Computer Accounting with QuickBooks Online - Chapter 6 - Key Terms – Vendors and Expenses

Question	Answer
Expense form	Can be used to record expenses that we pay for at the time we receive the product or service; can pay using cash, credit card, or check.
Check form	Is used when we write a check; can be used to record services purchased when the payment is made by check at the same time the purchase is made.
Bill form	Is used to record services, such as utilities or accounting services; is used to record a bill received (expense) and our obligation to pay the vendor later (accounts payable).
Pay Bills form	Is used to select bills we want to pay.
Purchase order	Is used to track products ordered from vendors.
Vendor Credit form	Is used when a vendor gives us a refund, or reduction in the amount we owe the vendor, to our bill.
Credit Card Credit form	Is used to record a credit, or reduction in charges by the vendor, to our credit card.
Bill > Pay Bills	Is used to record services purchased, such as utilities or legal services when the bill is paid later.
Purchase Order > Bill > Pay Bills	Is used to record the purchase of inventory items; provides a record of the items orders.

Resource summary

	Created by Susan Esch about 1 year ago