In: Accounting
1. What are the steps to take to accept a customer’s payment and
record it in the bank?
2. What do you look for when “analyzing” financial reports?
3. What is a Sub-Account? And why would you use it?
4. What does the collapse and expand button do on standard
reports?
5. What is the difference between Profit and Loss Report and the
Balance Sheet Report?
1. What are the steps to take to accept a customer’s
payment and record it in the bank?
Two Steps: Click of “receive payments” and select client and
invoice to apply payment to… this will increase your “undeposited
funds” account. Then click on Record Deposit after it is taken to
the bank and record all payments that are being deposited together
in a single transaction to match the bank.
2. What do you look for when “analyzing” financial reports?
3. What is a Sub-Account? And why would you use it?
A sub account is an account that belongs to a main or a parent account and is used to create additional categories (or details) within a main category, for example, Lodging and Airfare are sub-accounts of Travel expense
4. What does the collapse and expand button do on
standard reports?
It shows or hides sub accounts.
5. What is the difference between Profit and Loss Report and the Balance Sheet Report?