Question | Answer |
Check register | Record of all transactions affecting the checking account |
Customer sales using sales receipts | Money In |
Customer sales using invoices > receive payment | Money In |
Bank Deposit | Money In |
Bank deposits other than sales | Investments from owners, Cash received from loans, Interest earned, other income |
Expense | Money Out |
Check | Money Out |
Bill > Pay Bill | Money Out |
Purchase order > Bill > Pay Bill | Money Out |
Proof of transaction | Supporting source documents |
Check or expense form | When paid at time the product or service is received |
Money out that should not be recorded with check or expense form | Paychecks, Payroll taxes and liabilities, Sales tax, Bills already entered using the bill onscreen form |
Allows for automatic expenses to be downloaded by QBO | Connected bank and credit card accounts |
Bank reconciliation | Comparing checking account and business account |
Why are there differences in Bank and Business statements | Errors and timing differences |
Unrecorded on bank statement | Deposits in transit and outstanding checks |
Unrecorded in business statements | Unrecorded charges and interest earned on accounts |
Want to create your own Flashcards for free with GoConqr? Learn more.