Brooke's Books Flashcards
Accounts Payable
Amounts due to vendors or suppliers for goods or services received that have not yet been paid for.
Accounts Receivable
the funds that customers owe your company for products or services that have been invoiced.
Aging Report
a record of overdue invoices, accounts receivable, or unused credit memos by periodic date changes.
Asset
a useful or valuable thing, person, or quality.
Balance Sheet
a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.
Bank Statement
a list of all transactions for a bank account over a set period, usually monthly.
Business Transaction
a financial transaction between two or more parties that involves the exchange of goods, money, or services.
Chart of Accounts
an index of all the financial accounts in the general ledger of a company.
Check Stub
attached to a check, and provides the detail regarding the amount paid.
Checkbook Reconciliation
making sure the records you’ve kept for all your spending and income match what the bank says on your physical or online statement.
Checkbook Register
to calculate the running balance of their checking account.
Closing Entries
a journal entry made at the end of the accounting period
Cloud Accounting
a system that allows multi-user access and safe online or remote server storage.
Deposit Ticket
a small paper form that a bank customer includes when depositing funds into a bank account
EFT
The electronic fund’s transfer is a catch-all term that includes a wide variety of electronic payments, like credit card payments, ACH payments, and wire transfers.
