51369-Intuit-QB-Core Glossary-V02-RJC

QuickBooks Online Certification 2021
Glossary Course description Learning outcomes
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Accountant Tools This drop-down is only available to you as an accountant user when you open a QuickBooks Online
company from inside QuickBooks Online Accountant.
Some of the tools are available elsewhere and some can only be found in Accountant Tools. For
example, Voided and Deleted Transactions, Reclassify Transactions, and Write Off Invoices are
accountant-only tools.
Accountant user This is a special type of user in QuickBooks Online that allows admin access to the client and allows
you to give other members of your firm access to the client account. You can become an accountant
user either by being invited by your client and accepting the invitation or by setting up a client through
QuickBooks Online Accountant.
Accountant view In QuickBooks Online, there are two user views: Business view and Accountant view. You can switch
between them anytime.
Accountant view uses standard accounting language and gives you control over features like your
client’s Chart of Accounts and other features that are aimed at the experts.
Accounts payable The money owed by a business to its suppliers shown as a liability on the company’s balance sheet.
Accounts receivable A legally enforceable claim for payment held by a business against its customers/clients for goods
supplied and/or services rendered in execution of the customer’s/client’s order. Accounts receivable are
generally in the form of invoices raised by a business and delivered to the customer for payment within
an agreed time frame.
Accrual-basis reports These reports display income at the time it was invoiced and expenses at the time they were purchased,
regardless of when payments are received or bills are paid.
ACH bank transfers A way to accept payments on invoices or sales receipts in QuickBooks Online when signed up for
QuickBooks Payments. Money is transferred from the customer’s bank account into your client’s bank
account. There is no fee for ACH transactions.
Aging reports Reports that show the length of time an invoice (accounts receivable) or bill (accounts payable) has
been outstanding.
API Bank Connections An API (Application Programming Interface) bank connection such as OAuth allows QuickBooks Online
to access your clients’ accounts after initial setup without the need for constant authentication. You only
need to set this up once with the financial institution.
App An application that can be added to your client’s QuickBooks Online company to bring additional
functionality, such as to reduce data entry, streamline workflows, solve industry-specific tasks, expand
business insights, or provide restricted access to enable the separation of duties.
Bank feeds The bank feeds functionality in QuickBooks Online is one of its most dynamic features. It links to your
online banking and credit card accounts and feeds the transactions directly into the Banking Center,
ready for you to review and match up transactions, make edits where needed, or add transactions at the
tap of a button.
Bank rules Bank rules automate the categorization of the transactions in the bank feed, including assignment of the
transaction type, category, payee, class, and location.
Banking Center The Banking Center gives you access to all your connected bank and credit card accounts, allowing you
to review, match, and add transactions to your books. You can also have easy access to a list of all the
bank rules that have been created.
Bill In QuickBooks terminology, a bill is what a vendor sends your client when they owe them an amount of
money. When a bill is paid to a vendor, money goes out of the business. The Bill screen in QuickBooks
Online is a purchase form, so when a bill is recorded, this form posts an accrual transaction; the expense
is recorded as incurred but no cash has been paid yet. The total amount of the bill will post as a credit to
increase accounts payable.
Business view In QuickBooks Online, there are two user views: Business view and Accountant view. You can switch
between them anytime.
Business view is aimed at small business owners who don’t have the support of an accountant or
bookkeeper. It simplifies the workspace so day-to-day tasks like sales and billing are easier, and uses
non-accountant terms.
Cash-basis reports These reports display income at the time it was received and expenses at the time they were paid. They
provide a quick overview of cash flow.
Chart of Accounts The Chart of Accounts is a list of the categories QuickBook Online uses to summarize money movement
from a company’s financial statements. When you create a new QuickBooks Online company, a default
Chart of Accounts will be created. You can customize it to suit your client’s needs.
Client This refers to the business with which the accounting professional or firm works. Clients are the firm’s
customers. The Client List in QuickBooks Online Accountant (QBOA) gives the firm central access to
information about the client, and access to their QuickBooks Online company.
Closing the books Closing the books allows you to protect transactions in previous periods from being changed. You
can set up a password to close the books, and run Closing Date Exception reports that let you see if
anything has been changed after the books were closed.
Dashboard When you sign in to QuickBooks Online, it opens up to the Dashboard, which gives you information on
the health of the business in an easy-to-understand format.
Delayed Charge Delayed Charges allow you to record a fee to be invoiced in the future, typically on a monthly basis. This
is for when you don’t want to invoice now, but need to remember to invoice the charge in the future.
Deposit Transactions Deposit Transactions are used to record money going into a business bank account. They can include
payments received related to business sales that were posted to Undeposited Funds, as well as other
payments received (such as a refund from a vendor).
Direct discounts This is when you add a subscription through QuickBooks Online Accountant but you want your client to
pay Intuit directly for the subscription. The client will be required to enter their credit card information
when they sign in to the newly created subscription, but they typically get a discount on the pricing for a
finite period of time.
Expense Center This is where you handle everything related to spending, including vendors and expenses, under the
Expenses tab.
For Review The For Review tab in the Banking Center shows bank feed items that have not yet been accepted
into QuickBooks Online and that need to be reviewed, edited if necessary, and matched to existing
transactions or added as appropriate.
Gear icon The Gear icon in QuickBooks Online Accountant takes you to a sub-menu with various lists. Team
users who don’t have access to the firm’s Your Books will not see some options that control the firm’s
QuickBooks Online Accountant settings.
Go to client’s QuickBooks A drop-down in QuickBooks Online Accountant that allows quick access to your clients’ QuickBooks
Online companies. The chief benefit is the ability to jump directly from one QuickBooks Online
company to another without having to go back to QuickBooks Online Accountant. You may also hear
this referred to as the Client Switcher.
Instant Deposits QuickBooks Payments Instant Deposits is one way for clients to get their hard-earned money faster.
For a 1 percent fee, available funds can be instantly deposited into their bank account, allowing them to
pay their bills, pay employees, and keep the business moving.
Intuit ID This is what you use to sign in to your QuickBooks Online account. You can use the same Intuit ID to
access multiple Intuit products.
Inventory These are products that you purchase and sell and for which you want to track quantities on hand.
Invoice terms This is the time you give customers to pay their invoice. For example, “Net 30” means payment is due
30 days from invoice creation date.
Journal entries Journal entries are a way to post debits and credits to accounts in the general ledger.
Money Bar The Money Bar in the Sales and Expenses Centers is a visual representation of recent activity. Select any
