QBO Chapter 4

Question	Answer
Check Register	A record of all transactions affecting the Checking account.
Bank Deposits	Money into bank accounts
Bank Transfers	Money into and out of bank accounts
Bank Checks	Money out of bank accounts
Enter and Pay Credit Card Charges	Money out of bank accounts
Money In (Customers)	Money coming into an account Three ways: Customer Sales using Sales Receipts Customer Sales using Invoices > Receive Payments Bank Deposit
Money in (Other)	Investments from company owners Cash Received from loans Interest earned Other income
Money Out	All the money coming out of an account Four main ways: Expenses Checks Bills > Pay Bills Purchase Order > Bill > Pay Bills
Accounting Essentials Banking for Businesses	Summarizes important foundational accounting knowledge you may find useful when using QBO
How many checking accounts does a business need	At least one checking account in the business name - should be separate from the owners personal checking account
Bank reconciliation	The process of comparing, or reconciling, the bank statement with your accounting records for the Checking account.
Bank reconciliation objective	Detects errors updates accounting records for unrecorded items listed on the bank statements (service charges)

Resource summary

	Created by Joel Johnson about 2 years ago