Computer Accounting with QuickBooks Online - Chapter 1 - Key Terms – QuickBooks Online Navigation and Settings

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Computer Accounting with QuickBooks Online - Chapter 1 - Key Terms – QuickBooks Online Navigation and Settings
Susan Esch
Flashcards by Susan Esch, updated about 1 month ago
Susan Esch
Created by Susan Esch about 1 month ago
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Question Answer
QBO Settings Include Company Settings and QBO Chart of Accounts
Company Settings Involve setting up a new QBO company and selecting company preferences, such as displaying account numbers
QBO Chart of Accounts Is a list of all the accounts for a company which can be used to sort and track accounting information.
QBO Transactions Involve recording transactions as input into the financial system, and the types of transactions can be categorized as Banking, Customer & Sales, Vendors & Expenses, and Employees & Payroll.
QBO Reports Are the output of the system and typically provide information to decision makers.
Financial statements Are standardized financial reports that summarize information about past transactions.
Balance Sheet Summarizes what a company owns and owes on a particular date.
Profit and Loss Statement (or Income Statement) Summarizes what a company has earned, and the expenses incurred to earn the income.
Statement of Cash Flows Summarizes cash inflows and cash outflows for operating, investing, and financing activities of a business.
Dashboard Provides an overview and summary of key information for your QuickBooks Online company.
Apps Summarizes information about apps that work with QBO, such as QuickBooks Time and Bill.com.
QBO Tools Gear icon, (+) New icon, Search icon
Gear icon Is in the upper right corner of the QBO screen and lists various tasks which are grouped into categories: Your Company, Lists, Tools, and Profile.
(+) New Icon Is at the top of the Navigation Bar and lists various new transactions we can create for categories: Customers, Vendors, Employees, and Other.
Search Icon Is in the upper right corner of the QBO screen and permits us to search for amounts, dates, display names, and more to locate transactions.
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