Fichas

QBO Chapter 4 Key Terms

QUINLAN WILSON Accounting Information Systems Design & Analysis Accountant Inglés 14 fichas

Fichas del conjunto (14)

1QBO SatNavYour satellite navigation for QuickBooks Online, assisting you in navigating QBO
2Check RegisterRecord of all transactions affecting the Checking account.
3Bank Depositsmoney into bank accounts
4Bank Transfersmoney in and out of bank accounts
5Bank checksmoney out of bank accounts
6Money inMoney coming into the business must be recorded in QBO so there is a record and paper trail. Three main ways to record:
1.Customer sales using sales receipts
2.Customer sales using invoices>Receive payments
3.Bank deposit
7Money outMoney coming into a business must be recorded. Four main ways this is recorded in QBO:
1. Expense
2. Check
3. Bill > pay bills
4. Purchase order > Bill > Pay Bills
8Bank reconciliationThe process of comparing, or reconciling, the bank statement with your accounting records for the Checking account.
9ErrorsCan be either the bank's errors or the company's errors
10Timing differencesThis occurs when the company records an amount before the bank does or the bank records an amount before the company does.
11Deposits in TransitDeposits the company has recorded but the bank has not
12Outstanding checksChecks the company has written and recorded but the bank had not recorded yet
13Unrecorded chargesCharges that the bank has recorded on the bank statement but the company has not recorded in its accounting records yet
14Interest earned on the accountInterest the bank has recorded as earned but the company has not recorded yet