A – glossary definitions

A glossary

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ABN

Australian Business Number. Contains 11 digits together with an optional 3 digit identifier for companies with branches.

Account codes

An account code is assigned to each general ledger (GL) account.  These are codes that align the transaction of funds for a product or service you plan to purchase.

Accounts payable (AP)

Accounts payable is money owed by the department/school to vendors/suppliers.

Accounts receivable (AR)

Accounts receivable is the collection management activity including processing reminder (dunning) letters to customers, managing payment arrangements and disputes for customers. Money owed to the department.

Accrual accounting

Records transactions when they happen. That is, revenue is recorded when it is earned, not when cash is received, and expenses are recorded when they are incurred, not when they are paid. SAP Finance records transactions under accrual accounting method.

Acquittal

Acquitting something is to discharge it. Having received an advance the process of acquittal is reporting how the money was spent ie credit card expenditure. Receipts are provided as part of the acquittal process.

Acquisition

Acquisition, in relation to assets, means undertaking the risks, and receiving the rights to future benefits, as would be conferred with ownership, in exchange for a cost of acquisition. Acquisition includes establishing control over an asset.

Actual (SAP Finance)

Actualising an expense occurs when the goods/services are received and the appropriate confirmation is posted. Committed and actual values can be compared in financial reports.

Actuals (forecasting)

Actuals (actual revenue and expenditure) captured in SAP ECC that are available for comparison with budget to adjust forecasts.

Addenda or addendum

Official release of additional information to provide extra clarification, detail or revisions.

Adjustments (forecasting)

Changes to the forecast for the remainder of the year.

Adjustment note

Adjustment note is a credit or debit note.

Administration office

Denotes the office of the school administrative and support staff.

Agreement

The intended agreement to be entered into in connection with the department's decision to contract with the contractor for the provision of certain goods and services.

APCA

Australian Payments Clearing Association. APCA is the self-regulatory body set up by the payments industry to improve safety, reliability, equity, convenience and efficiency of the Australian payments system.

Approver

Person with appropriate delegated authority to action a request that has been submitted.

Asset category

Indicates the asset category type eg land, buildings.

Asset classification

The means by which categories of asset may be disclosed in the notes to the financial statements.

Asset management system

The current asset management system (AMS) provides functionality for:

  • site management
  • facilities management
  • asset planning
  • program management
  • asset maintenance
  • demountable management.

Assets

Any collateral including but not limited to data, system software, software licensing, reporting, fixed assets, trademarks or any other intellectual property rights, over $10,000.

Asset shell

An asset object in SAP that contains no financial values. A pure place holder until the asset is received or put into service (capitalised) and values are added into SAP.

Asset under construction (AuC)

An asset under construction (AuC) is a fixed asset that is in the process of being completed. An AuC will be automatically created as a result of creating a capital project.

ATO/Australian Tax Office

See www.ato.gov.au

Audit

An evaluation or assessment typically undertaken to verify the accuracy or performance of a defined subject or process. Can be either internal or external (independent).

Auditor – External

An officer employed by the Audit Office of NSW. The Audit Office of NSW is an independent auditor of the NSW public sector that reports directly to parliament on the NSW government’s financial statements and use of public money. The head of the Audit Office is the Auditor-General.

Auditor – Internal

An officer employed by the Audit Directorate of the Department of Education, either in a permanent or contractual arrangement, to audit the management of a school. The head of internal audit for the department  is the director, audit.

Authorised staff

Any department staff who have access to specific data to view, amend, approve etc based on their role within the department.

Auto-clearing

A program that uses posting rules to determine what open items can be cleared and net to zero.

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