QuickBooks Glossary

  • March 29, 2017

Glossary Words in QuickBooks

In QuickBooks, there are many terms used to define different places in QuickBooks such as expense, payments, and transactions, bills. 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 every part easily. For vocabulary purposes, such terms are very useful for training understanding also. We have a team of experts who can assist you with QuickBooks Mac Support and Pos Support.

Glossary of Some Terms in QuickBooks

1. Payment:

In QuickBooks, several payments are made to the employee or the vendor which helps in understanding the expenditure when the final payment receipt is generated.

2. Bill:

A bill is a form of a page that defines all the expenses done by the company and the final statement consists of all the order details and expenses made for a particular product.

3. Transaction:

When a payment is done in a go or installments the transactions are monitored and saved so that there is a record of the payment done through several or one transactions.

4. Banking:

In QuickBooks, some banks are involved in loans and accounting through the accounts. These banks help keep the sequence of business while the payments need to be done.

QuickBooks undoubtedly is flexible, intuitive, and easy-to-use software. However, it will take you a bit more effort 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 a few of them here:

  • Accounts Payable (A/P): Whatever you owe to the contractors, vendors, consultants, etc are tracked and taken care of by this account.
  • Accounts Receivable (A/R): This helps in tracking the outstanding invoices.

5. Accrual Basis:

Amongst the two accounting methods, this stands to be one. By this, you can 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.

6. Net income:

It means revenue after deducting the expenses

7. Job:

QuickBooks associates the customers through multi-page projects, you are working on, for example, remodeling of a kitchen.

8. Vendor:

This term is used by QuickBooks to refer to the ones you are paying, being a part of the business operations taken care of by you.

9. Aging:

Tracking of unpaid bills and outstanding invoices is what this term refers to. QuickBooks enables 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.

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 the QuickBooks tech support team.

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