Quickbooks Lessons 1-8 Vocabulary Review

Flashcard maker : Lily Taylor
Registers
A repository for all financial activity for a specific balance sheet account.
Reports and Graphs
A means of presenting the financial position and the operating results of a company in a way that makes business decision making easier.
Backing up a file
The process of creating a copy of a QuickBooks file for safekeeping or transporting to a different computer.
Data Files CD
Contains backups of all the practice files needed for chapter work and completion of assignments.
Lists
Groups of names such as customers, vendors, employees, items, accounts, etc.
Home Page
A big picture approach of how your essential business tasks fit together organized by logical groups such as customers, vendors, employees, etc.
Forms
Electronic representations of paper documents used to record business activities such as customer invoices, vendor bills, or checks.
Registers
The process of rebuilding a backup file to a full QuickBooks file ready for additional input.
Icon Bar
One click access to QuickBooks Centers and Home page.
% of Column
When selected in the Modify Report window, this check box requires QuickBooks to add a column representing the percentage of each item compared to total assets.
Without Cents
When selected in the Modify Report window, this check box requires QuickBooks to round amounts to the nearest whole dollar.
From date
The start of the reporting period.
Balance Sheet Standard report
A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date.
Memorizing a report
A process in which modified reports are saved for later use.
Divided by 1000
When selected in the Modify Report window, this check box requires QuickBooks to report amounts in thousands.
To date
The end of the reporting period.
QuickZoom
A QuickBooks feature that allows you to view the transaction details underlying amounts in a report.
Transactions by Account report
A report generated when using QuickZoom.
Summary Balance Sheet report
A financial statement reporting in summary form the assets, liabilities, and equities of a business as of a certain date.
To date
The end of the reporting period.
Divided by 1000
When selected in the Modify Report window, this check box requires QuickBooks to report amounts in thousands.
Previous Period % Change
Adds a sub column to a Profit & Loss report which calculates the relative percentage change in each item from a previous period.
From date
The beginning of the reporting period.
Profit & Loss Standard report
A financial statement reporting the revenues and expenses of a business for a specific accounting period.
Previous Period $ Change
Adds a sub column to a Profit & Loss report that calculates the amount of change in each item from a previous period.
Date formats
A preference option which specifies whether years in date fields are shown as two digits or four digits.
Quick Zoom
A feature in QuickBooks which allows you to view transaction details which underlie amounts in a report.
Without Cents
When selected in the Modify Report window, this check box requires QuickBooks to round amounts to the nearest whole dollar.
% of Income
When selected in the Modify Report window, this check box requires QuickBooks to add a column representing the percentage of each item compared to total revenues.
From date
The beginning of the reporting period.
Without Cents
When selected in the Modify Report window, this check box requires QuickBooks to round amounts to the nearest whole dollar.
QuickZoom
A feature in QuickBooks that allows you to view transaction details which underlie amounts in a report.
Statement of cash flows
A financial report describing the change in cash during an accounting period.
To date
The end of the reporting period.
Increases in long-term debt
Included in the financing activities section of the statement of cash flows.
Classify Cash
Button selected to correct QuickBooks’s method of accounting for changes in accumulated depreciation.
Increases in equipment
Included in the investing activities section of the statement of cash flows.
Net income
Included in the operating activities section of the statement of cash flows.
Depreciation expense
An adjustment to net income in the operating activities section of the statement of cash flows.
Accounts Payable Aging report
A report which describes how much the company owes to a vendor organized by date due.
QuickZoom
A feature in QuickBooks that allows you to view transaction details which underlie amounts in a report.
Invoice
A document used to bill a customer for goods or services.
Accounts Receivable Aging Report
A report that describes how much is owed to a company by customers and is organized by date due.
Bill payment check
A document used to remit amounts to vendors for bills received.
Inventory Valuation Summary report
A report that describes inventory on hand as of a particular date.
Inventory Valuation Detail report
A report that describes inventory transactions for a particular inventory item over a specified period of time.
Vendor Balance Detail report
A report that describes bills received/payments made from/to a particular vendor over a specified period of time.
Customer Balance Summary report
A report that describes how much each customer owes a company as of a particular date.
Vendor Balance Summary report
A report that describes how much each vendor is owed as of a particular date.
Customer
Anyone who pays you.
Vendor
Anyone you pay except employees.
Items
Anything that your company buys, sells, or resells in the course of business.
EasyStep Interview
This QuickBooks setup process walks you through the setup procedure and helps you tailor QuickBooks to suit your business.
Service items
Items representing services you sell.
Inventory part items
Items representing products you sell.
Trial balance
In traditional accounting, a document that adds up all the debits and credits so that mistakes can be traced if debits don’t equal credits.
Fixed asset
Property used in a productive capacity that will benefit your business for longer than one year.
Job
An optional way to keep track of larger orders, such as those placed by different departments within the same organization.
Opening balance
The amount of money in, or the value of, an account as of the start date of your records in QuickBooks.
Sales Receipt
A source document used to track cash sales, calculate sales tax, and totals.
Time sheet
This document shows the time spent by one person doing any number of activities for any number of jobs within a seven-day period.
Purchase Order
A source document that has no effect on financial statements but helps in managing a company’s ordering process.
Customer deposits
Cash received by a company for which a sale cannot be recorded because the product has not been delivered.
Undeposited Funds account
An account used to record cash receipts not yet deposited to the bank.
Sales invoice
A source document that includes details about a sale to a customer who owes you money.
Financing activity
An activity where cash or other resources are obtained from or paid to nontrade creditors, long-term creditors, and/or owners.
Investing activity
An activity where cash or other resources are applied to non-operating uses such as making long-term productive investments in equipment, buildings, land, equipment, etc.
Sales on account
Sales to a customer for which the company allows some time for the invoice to be paid.
Apply credits
Used on invoices to specify how previous payments made by customers should be applied to an invoice.
Sales invoices
A source document used to record sales on account.
Loan amortization table
A schedule of the payments, including interest and principal, that are required to pay down a loan.
Purchases on account
Purchases from a supplier who allows the purchaser some time to pay the bill.
Sales tax liabilities
Liabilities created when a company sells merchandise and collects sales taxes from a customer.
Credit terms for customers
Specify the discount, if any, and amount of time that customers have to pay an invoice.
Electronic transfers
Used to move amounts from one bank account to another.
Payroll tax liabilities
Liabilities created when payroll taxes are withheld from an employee’s paycheck.
Credit terms from suppliers
Specify the discount, if any, and amount of time that companies have to pay a bill.

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