Quickbooks Online Terms

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Accounts Payable

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An account type that assigns a vendor with each entry and is used when generating a vendor bill/credit transaction or paying a bill; this tracks how much money a company still owes its vendors.

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Accounts Receivable

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An account type that assigns a customer with each entry and is used when generating an invoice transaction, credit transaction, or when receiving a customer payment; this tracks how much money is still owed by a company's customers.

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Accrual Report

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An accounting method report that reflects all transactions.

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Asset

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An economic resource that will generate economic benefit and is categorized in the order of how liquid the asset is: current, fixed, and other.

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Audit Log

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A log built into QuickBooks that tracks all changes made and which user made them.

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Balance Sheet

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A report that reflects assets, liabilities, and equity. It does not show profit or loss.

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Bank

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A financial institution licensed to receive deposits, make loans, track cash in and out of a business, and provide financial services.

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Bank Reconciliation

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The process of comparing bank statements to transactions in QuickBooks.

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Bill

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A statement showing the amount of money owed for goods or services.

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COGS

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Cost of Goods Sold (COGS) is the direct costs attributed to producing a service or product for sale and directly links these costs and revenue.