Glossary
Indian business terms, explained
38 terms from GST, accounting, payroll and sales that come up when you run a business in India. Each entry gives a plain definition and then says exactly what BizzSetu does with it, including where the answer is "not supported". These are general explanations, not tax advice.
Last updated
A
- AMCAnnual Maintenance Contract
- An agreement under which a business services a customer's equipment for a year for a fixed fee, usually billed yearly, quarterly or monthly.
- In BizzSetu: Contracts and AMCs are stored with their period and file, and invoices are drafted on the billing cycle for you to review and issue.
- Contracts & AMC
B
- Balance sheet
- A statement of what a business owns (assets) and owes (liabilities and equity) on a given date.
- In BizzSetu: Produced from the double-entry ledger in the Accounting module.
- Accounting & GST
- Bank reconciliation
- Matching the entries in your books against the bank statement, so both show the same balance and nothing is missed or entered twice.
- In BizzSetu: Bank statements import from CSV or Excel with column mapping and a preview, and are then matched against ledger entries.
- Expenses & Payables
- BOQBill of Quantities
- A list of the items and quantities needed for a job, prepared after a site visit and used to price the work.
- In BizzSetu: A site survey holds the item list with quantities, picked from your product catalogue.
- Site Survey & BOQ
C
- CGST and SGSTCentral GST and State GST
- The two halves of GST charged on a sale within one state. An 18 percent rate is charged as 9 percent CGST plus 9 percent SGST.
- In BizzSetu: Invoices and credit notes carry CGST and SGST amounts for each GST rate.
- GST Invoicing
- Chart of accounts
- The list of ledger accounts a business uses, grouped into assets, liabilities, income, expenses and equity.
- In BizzSetu: A chart of accounts is provided in the Accounting module and can be reviewed and extended.
- Accounting & GST
- Credit note
- A document that reduces or cancels an invoice already issued, for example for a return or a billing mistake. Under GST it carries its own tax amounts.
- In BizzSetu: Cancelling an issued invoice raises a GST credit note against it.
- GST Invoicing
D
- Day book
- A date-wise list of every accounting entry made in a period.
- In BizzSetu: Available as a ledger report alongside the general ledger and cash flow.
- Accounting & GST
- Double-entry bookkeeping
- A method of accounting in which every transaction is recorded as equal debits and credits, so the books always balance.
- In BizzSetu: Invoices, payments, expenses, purchase orders and payroll each post balanced journal entries to the ledger.
- Accounting & GST
E
- e-Invoice (IRN)Invoice Reference Number
- A GST invoice reported to the government's Invoice Registration Portal, which returns an IRN and a signed QR code. It is compulsory for businesses above a turnover limit set by the government.
- In BizzSetu: Not supported. BizzSetu creates GST tax invoices and credit notes but does not generate an IRN or e-invoice QR code.
- e-Way bill
- An electronic document needed to move goods above a set value, generated on the e-way bill portal.
- In BizzSetu: Not supported. BizzSetu does not generate e-way bills.
- ESIEmployees' State Insurance
- A statutory health insurance scheme for employees below a wage limit, funded by contributions from the employer and the employee.
- In BizzSetu: The employee's ESI number is stored on the salary profile and the employee contribution is worked out in the payroll run. BizzSetu does not file the ESI return.
- Payroll
F
- Follow-up
- A dated reminder to contact a lead or customer again.
- In BizzSetu: Follow-ups are set on a lead, listed per employee, and shown as overdue when the date passes.
- Follow-up tracking
- Form 26Q
- The quarterly TDS return for tax deducted on payments other than salary.
- In BizzSetu: The TDS figures on vendor bills are available to prepare 26Q. Filing is done outside BizzSetu.
- Expenses & Payables
G
- GSTGoods and Services Tax
- India's tax on the supply of goods and services, charged at set rates and reported to the government in periodic returns.
- In BizzSetu: Each quotation and invoice line carries its own GST rate, and return data is prepared from the invoices and bills you enter.
- GST InvoicingGST return data
- GSTINGST Identification Number
- The 15-character registration number given to a business registered under GST. The first two digits are the state code and the next ten are the PAN.
- In BizzSetu: Stored for your company, customers and vendors and printed on documents. A GSTIN typed with spaces or in lower case is tidied before it is checked.
- GSTR-1
- The GST return that lists a business's outward supplies (sales) for a period.
- In BizzSetu: BizzSetu builds a GSTR-1 JSON file from your invoices. You or your CA upload and file it on the GST portal.
- GST return data
- GSTR-3B
- The summary GST return in which a business declares its sales, input tax credit and net tax payable for a period.
