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.
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