Receipt
A written record of a transaction.

Accounts Payable
Amounts that a business owes

Net Income
Gross income less expenses; it represents a business's profit for a given year.

Audit
A systematic review or examination of the assertions or actions of a third party to evaluate conformance to some norm or benchmark.

Accounts Receivable
Amounts owed to a business that the business expects to receive.

Cash Letter
A group of checks accompanied by a paper listing sent to a clearinghouse, a Federal Reserve Bank, or another institution. A cash letter contains a number of negotiable items, mostly checks, accompanied by a letter that lists the amounts and instructions for transmittal to another bank. May also be called a transmittal letter.

Balance Sheet
A statement listing a business's assets, liabilities, and net worth, or equity.

Double-Entry Accounting
A system of accounting that records each business transaction twice.

Statement
A formal written summary of outstanding invoices.

Compliance Audits
Compliance audits are internal or external audits performed to evaluate whether systems or processes are designed and operating effectively to ensure compliance with pertinent laws, rules, regulations, and internal policies and procedures