QuickBooks 1-4
Account Payable
a purchase on account
credit memo
a reduction of Account Payable as a result of a return or an allowance by a vendor
the trial balance
a report containing all the general ledger account names, their respective debit or credit
the chart of accounts llists consists of
account number, name , type and balance
pay bills window
displays all open bills as of a selected date
A quickbooks user
enters a transaction based on the nature of the activity such as enter bills, write checks, and create invoices
A bill
from a vendor is considered a liability
purchase on account
if a company receives a bill for goods or services from a vendor but plans to pay it at a later date
A customer
is a person or business to which the company sells goods or services to, either on account or for cash
The receive payments window
is designed only for collection of invoices previously recorded in the Create Invoice window
payments on account
is payment of an outstanding account payable
The account types in QuickBooks consist of
Assets Liabilities, Equity, and Income and Expense
Centers Include
Customer, vendor, and employee
In QuickBooks, which window is used to record a purchase on account?
Enter bills window
the write checks window
For a cash payments on a bill not previously entered in QuickBooks
what is another name for the profit & loss report?
Income Statement
A sale on account
occurs when a company sells goods or services to a customer but does not receive payment until a future date
NET 30 DAYS
payment is due within 30 Days
collection of accounts
receivable occurs when a customer pays part or all of their outstanding balance due the company
a cash sale
results in a debit to the cash or undeposited funds account
The Vendor Center
should contain company name, address, contact person, type of vendor, terms, and other important information
vendor
someone from whom a company buys goods or services, either on account or for cash
vendor file is estiblished
transactions can include receiving a bill from a vendor, paying that bill, and paying for a cash purchase
for adjusting journal entries
use make general journal entry
enter bills window
when a company receives a bill for goods or services the bill is recorded in
the receive payments window
when a customer pays an invoice, the company enters this transaction in
a cash sale
when payment for merchandise is received immediately
When a bill(or account payable) previously recorded is to be paid
you enter the transaction in the pay bills window of QuickBooks
4 levels of operations with quickbooks
New Company Setup, Lists/ Centers, Activities, and reports
when you enter a bill from a vendor
QuickBooks automatically credits the Accounts Payable account
When you write a check in the pay bills window
QuickBooks automatically decreases (debits) the accounts payable account
Financial Statements
Summaries of the financial information of a company
All necessary reports are instantly prepared
With a computerized accounting software package, as business activities are recorded
A sale on account is
an account receivable
Adjusting journal entries
are adjustments made to accounts at certain periods of time to bring the balances up to date
payments on account
are recorded in the pay bills window
QBB
backup copy and condenses the file
Lists include
chart of accounts, item, price level, and sales tax code
the collection of all customer files
comprises the customer lists
in quickbooks, which window is used to record a sale on account?
create invoices
you can customize all reports to modify
the appearance of the report or the fields of information to be displayed
When a company creates an invoice for goods or services, the invoice is recorded in
the create invoice window
Customer activities in quickbooks use
the creative invoices, receive payments, enter sales receipts and make deposits window
to change the heading in any report click
the customized report button on the top of the report
General Ledger
the document where transactions are summarized by account
vendor reports include
the unpaid bills detail report, the vendor Balance Detail report and the Vendor Contact List report
