Account Reconciliation
The process of matching transactions in QuickBooks against bank and credit card statements to ensure the books reflect actual activity. Reconciliation is the foundation step before clean reporting.
Accounts Payable (AP)
Money a business owes to vendors or suppliers. Includes bills, due dates, and payments tracked through QuickBooks.
Accounts Receivable (AR)
Money owed to the business by customers. Includes invoices, customer payments, and outstanding balances.
Accounting Services
Higher-level financial work beyond bookkeeping, such as month-end close, accrual adjustments, financial analysis, and CPA-style reporting.
Affordable Bookkeeping Services
An entry-level ongoing bookkeeping service offering monthly categorization, reconciliations, and basic reporting at predictable pricing.
Bank Feed
The live connection between QuickBooks and your bank or credit card provider. Bank feeds import transactions automatically into QuickBooks.
Bookkeeping Cleanup (QuickBooks Cleanup)
The process of fixing errors in an existing QuickBooks file—incorrect categories, duplicate transactions, wrong balances, messy charts of accounts, or structural setup issues.
Bookkeeping Catch-Up (Catch-Up Bookkeeping)
Completing months of missing bookkeeping work that was never entered. This fills in the timeline of financial records up to the current month.
Bookkeeping Services
Ongoing monthly bookkeeping that includes categorization, reconciliation, and monthly financial statements.
Bookkeeping Near Me
A search term used by businesses looking for a trusted bookkeeping provider in their region. Often a trust-based query rather than a literal geographical need.
Chart of Accounts (COA)
The list of categories used to classify all financial activity. A clean COA is essential for consistent reporting.
COGS (Cost of Goods Sold)
Direct costs of producing or delivering goods/services. Important for accurate profit margin calculation.
CPA Bookkeeping
Bookkeeping performed to CPA standards and suitable for year-end tax filing, audit support, or more complex financial needs.
Debit / Credit
Basic accounting entries that increase or decrease accounts based on category type. Important for accuracy but fully handled by RBO in the background.
Financial Statements
Core monthly reports including Profit and Loss, Balance Sheet, and Cash Flow Statement.
General Ledger (GL)
The master list of all financial transactions. Cleanup often involves correcting GL entries.
Hire a Bookkeeper
A service category for businesses seeking more personalized or hands-on bookkeeping support, beyond basic affordable plans.
Invoice
A document requesting payment for goods or services provided. Proper invoicing affects both revenue tracking and AR accuracy.
Journal Entry
A manual adjustment to QuickBooks used to correct balances or allocate expenses. Used carefully and usually during cleanup or month-end.
Monthly Bookkeeping
Ongoing categorization, reconciliation, and report preparation each month. The goal is to keep financials accurate and tax-ready year-round.
Outsourced Bookkeeping
A full-service bookkeeping model where the business outsources all bookkeeping tasks instead of hiring internal staff.
Profit & Loss Statement (P&L)
A report that summarizes revenue, expenses, and net profit for a given period.
QuickBooks Cleanup
See “Bookkeeping Cleanup” — same meaning. Fixes the file.
QuickBooks Online (QBO)
The cloud-based version of QuickBooks that RBO primarily supports. Allows secure remote bookkeeping.
QuickBooks Reconciliation Services
The process of comparing QuickBooks data to bank and credit card records. Often the starting point for diagnosing bookkeeping issues.
Receipt Capture
Uploading or sending pictures/emails of receipts for bookkeeping classification and documentation.
Recurring Transactions
Automatic entries in QuickBooks for frequent charges like subscriptions or utilities. Must be monitored for accuracy.
Revenue Recognition
Assigning revenue to the correct month or period. Important for service-based businesses or those with deposits.
Sales Tax Tracking
Recording sales tax collected and owed. Must be aligned with state requirements.
Trial Balance
A listing of all account balances at a specific point in time. Used internally to check for accuracy during cleanup.
Undeposited Funds
A holding account in QuickBooks used for payments you’ve received but not yet deposited. Incorrect use causes common cleanup issues.
Write-Off
Removing uncollectible income, unpaid invoices, or inaccurate balances. Usually done during cleanup or month-end review.
Ecommerce Bookkeeping Glossary
Amazon Payout Reconciliation
Matching Amazon settlement reports to bank deposits and revenue in QuickBooks.
Marketplace Fees
Charges deducted by platforms such as Amazon, Shopify, Etsy, eBay, and Walmart before payout.
