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15 Cards in this Set

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How to record the payment from customers?
Choose customers ->
Receive payments ->
Choose the invoice you want the payment going to
What if the payment goes to the wrong invoice?
Choose reports ->
transaction list by date ->
choose the payment transaction you want to correct ->
Change the correct customer name to replace the wrong one
How to apply the credit?
Credit can be applied at the receive payment section where to reduce the invoice balance

Steps as follows:
Choose customers ->
receive payments ->
Click 'discount and credits'
Choose credits ->
select which credits you want to apply and which invoice you want the credit to reduce ->
Then this will reduce the corresponding income account and A/R balance
How to create credit memo?
Credit memo has to be created before the credit can be applied to reduce the invoice balance.

Choose customers ->
Create credit memo ->
Creating credit memo will not affect any account; only when credit is applied, it will reduce income account and A/R balance for particular invoice
- Chapter 8 p. 232
When to apply early payment discount / sales discount?
Early payment discounts apply when the payment is made eariler than the term of payment.

When the early payment discount applies, customers can pay less than the A/R
How to record the early payment discounts to customers?
Dr Cash
Dr early payment discounts
Cr A/R

In QB:
Choose customers ->
receive payments ->
click "Discount and credits"->
Choose discount ->
then the QB will automically check if early payment discount applies and if so, what is the discount amount
Chose the dialog box
When to set up the prepayment item on the item list?
Set up the prepayment item when you accept prepayment for your services or products sold to customers and the account is set up for current liability.

You can call the item as Deposit for products or deposit for services
How to record the prepayment items
Dr cash
Cr Unearned revenue

In QB:
Choose sales receipts ->
in the item table, click the prepayment item and then enter the amount being received ->
When to recognize the prepayment item to an income account and how?
Recognize when the goods are delivered to customers

In QB, take 2 steps:
1. To recognize the revenus and A/R on the invoice
- Choose create invoices ->

2. To remove the prepayment liability and use it to reduce A/R balance on invoice ->
On the same invoice, in the itema table, click the prepayment item and enter the amount with negative sign ->
this line is used to reduce the liability and A/R on invoice.
How to refund the prepayment item
Choose credit memos / refunds ->
in the item table, choose the prepayment item ->
click save ->
in the available credit dialog box, choose 'give a refund' ->
click ok
What need to do with finance charges preferences?
There are several things to set up:

1. Annual interest rate
2. Minimum finance charge
3. Finance charge account
4. Calculate charges from - refer to the date which you want the financial charges start from

- p. 265
How to apply the finance charges to customers?
Choose customers ->
Assess finance charges ->
if there is customers with asterisk, it means the customers hav credit available in their account and need to deduct those credit from the balances first before applying the financial charges ->
after finishing the credit, choose the assessment date at which you want the financial charge up to ->
Unmark the customers which you don't want to apply the financial charges on their overdue account ->
click assess charges to finalize the financial charges
How to reconcile the short or excess cash to match the cash sales revenues?
This reconciliatin is needed when the physical cash counts does not match with the cash sales record:

1. Create "over item" to increase the sales revenues in order to match the excess cash over the cash sales revenues and the item is associated with the over/under income account

2. Crease "under item" to decrease the sales revenues to match the short cash less than the cash sales revenues and the item is associated with over / under income account

3. Create the sales receipt to do this reconciliation.

- p. 270
How to create batch sales receipt?
It will memorize a batch of sales receipt for a while and then record the large batch of cash received and issue the sale receipts to the customers at one time

Choose sales receipts ->
in customer:job box, choose generic customer for the batch cash sales->
enter the sale items in the item list ->
press Ctrl + M ->
enter the name for that memorized transaction->
click ok ->
press Ctrl + T to open the memorized transaction list to add more sales receipts tranactions.
What is reimbursable expenses?
They are the expenses that can claim back to customers