Flashcards
QBO Chapter 7 Key Terms
Cards in this deck (13)
- 1Vendor TransactionsPlacing product orders, receiving products, and paying bills.
- 2Customer TransactionsRecording sale of product on invoices and receiving customer payments
- 3Entering Inventory TransactionsRequirements:
Vendors List
Customers List
Products and Services List - 4InventoryProducts that we buy for which we track quantities, such as dog hammocks, that Mookie The Beagle Concierge buys to resell.
- 5Non-InvnetoryProducts bought but do not need to track the quantity of the product, such as pens used for office supplies.
- 6ServiceServices that are bought from vendors, such as legal services.
- 7BundleA collection of products and services that we sell together as a bundle.
- 8Purchase OrderA record of an order to purchase products from a vendor.
- 9BillAfter a Purchase Order has been created and sent to the vendor, a bill will be received from the vendor. If the bill is going to be paid later, the bill form will be used to record the vendor's bill.
- 10Pay BillsPay Bills is used to select the bills that are due and we are ready to pay. If the bill has been entered using Bill form, then the bill will automatically appear in the Pay Bills list.
- 11InvoiceUsed to record sales when the customer will pay later. An invoice contains detailed information about products and services provided to a customer.
- 12Receive PaymentCustomers may pay in the following ways:
Credit Card
Online
customer Check - 133-Way MatchCompares:
What was ordered
What was received
What was billed