Backup – The procedure for copying the system data files onto floppy diskette or streaming tape. This provides a record to re- establish the system in the event of fire, theft or major system malfunction.
Bad Debt – Amounts owed to a company that is recognized, but cannot be paid. Sometimes bad debts can be deducted as an expense.
Balance from Date
Balance sheet – A statement that discloses the financial position of a business with a summary of the entity’s assets and liabilities. Balance sheets are usually prepared at the end of each financial year. Should include provisions for future statutory obligation such as Annual sick leave.
Ballpark (Variation) – A variation on which all detail is not known. The valuation if provided is intended to be indicative (to allow alternative decision making processes and indicate final forecast cost, i.e. Rise and Fall).
Ballpark Extention Days – A variation may have a number of impact in addition to the direct cost including the Extension of time to extend Practical Completion or you may be entitled to Prolongation Costs, which are usually processed as a limited number of variations in value to agreed time extensions.
Bank (alpha) – In Muli Users are provided with up to 26 bank accounts (A-Z). Each account must have a nominated currency. Bank Z is required to exist in all companies and its nominated currency is deemed to be the system currency in which all general ledgers are deemed to exist. With all other currency the transactions are converted to base currency at time of transaction settlement. A variance provision may occur in the accounts for changes in exchange rate for balances in foreign currencies at time of producing the general ledger (month end).
Bank Account Number – The actual bank account number at the branch.
Bank Guarantee – A bank guarantee is a security for the payment of money – in theory backed by the financial strength of the issuing bank – in practice the bank will probably ask for a similar amount of money to be placed on deposit with them. In the construction industry bank guarantees are generally used for security of contract performance, contract payment, in lieu of retention monies or to substitute for funds paid into court.
Bankrupt – When an individual or company has greater liabilities than it does assets they can be declared bankrupt by creditors. With regards to a limited liability company, the term “insolvent”is used.
Base pay sequence for Rate calculation – This allows you to link this code to another code in the system which tells Muli to go to the other code to establish the rate at which this Sequence is to be paid. For the purpose of our example leave it blank, as the Sequence we are establishing doesn’t rely on another Sequence.