Bus 342 QBO Ch 4 Key terms

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

Resource summary

	Created by Richard Kramer 28 days ago