Computer Accounting with QuickBooks Online - Chapter 5 - Key Terms – Customers and Sales

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Computer Accounting with QuickBooks Online - Chapter 5 - Key Terms – Customers and Sales
Susan Esch
Flashcards by Susan Esch, updated 9 days ago
Susan Esch
Created by Susan Esch 9 days ago
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Question Answer
Invoice form Is used to record a sales transaction when the product or service is provided to the customer and the customer promises to pay later.
Accounts receivable Customer promises for amounts that we expect to receive in the future.
Receive Payment form Is used to record a related sales transaction when a customer pays its account with cash, check, credit card, or online payment.
Estimate form Is used to record estimated amounts for products and services to be provided to a customer in the future.
Credit Memo form Is used when we need to record a credit, or reduction, in the amount the customer is charged.
Sales Receipt Is used to record a sales transaction when the customer pays at the same point in time that the product or service is provided to the customer.
Refund Receipt Is used when we give the customer a refund.
Delayed Credit Is used to record a pending credit to a customer that will occur at a specified future date.
Delayed Charge Is used to record a pending charge to a customer that will occur at a specified future date
Inventory Products that we sell for which we track quantities.
Non-inventory Products that we sell but we don’t need to track the quantity of the product.
Service Services that we provide to customers.
Bundle Is a collection of products and services that we sell together as a bundle.
Direct write-off method Method which records bad debt expense when it becomes apparent that the customer is not going to pay the amount due.
Allowance method Method which estimates bad debt expense and establishes an allowance or reserve for uncollectible accounts; the estimate can be calculated as a percentage of credit sales or as a percentage of accounts receivable.
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