Key terms QBO Ch. 6 Bus 342

Question	Answer
Ways to enter vendors and expenses transactions	Navigation bar and (+) New icon
Expense form	Used to record expenses paid at the time product/service was received. Can be credit card, cash, and check.
Check form	Used when a check is written for payment
Bill form	Used to record services. Records the bill received and the obligation to pay later.
Pay bills form	Used to select bills we want to pay
Purchase order form	Used to track products ordered from vendors
Vendor credit form	Used when a vendor gives a refund, or reduction in the amount owed the vendor, to the bill
Credit card credit form	Used to record a credit, or reduction in charges by the vendor, to the credit card
Vendors list	records vendor information. Can be updated before or while entering transactions
Who are vendors	any individual or org that provides products or services to the company
Examples of vendors	Suppliers, Service companies, financial institutions, Tax agencies, and utility/telephone companies
Recording vendor transactions 4 Ways	Expense, Check, Bill>Pay bills, Purchase order>Bill>Pay bills
Accounts payable	Consists of the amounts that the business is obligated to pay in the future. On account/credit purchases
AP journal transactions effect	Increase in credit when purchased, decreased in debit when paid

Resource summary

	Created by Richard Kramer almost 2 years ago