Accounts Receivable: This account is a record of money owed to a business, that is, invoices for which a business has not received payment.
Accounts Payable: Transactions related to money you owe, including bills, bill payments, and any credit you have with vendors.
The following accounts are used when Products are exported to QuickBooks:
Income Account: Quickbooks uses this account to track the income you earn from sales of this item.
COGS Account: QuickBooks uses this account to track how much you paid for goods and materials held in inventory that you eventually sold.
Asset Account: Refers to the account QuickBooks uses to track the current value of the company’s inventory.
The following accounts are used for Inventory Adjustments:
Negative Adjustment: Manual Inventory Adjustments made by changing stock in the Warehouse screen in AP which result in a decrease in stock will be recorded against this account in QuickBooks.
Positive Adjustment: Manual Inventory Adjustments made by changing stock in the Warehouse screen in AP which result in a decrease in stock will be recorded against this account in QuickBooks.