segment of the bar to filter the transaction list below it.
Month-end review Month-end review is designed to support accountants’ typical month-end workflows. It automatically
identifies and helps you resolve incomplete transactions, unreconciled accounts, and other common
bookkeeping issues.
My Accountant Any client requests and documents you initiated from QuickBooks Online Accountant appear here in
your client’s QuickBooks Online company. QuickBooks Online Accountant can track your requests by
due date, so they won’t miss a thing and you’ll get what you need on time. Your client can respond and
share documents from here too, so their sensitive information stays safe.
Noninventory items These are products bought and sold where it isn’t necessary to track quantities on hand.
Online invoice The online invoice is a web page that interacts directly with the invoice in your QuickBooks Online
account. It allows you to track the status of the invoice, and exchange messages with your customer.
Open platform QuickBooks Online is an open platform, which means developers can connect fields in QuickBooks
Online to corresponding fields in their app. Basically, they can create functions and features that do a
job, then feed the resulting data into QuickBooks Online.
Overview The Overview tab is a quick and easy way to see a snapshot of your client’s QuickBooks Online
company. It is broken down into four sections: Company Setup, Banking Activity, Common Issues, and
Transaction Volume.
+ New button In a QuickBooks Online company, this is a go-to tool for creating or adding transactions quickly, from
invoices to deposits. Here, you can also pay bills and print checks; there are quick links for vendor- or
customer-type transactions, as well as for employee and more general activities.
Preferred Vendor Preferred vendors are third-party businesses that your clients will purchase goods (such as stock or
ingredients) from in order to run their business. When a client has a regular or reliable vendor that they
go to for the same item most every time, they may set that vendor up as a preferred vendor in the item
record to simplify their ordering process.
ProAdvisor Benefits The ProAdvisor Benefits Program is designed to recognize the work you do with QuickBooks Online. It
Program offers innovative benefits such as discounts for Constant Contact, access to the ProAdvisor Merchandise
Store, and the Intuit Marketing Hub.
ProConnect Tax Online ProConnect Tax Online, commonly referred to as PTO, is a cloud-based professional tax-prep app.
It can be used as a standalone solution, but if you have clients with QuickBooks Online, you can
increase efficiency by exporting QuickBooks Online information to the tax return.
Products and Services The Products and Services list contains the items that will appear on your client’s purchase and sales
transactions. Each item must be mapped to an account in the Chart of Accounts. Every time an item is
used in a transaction, the appropriate entry is made behind the scenes.
Projects Projects are used to track large, high-level chunks of work your team needs to complete. They can be
broken down into individual tasks.
QuickBooks Full Service Integrated into QuickBooks Online, this service offers setup, paychecks, payroll taxes, and payroll forms
Payroll (QFSP) processed by Intuit, and payroll transactions created within QuickBooks Online.
QuickBooks Online This is what a client sets up in QuickBooks Online to track financial data for a business. A client can have
company more than one company associated with their Intuit account.
QuickBooks Online QuickBooks Online is more than a simple accounting program. It’s a platform that offers an ecosystem
ecosystem of applications that you and your clients can use to build the perfect solution, by adding apps that
bring additional functionality.
QuickBooks Online The payroll service integrated inside QuickBooks Online that allows businesses to pay employees, pay
Payroll (QBOP) taxes, and file payroll tax forms. Features include direct deposit, electronic tax payment and form filing,
employee web portal, integration with timesheets, automated integration with QuickBooks Online
registers, general ledger, and reports. This is a do-it-yourself option.
QuickBooks Payments QuickBooks Payments is the unique ACH debit and merchant service solution that powers QuickBooks
Online. It lets customers pay online, instantly, from invoices.
QuickStart Template QuickStart Templates are pre-built project templates within the Work Center, designed for common
accounting workflows used by most firms. They can be copied and customized to suit your firm’s
individual internal needs and your clients’ project needs.
QuickZoom The QuickZoom feature in QuickBooks Online allows you to zoom in to transaction details from an
amount on a report. When you hover over an amount on a report, the amount will turn blue and
underlined like a hyperlink. Selecting the link will zoom to the details of the transactions that make up
the balance, where they can be viewed or edited.
Reconciliation Reconciling your clients’ accounts means making sure that what they have in QuickBooks Online reflects
what’s really happened in terms of income, expenses, and other movements and adjustments of cash.
Sales Center The Sales Center puts everything you need to manage sales in one place: customers, products and
services, and invoices.
Service This is something that you provide to customers, as opposed to products or inventory you sell.
Subscription level Your subscription level is the version of QuickBooks Online that the company is using. The four
subscription levels/versions of QuickBooks Online are Simple Start, Essentials, Plus, and Advanced.
There’s also QuickBooks Self-Employed, which is designed for Schedule C tax filers.
Tasks Tasks are individual parts of a project, similar to to-do list items that need to be checked off for the project
to be completed.
Team user Team users in QuickBooks Online Accountant are staff members of the accountancy firm who oversee
client files and the QuickBooks Online account. They could alternatively be bookkeepers or tax
preparers who are not in the firm, but who still need access to the client.
Undeposited Funds Undeposited Funds are funds that haven’t been deposited in the bank yet. By holding payments
received in Undeposited Funds, you can create a single bank deposit for multiple payments, making it
easy to match your bank register with your bank statement.
Wholesale billing By signing up for wholesale billing, the accounting firm is paying for the client subscription at a substantial
discount. The accountant sees an itemized view of all their wholesale subscriptions for easy tracking, and
can pass the costs on to their client.
Work Center The Work Center in QuickBooks Online Accountant can help you manage requests and messages for
your clients, along with all the work you do for them. You’ll be able to manage your practice and stay
organized, never missing a deadline!
Workers tab You can manage employees and 1099 contractors from the Workers tab. This tab consists of two
options: Employees and Contractors. The latter is where you can invite contractors with your client’s
company to add their own details about working for the client so that the client has the info they’ll need
to file 1099s.
Course Name:
QuickBooks Online
Certification 2021
Course description: This improved scenario-based training
teaches you the most-used and key features you need to
support your clients through the end-to-end accounting
life cycle. This training course also prepares you to take the
QuickBooks Online Certification exam with confidence.
QuickBooks solutions
01 for clients
Module 1: QuickBooks solutions for clients
02 Client onboarding Module description: This module opens the door to understanding your clients’ needs
in order to best advise them on which QuickBooks Online subscription will suit their
Special client requirements. The module will prepare you to effectively set up a QuickBooks Online
03 onboarding tasks account and discuss billing options and additional features (such as apps) with your clients.
Managing your clients Learning outcomes:

