The Accounting feature in MyCase is a robust tool allowing your firm to streamline all of your accounting needs. To best accomplish this though, there are some terms you'll need to know. Reference this article for the definitions of terms you may come across in MyCase Accounting.
Key Term | Definition |
Accounting Rule | A rule that describes how the financial information of your business must be recorded |
Asset | Any resource owned or controlled by your firm |
Balance Sheet | A statement of the assets, liabilities, and capital of your firm at a particular point in time, detailing the balance of income and expenditure over the preceding period |
Cash Flow Statement | Financial statement that reports on your firm's sources and usage of cash over some time |
Chart of Accounts | Index of all the financial accounts in your firm's general ledger, provides a digestible breakdown of all the financial transactions that your firm conducted during a specific accounting period broken down into subcategories |
Cleared Transaction | Cash balances in an account that are able to be immediately withdrawn or used in financial transactions |
Current Asset | Cash and other assets that are expected to be converted to cash within a year |
Current Liability | Amount due to be paid to creditor(s) within a year |
Depreciation | A reduction in the value of an asset with the passage of time, due in particular to wear and tear |
Direct Cost | A price that can be directly tied to the production of specific goods or services your firm provides |
Equity | The value of the shares issued by your business |
Firm Expense | The cost of operations that your business incurs to generate revenue |
Fixed Asset | Assets which your firm purchases for long-term use and are not likely to be quickly converted into cash |
General Ledger | The main accounting record of your firm |
Income Summary | A temporary account into which all income statement revenue and expense accounts are transferred at the end of an accounting period |
Journal Entry | Act of keeping or making records of any economic transactions |
Liability | An amount your firm owes to creditors or vendors |
Non-current Asset | Your firm's long-term investments for which the full value will not be realized within the accounting year |
Non-current Liability | Obligations listed on the balance sheet that are not due for more than a year |
Other Income | Net income realized from one-time non-business activities |
Overhead | An ongoing expense of operating your firm |
Revenue | The total amount of income generated by your firm's sale of services |
Trust Liability | Any and all costs, expenses, or liabilities of your firm's trust account |
Uncleared Transaction | A balance in an account that is not able to be immediately withdrawn or used in financial transactions |
Vendor | A person or business that supplies goods or services to your firm |