QBO Ch. 7 Key Terms Bus 342

Beschreibung

Key terms for Bus 342 QBO Ch. 7
Richard Kramer
Karteikarten von Richard Kramer, aktualisiert vor etwa ein Monat
Richard Kramer
Erstellt von Richard Kramer vor etwa ein Monat
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Zusammenfassung der Ressource

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Inventory order from vendors to customers Purchase order - Bill - Pay Bills. Invoice - Receive payment - Bank deposit
Lists needed for inventory transactions Vendor, Customer, Products and Services
4 types of Products and services Inventory, Non-inventory, Bundle, Service
Inventory Products that are purchase for which quantities are tracked
Non-inventory Products purchased that do not need quantities tracked. ex. Office supplies
Service A service that is purchase from a vendor and services sold to customers. Ex. legal services (vendor) and pet service (customer)
Bundle A collection of products and services that are sold together as a bundle
Updating products and services list Before and while entering transactions
Updating the Chart of Accounts with numbers Display the chart of accounts then select the edit pencil next to account then add number
Internal control set of processes and procedures to safeguard assets and detect errors
3-way match Ordering, receiving, and paying
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