Ch 5 QBO Key Words

Question	Answer
workspace	displays money in and out, including specific QBO tasks for each
add products & services	used to add items to the Products and Services List
manage customers	includes adding and editing customers in the Customers List
send invoices	is the task to create and send invoices to customers
receive payments	records the transaction when payment is received from customers
invoice	is used to record a sales transaction when the product or service is provided to the customer and the customer promises to pay later.
receive payment	used to record a related sales transaction when a customer pays its account with cash, check, credit card, or online payment
estimate	used to record estimated costs of products and services to be provided to a customer in the future
credit memo	used when we need to record a credit, or reduction in the amount the customer is charged
sales receipt	used to record a sales transaction when he customer pays tat the same point in time that the product or service is provided to the customer
refund receipt	used when we give the customer a refund
delayed credit	used to record a pending credit to a customer the will occur at a specified future date
delayed charge	used to record a pending charge to a customer that will occur at a specified future date
inventory	products that we sell for which we track quantities
non-inventory	products that we sell but we don't need to track the quantity of the product
service	services that we provide to customers
bundle	a collection of products and services that we sell together as a bundle
accounts receivable	amounts that a customer owes our business
direct write-off method	records bad debt expense when it becomes apparent that the customer is not going to pay the amount due
allowance method	estimates bad debt expense and establishes an allowance or reserve for the uncollectible accounts

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	Created by Stephanie Spearman over 1 year ago