QBO Chapter 4 Key Terms

Question	Answer
QBO SatNav	Your satellite navigation for QuickBooks Online, assisting you in navigating QBO
Check Register	Record of all transactions affecting the Checking account.
Bank Deposits	money into bank accounts
Bank Transfers	money in and out of bank accounts
Bank checks	money out of bank accounts
Money in	Money 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
Money out	Money 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
Bank reconciliation	The process of comparing, or reconciling, the bank statement with your accounting records for the Checking account.
Errors	Can be either the bank's errors or the company's errors
Timing differences	This occurs when the company records an amount before the bank does or the bank records an amount before the company does.
Deposits in Transit	Deposits the company has recorded but the bank has not
Outstanding checks	Checks the company has written and recorded but the bank had not recorded yet
Unrecorded charges	Charges that the bank has recorded on the bank statement but the company has not recorded in its accounting records yet
Interest earned on the account	Interest the bank has recorded as earned but the company has not recorded yet

Resource summary

	Created by QUINLAN WILSON over 1 year ago