38021541
Description
Flashcards by Joel Johnson, updated more than 1 year ago
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Created by Joel Johnson
about 2 years ago
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| Question | Answer |
| Check Register | A record of all transactions affecting the Checking account. |
| Bank Deposits | Money into bank accounts |
| Bank Transfers | Money into and out of bank accounts |
| Bank Checks | Money out of bank accounts |
| Enter and Pay Credit Card Charges | Money out of bank accounts |
| Money In (Customers) | Money coming into an account Three ways: Customer Sales using Sales Receipts Customer Sales using Invoices > Receive Payments Bank Deposit |
| Money in (Other) | Investments from company owners Cash Received from loans Interest earned Other income |
| Money Out | All the money coming out of an account Four main ways: Expenses Checks Bills > Pay Bills Purchase Order > Bill > Pay Bills |
| Accounting Essentials Banking for Businesses | Summarizes important foundational accounting knowledge you may find useful when using QBO |
| How many checking accounts does a business need | At least one checking account in the business name - should be separate from the owners personal checking account |
| Bank reconciliation | The process of comparing, or reconciling, the bank statement with your accounting records for the Checking account. |
| Bank reconciliation objective | Detects errors updates accounting records for unrecorded items listed on the bank statements (service charges) |
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