Chapter 1 Concepts

Question	Answer
QBO SatNav	Divides QBO into three main processes.
Company Settings	involve setting up a new QBO company and selecting company preferences, such as displaying account numbers.
QBO Chart of Accounts	list of all the accounts for a company. These accounts can be used to sort and track accounting information, and automatically creates a Chart of Accounts when we set up a new QBO company.
QBO Settings	include Company Settings and QBO chart of Accounts.
QBO Transactions	involves recording transactions as input into the financial system. Can be categorized as Banking, Customers & Sales, Vendors & Expenses, and Employees & Payroll. Basically involves recording money in and money out of a company.
QBO Reports	the output of the system. Typically provide information to decision makers.
Financial Statements	standardized financial reports that summarize information about past transactions.
Balance Sheet	summarizes what a company owns and owes on a particular date.
Profit and Loss Statement (Income Statement)	summarizes what a company has earned and the expenses incurred to earn the income.
Statement of Cash Flows	summarizes the cash inflows and cash outflows for operating, investing, and financing activities of a business.
Tax Returns	for federal and state tax agencies.
Management Reports	for company managers and owners to use when making business decisions.

Resource summary

	Created by Tayler Shellhase almost 2 years ago