48 terms

Quickbooks

STUDY
PLAY

Terms in this set (...)

941 Form
A quarterly federal tax form for employers which is used to report employment taxes
Accountant
A professional who keeps and/or inspects financial accounts.
Accounting
The process of maintaining financial accounts.
Accounts Receivable
The account type used when generating an invoice or when receiving a customer payment
Accrual Report
A report which records a sale when an order is placed
Bank Reconciliation
The process which details the differences between a bank balance in an organizations bank statement and the corresponding amount in the organizations own accounting records for a specific date.
Bill
A written statement which shows the amount of money owed for goods or services.
Bounced Check
A check that cannot be processed because the account holder has non-sufficient funds.
Cash Report
A report which records a sale when a payment is received.
Check
A written order instructing a bank to pay money to a third party.
Checking Account
A bank account from which the account depositor can draw checks.
Closing Date
A QuickBooks 2017 setting that indicates the date on which the books close.
Credit Card
A small plastic card
Custom Fields
Personalized spaces on form and report templates in QuickBooks 2017
Customer Center
A place in QuickBooks 2017 where customer information is stored and managed.
Customers
People or companies which purchase goods and services.
Debit Card
A small plastic card issued by a bank which allows its holder to make purchases by electronically transferring money to another bank account.
Deduction
An item or expense which is subtracted from gross income to lessen the amount of income subject to income tax.
Earnings
The net sum of income after taxes have been deducted. Earnings can indicate whether a business will be profitable long-term.
Employees
People who are paid on a regular basis to work for a company.
Federal Taxes
A tax levied by the United States IRS on all forms of annual earnings that make up a taxpayers taxable income. Taxpayers include individuals
General Product Knowledge
The information an individual knows about goods and services that are to be sold.
Invoice
A statement of the total due for a list of goods and/or services; also known as a bill.
Journal Entry
Any information a user inputs into a QuickBooks 2017 template
Lists
Sections for customer
Payroll
A list which shows a companys employees and the sum of money they are to be paid.
Payroll Liabilities
Any payment related to payroll that a company owes
Payroll Setup Wizard
A wizard used to set up payrolls for employees
Product
A manufactured substance or article that is refined for sale.
Purchase
The act of buying goods or ordering services.
Report Center
A place in QuickBooks 2017 where reports and report templates are stored and managed.
Sale
The exchange of a service or goods for money.
Sales Receipt
A slip of paper used by a vendor which details the information of a sale
Sales Tax
A consumption tax on the sale of goods and services
Schedule
A structured plan for completing a process with specific goals in mind.
Service
Work done for a person or business.
Sick Time
Paid time allotted to an employee while they are not at work for personal reasons.
State Taxes
A tax levied by state governments on taxpayers income and business profits or added to the cost of some goods
Statement
A summary of account activity within a specific set of dates.
Subaccount
An account on which a bank can act in behalf of the account holder.
Transaction
An accounting entry which affects QuickBooks accounts in any manner. This includes orders
Undeposited Funds
A QuickBooks 2017 account used as a clearing account for payments that have been received but not yet deposited into the bank account.
Vacation Time
Paid time allotted to an employee while they are not at work; often used for leisure.
Vendor
An entity which accepts payments from a company. This can include payments for purchases and for liabilities.
Vendor Center
A place in QuickBooks 2017 where vendor information is stored and managed.
Vendor Credit
A transaction in which a reversal of a payment takes place or a vendor offers a dollar amount to a company which can be used against future purchases.
W2 Form
An annual form that an employer sends to an employee and the IRS at the end of the year
Workflow
The sequence of accounting processes that sees a piece of work from start to finish.