Words you will see in Todah

Plain-language meanings for the business and bookkeeping words used on Todah's screens.

Todah uses a handful of bookkeeping words. Here is what each one means, in the sense Todah uses it.

People and things

Workspace	Your business's private space in Todah: its clients, invoices, bills, bank lines and settings. Each workspace is separate from every other one.
Client	Someone you sell to and send invoices and quotes to. Also called a customer.
Vendor	Someone you buy from: a supplier, a subcontractor, your phone company. Their bills go in Bills.
Product, item or saved item	Something you sell often, saved in Products with a name, a price and a tax rate. Picking it on an invoice fills in the line for you. It can be a service, such as an hour of labour, as well as a physical product.
Role	What a person on your team is allowed to do. The owner runs the workspace (at first, the person who created it, and later any admin the owner hands it to with Make Owner). An admin can manage people, banking, journal entries and settings. A member does the day-to-day work but cannot see Journal Entries, Banking, Team or the Audit Log, cannot delete records for good or remove recorded payments (so Mark Unpaid on a bill is for the owner and admins), and sees the workspace's settings read only.
Archived	A client or vendor you have put away because you no longer work with them. Their documents stay, they leave your lists, and Restore brings them back.
Expense category	A label for what a cost was for, such as Materials or Insurance. Each one is either COGS (cost of goods sold: a direct cost of a job, like materials or subcontractors) or OpEx (operating expense: overhead, like insurance or software).

Documents

Quote or estimate	A price you send before you do the work. Some businesses call it an estimate; Todah calls it a quote everywhere.
Invoice	A request for payment you send to a client after you have done the work or delivered the goods.
Bill	An invoice someone sends you. In Todah a receipt for something you bought is recorded as a bill too.
Credit note	A document that reduces what an invoice owes, for example when part of a job is refunded or was billed twice. The original invoice stays as it was.
Statement	A summary sent to a client listing their invoices and the balance they still owe.
Recurring invoice	A schedule that creates the same invoice for you every week, month, quarter or year.
Line item	One row on an invoice, quote or bill: what it is, how many, the price, any discount and the tax. Each line carries one of the sales taxes you set up, picked by name.
Journal entry	A record you type in by hand for money that never passes through an invoice, a bill or a bank line, such as your opening balances or a year-end adjustment from your accountant. Its debits and credits always balance.
Opening balances	What the business owned and owed on the day you started keeping your books in Todah. You enter them once, in Journal Entries → Enter Opening Balances.
PO number	A purchase order number. Some clients give you one and want it printed on your invoice so their accounts team can match it.

Dates and terms

Issue date	The date on the document: when you created and sent it.
Due date	The last day the client should pay by.
Payment terms	How long the client has to pay. Due on receipt means straight away. Net 30 means within 30 days of the issue date. Todah offers Due on receipt and Net 7, 15, 30, 45, 60 and 90, and fills in the due date from the terms you pick.
Valid until	On a quote: the last day the price stands.
Overdue	Past its due date and not fully paid.

Statuses

Draft	Saved but not sent. Nobody else has seen it, and you can still change it freely.
Sent	Emailed to the client, or marked as sent.
Partially Paid	Part of the money has been paid, but not all of it. Used on invoices (your client has paid part) and on bills (you have paid part).
Paid	Fully paid. On a bill, it means you have paid it.
Overdue	The due date has passed and money is still owed. Used on invoices and bills.
Cancelled	An invoice you have called off. It stays on record with its number but no longer counts as money owed.
Refunded and Partially Refunded	Money the client paid that you then gave back to them, in full or in part, by card or another way.
Disputed	On an invoice: the client asked their card company to take back a card payment (a chargeback). Card payment on that invoice is paused until the dispute is decided.
Dispute Lost	On an invoice: the card company sided with the client, so the money went back to them. The invoice shows this until the balance is settled another way.
Accepted and Declined	On a quote: the client said yes or no.
Outstanding	On a bill: not yet paid.
Open, Applied and Void	On a credit note: not yet used, used against an invoice, or cancelled.
Unmatched, Matched and Part Matched	On a bank line: not dealt with yet; fully accounted for; or matched to documents that take only part of its money, with the rest still to match.
Reconciled	On a bank line: you have ticked it off against your bank statement. It stays locked until you choose Undo Reconciled.

Tax

Sales tax	Tax you add to the price of what you sell and pass on to the government. In Canada that is GST, HST, PST, QST or RST, depending on the province.
GST	Goods and Services Tax, the federal sales tax charged across Canada.
HST	Harmonized Sales Tax: GST and the provincial tax combined into one, used in Ontario and the Atlantic provinces.
PST, QST and RST	Provincial sales taxes charged on top of GST in some provinces (British Columbia, Saskatchewan, Quebec, Manitoba).
Recoverable tax	Tax you paid on your own purchases that you can claim back on your return. GST, HST and QST are usually recoverable. PST usually is not.
GST/HST return	The form you file with the Canada Revenue Agency (CRA) to report the tax you charged and claim back the tax you paid.

Banking and reports

Bank line or transaction	One deposit or withdrawal from your bank statement.
Match	Linking a bank line to the invoice or bill it paid, so Todah knows the money really moved. A line that still needs this shows as Unmatched.
Reconcile	Checking that your books and your bank agree, line by line. In Banking, a line you have checked can be marked Reconciled.
Ignored	A bank line you have set aside because it is not really the business's money, such as a duplicate you want to keep visible. An ignored line counts nowhere. A transfer between your own accounts is not ignored: it is matched as a Transfer.
Transfer	Money moved between two of your own accounts, such as chequing to savings. In Banking you match the two lines to each other so neither counts as income or spending.
Bank feed	A live connection to your bank, so new lines arrive by themselves instead of being imported. Part of Business and Enterprise.
Revenue	Money you have billed for your work.
Outstanding (on the Dashboard)	Money clients still owe you on invoices you have sent.
Profit and loss	A report of what you earned minus what you spent over a period: whether you made money.
Balance sheet	A snapshot of what the business owns, what it owes and what is left over for the owners, on one date.
Trial balance	A list of every account's total, used by accountants to check the books add up.
Ageing	Unpaid invoices grouped by how late they are: not yet due, 1 to 30 days, 31 to 60, 61 to 90, over 90.
Fiscal year	Your business's twelve-month accounting year. It may or may not start in January.

See also

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