38085328
Description
Flashcards by Joel Johnson, updated more than 1 year ago
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Created by Joel Johnson
over 1 year ago
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| Question | Answer |
| Customers List | A time-saving feature that allows for the collection and storage of information about a customer, such as a customer name, address, and mobile number. |
| Updating Customers Lists | Two Ways: Before entering transactions While entering Transactions |
| Projects | A QBO Plus feature that permits set up projects to be linked to customers Use Sub-customers linked to a Customer Use Projects linked to a Customer |
| Products and Services List | Collects information about the producs and services sold to the customers |
| QBO Products and Services | Inventory Non-Inventory Service Bundle |
| Inventory | Products that we sell for which we track quantities, such as dog hammocks that Mookie The Beagle Concierge sells. |
| Non-Inventory | Products that we sell but we don't need to track the quantity of the product. Example: vet supplies that Mookie The Beagle Concierge uses when providing pet care services. |
| Service | Services that we proved to customers, such as pet care services that Mookie The Beagle Concierge provides. |
| Bundle | A collection of products and services that we sell together as a bundle. Example: Mookie The Beagle Concierge might provide a bundle of pet care products and pet care services. |
| Sales Receipt Form | Payment received at the same time the product or service was provided, can be record the customer sale. |
| Invoice | Used to record sales when the customer will pay later. |
| Accounts Receivable | Amounts that a customer owes to the business |
| Methods used to account for bad debts | Direct write-off Method Allowance Method |
| Direct write-off Method | This method records bad debt expense when it becomes apparent that the customer is not going to pay the amount due. Used for tax purposes |
| Allowance Method | Estimates bad debt expense and establishes an allowance or reserve for uncollectible accounts. Should be used if uncollectible accounts have a material effect on the company's financial statements used by investors and creditors |
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