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QuickBooks Terms and Definitions

The document provides definitions for common QuickBooks terms, including key concepts such as Chart of Accounts, Invoice, Bill, and Sales Receipt. It also covers items related to inventory, accounts receivable, accounts payable, and payroll. Overall, it serves as a reference for understanding essential accounting terminology used in QuickBooks.

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mosesmainam017
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341 views3 pages

QuickBooks Terms and Definitions

The document provides definitions for common QuickBooks terms, including key concepts such as Chart of Accounts, Invoice, Bill, and Sales Receipt. It also covers items related to inventory, accounts receivable, accounts payable, and payroll. Overall, it serves as a reference for understanding essential accounting terminology used in QuickBooks.

Uploaded by

mosesmainam017
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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QuickBooks Common Terms & Definitions

Chart of Accounts

A list of all accounts used in your company file, including income, expenses, assets, liabilities, and equity.

Invoice

A document you send to a customer to request payment for goods or services sold on credit.

Bill

A document received from a vendor that records an amount your business owes for a purchase made on

credit.

Sales Receipt

A document you create when a customer pays you at the time of the sale.

Credit Note (Credit Memo)

Used when a customer returns goods or is given a refund or discount.

Vendor

A person or company you buy goods or services from.

Customer

A person or company that buys goods or services from your business.

Item

A product or service your business sells or buys. Can be inventory, non-inventory, service, or other charge.
QuickBooks Common Terms & Definitions

Inventory Part

An item you keep in stock and sell to customers. You track quantity and cost.

Non-Inventory Part

An item you buy or sell but don't track as inventory. Example: tools, supplies.

Service

A task or job you provide to a customer (e.g., repair, installation).

Bank Account

Used to record cash or bank transactions like deposits and withdrawals.

Accounts Receivable

Money owed to your business by customers (from unpaid invoices).

Accounts Payable

Money your business owes to vendors (from unpaid bills).

General Journal

Used to manually enter accounting transactions not recorded elsewhere.

Reconcile

Matching your QuickBooks account balance to your actual bank statement.

Report
QuickBooks Common Terms & Definitions

A document summarizing your financial data, such as Profit & Loss, Balance Sheet, etc.

Payroll

The process of paying your employees, including wages, deductions, and taxes.

Class

A way to track different parts of your business (e.g., departments or locations).

Job

Used to track income and expenses for specific projects or clients.

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