38015280
Description
Flashcards by QUINLAN WILSON, updated more than 1 year ago
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Created by QUINLAN WILSON
about 3 years ago
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| Question | Answer |
| QBO SatNav | Your satellite navigation for QuickBooks Online, assisting you in navigating QBO |
| Check Register | Record of all transactions affecting the Checking account. |
| Bank Deposits | money into bank accounts |
| Bank Transfers | money in and out of bank accounts |
| Bank checks | money out of bank accounts |
| Money in | Money coming into the business must be recorded in QBO so there is a record and paper trail. Three main ways to record: 1.Customer sales using sales receipts 2.Customer sales using invoices>Receive payments 3.Bank deposit |
| Money out | Money coming into a business must be recorded. Four main ways this is recorded in QBO: 1. Expense 2. Check 3. Bill > pay bills 4. Purchase order > Bill > Pay Bills |
| Bank reconciliation | The process of comparing, or reconciling, the bank statement with your accounting records for the Checking account. |
| Errors | Can be either the bank's errors or the company's errors |
| Timing differences | This occurs when the company records an amount before the bank does or the bank records an amount before the company does. |
| Deposits in Transit | Deposits the company has recorded but the bank has not |
| Outstanding checks | Checks the company has written and recorded but the bank had not recorded yet |
| Unrecorded charges | Charges that the bank has recorded on the bank statement but the company has not recorded in its accounting records yet |
| Interest earned on the account | Interest the bank has recorded as earned but the company has not recorded yet |
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