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Computer Accounting with QuickBooks Online - Chapter 4 - Key Terms and concepts – Banking
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- 1Check RegisterIs a record of all transactions affecting the Checking account
- 2Date columnLists the date of the transaction in the check register
- 3Ref No. Type columnLists the reference number, suck as check number, and type of transaction, such as Deposit
- 4Payee Account columnLists the payee and the account used to record the transaction
- 5Payment columnLists the amount of money out of the Checking account
- 6Deposit columnLists the amount of money into the Checking account
- 7"Check mark" ColumnIndicates whether the bank transaction is C (Cleared), R (Reconciled), or blank (Uncleared, Unreconciled)
- 8Balance columnDisplays the running balance for the Checking account, updating the balance with each new transaction in the account
- 9Three main ways to use QBO to record money coming in1. Customer Sales using Sales Receipts, 2. Customer Sales using Invoices > Receive Payments, 3. Bank Deposit
- 10Bank Deposit FormIs used to record money coming in that is not a customer sale
- 11Examples of money coming in that is not a customer sale include:• Investments from company owners
• Cash received from loans
• Interest earned
• Other income, such as rental income when primary business is not a rental business - 12Examples of money going out which a business needs to track include:• Purchases of inventory
• Purchases of office supplies
• Employee salaries
• Rent payments
• Insurance payments - 13Supporting documents (source documents) for payments include:• Canceled checks, receipts, and paid invoices
- 14Four main ways to use QBO to record money out include:1. Expense, 2. Check, 3. Bill > Pay Bills, 4. Purchase Order > Bill > Pay Bills
- 15Expense, or Check, onscreen formIs used to record money going out which is paid at the time the product or service is received (instead off later)
- 16Examples of money going out that could be recorded using the Expense or Check onscreen form include:• Rent expense
• Utilities expense
• Insurance expense
• Office supplies expense
• Services expense, such as accounting or legal services - 17Examples of money going out that should not be recorded using a Check or Expense onscreen form include:• Paychecks to employees for wages and salaries
• Payroll taxes and liabilities
• Sales taxes
• Bills already entered using the Bill onscreen form - 18Two objectives of the bank reconciliation1. To detect errors
2. To update your accounting records for unrecorded items listed on the bank statements (such as service charges) - 19Two reasons there are difference between the balance on the bank statement and the balance the business shows in its accounting records1. Errors
2. Timing differences - 20Timing differences include:1. Items the bank has not recorded yet
2. Items the company has not recorded yet - 21Items the bank has not recorded yet which fall under timing differences include:1. Deposits in transit
2. Outstanding checks - 22Items the company has not recorded yet which fall under timing differences include:1. Unrecorded charges
2. Interest earned on the account
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- Computer Accounting with QuickBooks Online - Chapter 4 - Key Terms and concepts – Banking
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- Susan Esch
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