Terminology in QuickBooks - What everything is called ?
Its useful to know some of the terminology that Quickbooks uses
Every entry into Quickbooks is called a transaction , whatever type of entry it is
An Invoice is a Sales Invoice, i.e. one that is sent out to your customer or client for goods or services that you have sold
A Bill is a purchase Invoice i.e one that is received from your supplier for goods or services you have purchased
A non financial estimate or quotation for expected costs of something you are later going to sell to your customer
A non financial order to your supplier for something you are ordering
A Debtors list - i.e. a list of your customers that owe you money
A creditors list - i.e a list of your suppliers that you owe money to
Product and Services
Products and services in Quickbooks is what you sell to your customers
An account sometimes called a category is where the cost is allocated within QuickBooks
This term is can be used to analysis of an additional type such as department, cost centre , division etc.
A temporary or permanent way of marking a transaction to later report or view
Profit and Loss
A report that shows how much profit or loss the business has made within a certain period, a month, quarter, year etc.
A report showing your Assets and Liability which shows the "net worth" of the business
An accounting function to debit and credit an account
A necessary financial review to check all transactions within QuickBooks with those recorded with your bank