Flashcards
Bus 342 QBO Ch 5 Key terms
Cards in this deck (25)
- 1InvoiceProduct is provided and pay is later
- 2Receive PaymentReceived payment and recorded
- 3EstimateRecorded estimate amounts to be provided to customer in the future
- 4Credit MemoRecord credit/reduction in amount charged
- 5Sales receiptPaid at time of receipt of product/service
- 6Refund receiptUsed for refunds
- 7Delayed creditPending credit to customer
- 8Delayed chargePending charge to customer
- 9Lists used for salesCustomer and Product/services
- 10Customer listCollects and stores information about the customer
- 11When can you update the Customer listBefore and while entering transactions
- 12ProjectsCan be linked to customers or a Sub-customer linked to customer
- 13Sub-customersCan be made into a project but a project cannot be converted into a Sub-customer
- 14Products and servicesInventory, non-inventory, service, bundle
- 15InventoryProducts sold, quantities are tracked
- 16Non-inventoryProducts sold, quantities not tracked
- 17ServiceServices provided
- 18BundleCollection of products and services sold together
- 19Sales receipts areEntered when paid
- 20Invoices arePaid later
- 21Sales receipts can be deposited toChecking or payment to deposit
- 22Payment to deposit accountfunds recorded must be transferred from here to checking account using a bank deposit form. Allows for multiple sales to be grouped into one bank deposit
- 23Direct Write OffBad debt expense recorded from uncollectible account. Used for tax purposes.
- 24Allowance MethodEstimates bad debt expense and establishes an allowance for uncollectable accounts. Usually, a percentage of sales or of the account receivable account.
- 25Advantage of the customer listReduces error and saves time