QBO Chapter 5
What are the steps to record a check written to pay something other than bills?
(+) New > Vendors > Check
What are steps to record a credit card charge?
(+) New, Vendors > Expense > in the choose an account drop-down list choose a credit card
Describe the steps to create a new product from within a purchase order.
(+) New, Vendors > Purchase Order > Product/Service > Add new
Purchase Order
A formal means to order products form vendors
What appears when you click Pay Bills after clicking the (+) New icon?
A list of bills to be paid
What accounts are affected when a bill from a vendor supplying you products is recorded?
Accounts Payable
Bill
An invoice sent by a vendor to a coustomer
Describe the process for increasing or decreasing the width of a column in the listing of bills to pay.
Click and hold mouse between the column being widened and another > Drag the mouse to the right
Net 30
Pay a bill within 30 days after the bill date
Pay Bills
Paying vendors who have billed you
Item Detail Section
Purchases that affect inventory are recorded here
Account Detail Section
Purchases that don't affect inventory are recorded here
What are the steps to view a transaction report for the checking account from a trial balance?
Reports > Trial Balance > Click on the Checking Account balance to view a transaction report
What are the steps to view a transaction report for the inventory account from a trial balance?
Reports > Trial Balance > Click on the Inventory Asset Account balance to view a transaction report
Vendor
Suppliers of products and services
Check
Task used to record checks in the checking account
Expense
Task used to record credit card charges
Due on Receipt
Terms that provide no credit
What happens when you create a new purchase order to a vendor from whom you recently placed a different purchase order?
The details of the previous purchase order will appear in the Item Details section
Why does a business use purchase orders?
To formally order products and services
