ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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JOURNAL PAYMENT Definition
JOURNAL PAYMENT see DIRECT JOURNAL PAYMENT.
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OPEN BALANCE EQUITY is an account that is automatically created by QuickBooks whenever a company is created. It is an equity account similar to Retained Earnings or Owner Capital. The Open Balance Equity account is basically a "plug" account used by QuickBooks to balance a transaction (basic accounting debits=credits). QuickBooks will enter a balance in the Open Balance Equity account for two reasons: beginning account balances or forced adjustments.
LIFFE is the London International Financial Futures and Options Exchange.