In accounting, something that is current can be turned into cash within one year (“current assets”), or needs to be paid within one year (“current liabilities”). The use of the one year period is a longstanding accounting tradition that is appropriate for analyzing the annual financial statements of large companies.
However, seeing items on your accounting statements being called “current” can be confusing for a small business. If you need cash to meet payroll in the next two weeks, not all of those “current” assets may necessarily be turned into the needed cash in time!
Often synonymous with “short term.”