QBO Chapter 5 Key Terms


QBO Chapter 5 important Terms
Joel Johnson
Flashcards by Joel Johnson, updated more than 1 year ago
Joel Johnson
Created by Joel Johnson over 1 year ago

Resource summary

Question Answer
Customers List A time-saving feature that allows for the collection and storage of information about a customer, such as a customer name, address, and mobile number.
Updating Customers Lists Two Ways: Before entering transactions While entering Transactions
Projects A QBO Plus feature that permits set up projects to be linked to customers Use Sub-customers linked to a Customer Use Projects linked to a Customer
Products and Services List Collects information about the producs and services sold to the customers
QBO Products and Services Inventory Non-Inventory Service Bundle
Inventory Products that we sell for which we track quantities, such as dog hammocks that Mookie The Beagle Concierge sells.
Non-Inventory Products that we sell but we don't need to track the quantity of the product. Example: vet supplies that Mookie The Beagle Concierge uses when providing pet care services.
Service Services that we proved to customers, such as pet care services that Mookie The Beagle Concierge provides.
Bundle A collection of products and services that we sell together as a bundle. Example: Mookie The Beagle Concierge might provide a bundle of pet care products and pet care services.
Sales Receipt Form Payment received at the same time the product or service was provided, can be record the customer sale.
Invoice Used to record sales when the customer will pay later.
Accounts Receivable Amounts that a customer owes to the business
Methods used to account for bad debts Direct write-off Method Allowance Method
Direct write-off Method This method records bad debt expense when it becomes apparent that the customer is not going to pay the amount due. Used for tax purposes
Allowance Method Estimates bad debt expense and establishes an allowance or reserve for uncollectible accounts. Should be used if uncollectible accounts have a material effect on the company's financial statements used by investors and creditors
Show full summary Hide full summary


QBO Chapter 7 Key Terms
Joel Johnson
QBO Chapter 9 important terms
Joel Johnson
QBO Chapter 6 Key Terms
Joel Johnson
QBO Chapter 4
Joel Johnson
QBO Chapter 10 Important Terms
Joel Johnson
QBO Chapter 4 Key Terms
QBO Chapter 5 Key Terms
Key Terms Chapter 5: Solving for the unknown- a how-to approach for solving equations
Chapter 5 Key Terms
Tayler Shellhase
Chapter 5 key terms
Stephanie Poole
Cost/Managerial Accounting Chapter 5 key terms
Stephanie Poole