Flashcards
QBO Chapter 6 key terms
Flashcards do conjunto (11)
- 1ExpenseThe Expense form can be used to record expenses that we pay for at the time we receive the product or service. We can pay using cash, credit card, or check
- 2CheckThe Check form is used when we write a check
- 3BillThe Bill form is used to record services, such as utilities or accounting services. We use the Bill form to record a bill received (expense) and our obligation to pay the vendor later (accounts payable).
- 4Pay BillsThe Pay Bills form is used to select bills we want to pay
- 5Purchase OrderA Purchase Order is used to track products ordered from vendors.
- 6Vendor CreditThe Vendor Credit form is used when a vendor gives us a refund, or reduction in the amount we owe the vendor, to our bill
- 7Credit Card CreditA Credit Card Credit form is used to record a credit, or reduction in charges by the vendor, to our credit card.
- 8VENDORS LISTpermits us to collect and store information about a vendor, such as vendor name, address, and phone number. Then we can reuse the stored vendor information without re-entering it.
- 9Accounting Essentialssummarize important foundational accounting knowledge you may find useful when using QBO
- 10Accounts payableconsists of amounts that our business is obligated to pay in the future. When our business makes purchases on credit, our business is promising to pay that amount in the future.
When a purchase is made and recorded as a bill, accounts payable is increased by a credit. When the bill is paid, the accounts payable is decreased by a debit. - 11IRS Form 1099must be completed for sole proprietorships and partnerships to which we paid $600 or more for services in a year. The vendor’s Tax ID No. is required to complete the 1099. QBO can assist in tracking amounts and preparing 1099s for appropriate vendors. To learn more about preparing 1099s, see the Internal Revenue Service website at www.irs.gov.
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- Descrição
- QBO Accounting Information Systems Chapter 6 key terms
- Criado por
- Stephanie Poole
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