General Knowledge
A financial statement that reports a company's assets, liabilities, and owners/shareholder equity at a specific point in time.
What is the Balance sheet?
These forms are sent out to vendors who provided services, are not on payroll and are not incorporated.
What are 1099-misc/1099-NEC forms?
A temporary account used to post payroll expenses and payroll journal entries.
What is a payroll clearing account?
Tool used to re-categorize multiple transactions at once.
What is the Reclassify Transactions tool?
This temporary account is used to track money earned or spent that still needs to be categorized.
What is uncategorized income/expense?
A financial statement that summarizes the total income and total expenses of a business in a specific period of time.
What is the Profit & Loss?
This happens annually on January 31st.
What is the federal deadline for 1099 filings?
An entry to allocate salary & wages, employer taxes and other payroll related activity.
What is a payroll journal entry?
A new feature to keep your most commonly used tabs in one section.
What is the Bookmarks feature?
The two most common financial statements used to review books.
What is the Balance Sheet and Profit & Loss?
A list of financial accounts set up for recording transaction in an organization's general ledger
What is a Chart of Accounts?
This form is used to provide accurate information needed to file forms with the IRS.
What is a W9?
The process of verifying that the amounts recorded in the accounting software tie to the payroll tax returns or payroll reports.
What is a payroll reconciliation?
Record providing information about who has accessed the system and what operations he/she has performed during a given period of time.
What is the Audit Log?
Harmoney uses this to track status of closes.
What is Jetpack?
A folder that contains support and training material for Harmoney Team.
What is the Bookkeeping Training Info folder?
Credit card companies, third-party payment processors and online platforms that process payments are required to send these forms.
What is a 1099-K?
A check that was issued to an employee outside of the payroll system.
What are manual checks?
A bowser mode to allow 2 different QBO files to be open at the same time.
What is Incognito Mode?
This connects your bank and credit card accounts in order to download bank transactions so you don't have to record them manually.
What are bank feeds?
The monthly publication with valuable information regarding news and changes in the accounting industry.
What is the AIPB The General Ledger Newsletter?
A form sent to non US citizens or non residents to provide accurate vendor information.
What is a W-BEN Form?
Tax returns filed to the federal, state and local governments to report wages and taxes.
What are quarterly payroll reports?
A tool that focuses on common yet tricky bookkeeping areas: incomplete transactions, reconciliations, and account balances.
What is Books Review?
The process that compares the cash balance on a company's balance sheet to the corresponding amount on its bank statement.
What is a bank reconciliation?