40716644
Description
Flashcards by JEFFREY EGGERSS, updated 9 days ago
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Created by JEFFREY EGGERSS
9 days ago
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| Question | Answer |
| Direct write-off method | Records bad debt expense when it becomes apparent the customer is not going to pay the amount due. |
| Allowance method | Estimates bad debt expense. |
| Categories in Product and Services List | Non-inventory Service Inventory |
| Three different ways to enter sales transactions | Navigation Bar. (+) New icon. Workspace. |
| Type of sales transactions we can enter using QBO | Invoice. Receive Payment. Estimate. Credit Memo. Sales Receipt. Refund Receipt. Delayed Credit. Delayed Charge. |
| Customer List | The Customers List collects information about customers so we can re-use the information without re–entering. |
| Projects | Projects is a QBO Plus feature that permits us to set up projects linked to customers. |
| Products and Services List | The Products and Services List collects information about the products and services sold to customers. |
| Four types of products and services | Inventory. Non–inventory. Service. Bundle. |
| Two main ways to record customers and sales transactions | Customer Sales using Sales Receipts. Customer Sales using Invoices. |
| Customer Sales Receipt | A Customer Sales Receipt can be used when the customer payment is received at the same time the product or service is provided the customer. |
| Two ways to record deposit with Sales Receipt | Sales Receipts using Deposit to: Checking account. Sales Receipt using Deposit to: Undeposited Funds. Then record Bank Deposit to transfer from Undeposited Funds to Checking account. (This approach is used if multiple customer payments will be bundled into one deposit on the same day.) |
| Invoice | We use an Invoice when the product or service is given to the customer and the customer will pay later. |
| Two ways to record deposit with Receive Payment | Receive Payment using Deposit to: Checking account. Receive Payment using Deposit to: Undeposited Funds. Then record Bank Deposit to transfer from Undeposited Funds to Checking account. (This approach is used if multiple customer payments will be bundled into one deposit on the same day.) |
| Accounts Receivable (A/R) | Accounts Receivable (A/R) are amounts that a customer owes our business. |
| Accounts Receivable Aging reports | Accounts Receivable Aging reports show us how much customers owe and the age of the customer balance. |
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