39988235
Description
Flashcards by Susan Esch, updated 2 months ago
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Created by Susan Esch
2 months ago
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| Question | Answer |
| Transactions | Are exchanges between our business and other parties, such as customers, vendors, and employees and increase and decrease accounts. |
| Chart of Accounts | Is a list of all the accounts a company uses when recording transactions. |
| Customer List | Also called Clients List, collects information about customers, such as customer name, customer number, address, and contact information. |
| Vendors List | Collects information about vendors, such as vendor name, vendor number, and contact information. |
| Employees List | Collects information about employees for payroll purposes including name, Social Security number, and address. |
| Products and Services List | Collects information about the products and services that a company buys from vendors and/or sells to customers. |
| Onscreen Journal | Is one of two ways to enter transaction information and is often used to make adjusting entries at year end to bring accounts up to date before preparing financial statements. |
| Onscreen Form | Is one of two ways to enter transaction information and behind the screen, QBO automatically converts that information info a journal entry with debits and credits. |
| Banking and Credit Card transactions | Are transactions that involve depositing or transferring funds with our bank and can be entered using the (+) New icon. |
| Customer and Sales transactions | Are exchanges between our company and our customers and typically focus on sales transactions with customers we sell products and services to. |
| Vendor and Expense transactions | Are exchanges between our company and our vendor and typically focus on expense transactions with suppliers who sell products and professionals who provide services to our company. |
| Employee and Payroll transactions | Are exchanges between our company and our employees and typically focus on payroll transactions, including tracking employee time and paying employees for their services to the company. |
| Other transactions | Transactions which fall outside of Banking, Customer, Vendor, and Employee transactions and might include adjusting entries that are required to bring our accounts up to date at year end before preparing financial reports. |
| Recurring transactions | Are frequently used transactions which can be classified as scheduled, unscheduled, and reminder transactions. |
| Scheduled transactions | Recurring transactions scheduled for QBO to automatically enter the transaction on a specified date. |
| Unscheduled transactions | Transactions appearing in the Recurring Transaction List but QBO does not automatically enter the transaction; Instead, we must go to the Recurring Transaction List and select Use. |
| Reminder | Recurring transactions alert us with a reminder when we should use a recurring transaction to enter a new transaction. |
| Double-entry accounting | Is used with a journal to record what is exchanged in a transaction: 1. The amount received is recorded as a debit, and 2. The amount given is recorded as a credit. Each journal entry must balance, debits must equal credits. |
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