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ERP Glossary


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FIFO (First in, First out)

An abstraction in ways of organizing and manipulation of data relative to time and prioritization. This expression describes the principle of a queue processing technique or servicing conflicting demands by ordering process by first-come, first-served basis: what comes in first is handled first, what comes in next waits until the first is finished, etc.

Financial Reports (or financial statements)

Are a formal record of the financial activities of a business, person, or other entity. These statements are often complex and may include an extensive set of notes to the financial statements and management discussion and analysis. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to financial statements are considered an integral part of the financial statements.


Financials of the company include A/R (accounts receivable), A/P (accounts payable) and G/L (general ledger).

Fixed costs

Business expenses that are not dependent on the level of goods or services produced by the business. They tend to be time-related, such as salaries or rents being paid per month, and are often referred to as overhead costs.



The ease with which a system or component can be modified for use in applications or environments other than those for which it was specifically designed.



The ability to perform a task or function; the set of functions that something is able or equipped to perform.