Flashcards
Ch 5 QBO Key Words
Cards in this deck (20)
- 1workspacedisplays money in and out, including specific QBO tasks for each
- 2add products & servicesused to add items to the Products and Services List
- 3manage customersincludes adding and editing customers in the Customers List
- 4send invoicesis the task to create and send invoices to customers
- 5receive paymentsrecords the transaction when payment is received from customers
- 6invoiceis used to record a sales transaction when the product or service is provided to the customer and the customer promises to pay later.
- 7receive paymentused to record a related sales transaction when a customer pays its account with cash, check, credit card, or online payment
- 8estimateused to record estimated costs of products and services to be provided to a customer in the future
- 9credit memoused when we need to record a credit, or reduction in the amount the customer is charged
- 10sales receiptused to record a sales transaction when he customer pays tat the same point in time that the product or service is provided to the customer
- 11refund receiptused when we give the customer a refund
- 12delayed creditused to record a pending credit to a customer the will occur at a specified future date
- 13delayed chargeused to record a pending charge to a customer that will occur at a specified future date
- 14inventoryproducts that we sell for which we track quantities
- 15non-inventoryproducts that we sell but we don't need to track the quantity of the product
- 16serviceservices that we provide to customers
- 17bundlea collection of products and services that we sell together as a bundle
- 18accounts receivableamounts that a customer owes our business
- 19direct write-off methodrecords bad debt expense when it becomes apparent that the customer is not going to pay the amount due
- 20allowance methodestimates bad debt expense and establishes an allowance or reserve for the uncollectible accounts