Summary
Learn the key terms used in the Box+Dice Accounting module.
This article covers:
Overview
To help you navigate the MRI Box+Dice accounting module with confidence, we’ve compiled a glossary of key terms and their meanings. This guide is designed to clarify how each term is used within the system, especially where terminology may differ from general accounting or real estate usage.
Glossary of terms
Sales
- Invoice - A document issued to customers requesting payment for services such as commissions, advertising, or general expenses
- Sales Receipt - Funds received to pay a customer invoice. These may come directly into your general account or be released from a trust account
- Statement - A consolidated view of transactions for a listing, including trust payments, trust receipts, sales invoices, and sales receipts. It allows you to compare Trust and General account activity in one place
Purchases
- Bill - A supplier invoice received by your company for services rendered (e.g., signage, photography, web portals). In Box+Dice, these are found under the Purchases > Bills section
- Billed Items - Individual line items listed on a bill that represent specific charges from a supplier
Trust Accounting
- Ledger - A virtual sub-account within your Trust Account created for each sale. All trust-related transactions for that sale are recorded here. The sum of all ledgers equals the Cashbook Balance
- Receipt (Trust) - Any deposit (Cheque, EFT, or Cash) made into the Trust Account
- Payment (Trust) - Any withdrawal (Cheque, EFT, or ABA) made from the Trust Account
- Transfer - The movement of funds between ledgers. For example, transferring funds from an Owner Ledger to a Company Ledger to consolidate payments
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Reconciliation -The process of verifying three balances:
- Cashbook Balance - Total of all receipts and payments in Box+Dic
- Ledger Balance - Sum of all ledger balances.
- Reconciled Bank Balance - Actual bank statement balance at month-end. Discrepancies are typically due to unpresented receipts or payments
- Archives - A historical record of daily and end-of-month reconciliation reports. You can also reverse a reconciliation (unrollover) here if needed
Pending Transactions
- Pending Transaction - An automated disbursement process that replaces manual disbursement and account sale screens. Each pending transaction is linked to an invoice and is processed based on invoice settings (e.g., on deposit release or on receipt of bills). Once processed, it becomes a regular trust ledger transaction
Other Key Terminology
- Campaign - Formerly referred to as "Expenses," this term now represents advertising and marketing costs associated with a listing
- Sale Details - Replaces the term "Sales Voucher." This section includes all sale-related information, including commissions
- Trust Funds Released - Replaces the "Staff Commissions" search filter. It refers to commissions that have been paid out from trust