Glossaries

Accounting is a purpose of understanding, summarising and interpretation of all the financial transactions within a business.  The Purpose of Accounting in a business model is to give more information to stakeholders with regard to the financial stance of the company and whether the company is making a profit or loss.

It will always be necessary to bear in mind the overriding requirements of fair presentation. Two considerations affect the application of GAAP, in particular, situations (AC 100.11.)

1. Substance over form: Transactions and other events should be accounted for and presented in accordance with their substance and financial reality, and not merely with their legal form.  

1. Substance over form: All Financial transactions and events must be recorded and presented.  All transactions and movement must be accounted for and should there be any deviations the necessary information needs to be brought to the Regulatory board. 

2. Materiality: Financial transactions should disclose all items which are material enough to affect evaluations or decisions.

The requirements of the Companies Act and Schedule 4 thereto are taken into account in the preparation of GAAP. Some entities may be required to prepare financial statements that comply with other statutes.

The Approach to setting accounting standards is the process of updating the principles and guidelines that govern all financial reports and standards. The FSCA (Financial Sector Conduct Authority) is responsible for compiling and enforcing the guidelines and accounting standards in South Africa. 

A Balance sheet is a financial statement that would include the companies, liabilities, assets, total debt, equity capital at a certain point in time. Assets are then shown on the one side and liabilities on the other side.

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Bookkeeping is the process of organising and making a record of all financial transactions in your business by being systematic and accurate. Financial transactions such as receipts, payments made etc. With an organised good bookkeeping system, reconciliation is made easier. When recording all Income and Expense transactions and reading it into your system or paper like in a physical cashbook it is referred to as Bookkeeping.

Capturing a Creditor's Invoice involves the process of entering and recording the Invoice details received from the supplier or manufacturer into the system.

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The Cash Register is used to manage the payments made by patients for the services rendered by the practice.

• Benefits of using the Cash Register in the Practice:
  • Processing and Recording of payment transactions in the Practice to enable the tracking of Patient transactions.
  • Speeding up checkout time.
  • Save unnecessary costs of receipt books by using the receipt option of the Cash Register module.
  • Cash Registers can be set up per user so that each user can finish his or her session, complete a cash-up, and have the cash-up properly captured for auditing purposes.
  • End the Cash Register session after collecting all the payments for the day so that the day becomes an auditable unit.
  • At the end of the session, the Cashier / Receptionist counts all payments received for the day for reconciliation with the system.

By Creating a new Creditor/Supplier the user creates an account on the GoodX System. With the account, a user can document goods and services that the Practice receives from the Creditor. An organisation, business, or individual of a legal type who has given a Practice product, service, or financial loan is referred to as a Creditor. Once a Creditor has delivered the goods/service, the payment is expected at an agreed-upon date.

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Each Creditor has an account with all the transactions that have been done on the Creditor's account. The account enquiry is quick access to the overview of a Creditors account with all the transactions. Account Enquiries assist the practice to see what payments have been made to the Creditor, the outstanding payments as well as the current balance on the Creditor's account etc.