G – glossary definitions
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Minor business expenses (less than $100)
A complete record of financial transactions. It is required to prepare financial statements and includes accounts for assets, liabilities, revenue and expenditure.
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:
Example expenditure accounts:
Supplied items/materials, equipment, products and commodities.
Currently the GST is a broad sales tax of 10% on most goods and services transactions in Australia.
Document in SAP which is completed to confirm that goods have been received.
Relates to the review of variances between a goods receipt and invoice received.
Refers to state and commonwealth government funding where expenditure is made in accordance with set criteria and conditions.
A gross sum of money is the total amount before any tax or costs have been deducted.
See Goods and services tax (GST).