All Those Accounts!
The backbone of the entire QBO Company file
What is the "Chart of Accounts?"
The report that you run to find out who made data entry errors
What is the "Audit Report?"
The secure connection between your bank account and QBO.
What is a "Bank feed?"
The "memo" that you issue to reduce the amount that your customer owes.
What is a "credit memo?"
The accrual method of bookkeeping gives an accurate financial picture of the company's income & expenses for that specific period of time.
What is "True?"
Money-in is related to this account
What is "Accounts Receivable?"
This report draws from the A/P Register telling you when bills are due
What is the "Accounts Payable Aging Summary Report?"
What you do to a check that has a check number and has been damaged in the printer.
What is "Void" the check?
The "term" you set up to give your customer 30 days after the date of the invoice in which to pay their bill.
What is "Net 30?"
The "Billing Address" is the location where the product is to be delivered.
What is "False?" (Shipping Address)
Money-out is related to this account
What is "Accounts Payable?"
This report shows the sales of each product/service by quantity, amount, and gross margin. You can see which product or service sells the most & which sells the least.
What is the "Sales by Product/Service Summary Report?"
This account is a holding tank where all received payments are stored prior to making a deposit.
What is the Undeposited Funds Account?
The expenses you pay for on behalf of a client that eventually the client will have to pay you for.
What is "Billable Expenses?"
Products you buy but don't need to track quantities of, for example, nuts & bolts used in an installation are called "inventory" items.
What is "False?" (non-inventory)
The two accounts that comprise the Profit & Loss Statement
What is Income and Expenses?
This report summarizes unpaid customer invoices in groups (current, 30, 60, 90 days past due)
What is the "Accounts Receivable Aging Summary Report?"
The two types of payment methods in QBO.
What is "Traditional Payment" and "QuickBooks Payment Feature?"
The list in QBO where your buyers' names, contact information, billing addresses, and payment terms are found.
What is the "Customer List?"
"Accrual Basis Bookkeeping" is the most common method of accounting.
What is "False?" (Cash Basis Bookkeeping)
The three accounts that make up the Balance Sheet
What is assets, liabilities, and equity?
This report shows the total amount of money received by each customer.
What is the "Sales by Customer Summary?"
The list of commands that are automatically assigned to a transaction during a bank feed download. These help automate the process & save you time.
What is "Bank rules?"
A vendor becomes a customer when they decide to purchase products or services from your company and the vendor and customer display name must be __________ in order to keep the vendor & customer separate.
What is "different?"
The three types of recurring transactions are scheduled, unscheduled, and reminder.
What is "True?"