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NALS Chapter5-369809
| Term | Definition |
|---|---|
| Accounting equation | the relationship between three basic accounting elements; assets equal liabilities plus owner's equity: A= L + OE (owner's equity is also known as proprietorship) |
| Balance | the difference between total debits and credits in an account |
| Bank draft | a check issued by a bank on its funds in another bank, usually located in another city |
| Blank endorsement | the simple signature of the payee which makes the check payable to bearer; also referred to as endorsement in blank |
| Block billing | refers to the practice of grouping all time spent on a project during the course of the day into one entry, regardless of the number or variety of tasks performed |
| cashier's check | a check drawn by a bank on its own funds |
| Certified check | a check issued by a bank that reduces the drawer's account by the amount of the check. The bank holds those funds for payment of the check and becomes responsible for its payment |
| Circular E-The Employer's Tax Guide | a booklet published periodically by the Internal Revenue Service as a guide for the bookkeepers regarding payroll and withholding taxes, which can be found online |
| Credit | an entry made on the right side of an account (Cr.) |
| Debit | an entry made on the left side of an account (Dr.) |
| Drawee | person to whom check is written |
| Drawer | person by whom a check is written and upon whose funds the check is drawn |
| Employer Identification Number | a number assigned to an employer by the Internal Revenue Service that must be used on all reports to the IRS |
| Fair Labor Standards Act | Among other things, minimum wage laws, overtime pay, hours worked, etc.. |
| For Deposit Only | restrictive endorsement used on checks to be deposited |
| Matters | a term that refers to an individual piece of legal work for a given client; clients may have only one matter or many. Matter designation allows different projects to be billed separately |
| Money order | a payment document that can be purchased at a United States post office, bank, and many stores to use in place of a check, paid for with cash |
| Payee | person to whom a promissory note, bank draft, or check is issued |
| Payroll records | the records listing employees, earnings, deductions, and withholdings |
| Principal | the amount a borrower promises to pay that is written on the face of a note |
| Pro bono | describes legal work or services performed free of charge |
| Reconciliation | to bring a bank statement and check register into agreement; a process which ensures the record of the bank and the depositor are in agreement |
| Retainer | an advance payment made to cover anticipated work or costs. Some of the expected costs of a legal action or makes an advanced payment for expected costs such as filing fees, fines, court costs, or other costs |
| Written down | time that is reduced or removed from a bill to create a discounted bill |
| Withholding taxes | funds withheld by the employer from the employee's payroll check for payment of federal, state, and local income taxes and Social Security taxes |
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