Every object in the system, representing a human-world object, with which the system is expected to interact. Some examples of business logic objects are invoices, bills, and receipts.
A high-level abstraction of a service that deals with business logic objects (e.g. a cash flow business service working on top of invoices, incoming bills, and expenses.) A business service can belong to one or multiple object types.
A legal or physical representation of the partner’s customers. An entity can be either an organization (including freelancers) or an individual (person). The entity registers its operations and stores financial documents (e.g. payables, bank transactions) via partner’s applications. Those financial documents are stored and processed by Monite.
An employee of the entity, when this entity is an organization. Entity users can interact with the flows based on the role assigned to them through the user hierarchy.
The International Bank Account Number (IBAN) is an internationally agreed system of identifying bank accounts across national borders to facilitate the communication and processing of cross-border transactions with a reduced risk of transcription errors.
Invoices are commercial documents that businesses issue to their clients to request payment for goods or services by outlining and detailing the amount of money owed, the terms of the deal, and information on the available methods of payment.
The smallest unit of a currency, such as cents or pennies.Most of our supported currencies have two decimals, meaning you would multiply the currency amount by 100 to get the value in minor units.Some currencies, such as JPY and KRW, do not have minor units.
Optical Character Recognition (OCR) is a technology that recognizes text within a digital image. It is commonly used to recognize text in scanned documents and images. OCR software can convert a physical paper document or an image into an accessible electronic version with text.
The intention of a customer to execute a payment. In our system, a payment intent is an object that represents the payment itself. It is used to track the lifecycle of the payment flow. A new payment intent is created every time a customer initiates a payment process.The payment intent object can also be used to see the history of a specific payment.
As an invoice, a quote is needed to help ensure you are paid accurately and on time.A price quote is given before any work is started. It details how much a project or job will cost. An invoice, on the other hand, is provided after the work is complete.
A financial document sent by an entity to a customer itemizing the sale of a good or service.Related terms: bill, quote, outgoing invoice, Accounts Receivable document.
Small and mid-size enterprises (SMEs) are businesses that maintain revenues, assets, or a number of employees below a certain threshold. Each country has its own definition of what constitutes an SME.
