QBO Chapter 5 Key Terms

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Key terms for chapter 5 of QuickBooks Online
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Invoice The invoice form is used to record a sales transaction when the product or service is provided to the customer and the customer promises to pay later.
Accounts Receivable Amounts that we expect to receive in the future
Receive Payment used to record a related sales transaction when a customer pays its account with cash, check, credit card, or online payment. When a customer payment is received and recorded, the customer's accounts receivable balance is reduced by the amount of the customer payment.
Estimate The estimate form is used to record estimated costs of products and services to be provided to a customer in the future.
Credit Memo A credit memo form is used when we need to record a credit, or reduction, in the amount the customer is charged.
Sales Receipt A sales receipt form is used to record a sales transaction when the customer pays at the same point in time that the product or service is provided to the customer.
Refund Receipt The refund receipt form is used when we give the customer a refund
Delayed Credit A delayed credit form is used to record a pending credit to a customer that will occur at a specified future date.
Delated Charge A delayed charge form is used to record a pending charge to a customer that will occur at a specified future date.
Inventory Products that we sell for which we track quantities
Non-inventory Products that we sell but we do not need to track the quantity of the product
Service Services that we provide to customers
Bundle A bundle is a collection of products and services that we sell together as a bundle
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