Glossary

A

Absence

A feature in Iplicit that allows resources to submit absences. Examples of absences include "Sickness", "Annual Leave Entitlement" and "Unpaid Leave".

Access permission

Access permissions are the limitations placed on the Attributes defining what specific features of the Attributes different user roles have access to.

Account category

Classification of where accounts belong, you can find specific accounts linked to multiple categories, example categories include: "P&L Accounts", "Expenditure" & "All Chart of Accounts".

Accruals

Accruals are needed for any revenue earned or expense incurred, for which cash has not yet been exchanged. Accruals improve the quality of information on financial statements by adding useful information about short-term credit extended to customers and upcoming liabilities owed to lenders.

Activities

An activity is an action that someone can perform in real life that can be reported on Iplicit. Some activities are unique to specific activity groups.

Activity group

An activity group groups together multiple activities that can be assigned to and used in different areas of Iplicit.

Aged creditors

An Aged Creditor is a supplier who you are yet to pay.

Aged debt

An Aged Debtor is a customer who is yet to pay you.

Analytics enquiry tool

You can customise any enquiry and present them as tables of data. This includes pivot tables as well as our tree functionality, which relates data to your reporting hierarchy needs. Naturally all reports can be produced as PDFs and information can be exported in many formats including and not limited to Excel.

AP Automation

Accounts Payable Automation via OCR.

Asset Register

An asset register is a list of the company's assets and the conditions they are in.

Attachments

Most documents give you the ability to create attachments containing relevant files for the document.

Attribute

An attribute is a generic type of data in Iplicit that defines how it is presented, what it's access permissions are and various other flags.

Attributes (GL analysis level)

You can change your chart of account rules to include posting attributes. These Attributes allow for more in depth GL analysis.

Author Data

Data provided as standard. Author data cannot be modified directly but instead you should make a copy. Releases might update the author data, but it will not update your copies of it.

Authorisation workflow

An administrative process setup so that important work can be set to require authorisation by the correct personnel before the work is processed.

B

Balance sheet

The Balance Sheet contains everything that is not included in the P/L to complete the business. This includes bank accounts, equipment, creditors, debtors and investments. Both halves of the balance sheet must balance.

Bank reconciliation & auto matching

The bank reconciliation is where you match your cashbook transactions to your bank statement transactions. Depending on your bank reconciliation setup, the bank reconciliation intelligently matches transactions automatically.

Bank statements

A list of transactions made into and from your bank account.

Bulk payments

A group of payments made at the same time from one bank account.

Browser

You can access Iplicit from the desktop app, mobile, tablet or browser. The browser refers to any web browser you use. Simply type https://login.iplicit.com/ into the toolbar to log into Iplicit.

Budget

Budgets allow you to resource efficiently against specific accounts, you can use consolidations for further budgeting at higher levels.

C

Capitalisation

The conversion of income or assets to capital.

Cash purchase

Cash Purchases or Purchase Payment Invoices (PPI's) are used for purchases made where the invoice is produced at the same time of the payment. Typical uses of cash purchases include making a payment to a till using cash.

Cashbook

Refers to all transactions made on the cashbook side of your bank reconciliation.

Chart of accounts & rules

A list of all your account codes and accounts (Commonly referred to as General Ledger codes or GL codes). The chart of account rule specifies what an account code needs in order to be used.

Construction Industry Scheme

A tax scheme where contractors deduct money from a subcontractor's payments and pass it on to HMRC. The deductions count as advance payments towards the subcontractor's tax and National Insurance.

Contact account groups

A list of different groups with predetermined values to help with the setup & creation of new customers E.g. When creating a charity you can select the 'charity' customer group and the 'Default tax band' for the customer will change to 'Exempt'.

Contact Groups

Contact groups are defaults applied upon a contact group with unique values, examples of groups include OEC Suppliers, Staff and Customers.

Contracts

Contracts are pre-agreed arrangements.

Control Accounts

Control accounts populate the debtors and creditors ledgers respectively.

Cost allocations

Allocations from payments to invoices.

Credit Card Expenses

A credit card expense refers to expenses submitted using a company credit card. These expenses have already been paid and will immediately populate the cashbook.