- In BizzSetu: BizzSetu prepares a GSTR-3B summary from your books for review. Filing is done on the GST portal.
- GST return data
H
- Hinglish
- Hindi written in Roman (English) letters, as commonly typed in chat.
- In BizzSetu: One of the three languages of the web app and the Android app, with English and Hindi.
- Hindi & Hinglish CRM
- HRAHouse Rent Allowance
- A part of salary paid towards an employee's rent.
- In BizzSetu: A component of the salary structure used in payroll.
- Payroll
- HSN and SACHarmonised System of Nomenclature / Services Accounting Code
- Codes that classify goods (HSN) and services (SAC) for GST.
- In BizzSetu: A product can store its HSN code.
I
- IGSTIntegrated GST
- The GST charged on a sale from one state to another, in place of CGST and SGST.
- In BizzSetu: Invoices and credit notes carry the IGST amount for each GST rate where it applies.
- GST Invoicing
- ITCInput Tax Credit
- The GST a business has paid on its purchases, which it can set off against the GST it collects on sales.
- In BizzSetu: An ITC ledger is built from the vendor bills you enter.
- GST return data
L
- Lead
- A person or company that has shown interest and may buy.
- In BizzSetu: A lead holds contact details, source, owner, stage, interested products and a timeline of calls, notes, follow-ups, WhatsApp messages and quotations.
- Lead Pipeline
- LOPLoss of Pay
- Salary deducted for days an employee was absent without paid leave.
- In BizzSetu: LOP days are worked out in the payroll run from attendance and leave. Weekly offs and holidays are not counted.
- Payroll
P
- Payslip
- A statement given to an employee showing earnings, deductions and net pay for a month.
- In BizzSetu: Payslip PDFs are produced for each paid month, and employees open their own in self-service.
- Payroll
- PFProvident Fund (EPF)
- A statutory retirement saving scheme to which the employer and the employee both contribute each month. Each member has a 12-digit UAN.
- In BizzSetu: The UAN is stored on the salary profile and the employee PF contribution is worked out in the payroll run. BizzSetu does not file the PF return.
- Payroll
- Pipeline
- The stages a deal passes through from first contact to won or lost.
- In BizzSetu: Shown as a board with leads in columns by stage.
- Sales Pipeline
- Professional taxPT
- A tax on employment charged by some Indian states, deducted from salary according to that state's slabs.
- In BizzSetu: Deducted in the payroll run according to the state set on the salary profile.
- Payroll
- Purchase orderPO
- A document a buyer sends a vendor to order goods at agreed quantities and prices.
- In BizzSetu: Purchase orders carry vendor GST details and line items. Receiving one adds stock.
- Purchase Orders
Q
- Quotation
- A priced offer sent to a customer before a sale.
- In BizzSetu: Quotations have per-line GST, approval, a customer link to accept or decline, revisions and a PDF.
- Quotation Management
R
- Receivables ageing
- A report that groups unpaid invoices by how long they have been outstanding.
- In BizzSetu: Available for customer invoices, with a matching payables ageing for vendor bills.
- GST Invoicing
S
- SLAService Level Agreement
- The time within which a support request must be answered or resolved.
- In BizzSetu: Each ticket has an SLA due time, and an hourly check raises an alert when one is breached.
- Support Ticketing
T
- Tally export
- A file of accounting entries in a format Tally Prime can import.
- In BizzSetu: The ledger exports as Tally Prime XML, or as a CSV for Zoho Books. It is a file export, not a live sync.
- Tally export
- TDSTax Deducted at Source
- Income tax deducted by the payer when making certain payments, such as salary, rent or professional fees, and deposited with the government.
- In BizzSetu: TDS is deducted on vendor bills under editable sections with figures for your 26Q working, and payroll shows a salary TDS estimate. BizzSetu does not file TDS returns.
- Expenses & PayablesPayroll
- Trial balance
- A list of every ledger account with its debit or credit balance, used to check that the books balance.
- In BizzSetu: Produced from the ledger in the Accounting module.
- Accounting & GST
W
- Weighted-average cost
- A way of valuing stock in which the cost per unit is the total cost of the units bought divided by the number of units.
- In BizzSetu: Stock valuation uses the weighted-average cost of purchases, including stock added by hand with a cost.
- Inventory Management
- Workspace ID
- The short name that identifies a company's own space in a multi-tenant application.
- In BizzSetu: You sign in with a workspace ID, email and password. A forgotten workspace ID can be emailed to you from the login page.
- Getting started
Try BizzSetu with your own team
Start a free trial with a real lead file, or book a demo and we will walk through your workflow.