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Accounting
Definitions / Glossary

Account

An account is used to record a financial transaction.  Quicken Accounts are used for assets and liabilities.  Also see Chart of Accounts.

Accounts Receivable

Is used to track amounts owed to your business for goods and services sold to customers.

Asset

Assets refer to things you or your company owns, such as: Cash on hand, money in checking or savings accounts, money you are owed for services or products sold (accounts receivable), money you have loaned, property, equipment, furniture & fixtures, etc.

Balance Sheet

A Balance Sheet is a report that shows how much your business is worth.  All the money your company owes (liabilities) is subtracted from everything it owns (assets) resulting in what your company is worth (equity)

Capital

Is money invested in a company by its owners.  Also see Equity.

Category

This is a Quicken term used for income and expenses.  In many other accounting systems, this would be referred to as an account.  Also see Chart of Accounts.

Category & Transfer List

This is Quicken's version of a Chart of Accounts. It includes all Accounts and Categories.

Chart of Accounts

In an accounting system, a Chart of Accounts lists all income, expenses, assets and liabilities. Quicken redefines this list to include Accounts and Categories.

Credit

Means you are taking money out - an outflow.  That is, you are removing money from some source.

Debit

Means you are putting money in - an inflow.  That is, you are applying money to some application.

Equity

Is what your company is worth (equity), after subtracted from everything it owes (liabilities) from what it owns (assets)

Inflow

Is money coming in.  Also see Debit.

Invoice

Is an itemized bill that is given to a customer - an itemized list, including prices, of products and services purchased by a customer.

Liability

Is money your company owes.

Outflow

Is money going out.  Also see Credit.