Specifications

4  Appendix D Computer Tutorial 3
Normal balance
The normal balance is either debit or credit depending on the account. It is the balance under
ordinary circumstances.
Offset account
An offset account is used in double-entry accounting. It is the account used to balance a
transaction, making debits equal to credits.
Open batch
A batch of transactions that has not been posted.
Posting
The action of transferring the debits and credits from a journal to the general ledger accounts.
Posting means placing the debits and credits of transactions, in a batch, into the appropriate
accounts in the general ledger.
Posting journal
An official audit trail of all transactions posted to accounts. The posting journal prints
automatically in Accpac. Posting journals include the audit trail code which is a precise
record of where each transaction has been posted.
Prior period adjustments
Transactions used to adjust account balances of the previous fiscal year.
Recurring batch
A recurring batch is a batch set up so that you can post it repeatedly according to a selected
frequency.
Removing history
Removing history is the process of erasing ranges of historical data. This process frees up
additional hard disk space; however, the data will no longer be available.
Report option
A report option specifies how much or what type of information will be displayed on a given
report. Multiple report options are available and can be saved for each report.
Required fields
Required fields are data entry fields that must be completed for the information in the window
to be saved.
Retained earnings account
An account that comprises the retained earnings amount. It is used by Accpac for year-end
closing of all income statement accounts. There must be at least one Retained earnings
account in a chart of accounts.
Reversing entry
A reversing entry is a transaction that reverses the debit and credit entries of a previously
posted adjusting entry.
Security groups
A system used to control access to various applications in Accpac.
Sorting
Sorting is a method of arranging data based on the order of specified information.