This glossary covers all the important terms you learned in this book. Each term has its Hindi equivalent and a simple one-line definition. Use this as a quick reference whenever you forget a word.
English Term Hindi Term Simple Definition
Account खाता A record that tracks all transactions related to one person, item, or category. Accounting लेखांकन The process of recording, organizing, and reporting all money transactions of a business. Accountant लेखाकार A person whose job is to keep and check financial records. Audit लेखा परीक्षा An official check of a business's accounts to make sure they are correct. Balance शेष The difference between the total debits and total credits in an account. Bookkeeping बही-खाता The daily work of recording every money transaction in an organized way. Capital पूँजी The money or property that the owner puts into the business to start or run it. Cash नकद Physical money — coins and notes — that you can hold in your hand. Credit (Cr) जमा The right side of an account; an entry that increases income or liabilities. Debit (Dr) नामे The left side of an account; an entry that increases assets or expenses. Double Entry दोहरा लेखा A system where every transaction is recorded in two accounts — one debit and one credit. Entry प्रविष्टि A single record of a transaction written in the books of account. Fiscal Year वित्तीय वर्ष The 12-month period used for accounting, in India it runs from 1st April to 31st March. Journal रोजनामचा The book where transactions are first recorded in date order before posting to the ledger. Ledger खाता बही The book that contains separate pages for each account, showing all its transactions. Narration विवरण A short description written below each journal entry explaining what the transaction was. Opening Balance प्रारंभिक शेष The balance in an account at the start of a new financial year. Closing Balance अंतिम शेष The balance in an account at the end of a financial year. Posting खतौनी The process of transferring entries from the journal to the individual ledger accounts. Transaction लेन-देन Any exchange of money, goods, or services between two parties. Voucher प्रमाण पत्र A document that serves as proof that a transaction happened. Receipt रसीद A written proof that money has been received. Payment भुगतान The act of giving money to someone in exchange for goods or services. Contra Entry विपरीत प्रविष्टि A transaction between two cash or bank accounts, like depositing cash into the bank. Drawings आहरण Money or goods that the owner takes out of the business for personal use. Goodwill साख The extra value of a business above its physical assets, based on its reputation.
English Term Hindi Term Simple Definition
Assets संपत्ति Everything a business owns that has value — cash, machines, land, stock. Liabilities देनदारियाँ Everything a business owes to others — loans, unpaid bills, credit from suppliers. Equity स्वामी की पूँजी The owner's share in the business, calculated as assets minus liabilities. Revenue राजस्व Money earned by the business from selling goods or services. Expense व्यय Money spent by the business to run its operations — rent, salaries, electricity. Profit लाभ When revenue is more than expenses — the business has earned money. Loss हानि When expenses are more than revenue — the business has lost money. Net Profit शुद्ध लाभ The final profit after subtracting all expenses, including taxes, from revenue. Gross Profit सकल लाभ Sales minus the cost of goods sold, before subtracting operating expenses. Balance Sheet तुलन पत्र A statement showing what the business owns (assets) and what it owes (liabilities) on a specific date. Profit & Loss Account लाभ और हानि खाता A statement showing all income and all expenses for a period, ending with profit or loss. Trial Balance तलपट A list of all ledger accounts with their debit or credit balances, used to check if the books are balanced. Cash Flow Statement नकद प्रवाह विवरण A report showing how much cash came into and went out of the business during a period. Schedule III अनुसूची III The format prescribed by the Companies Act 2013 for preparing balance sheets and P&L statements. Current Assets चालू संपत्ति Assets that can be converted to cash within one year — stock, debtors, bank balance. Fixed Assets स्थायी संपत्ति Assets meant for long-term use — land, building, machinery, furniture. Current Liabilities चालू देनदारियाँ Debts that must be paid within one year — creditors, short-term loans. Depreciation मूल्यह्रास The decrease in value of a fixed asset over time due to use and wear. Accounts Receivable प्राप्य खाते Money that customers owe to the business for goods or services already delivered. Accounts Payable देय खाते Money that the business owes to suppliers for goods or services already received. Cost of Goods Sold (COGS) बेचे गए माल की लागत The total cost of buying or making the goods that were sold during a period. Working Capital कार्यशील पूँजी Current assets minus current liabilities — the money available for daily operations. Provisions प्रावधान Money set aside for an expected expense that hasn't been paid yet. Reserve आरक्षित निधि Profits kept aside by the business for future use instead of distributing to owners.
