QBO Chapter 7 Key Terms


QBO Chapter 7 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
Vendor Transactions Placing product orders, receiving products, and paying bills.
Customer Transactions Recording sale of product on invoices and receiving customer payments
Entering Inventory Transactions Requirements: Vendors List Customers List Products and Services List
Inventory Products that we buy for which we track quantities, such as dog hammocks, that Mookie The Beagle Concierge buys to resell.
Non-Invnetory Products bought but do not need to track the quantity of the product, such as pens used for office supplies.
Service Services that are bought from vendors, such as legal services.
Bundle A collection of products and services that we sell together as a bundle.
Purchase Order A record of an order to purchase products from a vendor.
Bill After a Purchase Order has been created and sent to the vendor, a bill will be received from the vendor. If the bill is going to be paid later, the bill form will be used to record the vendor's bill.
Pay Bills Pay Bills is used to select the bills that are due and we are ready to pay. If the bill has been entered using Bill form, then the bill will automatically appear in the Pay Bills list.
Invoice Used to record sales when the customer will pay later. An invoice contains detailed information about products and services provided to a customer.
Receive Payment Customers may pay in the following ways: Credit Card Online customer Check
3-Way Match Compares: What was ordered What was received What was billed
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