QuickBooks Lesson 3
Terms in this set (13)
What information is used on a regular basis?
Names, addresses, contact information for vendors, descriptions and prices for products or services you sell again and again.
Most important list in QuickBooks and why.
The Chart of Accounts. Because it shows how much your business has, what it owes, what you have coming in, and how much you're spending.
Chequing, savings, money market accounts.
Transactions related to the customers who owe you money, including invoices, payments, deposits of payments, refunds and credit memos and most companies only have 1.
Other current asset
Likely to be converted to cash or used up within one year such as notes receivable due within one year, inventory, prepaid expenses, and security deposits.
Long term notes receivable and depreciable assets your company owns that are not likely to be converted to cash within one year.
Transactions related to the vendors to whom you owe money, including your company's outstanding bills, bill payments and any credit you have with the vendors.
Card purchases, bills, payments and credits.
Liabilities scheduled to be paid within one year, such as sales tax, payroll taxes, accrued or deferred salaries and short term loans.
Long term liability
Liabilities such as loans or mortgages scheduled to be paid over periods longer than a year.
Includes Capital investment, drawings, and retained earnings.
What information does the employee center store?
Employee name, address, Social Insurance Number, it stores information needed to calculate employee paycheques.
What's the point of custom fields?
It gives you a way to track additional information specific to your business.
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