Flashcards
QBO Chapter 4 Key Terms
Cards in this deck (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
Information
- Description
- Chapter 4 terms for QuickBooks Online
- Created by
- QUINLAN WILSON
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