SKU-Level Accounting
Tracking revenue and COGS per SKU for inventory-heavy ecommerce businesses.
Inventory Adjustment
Recording increases or decreases in inventory to reflect accurate stock and valuation.
Merchant Processing Fees
Stripe, PayPal, Shopify Payments, Square, and other processor fees deducted before deposits.
Sales Channel Mapping
Assigning revenue to the correct platform or channel inside QuickBooks.
Refund and Return Reconciliation
Matching customer returns, refunds, and chargebacks to the correct period and category.
Construction / Trades Glossary
WIP (Work in Progress) Tracking
Partially completed jobs to match revenue and expenses to the correct period.
Progress Billing
Invoicing jobs in stages, often tied to project milestones.
Retention
Funds withheld by clients until project completion; must be tracked separately in QuickBooks.
Job Costing
Categorizing expenses to specific jobs or projects for profitability analysis.
Materials vs Labor Allocation
Separating job labor and materials as required by most contractors for accuracy.
Dental / Healthcare Glossary
Production vs Collection
Production reflects services performed; collections represent actual payments received.
Insurance Adjustments
Differences between billed charges and insurance-allowed amounts.
EOB (Explanation of Benefits)
Statement from insurers detailing payments, adjustments, and patient responsibility.
Patient Responsibility
Portion of charges owed directly by patients after insurance.
AR Aging for Practices
Tracking outstanding patient and insurance balances by date.
Nonprofit Glossary
Fund Accounting
Tracking income and expenses by restricted, unrestricted, and temporarily restricted funds.
Donor-Restricted Contributions
Funds earmarked for specific programs or purposes.
Grant Reporting Compliance
Aligning financials to reporting requirements set by funding organizations.
Program-Level Expenses
Categorizing expenses by program or mission area for accurate reporting.
Franchise Glossary
Royalty Fees
Recurring payments franchisees make to franchisors based on revenue.
Brand Fund Contributions
Marketing/advertising fund contributions required by franchisors.
Multi-Location Consolidation
Combining financials for multiple franchise units under one ownership.
Franchise Reporting Package
Monthly standardized reports required by franchisors.
Consulting / Professional Services Glossary
Billable Hours
Hours that can be invoiced directly to clients.
Non-Billable Work
Internal time or admin tasks not charged to clients.
Retainer Accounting
Tracking upfront retainers properly through liability and revenue accounts.
Deferred Revenue
Revenue collected before work is performed; released as work is completed.
Restaurants / Hospitality Glossary
Prime Costs
Combined total of food, beverage, and labor costs — key profitability metric.
POS Report Reconciliation
Matching point-of-sale reports with bank deposits and QuickBooks entries.
Tip Allocation
Tracking staff tips, tip-outs, and service charges correctly.
Vendor Credits
Credits issued for spoiled goods, returns, or incorrect deliveries.
Real Estate / Property Management Glossary
Owner Draws
Payments to the property owner, tracked separately from expenses.
Security Deposit Liability
Funds held on behalf of tenants; must be tracked as liabilities until returned or applied.
Rent Roll
A schedule of all tenants and amounts owed/collected.
CAM Reconciliation
Matching common-area maintenance charges to actual costs.
Fitness / Gyms / Coaching Glossary
Membership Revenue Recognition
Recognizing subscription revenue in the correct month.
Class Packs vs Memberships
Tracking prepaid classes versus recurring subscriptions.
Trainer Payouts
Commissions or payments tied to session-based schedules.
Cleaning Services / Field Services Glossary
Recurring Service Cycles
Biweekly or monthly service schedules tied to predictable revenue.
Job-Level Profitability
Tracking revenue vs labor cost by visit.
Equipment Depreciation
Recording long-term assets used in service operations.
Consultants / Agencies Glossary
Client Retainers
Upfront deposits recorded as liability until earned.
Project-Based Accounting
Tracking time and expenses tied to specific deliverables.
Revenue Allocation
Assigning revenue across multiple services or departments.
Multi-Industry Glossary
Cash vs Accrual Accounting
Two methods for recording income and expenses depending on timing needs.
Bank Reconciliation
Matching bank and credit card statements to QuickBooks.
Month-End Close
Finalizing monthly financials so reports are accurate.
Write-Offs
Removing uncollectible income, incorrect balances, or expenses.
Account Mapping
Assigning transactions to the correct Chart of Accounts.