38112600
Description
Flashcards by Stephanie Poole, updated more than 1 year ago
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Created by Stephanie Poole
over 1 year ago
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| Question | Answer |
| Expense | The Expense form can be used to record expenses that we pay for at the time we receive the product or service. We can pay using cash, credit card, or check |
| Check | The Check form is used when we write a check |
| Bill | The Bill form is used to record services, such as utilities or accounting services. We use the Bill form to record a bill received (expense) and our obligation to pay the vendor later (accounts payable). |
| Pay Bills | The Pay Bills form is used to select bills we want to pay |
| Purchase Order | A Purchase Order is used to track products ordered from vendors. |
| Vendor Credit | The Vendor Credit form is used when a vendor gives us a refund, or reduction in the amount we owe the vendor, to our bill |
| Credit Card Credit | A Credit Card Credit form is used to record a credit, or reduction in charges by the vendor, to our credit card. |
| VENDORS LIST | permits us to collect and store information about a vendor, such as vendor name, address, and phone number. Then we can reuse the stored vendor information without re-entering it. |
| Accounting Essentials | summarize important foundational accounting knowledge you may find useful when using QBO |
| Accounts payable | consists of amounts that our business is obligated to pay in the future. When our business makes purchases on credit, our business is promising to pay that amount in the future. When a purchase is made and recorded as a bill, accounts payable is increased by a credit. When the bill is paid, the accounts payable is decreased by a debit. |
| IRS Form 1099 | must be completed for sole proprietorships and partnerships to which we paid $600 or more for services in a year. The vendor’s Tax ID No. is required to complete the 1099. QBO can assist in tracking amounts and preparing 1099s for appropriate vendors. To learn more about preparing 1099s, see the Internal Revenue Service website at www.irs.gov. |
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