Credit Limits

Credit limits can limit how much you purchase or sell to a supplier without payments being made.

Credit notes

They are documents allocated against invoices intended to lower the initial price of an invoice for a variety of reasons. Typically credit notes are used in situations where a good from a supplier was damaged or if the user had made a mistake or had forgotten that they had a discount for the supplier.

Cross charging

Cross charging occurs when one department or company purchases a batch of goods or services that will be distributed to other departments and companies. Without cross charging, the analytics may be skewed against a specific area of the business or department.

Custom Data Access Control (CDAC)

Custom Data Access Control restricts access to iplicit documents and transaction by a Custom control e.g. Department.

Customer dispute

Customers may dispute a payment or invoice. In these situations, you can place an invoice into dispute. Placing an invoice into dispute means you cannot allocate or reallocate documents to this invoice.

Customer quotation

Customer Quotes or Sales Quotes are proposals for new/promising prospects.

Customer statements

A customer statement typically consists of list of outstanding invoices.

Customisable workflow

An authorisation workflow ensures a series of validations on a document that has been submitted.

Customised report builder

Build and customise your own reports for detailed high-level analysis.

D

Dashboards

Dashboards give you summary charts and overviews for any aspect of your business performance: bank balances and cashflow, sales analysis, purchase and expenses, absence and holidays, debtors and suppliers.

Data Access Control (DAC)

Data Access Control restricts access to iplicit areas for selected Users.

Deduction codes

Are the different ways of making the relevant deductions from wages.

Deferred Income

Income that will come in when a payment is made. This account is used for cash accounting.

Definitions, distribution groups & roles

The steps involved in a workflow and the people who must validate each step.

Direct invoices (non-PO)

Is the creation of a purchase invoice that can be used to pay for a product bought from a supplier.

Document class

The main class of a document, e.g. Sale invoice, Purchase order, Payment, etc.

Document groups

Document groups refer to the places document types can be found and used.

Document search

Tool that allows for user to search environment-wide for a specific document.

Document type

A particular configuration of a document, e.g. Timesheet, sales invoice, sales write off, etc.

Documents

A document is any transaction that has been documented on Iplicit. This includes any document type with any document status.

E

Editor

When entering any item from the finder you will enter the editor. The editor is where you can make changes to any item.

Enquiry

Enquiries are tailored views over your data. They might be presented as tables, pivots or embedded as parts of reports and dashboards.

Excel reporting Add-in

The Excel Add-in is a powerful tool with a vast range of report functionality.

Exchange rate types

These are the different ways in which currency can be converted as different rates may be required for different transactions. The exchange rate type is the different rate being used dependent upon the situation, examples of different types are Company rate & VAT exchange rate.

Execution queue

The execution queue is a log of the actions performed by different users and different user machines stating the priority of actions whilst also checking for errors.

F

Finder

The finder is what the user finds when clicking most menu links, the finder typically contains the sets and search features for the desired data the user wishes to view. Finders is a tool that produce tables that can be tailored to what the user wants to see via both the set and table configurator.

Fixed asset movements

The process of moving an item to/from fixed assets from/to current assets.

Forecasting/reforecasting

You can forecast and reforecast budgets to base the values upon the actual budget.

Foreign currency revaluation

When making payments to foreign suppliers there may be differences between the invoice currency rate and the payment currency rate. These differences are accounted for through FX realised.

Fragment

A fragment is a single view of an enquiry that can be embedded in certain forms to augment its functionality.

FX Realised/Unrealised

The difference between your initial invoice and the payment when dealing with foreign currencies. Due to the invoice and a payment may having different exchange rates on the days they are recorded.

G

GDPR (General Data Protection Regulation)

Anonymisation allows the removal of personalised information against contact accounts. A Contact Account can be a Supplier, Resource, Customer, Staff Member, etc. This is required to comply with GDPR that was introduced as part of the Data Protection Act 2018.

GL reconciliation

Reconciliations performed against a specific bank account.

Goods receipting

A goods receipt note (GRN) is a way of recording the orders that have arrived.

