Blog Series 5 of 5: Common QuickBooks Terms – What is Retained Earnings and Opening Balance Equity
- Posted on Oct 26, 2018
What is Retained Earnings and Opening Balance Equity? In our blog series 5 of 5, common Quickbooks terms – What is Retained Earnings and Opening Balance Equity? These are special equity accounts created by QuickBooks and exist on the balance sheet. Retained Earnings – This account is used to track all profits for prior years ... Read More
Blog Series 4 of 5: Common QuickBooks Terms – What is Cash and Accrual
- Posted on Oct 25, 2018
What is Cash and Accrual? In our blog series 4 of 5, common Quickbooks terms – What is cash and accrual? Most business owners should know what these terms mean, but if you don’t work with them regularly, you may not remember the differences between them. Cash and accrual refers to how you report your ... Read More
Blog Series 3 of 5: Common QuickBooks Terms – What is Uncategorized and Ask My Accountant
- Posted on Oct 24, 2018
What is Uncategorized and Ask My Accountant? In our blog series 3 of 5, common Quickbooks terms – What is Uncategorized and Ask My Accountant? These are QuickBooks chart of accounts that appear depending on what version of QuickBooks you are using. They are used as temporary holding accounts to keep track of the transactions ... Read More
Blog Series 2 of 5: Common QuickBooks Terms – What is Unclassified and Not Specified on Reports
- Posted on Oct 23, 2018
What is Unclassified and Not Specified on Reports? In our blog series 2 of 5, common Quickbooks terms – What is Unclassified and Not Specified on Reports? These are both QuickBooks terms that are referring to transactions on the books that have not been assigned a class. A class is a department or location that ... Read More
Blog Series 1 of 5: Common QuickBooks Terms – What is Undeposited Funds
- Posted on Oct 22, 2018
What is Undeposited Funds? In our blog series 1 of 5, common Quickbooks terms – What is Undeposited Funds also known as Undeposited Income? These are both QuickBooks terms that simply refers to money not yet deposited. Both terms have been used in QuickBooks versions over the years. Let’s go through the process when receiving ... Read More
New Blog Series: Common QuickBooks Terms
- Posted on Oct 21, 2018
Introducing new Blog Series: Common QuickBooks Terms When using QuickBooks, there are terms used that their meaning may not be evident to everyone. This blog series called common QuickBooks terms will introduce the most common terms that our clients have asked us what they mean. Also covered are tips and processes related to each. Terms ... Read More