Flashcards
Chapter 6 QBO
Cards in this deck (13)
- 1QBO SettingsIncludes Company Settings and the Company Chart of Accounts. QBO settings are covered in Chapters 1, 2, and 11.
- 2QBO TransactionsThis includes recording transactions in QBO. Transactions covered in Chapter 3 through 8 and 11.
- 3QBO ReportsQBO reports are the output of the system. QBO reports are covered in Chapter9, 10, and 11.
- 4Two diffeent ways to navigate entering Vendors and Expenses in QBO are:1. Navigation bar
2. (+) New icon - 5Types of Vendors Transactions we can enter using QBO include:*Expenses, Check, Bill, Pay Bills, Purchase order, Vendor credit, Credit card credit
- 66.4 Vendors ListThe vendors lists collects info about vendors so we can reuse the information without Re-entering.
- 7Vendors List (continued)Qbo considers a vendor to be any individual or organization that provides products or services to our company
- 8Two ways we can update the vendors list are:(1) before entering transactions or (2) while entering transactions.
- 9Recording Vendor Transactions*Ways to record vendors and expenses transactions using QBO including using the following QBO onscreen forms in the following sequences Expense, Check, Bill >Pay Bills, Purchase Order >Bill > Bill pays
- 106.6 ExpenseWe can use the Expense form if our payment is made at the same time we make a purchase. Our payment can be cash, check, or credit card.
- 116.7 CheckWe can use the check form if our payment is made by check at the same time we make a purchase.
- 12Bill > Pay BillsWe use the Bill form to enter a bill that we plan to pay later. We use the Pay Bills form when we pay the bill we previously entered using the Bill form.
- 136.9 Accounting Essentials: Vendors and A/PAccounts payable (A/P) are amounts that our business is obligated to pay in the future. Accounts Payable Aging reports summarize Accounts Payable balances by the age of the account, helping us track how much we owe vendors and when the amounts are due.
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- Flashcards on Chapter 6 QBO, created by Deborah Abram on 07/11/2022.
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- Deborah Abram
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