What do some of the accounting terms in QuickBooks Online mean? We’ve put together an accounting terms glossary here, which contains basic info on these accounting terms. If you still have questions, please consult QuickBooks Online documentation or contact your accountant or bookkeeper.
| Term | Definition |
| Accrual-based accounting | The amount received for a program is spread over the time span of that program |
| Cash-based accounting | Transactions are tracked as they come |
| Chart of accounts | A list of all the accounts that QuickBooks Online uses to track your financial information |
| Class | A label used to group expenses or invoices by location, department, or any other meaningful segment of your business |
| Customer | The name of a person or organization that owes you money |
| Expense account | Transactions of money you spend on expenses related to normal day-to-day business operations |
| Income account | Transactions and payments you get from your normal day-to-day business |
| Individual journal entries | One transaction in LeagueApps generates one journal entry in QuickBooks Online |
| Merchant fees | Fees charged every time a transaction is processed |
| Summary journal entries | Transactions in LeagueApps are grouped by their income accounts and classes; a single journal entry is generated per bank transfer ID |
| Uncategorized income | Money your business earned that needs to be categorized |
| Undeposited funds | Holds cash or checks that your business is ready to deposit at the bank |
Integration Setup
If you're looking for steps to configure the QuickBooks Online integration, please review the documentation via the follow pages in order: