Flashcards
QBO Chapter 4
Cards in this deck (8)
- 13 Main ways to use QBO to record money coming in:Customer sales using sales receipts, customer sales using invoices > receive payments, Bank deposit.
- 2Examples of money coming in that is not a customer sale:Investments from company owners, cash received from loans, interest earned.
- 34 main ways to use QBO to record money out:Expense, check, bill > pay bills, purchase order > bill > pay bills
- 4Examples of money going out that could be recorded using the expense or check onscreen form includeRent expense, utilities expense, insurance expense, office supplies expense, services expense
- 5Examples of money going out that should not be recorded using a check or expense onscreen formPaychecks to employees for wages and salaries, payroll taxes and liabilities, sales taxes, bills already entered using the bill onscreen form
- 6How many checking accounts does a business needAt least one in the business name
- 7What should the business checking account be used for?Only for business transactions
- 8What are the objectives of a bank reconcilliationTo detect errors, and to update your accounting records for unrecorded items listed on the bank statement
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- Flashcards on QBO Chapter 4 , created by MORGAN RUNYAN on 04/11/2024.
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- MORGAN RUNYAN
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