QuickBooks Pro Key Terms

Understand the terms associated with QuickBooks Pro

By Mary Yamin-Garone

QuickBooks Pro is part of Intuit’s accounting software product line, designed to help individuals and small businesses manage their finances. This program allows users to administer their payrolls, monitor customer payments and business expenses, produce cost estimates and invoices, track inventory and work with data from spreadsheet and accounting programs, such as Quicken and Excel. QuickBooks Pro is easy-to-use regardless of your level of experience or expertise. The key to successfully mastering these programs is to first understand some basic terminology.

Fixed assets

Fixed assets are the "concrete" items used by a business. They include buildings, furniture, fixtures and equipment. These purchases are intended for long-term use in a company's day-to-day operation. In QuickBooks Pro or other accounting programs, assets that are used for more than one year are considered to be fixed.
Try: Accounting Glossary explains a fixed asset. The Business Dictionary gives additional information about a fixed asset.

Multi-user

Programs such as QuickBooks Pro feature multiple-user capabilities. This allows numerous individuals to use company files simultaneously. This functionality fosters teamwork, increases a company's productivity and guarantees that everyone has access to the most current information.
Try: Learn the definition of multi-user and the benefits of this function at Intuit.com.

Job costing

Job costing refers to a process which includes monitoring direct and indirect expenses. Its methods resemble those of contract and batch costing. Job costing is popular in construction, movie production, shipping, maintenance work and auditing.
Try: Microsoft Office Online provides an overview of job costing.

Workflow

Managing workflow is essential to successfully running a business. Workflow is a company's computerized or automated way of disseminating documents, tasks or information within the business. The process follows pre-established rules and regulations. In many cases, specifically designed software is used to simplify and expedite the workflow.
Try: BBN Technologies highlights the term workflow. SearchCIO.com has additional information on workflow.

Balance sheet

A primary purpose of QuickBooks Pro and other accounting software is to generate the balance sheet. This report summarizes a company's total assets, liabilities, and the business owners' equity in the organization. This report is usually compiled on the final day of the accounting period.
Try: InvestorWords further explains balance sheet. Investopedia also gives details on a balance sheet.

Intangible or invisible asset

An intangible asset is more of a durable resource for a business rather than something material. Patents, name recognition and intellectual property are considered intangible assets.
Try: BusinessDictionary.com defines and lists the various types of intangible assets. Encyclopedia.com gives more information on invisible assets.