40009072
Description
Flashcards by Richard Kramer, updated about 1 month ago
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Created by Richard Kramer
about 1 month ago
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| Question | Answer |
| Invoice | Product is provided and pay is later |
| Receive Payment | Received payment and recorded |
| Estimate | Recorded estimate amounts to be provided to customer in the future |
| Credit Memo | Record credit/reduction in amount charged |
| Sales receipt | Paid at time of receipt of product/service |
| Refund receipt | Used for refunds |
| Delayed credit | Pending credit to customer |
| Delayed charge | Pending charge to customer |
| Lists used for sales | Customer and Product/services |
| Customer list | Collects and stores information about the customer |
| When can you update the Customer list | Before and while entering transactions |
| Projects | Can be linked to customers or a Sub-customer linked to customer |
| Sub-customers | Can be made into a project but a project cannot be converted into a Sub-customer |
| Products and services | Inventory, non-inventory, service, bundle |
| Inventory | Products sold, quantities are tracked |
| Non-inventory | Products sold, quantities not tracked |
| Service | Services provided |
| Bundle | Collection of products and services sold together |
| Sales receipts are | Entered when paid |
| Invoices are | Paid later |
| Sales receipts can be deposited to | Checking or payment to deposit |
| Payment to deposit account | funds recorded must be transferred from here to checking account using a bank deposit form. Allows for multiple sales to be grouped into one bank deposit |
| Direct Write Off | Bad debt expense recorded from uncollectible account. Used for tax purposes. |
| Allowance Method | Estimates bad debt expense and establishes an allowance for uncollectable accounts. Usually, a percentage of sales or of the account receivable account. |
| Advantage of the customer list | Reduces error and saves time |
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