04 and work • Recognize the benefits of Core • Describe the billing options available
Certification and how to use the course for pricing
Supporting your small
05 business clients
• Establish a potential client’s
QuickBooks Online and QuickBooks
• Recognize the different options for
adding clients’ QuickBooks Online
Self-Employed needs companies to your firm’s QuickBooks
06 Banking and tools
• State the options to migrate clients from Online Accountant account
other accounting systems • Describe the features of the Overview
Reporting and tab and how accountants can use it
07 analytics
• Identify the benefits of QuickBooks
Online subscription options for • Explain the benefits of QuickBooks
different client types Online-approved apps
Closing the
08 accounting cycle • Identify the appropriate QuickBooks
Online or QuickBooks Self-Employed
subscription level for your clients
• Identify the differences between
QuickBooks Online Plus and
QuickBooks Online Advanced

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QuickBooks Online Certification 2021

Glossary Course description Learning outcomes

Glossary Course description Learning outcomes

Glossary Course description Learning outcomes

Glossary Course description Learning outcomes

Glossary Course description Learning outcomes

Glossary Course description Learning outcomes

Glossary Course description Learning outcomes

Glossary Course description Learning outcomes

Glossary Course description Learning outcomes

Glossary Course description Learning outcomes

Glossary Course description Learning outcomes

Glossary Course description Learning outcomes

Glossary Course description Learning outcomes

Glossary Course description Learning outcomes

Managing your clients Learning outcomes:

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