G – glossary definitions

G glossary

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General expense

Minor business expenses (less than $100)

General ledger

A complete record of financial transactions. It is required to prepare financial statements and includes accounts for assets, liabilities, revenue and expenditure.

General ledger account (GL account)

The general ledger (GL) account classifies the nature and type of transactions. GL accounts represent assets, liabilities, revenue and expenditure required for financial statements.

Example revenue accounts:

  • 420001 Excursions
  • 420002 Fund raising
  • 420003 Hire of facilities
  • 420009 General school contributions
  • 420010 Subject contributions
  • 420011 Canteen sales
  • 420100 Miscellaneous income.

Example expenditure accounts:

  • 522874 General staff training
  • 520716 Office equipment lease
  • 522147 Waste removal.

Goods

Supplied items/materials, equipment, products and commodities.

Goods and services tax (GST)

Currently the GST is a broad sales tax of 10% on most goods and services transactions in Australia.

Goods receipt

Document in SAP which is completed to confirm that goods have been received.

Goods receipt/ Invoice receipt (GR/IR)

Relates to the review of variances between a goods receipt and invoice received.

Grants

Refers to state and commonwealth government funding where expenditure is made in accordance with set criteria and conditions.

Gross

A gross sum of money is the total amount before any tax or costs have been deducted.

GST

See Goods and services tax (GST).

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