posting

Definition

In accounting, the transfer of transaction amounts from a journal into the corresponding ledger accounts—the meticulous bookkeeping step that turns scattered notes into organized financial records.

Example Usage

The accountant is responsible for posting all daily transactions to the general ledger by month-end.

Source: Generally Accepted Accounting Principles (GAAP)

Related Terms

Beginner

financing

The art of obtaining money for a venture, purchase, or operation, typically through loans, investments, or creative accounting that would make your grandmother worry. In real estate and business, it's the difference between owning something outright and owing a bank for the next 30 years. Everyone says they're 'exploring financing options' which usually means 'we're broke but optimistic.'

💰 Finance / Accounting

Intermediate

Contingent Liability

A potential obligation that may or may not materialize depending on future events, like pending lawsuits or product warranty claims. It's Schrödinger's debt—simultaneously owing money and not owing money.

💰 Finance / Accounting

Intermediate

accountancy

The professional practice of accounting, elevated to sound more prestigious—because 'accountant' apparently needed fancier branding. It encompasses the entire field of financial reporting, auditing, tax preparation, and making sure companies follow arcane rules that change annually. The British prefer this term, Americans less so, but everyone agrees it involves lots of coffee and spreadsheets.

💰 Finance / Accounting

Beginner

COGS (Cost of Goods Sold)

Direct costs of producing goods you sell—labor, materials, and the despair of manufacturing.

💰 Finance / Accounting

Beginner

aging schedule

A report categorizing accounts receivable by how long they've been outstanding, typically in 30-day buckets. It's a snapshot of who owes you money and which customers are slow payers or potential deadbeats.

💰 Finance / Accounting

Beginner

insurance

The adult version of 'just in case,' where you pay someone monthly to maybe help you later when disaster strikes. It's essentially a bet where you're hoping to lose: you give them money, and if nothing bad happens, they keep it and everyone's happy. The entire industry runs on actuarial tables, fine print, and the mathematical certainty that most people will pay more than they'll ever claim.

💰 Finance / Accounting

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