40008322
Descripción
Fichas por Susan Esch, actualizado hace 25 días
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Creado por Susan Esch
hace 25 días
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| Pregunta | Respuesta |
| Check Register | Is a record of all transactions affecting the Checking account |
| Date column | Lists the date of the transaction in the check register |
| Ref No. Type column | Lists the reference number, suck as check number, and type of transaction, such as Deposit |
| Payee Account column | Lists the payee and the account used to record the transaction |
| Payment column | Lists the amount of money out of the Checking account |
| Deposit column | Lists the amount of money into the Checking account |
| "Check mark" Column | Indicates whether the bank transaction is C (Cleared), R (Reconciled), or blank (Uncleared, Unreconciled) |
| Balance column | Displays the running balance for the Checking account, updating the balance with each new transaction in the account |
| Three main ways to use QBO to record money coming in | 1. Customer Sales using Sales Receipts, 2. Customer Sales using Invoices > Receive Payments, 3. Bank Deposit |
| Bank Deposit Form | Is used to record money coming in that is not a customer sale |
| Examples of money coming in that is not a customer sale include: | • Investments from company owners • Cash received from loans • Interest earned • Other income, such as rental income when primary business is not a rental business |
| Examples of money going out which a business needs to track include: | • Purchases of inventory • Purchases of office supplies • Employee salaries • Rent payments • Insurance payments |
| Supporting documents (source documents) for payments include: | • Canceled checks, receipts, and paid invoices |
| Four main ways to use QBO to record money out include: | 1. Expense, 2. Check, 3. Bill > Pay Bills, 4. Purchase Order > Bill > Pay Bills |
| Expense, or Check, onscreen form | Is used to record money going out which is paid at the time the product or service is received (instead off later) |
| Examples of money going out that could be recorded using the Expense or Check onscreen form include: | • Rent expense • Utilities expense • Insurance expense • Office supplies expense • Services expense, such as accounting or legal services |
| Examples of money going out that should not be recorded using a Check or Expense onscreen form include: | • Paychecks to employees for wages and salaries • Payroll taxes and liabilities • Sales taxes • Bills already entered using the Bill onscreen form |
| Two objectives of the bank reconciliation | 1. To detect errors 2. To update your accounting records for unrecorded items listed on the bank statements (such as service charges) |
| Two reasons there are difference between the balance on the bank statement and the balance the business shows in its accounting records | 1. Errors 2. Timing differences |
| Timing differences include: | 1. Items the bank has not recorded yet 2. Items the company has not recorded yet |
| Items the bank has not recorded yet which fall under timing differences include: | 1. Deposits in transit 2. Outstanding checks |
| Items the company has not recorded yet which fall under timing differences include: | 1. Unrecorded charges 2. Interest earned on the account |
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