Loan Servicing Software Glossary: Key Terms & Concepts

The term "accounts receivable" refers to a company's unpaid bills or the money owed to it by customers. Accounts that a company is entitled to receive as a result of delivering a product o...read more

A bank reconciliation statement reconciles an entity's bank account with its financial records. The statement lists all deposits, withdrawals, and other transactions in a bank account over...read more

A Certified Public Accountant Firm (CPA firm) is a business licensed in the state where it operates and is owned, at least in part, by a CPA. Auditors who work for CPA companies handle pri...read more

A general ledger is a financial data record-keeping system that includes debit and credit account records confirmed by a trial balance. It helps to keep track of all the financial transact...read more

Payment made with a portable electronic device such as a tablet or cell phone for a product or service is known as Mobile payment. Mobile payment systems, such as PayPal and Venmo, can als...read more

Trading money electronically is known as online payment. Computer networks, the internet, and digital stored value systems are commonly used in this process. You accept an online payment w...read more

Payment Processing is defined as providing a Person with the ability to charge or debit accounts using any payment mechanism, including but not limited to Remotely Created Payment Orders, ...read more

In the service industry, hourly billing is the most popular billing technique. It entails the dynamic creation of project billing records, including time, expenses, retainer balances, amou...read more

An invoice is a business document delivered by a seller to a buyer that refers to a sale transaction and identifies the items, quantities, and agreed prices for products or services the se...read more

A contact database allows a business to more efficiently manage and coordinate information about its clients, customers, and other contacts. Many businesses frequently confront duplicate d...read more

Financial management is a process of planning, organizing, regulating, and monitoring financial resources to meet the goals and objectives. It is ideal for controlling an organization's ec...read more

An audit trail is a step-by-step sequential record that offers evidence of a financial transaction's documented history back to its source. With the use of the audit trail, an auditor can ...read more

Fundraising management is the process of organizing fundraising events that involve individuals, businesses, charity foundations, or government agencies, and fundraising managers are the p...read more

Loan management is a key feature of modern loan servicing software that allows financial institutions and organizations to effectively manage and track their loan portfolios. This feature ...read more