I

Intercompany Journals

Manual journals created for the purpose of recording transactions from one company to another.

Intervals

Intervals are the time periods used when viewing credit control aspects of Iplicit, the time intervals are usually seen when viewing aged debtors, Intervals consist of day/month ranges.

Inventory

Inventory includes sale products, and the goods/materials used to produce them.

Invoice disputes

Invoice disputes are used to track and maintain contentious invoices.

L

Legal entities

An individual, company, or organization that has legal rights and obligations.

Loans

A bank, debenture, director or staff loan received against a legal entity that is entered as a long-term liability.

M

Manual journal templates

Manual Journal templates can be set for individual use or at an environment wide level. Manual journal templates are useful for prepopulating specific data within a journal.

Manual journal

A manual journal document is created to record transactions between accounts.

Manual statement import

This is the process of importing your bank statement into Iplicit.

Mobile & tablet (iOS, Android)

Iplicit can be downloaded on both mobile and tablet, the app supports both Android and iOS users.

MTD

Making Tax Digital is a UK government initiative aimed at simplifying and modernising the tax system by requiring businesses and individuals to keep digital records and submit tax returns using compatible software. This initiative is designed to reduce errors and make tax management more efficient and closer to real-time.

Multi-currency

When dealing with transactions involving multiple currencies.

O

OCR

Optical Character Recognition

Other deductions

Deductions refer to Pensions, student loans, EMI share purchases and more.

P

Payment codes

Payment codes define different ways in which a payment can be made to a member of staff.

Payment file export

After creating a Bulk payment, you can process the payment to create a payment file export. This is a CSV export that you can upload to your when doing a payment run.

Payment on account

A payment made without an invoice.

Payment recipient (factors)

A contact capable of receiving payments on behalf of a supplier.

Payments

Payments are the documents created to represent a payment made from a bank account. These are typically based off invoices.

Payroll deduction type

This is a way in which the payroll has decreased.

Period and year end

The period and year ends are usually brought forward via document imports.

Period milestone

Period milestones define when periods come to an end for different aspects of your business, whether that be exchange rate periods or write off periods.

Personal Expenses

This document type requires a payment to be made to confirm the expense has come out of the bank account. Typically, these are submitted by users to claim back money from the business. This works differently to Credit Card Expenses.

PO Invoices

Invoices created from a Purchase Order.

Prepayments

A prepayment is a payment made in advanced that goes on to the balance sheet.

Profit and Loss

The P/L is where the companies cost of sales, gross profits and net profits are recorded.

Project Groups

Project groups work as a hierarchy system for projects. They outline whether projects can have addresses, tasks, milestones and timesheets.

Projects

Projects allow for detailed analysis, on specific projects for the company. You can have P/Ls made specifically for documents against specific projects. These are typically posting Attributes.

Purchase & Sale invoices

A statement including a list of goods sent or services provided along with an amount due or a bill.

Purchase Invoices

A purchase invoice or supplier invoice is the bill issued by a supplier.

Purchase Orders

A purchase order is an order the company has placed for goods and services.

Purchase Stock Products

Products available to purchase that create or add to new stock.

Q

Quick cashbook posting from bank reconciliation

A quick cashbook from a bank reconciliation is an effective tool for reconciling transactions without invoices. Transactions such as bank charges and interest that can't be accounted for can be Quick Cash booked to eliminate the need for manual journals.

Quick payments

A payment made from an invoice.

Quick receipts

A receipt made from an invoice.

R

Receipt printing

Receipts that can be printed straight from Iplicit.

Receipts

Receipts are the sales equivalent of payments. A receipt is produced when money has been paid into your bank account, typically they are made from sales invoices.

Rechargeable Expenses

Rechargeable expenses are costs incurred during the course of your contract work that can be charged back to your agency or end client. This means that an agreement has been made between you and your agency or end client for you to be reimbursed for these expenses.

Recurring

Recurring documents are documents that can be created based off of a pattern.

Refund

Refunds are used in conjunction with cash sales and cash purchases, they act in a similar way to credit notes for invoices.

Reminder letters

Reminder letters are sent to aged debtors, they remind customers that they overdue on making a payment.

