Glossary — money owed

LiteShop uses the same few words everywhere money is owed: on the customer and supplier pages, in Reports, on receipts, in alerts and in exported files. This page explains them.

#Receivable

Money others owe you. The app shows it as Receivable · They owe you, or short Owes you.

• Customers who bought on credit and have not paid yet (see Credit sales).
• A supplier who owes you money back, for example after you returned goods.
• Delivery companies that collected cash on delivery for you and have not paid it to you yet (coming soon).

A receivable is not cash yet: it is not in your drawer or your bank until it is paid.

#Payable

Money you owe others. The app shows it as Payable · You owe.

• Suppliers you bought from on credit (see Payables).
• Delivery company fees you have not paid yet (coming soon).

#Net

Receivable minus payable — the money owed to you after you pay what you owe.

• Net: they owe you 50,000 Ks — others owe you more than you owe them.
• Net: you owe 20,000 Ks — you owe more than others owe you.
• Net: nothing owed — both are the same.

See it in Reports → Receivables & payables (see Receivables & payables).

#Aging

How long money has been owed past its due date, in groups:

A customer's sale without a due date shows as No due date and is never late. A supplier purchase without a due date counts as due on the day you bought it. Aging is on Plus and up.

#Overdue

Money owed after its due date (the 1–30, 31–60 and 60+ groups together). Collect these from customers, and pay these to suppliers, first.

#Remittance

When a delivery company sends you the cash it collected from your customers (cash on delivery), usually as one bank transfer for many parcels. A remittance lowers what the delivery company owes you. See Courier cash on delivery.

#Settlement

Clearing what two sides owe each other in one go. For example, a delivery company pays you the cash it collected minus its delivery fees, so only the net is transferred. A settlement lowers both: your receivable from the company and your payable to it. See Settle net.

#COD (cash on delivery)

The customer pays the delivery person when the parcel arrives. Until the delivery company remits that cash to you, it is a receivable from the delivery company — money they owe you. See Courier cash on delivery.

#Capital

The money the owners and investors have put into the business and left there: what they invested, minus what they took out, plus profit they chose to keep in the business. With shares by money invested, each person's share is their capital ÷ everybody's capital. See Business finance.

#Business value

What the business owns (money in all accounts, stock at cost, receivables, equipment) minus what it owes (payables, loans, money customers paid in advance, profit promised to owners but not paid yet). See Business finance.

#Net profit

Sales after discounts and refunds, minus what the goods cost you (that is the gross profit), minus the running costs: rent, salaries, bills, fees, interest and other costs. It is what the business really earned in the period.

#Payout

Profit paid to an owner or investor from a money account after a profit period is finalized. Profit a person leaves in the business instead becomes part of their capital.

#Reconcile

Making the app agree with the real money: you count the cash or look at the bank, type the real balance, and the difference is recorded with its reason (Enter the real balance).

#Transfer

Moving money between your own accounts, for example from the cash drawer to the bank (Move money). It is not a sale and not a cost; only a bank fee on it is a cost.

#Loan interest

The extra you pay a lender for borrowing money. LiteShop uses simple interest on what is still owed (a % per month or per year). Interest is a running cost; paying back the loan itself (the principal) is not.

#Quotation

A price offer to a customer: the items, prices and total, valid until a date (number like Q-000012). It is not a sale and moves no stock. The customer accepts or declines it on a link; you can then ring it up, send a payment link or make an invoice. See Quotations & invoices.

#Invoice

A sale the customer pays later (number like INV-000003). Stock goes out now and the total is a receivable until they pay. See Invoices.

#Layaway

Deposit now, collect later (number like LW-000001). The customer pays part now, the shop keeps the items for them, and they collect when it is fully paid. The sale counts on the hand-over day. See Layaway.

#Deposit

Money a customer paid before they get their things: on a layaway, or as a repair deposit. It is the customer's money that you hold (a customer deposit), so it is a kind of payable, not a sale, until they collect. See Layaway and repair deposits.

#Repair job

A customer's item you take in to repair or service (number like RJ-000001), with its problem, status, charges and deposit. It becomes a sale when the customer collects it. See Repairs & service.

#Booking

A time a customer booked with your shop or a team member (number like AP-000001), made at the counter or online. It can hold a booking deposit (the customer's money until the visit) and becomes a sale when you complete it. A no-show is a booking the customer didn't come to. See Appointments & bookings.

#Claim slip

The paper (or picture / PDF) you give the customer when you take in a repair job. It shows the job number, the item, the problem, the promised date, the deposit and your terms. The customer brings it back to collect. See Claim slip and tag.

#Reseller

A customer who buys from you to sell again (an agent, often selling on Facebook). With the Reseller portal they open their own link, sign in with a PIN and order at their own price list, on credit or paid now by QR.