Bus 342 QBO Ch 5 Key terms

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QBO Ch 5 Key terms Bus 342
Richard Kramer
Flashcards by Richard Kramer, updated 10 days ago
Richard Kramer
Created by Richard Kramer 10 days ago
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Resource summary

Question Answer
Invoice Product is provided and pay is later
Receive Payment Received payment and recorded
Estimate Recorded estimate amounts to be provided to customer in the future
Credit Memo Record credit/reduction in amount charged
Sales receipt Paid at time of receipt of product/service
Refund receipt Used for refunds
Delayed credit Pending credit to customer
Delayed charge Pending charge to customer
Lists used for sales Customer and Product/services
Customer list Collects and stores information about the customer
When can you update the Customer list Before and while entering transactions
Projects Can be linked to customers or a Sub-customer linked to customer
Sub-customers Can be made into a project but a project cannot be converted into a Sub-customer
Products and services Inventory, non-inventory, service, bundle
Inventory Products sold, quantities are tracked
Non-inventory Products sold, quantities not tracked
Service Services provided
Bundle Collection of products and services sold together
Sales receipts are Entered when paid
Invoices are Paid later
Sales receipts can be deposited to Checking or payment to deposit
Payment to deposit account funds recorded must be transferred from here to checking account using a bank deposit form. Allows for multiple sales to be grouped into one bank deposit
Direct Write Off Bad debt expense recorded from uncollectible account. Used for tax purposes.
Allowance Method Estimates bad debt expense and establishes an allowance for uncollectable accounts. Usually, a percentage of sales or of the account receivable account.
Advantage of the customer list Reduces error and saves time
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