Term | Definition |
Accounting Equation | |
Balance | The amount of money an account holds. |
Bank Draft | A check issued by a bank on its funds in another bank, usually located in another city. |
Blank Endorsement | Check endorsement consisting of only the endorser's signature. |
Block Billing | Refers to the practice of grouping all time spent on a project during the course of the say into one entry, regardless of the number of 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 payments. |
Circular E-The Employer's Tax Guide | |
Credit | The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future |
Debit | (of a bank or other financial organization) remove (an amount of money) from a customer's account. |
Drawee | Person to whom the 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 submitted to the IRS. |
Fair Labor Standarts Act | |
For Deposits Only | |
Matters | A term that refers to an individual piece of legal work for a given client. |
Money Order | |
Payee | Person to whom a promissory note, bank draft or check is issued. |
Payroll Records | |
Payroll Register | |
Principal | A sum of money lent or invested, on which interest is paid. |
Pro Bono | Describes legal work or services performed free of charge. |
Reconciliation | To bring a bank statement and a check register into agreement. |
Retainer | An advance payment made to cover anticipated work or costs. |
Withholding Taxes | |
Written Down | |