40029718
Description
Flashcards by Susan Esch, updated 9 days ago
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Created by Susan Esch
9 days ago
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| Question | Answer |
| Vendor transactions | Including placing product order, receiving products, and paying bills |
| Customer transactions | Including recording sale of product on invoices and receiving customer payments |
| Vendors: Purchase Order | To record our order of products from vendors; is a record of the products and quantities we ordered |
| Vendors: Bill | To record our obligation to pay vendor for the products (Accounts Payable) |
| Vendors: Pay Bills | To pay vendor bills for products received |
| Customers: Invoice | To record resale of product to customer and the customer’s promise to pay later (Accounts Receivable) |
| Customers: Receive Payment | To record collection of the customer’s payment |
| Customers: Bank Deposit | To record customer’s payment in the bank account |
| When we enter inventory transactions, we need to use the following QBO lists: | 1. Vendors List 2. Customer List 3. 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-inventory | Products that we buy but we don’t need to track the quantity of the product, such as pens used for office supplies. |
| Service | Services that we buy from vendors, such as legal services, and services that we sell to customers, such as pet concierge |
| Bundle | A bundle is a collection of products and services that we sell together as a bundle. |
| Two ways that we can update the Products and Services List are: | 1. Before entering transactions 2. While entering transactions |
| Internal control | Is a set or processes and procedures to safeguard assets and detect errors. |
| 3-way match | Is a principle of internal control to match when ordering, receiving, and payment for inventory. |
| 3-way match compares | 1. What was ordered? 2. What was received? 3. What was billed? |
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