Reporting trees

You can create trees off of Attributes such as COA or projects and you can see your financial statements against these.

Requisitions

A requisition is a request for an organisation to purchase a good or service for the user's department.

Resource commission

Commission for a resource from the payroll products and commission plan.

Resource groups

The resource groups allows you to group resources in order to allow certain permissions, for example, the staff resource group may have access to absences, expenses and timesheets.

Resource schedule

A list of all resources' absences.

Resource

A resource can be a customer, supplier, member of staff, lead or payment recipient. Resources are generally people or companies that are used in conjunction with multiple areas of Iplicit containing a range of details about resources such as contact information to bank accounts. Each resource is restricted to one user.

Reversals

Reversals are an effective way to rectify input error and can be performed on all invoices as long as they haven't been paid and can be accessed by clicking the three dots found in the finder or the editor.

S

Salary Journal

A manual journal that accounts for staff salaries.

Sale stock products

Products available to sell that reduce stock.

Sales Invoice

Informs customers what is owed for good or services that were sold to them.

Sales orders

Sale Orders are orders placed by a customer.

Sales cash invoices

A cash sale is a cash transaction where the customer is receipted immediately.

Sales person

A contact that makes sales.

Schedule manager

The ability to manage the schedules of staff.

Self-Billing

Creating invoices for yourself typically from timesheets, you would create a sales invoice for the customer and a purchase invoice for yourself all based off a timesheet.

Set

Sets are the different views of finders that are preconfigured with default sorting and filters. E.g. Draft, Recent, Open, Search.

Set configurator

The set configurator can be seen next to the sets as a little cog icon. Upon clicking the icon you will be able to edit or create current and new sets.

Single sign-on (SSO)

An identification method that enables users to log in to multiple applications and websites with one set of credentials.

Staff

Contact accounts that work for the company.

Statement

A statement is a detailed report over a given period of time that can be produced & sent to customers & suppliers.

Suppliers

Company supplying the goods.

T

Table configurator

The table configurator is found at the top right of tables and allow the user to tailor the data they would like to see by configuring the columns they would and would not to display.

Task master

Task master is a feature used for managing projects and the tasks needed to complete said projects.

Tax authorities

Tax authorities are governmental representations of geographical areas that have different tax setups, these setups include the tax rates, codes, bands, groups and return types. Any legal entity must conform to a tax authority.

Tax bands

A tax band is the different category of tax that is placed on different products or services.

Tax codes

A tax code is a short string of characters that represent the tax-free tax bands assigned by tax authorities.

Tax groups & registrations

Tax registrations against legal entities derive from tax groups and schemes. The tax group states the tax authority, tax return type and tax return scheme.

Tax regions

The tax region is geographical location where specific sets of taxes apply. In Iplicit these locations tend to be countries or continents.

Tax return treatment

These treatments state the ways in which specific taxes are refunded.

Tax schemes

Tax schemes identify when VAT is included in a tax return. Using cash accounting as an example, the tax is available for inclusion in a tax return upon payment/receipt.

Timesheet codes

A timesheet code contains information about the timesheet that can be applied to specific resources.

Transaction troubleshooting

This is a log of all transactions that had errors containing information as to why, how & when the error occurred.

Trial balance

A combination of both your P/L and Balance Sheet.

U

User groups

The user group contains a list of roles specific to a type of user E.g. The user group 'system admins' will contain different user roles to that of the user group 'general office'. A user group is useful tool when assigning multiple of the same roles to multiple users.

User roles

A user role is a set role that gives a user specific access to different tools within Iplicit. E.g. 'Purchase invoice entry' has the ability to enter purchase invoices, 'Purchase invoice read only' can only read the purchase invoices, this role does not have the ability to enter invoices.

V

VAT returns

A VAT return is a tax form you file to show how much VAT you are due to pay HMRC. Your VAT return should contain your total sales and purchases for the period, the amount of VAT you owe and the amount you can reclaim, and what is your VAT refund.

W

Write offs

Used to clear bad debt owed to suppliers that may have gone bust or bankrupt. A write off must match the full outstanding amount.