Glossary
Accounting and Bokapsys terms, in alphabetical order. Where a term has its own page, the definition links to it.
Accounts payable (AP): Money your business owes to suppliers for bills it has not paid yet. See Bills.
Accounts receivable (AR): Money customers owe your business for invoices they have not paid yet. See Invoices.
Accrual: An entry that records income or a cost in the period it belongs to, even though the cash moves in a different period. For example, recording December’s electricity in December although the bill arrives in January. See Accruals.
Adjustment entry: A journal entry that corrects or completes the books, such as one created to clear a small unexplained difference during reconciliation.
Aging report: A list of unpaid invoices or bills grouped by how overdue they are: current, 1 to 30 days, 31 to 60, 61 to 90 and over 90. See Aging reports.
AI Agent: A reusable assistant you set up with its own name and instructions, then use inside Smart Chat. See AI agents.
Approval policy: A rule that decides when an invoice, bill, payment or journal entry needs someone’s approval, and who gives it. See Approvals.
Asset: Something the business owns or is owed, such as cash, equipment or money customers owe you.
Auto-post: A posting setting where entries are written to the general ledger without anyone clicking a button. The alternative is Manual. See Posting settings.
Balance Sheet: A report of what the business owns (assets), what it owes (liabilities) and what is left for the owners (equity) on a given date. See Financial reports.
Bill: A request for payment from a supplier. Recorded in Bokapsys under Bills. See Bills.
Budget: A planned amount of spending per category for a month, tracked against what you actually spend. See Budget planning.
Cash Flow Statement: A report showing how cash came into and went out of the business over a period, grouped into operating, investing and financing activity. See Financial reports.
Categorization rule: What Bokapsys remembers when you correct a statement’s account or vendor, so the same description is handled the same way next time.
Chart of accounts: The list of accounts your books use, such as Cash, Sales, Rent and Office Supplies. Every transaction is filed to one of them. See Chart of accounts.
Client portal: The secure space where an accounting firm’s clients share documents, answer requests, sign documents and message the firm. See Client portal.
Cost of goods sold: The direct cost of the products or services you sold, such as materials or stock. It sits above expenses on the Income Statement.
Credit: One side of a double-entry record. A credit increases income, liabilities and equity, and decreases assets and expenses.
Credit note: A document that reduces what a customer owes on an invoice, for example after a return or a pricing error.
Dashboard: The page most people land on after signing in, showing income, expenses, profit and trends for whole completed months. See Dashboard.
Debit: One side of a double-entry record. A debit increases assets and expenses, and decreases income, liabilities and equity.
Depreciation: Spreading the cost of a long-lived asset, such as a computer or a vehicle, over the years you use it. See Depreciation.
Double-entry bookkeeping: The method behind every set of proper accounts: each transaction is recorded as a debit to one account and an equal credit to another, so the books always balance.
Draft: An invoice, bill or journal entry that has been saved but not posted. A draft changes nothing in your books.
Equity: The owners’ share of the business: what is left after liabilities are taken away from assets. Includes money the owners put in and profits kept in the business.
Expense: A cost of running the business, such as rent, software or wages.
File: Something you upload, such as a PDF, CSV or Excel bank statement. One file usually contains many statements. See Upload bank files.
Firm console: The home of an accounting firm’s workspace, where the firm manages all its clients. See Firms overview.
Fiscal year: The twelve-month period your accounts cover. It does not have to start in January. You set it in Company Settings.
General ledger: The complete record of every posted debit and credit in your books, from every source. All reports are built from it. See General ledger.
In-transit statement: A payment you have recorded that has not yet cleared the bank by the date of a bank statement. Marking it during reconciliation explains a timing difference.
Income: Money the business earns, such as sales or fees. Also called revenue.
Income Statement: A report of income minus costs and expenses over a period, showing whether the business made a profit. Also called a profit and loss report. See Financial reports.
Invoice: A request for payment you send to a customer. See Invoices.
Journal entry: An entry you write by hand in the general ledger, with debits and credits that must be equal. Used for adjustments, corrections and anything that does not come from a bank, invoice or bill. See Journal entries.
Liability: Something the business owes, such as a loan, a credit-card balance or unpaid bills.
Live bank feed: A connection to your bank or card provider that brings new transactions into Bokapsys automatically. See Live bank feeds.
Loan amortization: A repayment schedule that splits each loan payment into interest and principal. See Loans.
Manual posting: A posting setting where entries wait until you review them and click Post Now. The alternative is Auto-post.
Mapping: Giving a statement a vendor, a type and an account from your chart of accounts. A statement is not in your books until it is mapped. See Mapping statements.
Member: A person who belongs to a workspace. What they can see and do depends on their role.
Money in / Money out: Totals of the cash in the statements you are viewing. They include transfers and unposted statements, so they differ from income and expenses on your reports.
Opening balance: The balance of each account on the day you start keeping books in Bokapsys, usually brought in from your previous system. See Trial balance import.
Period: A span of time a report covers, such as a month, a quarter or a fiscal year.
Post / posting: Writing an entry into the general ledger, where it counts in your reports. Posted entries are never deleted; they can only be reversed.
Prepaid expense: A cost paid in advance, such as a year of insurance, that is released to expenses month by month over the period it covers. See Prepaid expenses.
Reconciliation: Checking that the balance in your books matches the balance on your real bank or card statement for the same date. See Reconciliation.
Recurring invoice: An invoice template that creates a new draft invoice on a schedule. See Recurring invoices.
Retained earnings: Profits from earlier years that have been kept in the business. Year-end close moves each year’s profit here.
Reversal: An entry that cancels out an earlier posted entry. Bokapsys reverses rather than deletes, so the history stays complete.
Role: A named set of permissions given to a member, such as admin, bookkeeper or auditor. See Team and roles.
Smart Chat: The AI assistant that answers questions about your books with real figures, tables and charts. See Smart Chat.
Split: Breaking one statement into several lines when a single payment covers more than one account. See View statements.
Statement: One money row from your bank or credit card: a date, a description and an amount. Statements arrive from a live bank feed or an uploaded file.
Transfer: Money moving between two of your own accounts, such as from savings to checking. Transfers are not income or expenses. See Transfers and cash.
Trial Balance: A list of every account’s balance on a date. Total debits always equal total credits. See Financial reports.
Uncategorized: The income or expense account where Bokapsys files a statement it cannot place with confidence, so your books stay complete. Flagged for you to reclassify.
Vendor: The business or person on the other side of a transaction, such as a supplier or a shop. For bills, a vendor is a supplier you pay. See Vendors.
Void: Cancelling an issued invoice or bill. Bokapsys posts a reversing entry rather than deleting it.
Workflow: A scheduled automation, described in plain language, whose results arrive as notifications. See Workflows.
Workspace: One company’s books, settings and team. Data never crosses between workspaces. See Workspaces.
Year-end close: Moving a fiscal year’s profit into retained earnings and sealing the year so it cannot change by accident. See Year-end close.