PRODUCTS & SERVICES STUFF
Products we sell to customers without tracking quanties
Non Inventory Items
A person or business that sells goods or services to consumers or other businesses
Vendor
A document confirming the sale of goods or services between a seller and a customer.
A sales order
This report displays assets, liabilities, and equity. It is a snapshot of your company's worth
Balance Sheet
A list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger.
What you have earned: sales of products, labor, interest, rental income, etc.
Income
Finished good made up of multiple parts
Bundle
A person or company hired to perform specific tasks; responsible for ensuring projects are completed on time, within budget, according to client's specs
Contractor
Open invoices
This report summarizes revenue, cost and expenses that are incurred over a specific period of time
What your company owns: bank accounts, petty cash, fixed assets (equipment or vehicles), inventory, undeposited funds (payments from customers waiting to be deposited).
Assets
What you have spent: office expenses, wages, professional fees, rent, utilities.
Expenses
Service that your provide to customers, for example tax prep services or landscaping
Service
Under what section on the reports menu do you find the reports for Accounts Payable
What you owe
Under what section on the reports menu do you find the reports for Accounts Receivable
Who owes me
This report is a good way to view activity by user. This report also is a good way to detect fraudulent activity
Audit Log
A company's financial obligations or debts that arise during the course of business operations.
Liability
Displays opens transactions by vendors (all bills that are unpaid)
Unpaid bills
Products you buy and sell and track the quantities of
What it Inventory?
What part of the balance sheet is accounts payable
Liabilities balance
The only way you can be sure that all of the transactions that occurred actually got recorded in QuickBooks.
Reconciling your accounts
This report is a critical accounting document that summarizes the bills and invoices owed by a business, broken down by vendor and due date. .
Accounts payable aging report
The remaining value of an owner's interest in a company after subtracting all liabilities from total assets.
Equity
A contract between a buyer and a seller that lists the details of the goods to be purchased.
A purchase order
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Lists
Products and Services
New
What report displays open transactions by vendor
A holding account that allows you to receive sales receipts or payments against invoices; allows you to group payments from multiple customers match the deposit sent to the bank
Undeposited funds
This report details amounts owed to the business by its customers, providing insight into incoming cash flows.
Accounts Receivables Aging report
What is the accounting equation?
Assets = Liabilities + Equity
The conditions under which a seller expects to be paid for goods or services. They specify details such as when payment is due, accepted payment methods, and any penalties for late payments
Payment Terms