Learning Center

Resources on basic accounting and payment terms business owners must know.

ACH

ACH transfers

An ACH transfer is a specific category of electronic funds transfer. There are two types: ACH debit and ACH credit.

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BANKING

Account number

A bank account number is a string of numerals (and sometimes letters) that’s designed to identify an individual bank account and its owner.

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International bank account number (IBAN)

An international bank account number (IBAN) identifies an international or overseas bank account according to a standardized international numbering system.

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Routing number

A routing number is a nine-digit sequence of numbers that’s used to identify and send funds to specific banking institutions in the U.S.

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Wire transfer

A wire transfer is a direct transfer of funds completed electronically, managed through one bank or financial institution and sent to a desired recipient.

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PAYMENTS

Accounting software

Accounting software is any computer program designed to assist accountants, bookkeepers, and business owners in their efforts to record financial transactions.

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Accounts payable

Accounts payable is an account that includes all of a company’s debt obligations to creditors and suppliers in the short-term.

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Accounts receivable

Accounts receivable refers to money that is due to a business or organization in exchange for products or services that have been delivered but which the receiving customer has not yet paid for yet.

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eCheck

An electronic check is a means of making payments online through the internet or other network, designed to perform the same functions as a paper check.

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EFT payment

An electronic funds transfer (EFT) payment is the process of moving money from one account to another, electronically.

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Electronic billing

Electronic billing, or e-billing, is the general term for the process and infrastructure associated with paying, processing, and receiving payments online.

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Invoice

An invoice is a document sent from a business to a customer or client requesting payment after a good or service has been delivered.

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Invoice matching (2 way)

2-way invoice matching is an automated process that checks for discrepancies between purchase orders and invoices before invoices are approved and paid.

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Net 30

Net 30 is a term used on invoices to describe the deadline for payment of an invoice— in this case, 30 calendar days.

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Online bill pay

Online bill pay is a service offered by a range of financial institutions and businesses for paying bills online.

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Payment automation

Payment automation is any tool a business uses in order to automate their process of paying vendors.

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Payment management software

Payment management software is any software designed to support a business in the process of payment management.

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Payroll

Payroll describes the entirety of a company’s processes, reporting, and standards for paying their employees and withholding proper payroll taxes.

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Payroll management

Payroll management is the process by which a business manages its payroll— the employees, salaries, hourly wages, payments, and taxes relating to payroll.

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Positive pay

Positive pay is a system for detecting check fraud that compares checks presented at a bank to a list of approved checks provided by the issuer.

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Pro forma invoice

A pro forma invoice is a bill of sale (a document detailing a transaction) sent from a seller to a buyer before a shipment or delivery of goods arrives.

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Purchase order

A purchase order (PO) is an official document that is sent from a buyer to a seller, documenting the agreement for the sale of specific products and/or services.

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Virtual card

A virtual credit card (also known as a virtual card) is a temporary digital card number that is used for online transactions.

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