Accounting
To ensure books are accurate, this process should be done monthly.
What is reconciliation?
To properly close a bill in QBO, you must use this specific workflow instead of creating a separate expense.
What is the Pay Bills workflow?
This form is used to record a sale where the customer pays the business immediately at the time of sale or service.
What is a Sales Receipt?
When a business owner counts their inventory and finds they have more or less items that QBO shows, they must perform this action.
What is an Inventory Quantity Adjustment?
Before and After:
A 1974 ABBA hit about a dancing girl becomes the 20th century British monarch who reigned for 70 years.
What is Dancing Queen Elizabeth II?
Transactions from third party apps appear in this specific tab.
What is Integration/App Transactions
This status must be checked in a vendor's profile to ensure they are included in the year-end tax filing process.
What is track payments for 1099?
This report shows all customers who currently owe the business money and how long those balances have been outstanding.
What is the A/R Aging report?
These are the three accounts affected when an inventory item is sold:Inventory Asset, Sales Income, and this third one.
What is Cost of Goods Sold/COGS?
Rhyme Time:
A thick wooden stick that has also put on a few pounds.
What is a fat bat?
This tool allows you to upload or email photos of paper documents to be converted into QBO transactions.
What is the Receipts/Receipt Capture tool?
This feature allows and expert to turn an expense into an invoiceable item for a customer.
What is a Billable Expense?
This is the temporary holding account used when you receive a payment but haven't deposited it yet.
What is Undeposited funds/Payments to Deposit.
This item type is used when you want to group several different products together under one name on an invoice.
What is a bundle?
Movie Soundtracks:
The song Golden has gotta be gotta be the most streamed track for this 2025 theatrical sensation.
What is K-Pop Demon Hunters?
THis type of transaction is used for entries that happen on a set schedule.
What is a recurring transaction?
If a vendor refund is received, this specific transaction type should be used to lower the balance owed to that vendor.
What is a Vendor Credit?
To combine multiple customer payments into a single entry that matches a bank statement, a user must create this.
What is a Bank Deposit?
When receiving items from a Purchase Order, you convert the PO into one of these two transactions to increase your stock.
What is a Bill or an Expense?
Movie Blockbusters:
Played by Gary Oldman, this police official fakes his own death in the 2008 Batman movie, The Dark Knight.
(Also known as the best Batman movie ever made)
Who is James Gordon?
If a bank transaction has multiple categories, you must use this feature.
What is the split transaction feature?
To record a purchase where an item was received but the bill hasn't arrived, an expert might use this "accrual" method form.
What is a Purchase Order?
This is the correct transaction to use when a business needs to reduce a customer's open balance without receiving cash.
What is a Credit Memo?
This non-posting transaction is often used in inventory-heavy businesses to reserve stock for a customer before an invoice is created.
What is a sales order?
2020's Slang Translation:
I was gagged when he yeeted his phone because he was fr fr salty that the Patriots took a massive L and fumbled the vibe no cap!
What is "I was profoundly startled when he forcefully discarded his mobile device due to his serious feelings of bitterness regarding the Patriots defeat and ruined the entire evening. This statement is factual!"