English Term Hindi Term Simple Definition
GST वस्तु एवं सेवा कर Goods and Services Tax — a single tax on the supply of goods and services across India. CGST केन्द्रीय वस्तु एवं सेवा कर Central GST — the part of GST that goes to the central government on sales within a state. SGST राज्य वस्तु एवं सेवा कर State GST — the part of GST that goes to the state government on sales within a state. IGST एकीकृत वस्तु एवं सेवा कर Integrated GST — the GST charged on sales between two different states. GSTIN जीएसटीआईएन A 15-digit unique identification number given to every GST-registered business. HSN Code एचएसएन कोड Harmonized System of Nomenclature — a number code used to classify goods for tax purposes. SAC Code एसएसी कोड Services Accounting Code — a number code used to classify services for tax purposes. Input Tax Credit (ITC) इनपुट टैक्स क्रेडिट The GST paid on purchases that can be subtracted from the GST collected on sales. GSTR-1 जीएसटीआर-1 The monthly or quarterly return that reports all outward supplies (sales). GSTR-3B जीएसटीआर-3बी The monthly summary return showing total tax liability, ITC claimed, and net tax payable. GSTR-9 जीएसटीआर-9 The annual return that summarizes all monthly returns filed during the financial year. E-Way Bill ई-वे बिल An electronic document required for transporting goods worth more than Rs 50,000. Composition Scheme कम्पोजीशन योजना A simpler GST scheme for small businesses with turnover up to Rs 1.5 crore, with lower tax rates and fewer returns. Reverse Charge रिवर्स चार्ज A situation where the buyer pays GST directly to the government instead of the seller. Place of Supply आपूर्ति का स्थान The location where goods are delivered or services are provided — it decides whether CGST+SGST or IGST applies. Tax Invoice कर चालान A bill issued by a GST-registered seller showing the details of goods sold and GST charged. Credit Note क्रेडिट नोट A document issued when goods are returned or the invoice amount needs to be reduced. Debit Note डेबिट नोट A document issued when the invoice amount needs to be increased. B2B बी2बी Business to Business — sales made from one registered business to another registered business. B2C बी2सी Business to Consumer — sales made from a business to an end customer who is not GST-registered. GST Portal जीएसटी पोर्टल The government website (www.gst.gov.in) where all GST registration, filing, and payments happen. GST Practitioner जीएसटी प्रैक्टिशनर A person officially registered to file GST returns on behalf of other taxpayers. Nil Return शून्य रिटर्न A GST return filed when there are no transactions during the period — still mandatory to file. Late Fee विलम्ब शुल्क A penalty charged for filing GST returns after the due date.
English Term Hindi Term Simple Definition
TDS स्रोत पर कर कटौती Tax Deducted at Source — tax cut from a payment before it is given to the receiver. TAN टैन Tax Deduction Account Number — a 10-digit number required for anyone who deducts TDS. Deductor कटौतीकर्ता The person or company that cuts TDS from a payment and deposits it to the government. Deductee जिसका कर काटा गया The person who receives the payment after TDS has been cut from it. Form 26Q फॉर्म 26क्यू The quarterly TDS return for payments other than salary (rent, professional fees, contract payments). Form 24Q फॉर्म 24क्यू The quarterly TDS return for salary payments. TDS Certificate टीडीएस प्रमाण पत्र A document (Form 16 / 16A) given by the deductor to the deductee as proof that TDS was deducted and deposited. Form 16 फॉर्म 16 TDS certificate given by an employer to an employee showing salary and TDS details for the year. Form 16A फॉर्म 16ए TDS certificate for non-salary payments like rent, professional fees, or contract payments. Challan चालान A payment slip used to deposit TDS to the government through a bank. PAN पैन Permanent Account Number — a 10-character alphanumeric number issued by the Income Tax department. Section 194C धारा 194सी The section of the Income Tax Act under which TDS is deducted on payments to contractors. Section 194J धारा 194जे The section under which TDS is deducted on professional or technical service fees.
English Term Hindi Term Simple Definition
Payroll वेतन पत्रक The process of calculating and paying salaries to all employees of a company. CTC सीटीसी Cost to Company — the total amount a company spends on an employee in a year, including all benefits. Gross Salary सकल वेतन The total salary before any deductions — includes basic pay and all allowances. Net Salary शुद्ध वेतन The salary actually received by the employee after all deductions (PF, ESIC, TDS, PT). Basic Pay मूल वेतन The core part of salary, usually 40-50% of gross salary, on which PF and gratuity are calculated. HRA मकान किराया भत्ता House Rent Allowance — an amount paid to employees to help cover rental expenses. DA महँगाई भत्ता Dearness Allowance — an amount paid to employees to offset the impact of inflation. PF भविष्य निधि Provident Fund — a retirement savings scheme where both employee and employer contribute 12% of basic pay. ESIC कर्मचारी राज्य बीमा Employees' State Insurance Corporation — a health and disability insurance scheme for employees earning up to Rs 21,000/month. Professional Tax व्यावसायिक कर A state-level tax deducted from the salary of employed persons, usually Rs 200/month. Gratuity उपदान A lump-sum payment made to an employee who has completed 5 or more years of continuous service. Bonus बोनस An extra payment given to employees, often during festivals or based on company performance. Pay Slip वेतन पर्ची A document given to the employee each month showing salary breakdown and deductions. Attendance उपस्थिति The record of how many days an employee was present at work during the month. Overtime अतिरिक्त समय Extra hours worked beyond normal working hours, usually paid at a higher rate. Leave Encashment छुट्टी नकदीकरण Payment received by an employee for unused leave days.
