Title 02B QBO Core Cert Glossary 2024.pdf ✅

A Accountant Tools This dropdown is only available to you as an accountant user when you open a QuickBooks Online company from inside QuickBooks Online Accountant. Some of the tools are available elsewhere and some can only be found in Accountant Tools. For example, Voided and Deleted Transactions, Reclassify Transactions, and Write Off Invoices are accountant-only tools. Accountant user A special type of user in QuickBooks Online that allows admin access to the client and allows you to give other members of your firm access to the client account. You can become an accountant user either by being invited by your client and accepting the invitation or by setting up a client through QuickBooks Online Accountant. Accountant view QuickBooks Online offers two user views: Business view and Accountant view. Accountant view uses standard accounting language and gives you control over features like your client’s chart of accounts and other features that are aimed at the experts. You and your clients can switch between views at any time. Accounts payable (A/P) The money owed by a business to its suppliers shown as a liability on the company’s balance sheet. Accounts receivable (A/R) A legally enforceable claim for payment held by a business against its customers/clients for goods supplied and/or services rendered in execution of the customer’s/client’s order. Accounts receivable (A/R) are generally in the form of invoices raised by a business and delivered to the customer for payment within an agreed time frame. QuickBooks Online Certification 2024 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Accrual-basis An accounting method where income and expenses are recorded as they’re earned or incurred, regardless of when payments are received or bills are paid. Accrual-basis reports Reports that display income at the time it was invoiced and expenses at the time they were purchased, regardless of when payments are received or bills are paid. Aging reports These show the length of time an invoice (account receivable) or a bill (account payable) has been outstanding. App An application that can be added to your client’s QuickBooks Online company to bring additional functionality, such as to reduce data entry, streamline workflows, solve industry-specific tasks, expand business insights, or provide restricted access to enable the separation of duties. B Bank feeds This connects to your client's online banking and credit card accounts and feeds the transactions directly into the Banking center in QuickBooks Online. Bank rules These automate the categorization of the transactions in the bank feed, including assignment of the transaction type, category, payee, class, and location. QuickBooks Online Certification 2024 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Banking center Part of the Transactions center in QuickBooks Online, this gives your clients access to their connected bank and credit card accounts—allowing them to review, match, and add transactions to their books. Batch transaction An accelerated data-entry feature in QuickBooks Online that makes it easy for clients to enter, duplicate, or customize transactions in batches, saving a lot of time in data entry. Books review center In QuickBooks Online Accountant, this center provides the checklists and tools you need to complete the listed tasks for period-end reviews. The five tabs in the Books review center pull all the period-end tasks together into a single place. It also lists any transactions with potential issues. Business view QuickBooks Online offers two user views: Business view and Accountant view. Business view is aimed at small business owners who don’t have the support of an accountant or bookkeeper. It simplifies the workspace so day-to-day tasks like sales and billing are easier, and uses non-accountant terms. You and your clients can switch between views at any time. C Cash-basis An accounting method where income and expenses are recorded at the time they’re paid. Cash-basis reports These display income at the time it was received and expenses at the time they were paid. They provide a quick overview of cash flow. QuickBooks Online Certification 2024 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Categorization history feature This feature in the For review tab of a bank feed lists how previous transactions involving the same vendor/customer have been categorized over the last 12 months. You can sort these transactions by either the category that’s been used most or the one that was last used. Category details grid An area in an expense or purchase transaction screen where clients record the details of a transaction using accounts from the chart of accounts. Chart of Accounts A list of the categories QuickBooks Online uses to summarize money movement from a company’s financial statements. When you create a new QuickBooks Online company, a default chart of accounts will be created. You can customize it to suit your client’s needs. Closing the books Enables you to protect transactions in previous periods from being changed. You can set up a password to close the books, and run Closing Date Exception reports that show if anything has been changed after the books were closed. Credit memo A posting transaction that can be applied to a customer’s invoice as a payment or reduction, reducing accounts receivable rather than refunding cash to a customer. CSV A comma-separated values (CSV) file that clients can use to import or export data to and from QuickBooks Online. QuickBooks Online Certification 2024 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z