Flashcards
Bus 342 QBO Ch 4 Key terms
Cards in this deck (17)
- 1Check registerRecord of all transactions affecting the checking account
- 2Customer sales using sales receiptsMoney In
- 3Customer sales using invoices > receive paymentMoney In
- 4Bank DepositMoney In
- 5Bank deposits other than salesInvestments from owners, Cash received from loans, Interest earned, other income
- 6ExpenseMoney Out
- 7CheckMoney Out
- 8Bill > Pay BillMoney Out
- 9Purchase order > Bill > Pay BillMoney Out
- 10Proof of transactionSupporting source documents
- 11Check or expense formWhen paid at time the product or service is received
- 12Money out that should not be recorded with check or expense formPaychecks, Payroll taxes and liabilities, Sales tax, Bills already entered using the bill onscreen form
- 13Allows for automatic expenses to be downloaded by QBOConnected bank and credit card accounts
- 14Bank reconciliationComparing checking account and business account
- 15Why are there differences in Bank and Business statementsErrors and timing differences
- 16Unrecorded on bank statementDeposits in transit and outstanding checks
- 17Unrecorded in business statementsUnrecorded charges and interest earned on accounts