40029613
Description
Flashcards by Richard Kramer, updated 9 days ago
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Created by Richard Kramer
9 days ago
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| Question | Answer |
| 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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