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Financial and accounting terms

Terms that you may want to know when your business trades with suppliers and buyers in foreign markets.

Accounting currency

Accounting Currency or Reporting Currency is the currency in which a firm has decided to record all its accounting records of transactions and financial statements. This currency may be different...

Accounts receivable

Accounts Receivable (AR) is money owed to a company to its buyers for goods or services invoiced that is shown as an asset on a company's balance sheet.

Cross-border commerce often results in either...

Currency hedge

A currency hedge or foreign exchange hedge is a financial transaction designed to protect and mitigate risks in one’s financial results such as earnings, cash flows, or value of foreign assets and...

SWIFT Code (BIC)

SWIFT code, also known as Bank Identifier Code (BIC) is one of the most pertinent parts of the SWIFT transfers instructions that you will need to get your international transfer right. 

HedgeFlows...

SWIFT transfer

SWIFT transfer is usually a cross-border transfer that is instructed using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) electronic messaging network. Actual money is then...

Telegraphic Transfer

Telegraphic Transfer (TT) or wire transfer is a legacy term referring to electronic transfers such as domestic payments via CHAPS (Clearing House Automated Payment System) in the UK or FedWire in the...