English Term Hindi Term Simple Definition
Bank Account बैंक खाता A record maintained by a bank that tracks money deposited and withdrawn by a customer. Current Account चालू खाता A bank account used by businesses for frequent transactions with no limit on deposits or withdrawals. Savings Account बचत खाता A bank account for individuals that earns interest on the money kept in it. NEFT एनईएफटी National Electronic Funds Transfer — a system for transferring money between bank accounts in batches. RTGS आरटीजीएस Real Time Gross Settlement — a system for instant transfer of large amounts (Rs 2 lakh and above). IMPS आईएमपीएस Immediate Payment Service — a system for instant transfer of smaller amounts, available 24x7. UPI यूपीआई Unified Payments Interface — a system that lets you transfer money instantly using a mobile phone app. IFSC आईएफएससी Indian Financial System Code — an 11-character code that identifies a specific bank branch for electronic transfers. Cheque चेक A written order to a bank to pay a specific amount from your account to another person or company. Bank Reconciliation बैंक समाधान The process of matching the business's bank records with the bank's own statement to find differences. Bank Statement बैंक विवरण A document from the bank listing all deposits, withdrawals, and the balance for a period. Overdraft अधिविकर्ष A facility where the bank allows you to withdraw more money than you have in your account, up to a limit. Fixed Deposit सावधि जमा Money deposited in a bank for a fixed period at a higher interest rate than a savings account. KYC केवाईसी Know Your Customer — the process of verifying a customer's identity using Aadhaar, PAN, and address proof.
English Term Hindi Term Simple Definition
ERP ईआरपी Enterprise Resource Planning — software that manages all business operations (accounting, inventory, sales, purchases) in one system. Master मास्टर A permanent record in the software — like a customer master, item master, or account master — that stores basic details. Voucher (in ERP) वाउचर A data entry form in accounting software used to record a transaction. Posting (in ERP) पोस्टिंग When a voucher is saved and its effect is recorded in the ledger accounts. Draft ड्राफ्ट A voucher that has been started but not yet finalized — it can still be changed. Submitted प्रस्तुत A voucher that has been finalized and posted — it cannot be easily changed. Approval स्वीकृति A step where a senior person reviews and approves a voucher before it is posted. Chart of Accounts खातों का चार्ट The complete list of all accounts used by a business, organized by category. Report रिपोर्ट A summary of data generated by the software — trial balance, P&L, sales register, etc. Dashboard डैशबोर्ड The main screen of the software showing key numbers and quick links at a glance. Backup बैकअप A copy of all your data saved separately, so that you don't lose everything if the computer fails. User Role उपयोगकर्ता भूमिका The set of permissions given to a person — what they can see, enter, edit, or delete in the software. Fiscal Year (in ERP) वित्तीय वर्ष The accounting period set in the software, usually April to March. Opening Entry प्रारंभिक प्रविष्टि The first entry in a new financial year that brings forward all the closing balances from the previous year.
English Term Hindi Term Simple Definition
Invoice बीजक / चालान A bill sent by a seller to a buyer listing the goods or services provided and the amount to be paid. Quotation कोटेशन A document offering to sell goods or services at a stated price, before the actual sale happens. Purchase Order क्रय आदेश A formal order sent by a buyer to a seller, confirming what goods are needed and at what price. Delivery Note डिलीवरी नोट A document that goes with the goods when they are delivered, listing what is in the package. Stock / Inventory माल / भण्डार The goods a business has available for sale or use. Turnover कारोबार The total value of sales made by a business during a period. Audit Trail लेखा परीक्षा निशान A record that shows who made each entry, when, and what changes were made — used to track and verify work. Accrual उपार्जन Recording income or expense when it happens, not when the money is actually received or paid. Cash Basis नकद आधार Recording income or expense only when the money is actually received or paid. Bad Debt डूबत ऋण Money owed to the business that will probably never be collected. Reconciliation समाधान / मिलान The process of checking two sets of records to make sure they agree with each other. Financial Year (FY) वित्तीय वर्ष The 12-month period from 1st April to 31st March used for all accounting and tax purposes in India. Assessment Year (AY) कर निर्धारण वर्ष The year after the financial year, in which income tax is calculated and filed for that financial year. Compliance अनुपालन Following all the rules and laws — filing returns on time, paying taxes correctly, keeping proper records. Penalty जुर्माना An extra amount of money charged by the government for not following the rules or missing deadlines. Interest on Late Payment विलम्ब ब्याज Extra money charged when tax or any payment is made after the due date. Digital Signature डिजिटल हस्ताक्षर An electronic way of signing documents online, used for filing returns and official submissions. Aadhaar आधार A 12-digit unique identity number issued by the Indian government to every resident.
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This glossary covers the terms used in this book. As you continue learning, you will encounter more terms — add them to your own personal glossary notebook.