates available quantities of the requested product, and delivery due dates. Therefore, ATP supports order promising and fulfillment, aiming to manage demand and match it to production plans.

Average cost

Average cost or unit cost is equal to total cost divided by the number of goods produced. It is also equal to the sum of average variable costs plus average fixed costs. Average costs may be dependent on the time period considered. Average costs affect the supply curve and are a fundamental component of supply and demand.