Flashcards
QBO Chapter 5 Key Terms
Flashcards do conjunto (15)
- 1Customers ListA time-saving feature that allows for the collection and storage of information about a customer, such as a customer name, address, and mobile number.
- 2Updating Customers ListsTwo Ways:
Before entering transactions
While entering Transactions - 3ProjectsA 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 - 4Products and Services ListCollects information about the producs and services sold to the customers
- 5QBO Products and ServicesInventory
Non-Inventory
Service
Bundle - 6InventoryProducts that we sell for which we track quantities, such as dog hammocks that Mookie The Beagle Concierge sells.
- 7Non-InventoryProducts 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.
- 8ServiceServices that we proved to customers, such as pet care services that Mookie The Beagle Concierge provides.
- 9BundleA 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. - 10Sales Receipt FormPayment received at the same time the product or service was provided, can be record the customer sale.
- 11InvoiceUsed to record sales when the customer will pay later.
- 12Accounts ReceivableAmounts that a customer owes to the business
- 13Methods used to account for bad debtsDirect write-off Method
Allowance Method - 14Direct write-off MethodThis method records bad debt expense when it becomes apparent that the customer is not going to pay the amount due.
Used for tax purposes - 15Allowance MethodEstimates 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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- Descrição
- QBO Chapter 5 important Terms
- Criado por
- Joel Johnson
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