QuickBooks lesson 1.
Terms in this set (12)
Recorded on a quick books form
Most daily business transactions
How do you fill out most QuickBooks forms?
By selecting entries from a list.
What do QuickBooks lists store?
Customers, vendors, employees, items you sell, services you sell.
What does QuickBooks fill in automatically based on info. For the customer?
Name, address, the payment terms & customer sales tax.
What does a QuickBooks Register contain?
A record of all activity in one account.
What information does a register show for one invoice?
The date of the invoice, the date it is due, the name of the customer, the amount owed. It also shows payments against the invoices.
What does the right column show in a register?
A running balance.
How do you review the current balances of your bank accounts?
Look at the accounts balance lists. It provides quick access to all of your bank and credit card accounts.
What are the 2 main types of accounts, what are they used for?
Balance sheet accounts - Assets like bank, inventory, equipment and liabilities like payable, loans etc.
Accounts used to group transactions for reporting purposes like income and expense accounts.
What 3 sources does Equity come from?
Money invested by the owner. Net profit from operating the business during a current accounting period and retained earnings from previous accounting periods.
What is a balance sheet and what does it show?
The balance sheet is a financial snapshot of the company on one date. It shows : assets, liabilities, what people owe you, and the net worth of the business.
What does the statement of cash flows show?
It shows your receipts and payments during a specific accounting period.