Glossary words in QuickBooks
In QuickBooks there are many terms used to define different places in QuickBooks such as expense, payments, and transactions, bill. These terms relating to a specific area are known as glossary which helps to understand part of QuickBooks by the terms which makes the understanding easy for the users.
Such terms or words are used in QuickBooks to make the user or the vendor understand each and every part easily. For the vocabulary purpose also such terms are very useful for the training understanding also.We have a team of experts those who can assist you with QuickBooks Mac Support and Pos Support.
Glossary of some terms in QuickBooks
Payment: In QuickBooks there are number of payments that are done to the employee or the vendor which helps in understanding the expenditure when the final payment receipt is generated.
Bill: A bill is a form of a page which defines all the expenses done with the company and the final statement which consist of all the order details and expenses made in particular product.
Transaction: When a payment is done in a go or in installments the transactions are monitored and saved so that there is record of the payment done through several or one transactions.
Banking: In QuickBooks there are banks which are involved for loan and accounting through the accounts. These banks are helpful in keeping the sequence of business while the payments need to be done.
QuickBooks undoubtedly is a flexible, intuitive and easy to use software. However, it will take you a bit of more efforts to understand it. In case, you are working on something that requires the knowledge of some specific terms, then what? QuickBooks too come up with certain terms that you should be aware of. Let’s discuss few of them here:
Accounts Payable (A/P): Whatever you owe to the contractors, vendors, consultants etc is tracked and been taken care of by this account.
Accounts Receivable (A/R): This helps in tracking the outstanding invoices.
Accrual Basis: Amongst the two accounting methods, this stands to be one. By this, you are able to record the income when it is invoiced and not when it is received. You are also able to record all the expenses through it, for example bills while receiving them.
Net income: It means revenue after deducting the expenses
Job: QuickBooks associate the customers through multi-page projects, you are working upon, for example remodeling of a kitchen.
Vendor: This term is used by QuickBooks to refer the ones you are paying, being a part of the business operations taken care by you.
Aging: Tracking of unpaid bills and outstanding invoices is what this terms refers to. QuickBooks enable the presetting of the aging reports, showing the overdue amount and the currently due amount.
QuickBooks being a large software does not just have the few terms mentioned above. In order to have complete knowledge of the same, you can get in touch with our QuickBooks Technical Support team.
If you are unable to understand any word, then without stressing yourself anymore, give a call to our QuickBooks customer support team. You can call QuickBooks tech support team through the smb_accountants.
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