Terminology (bookkeeping)
I'm already struggling with bookkkeeping terminology in Dutch, my native language. And the more in English. Let's use this article to keep terms & translations consistent.
Both Dutch & English entries might be included here. Or one entry might mention the other entry, without the latter having a separate heading - Whatever.
Accounts payable
Accounts payable are the outstanding invoices from suppliers, that haven't yet been payed:
- In Dutch: Handelskrediteuren.
- Account payable is not to be confused with regular creditors: This is short term credit, from the time between receiving an invoice and paying the invoice. It's not like 'real' credit - Only a float.
- That's why in Dutch, handelskrediteuren is a better name than just krediteuren.
Example: VAT at closing balance
At a closing balance of any given year, there is likely to be a post at credit concerning VAT that has to be disbursed to the Belastingdienst over the last period of that year. That would be called Creditor: Belastingdienst (VAT to be disbursed) or something like that. This is credit, not accounts payable.
The moment this VAT submission is done, this amount changes to accounts payable: Only now it became a regular account payable.
Accounts receivable
NL: Debiteuren
BTW-aangifte
What's the proper English term for BTW-aangifte?
The English term for "BTW-aangifte" in the Netherlands is typically "VAT return" or "VAT declaration." Both "VAT submission" and "VAT report" are also commonly used alternatives to describe the process of providing information to the tax office regarding Value Added Tax (VAT) transactions. The specific term can vary slightly based on regional variations and preferred terminology, but "VAT return" and "VAT declaration" are widely understood and used.
Personally, I find VAT return a strange term, just as I find the US term tax return strange → I'll use VAT submission.
BTW: Verschuldigd → VAT: Due
BTW: Voorbelasting
Chart of accounts - Rekeningschema
Chart of accounts [1] or rekeningschema: List of all accounts or grootboekrekeningen
Commission basis
When earning a commission on webshop sales, this commission is calculated over an amount dubbed commission basis. Two ways to calculate this amount:
- Commission basis = sales mount -/- VAT -/- delivery costs -/- VAT over delivery costs
- Commission basis = revenue -/- delivery costs -/- VAT over delivery costs.
Debet - Debit
Financieel feit
I'm often struggling with how to call the stuff that you put on a line in a bookkeeping:
- Financieel feit [2]
- Journaalpost - That's how it appears in the bookkeeping. That's not exactly what I'm looking for here
- Bookkeeping fact (EN).
General ledger - Grootboek
General ledger or grootboek: The collection of all accounts or grootboekrekeningen
Handelskrediteuren
This means the same as leverancierskrediteuren: Credit or float from suppliers.
EN:
- → Accounts payable
- (Supplier credit - Supplier creditors)
- (Trade credit? - Trade creditors?_
Journaalpost
Journaalpost: A mutation in an administration where debit and credit are balanced: It always involves at least two lines, regels or mutations [3]
Liabilities
The Dutch term "vreemd vermogen" translates to "foreign capital" or "liabilities" in English. In accounting and finance contexts, "vreemd vermogen" refers to funds or capital that come from external sources, such as loans or other forms of debt. It represents the portion of a company's financing that is not provided by its owners or shareholders but is instead borrowed from creditors or other external parties.
So, in English, you can use either "foreign capital" or "liabilities" to convey the meaning of "vreemd vermogen" depending on the specific context in which it is used.
Means of production
Productiemiddelen.
Onttrekking privé
- Private withdrawal
- Withdrawal private?
Posting
How do you call the act of putting stuff in a bookkeeping?
- EN: Posting [4]
- NL: Inboeken.
Rekening-courant
- Current account
- (Checking account)
Revenue
- NL: Omzet
- EN: Revenue - Not turnover.
General meaning
- Revenue first and foremost, is an amount that does not include VAT
- It's usually the sales amount ex. VAT.
Bookkeeping
Within bookkeeping, revenue is usually an mount without delivery costs, as transactions that include delivery costs, are likely to be administrated separately.
Webshops
Within webshop operations, revenue is usually including delivery costs, but without VAT over delivery costs
Sales amount
- EN: Sales amount, sales figure or sales price
- NL: Verkoopbedrag.
This is the amount that changes hand as part of a transaction. So it's usually including VAT.
VAT: Due
VAT: Pretax
- VAT: Pretax refers to the VAT that has been charged to a company, through purchases that it made
- This is the stuff that a company claims back at VAT filings.
Translations:
- NL: BTW: Voorbelasting
- EN: VAT: Pretax.
VAT Rate
Is it rate or tariff in English?
In English, you can refer to these groups as "High VAT Rate" and "Low VAT Rate." This terminology is clear and straightforward, making it easy for others to understand the distinction between the two categories. Using "tariff" instead of "rate" could potentially be confusing, as "tariff" often refers to taxes or duties imposed on imports or exports, rather than the standard tax rates applied to goods and services within a country.
Verkoopbedrag → Sales amount
Vreemd vermogen → Liabilities
Sources
- https://en.wikipedia.org/wiki/Bookkeeping
- https://nl.wikipedia.org/wiki/Boekhouding
- https://nl.wikipedia.org/wiki/Journaalpost
- https://en.wikipedia.org/wiki/Journal_entry
- https://nl.wikipedia.org/wiki/Grootboek
- https://nl.wikipedia.org/wiki/Rekeningschema
- https://en.wikipedia.org/wiki/Chart_of_accounts
- https://en.wikipedia.org/wiki/General_ledger