QBO Ch. 7 Key Terms Bus 342

Question	Answer
Inventory order from vendors to customers	Purchase order - Bill - Pay Bills. Invoice - Receive payment - Bank deposit
Lists needed for inventory transactions	Vendor, Customer, Products and Services
4 types of Products and services	Inventory, Non-inventory, Bundle, Service
Inventory	Products that are purchase for which quantities are tracked
Non-inventory	Products purchased that do not need quantities tracked. ex. Office supplies
Service	A service that is purchase from a vendor and services sold to customers. Ex. legal services (vendor) and pet service (customer)
Bundle	A collection of products and services that are sold together as a bundle
Updating products and services list	Before and while entering transactions
Updating the Chart of Accounts with numbers	Display the chart of accounts then select the edit pencil next to account then add number
Internal control	set of processes and procedures to safeguard assets and detect errors
3-way match	Ordering, receiving, and paying

Resource summary

	Created by Richard Kramer about 1 month ago