Terminology - Payments, and Expenses, Sales and Purchases
- In KoalaBrain, 'payments' and 'expenses' refer to money moving into or out of your business via a till float or banking account.
- This is often referred to as CR (Credit) and DR (Debit) in some accounting packages.
- The terms 'payment' and 'expense' in KoalaBrain are used to:
- Reduce confusion with payment methods like debit cards and credit cards and to make clear the specific object being discussed during support calls and in documentation.
- Indicate that this is money in/out of your business as a whole, not between your own accounts.
- So, a payment or expense always refers to the currency amount in and out of an account or float, while the Sale or Purchase refers to the associated product or service provided.
- A third transaction, a transfer, refers to an amount transferred between a float or bank account within KoalaBrain.
- For an overview of all money movements in the application, you can look at the Banking Easy Report for clarification.