Flashcards
QBO Chapter 4
Cards in this deck (12)
- 1Check RegisterA record of all transactions affecting the Checking account.
- 2Bank DepositsMoney into bank accounts
- 3Bank TransfersMoney into and out of bank accounts
- 4Bank ChecksMoney out of bank accounts
- 5Enter and Pay Credit Card ChargesMoney out of bank accounts
- 6Money In (Customers)Money coming into an account
Three ways:
Customer Sales using Sales Receipts
Customer Sales using Invoices > Receive Payments
Bank Deposit - 7Money in (Other)Investments from company owners
Cash Received from loans
Interest earned
Other income - 8Money OutAll the money coming out of an account
Four main ways:
Expenses
Checks
Bills > Pay Bills
Purchase Order > Bill > Pay Bills - 9Accounting Essentials Banking for BusinessesSummarizes important foundational accounting knowledge you may find useful when using QBO
- 10How many checking accounts does a business needAt least one checking account in the business name - should be separate from the owners personal checking account
- 11Bank reconciliationThe process of comparing, or reconciling, the bank statement with your accounting records for the Checking account.
- 12Bank reconciliation objectiveDetects errors
updates accounting records for unrecorded items listed on the bank statements (service charges)