Glossary
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.
Payroll Glossary
1099 Contractor Payroll
Payments made to independent contractors who receive Form 1099-NEC instead of a W-2. Businesses must properly classify contractors and report qualifying payments to the IRS.
Certified Payroll
A specialized payroll report required for certain government-funded construction projects. Certified payroll includes employee wages, hours worked, job classifications, and compliance with prevailing wage laws.
Direct Deposit
An electronic payment method that transfers employee wages directly into a bank account, eliminating the need for paper checks.
Employee Classification
The process of determining whether a worker is an employee or an independent contractor and whether an employee is exempt or non-exempt under labor laws. Proper classification is essential for payroll compliance.
Employee Self Service (ESS)
An online portal that allows employees to access pay stubs, tax forms, benefits information, and update personal details without contacting payroll staff.
Employer Payroll Taxes
Taxes paid directly by employers, including the employer portion of Social Security, Medicare, federal unemployment (FUTA), and state unemployment taxes where applicable.
Federal Payroll Taxes
Taxes required by the federal government, including Social Security, Medicare, and federal income tax withholding. Employers are responsible for collecting, reporting, and remitting these taxes.
FICA
The Federal Insurance Contributions Act (FICA) tax includes Social Security and Medicare taxes paid by both employers and employees. Employers must withhold and match these taxes.
Form 940
An annual IRS tax return used to report Federal Unemployment Tax Act (FUTA) taxes. Employers file Form 940 to calculate and pay federal unemployment tax obligations.
Form 941
An IRS tax form employers use to report employee wages, federal income tax withheld, and Social Security and Medicare taxes. Most businesses file Form 941 quarterly.
FUTA
The Federal Unemployment Tax Act (FUTA) tax helps fund unemployment benefits for eligible workers. Employers are responsible for paying FUTA taxes.
Garnishments
Court-ordered deductions taken from an employee's wages to satisfy obligations such as child support, tax levies, or creditor judgments.
Gross Pay
The total amount earned by an employee before taxes, deductions, and other withholdings are applied.
Multi State Payroll
Payroll processing for employees working in more than one state. Multi state payroll requires proper tax withholding, unemployment tax reporting, and compliance with each state's payroll regulations.
Net Pay
The amount an employee receives after payroll taxes, deductions, and other withholdings have been subtracted from gross pay.
New Hire Reporting
The process of reporting newly hired employees to state agencies as required by law. New hire reporting helps support child support enforcement and prevent unemployment fraud.
Overtime Pay
Additional compensation paid to eligible employees who work beyond standard working hours, based on applicable labor laws.
Payroll Accrual
Recording payroll expenses that have been incurred but not yet paid at the end of an accounting period. Payroll accruals help produce accurate financial statements.
Payroll Administration
The day-to-day management of employee payroll, including onboarding, wage updates, deductions, benefits, payroll processing, and payroll reporting.
Payroll Audit
A review of payroll records, tax filings, employee classifications, and payroll transactions to verify accuracy, compliance, and identify potential issues before they become costly.
Payroll Benefits Administration
Managing employee benefit deductions for health insurance, retirement plans, life insurance, and other employer-sponsored benefits through the payroll process.
Payroll Calendar
A schedule that defines payroll processing dates, employee pay dates, tax deposit deadlines, and payroll filing deadlines throughout the year.
Payroll Compliance
Following federal, state, and local payroll laws related to wage payments, tax reporting, employee classification, and recordkeeping requirements.
Payroll Deductions
Amounts withheld from employee paychecks for taxes, insurance premiums, retirement contributions, garnishments, and other authorized deductions.
Payroll Expense
The total cost of employee compensation, including wages, salaries, employer payroll taxes, benefits, bonuses, and other payroll-related costs.
Payroll Frequency
How often employees are paid, such as weekly, biweekly, semimonthly, or monthly. Payroll frequency affects payroll processing schedules and cash flow planning.
Payroll Journal Entry
An accounting entry that records payroll expenses, taxes, benefits, and liabilities in the company's general ledger after each payroll cycle.
Payroll Liability
Amounts owed by a business for payroll taxes, employee withholdings, retirement contributions, and other payroll-related obligations until they are paid.
Payroll Outsourcing
A service where a business hires an external payroll provider to manage payroll processing, tax filings, employee payments, and compliance instead of handling payroll internally.
Payroll Processing
The process of calculating employee wages, withholding taxes, processing deductions, and paying employees accurately and on time. Payroll processing also includes maintaining payroll records and complying with federal and state regulations.
Payroll Reconciliation
The process of verifying payroll records against payroll reports, tax filings, bank transactions, and accounting records to ensure accuracy.
Payroll Register
A detailed payroll report showing employee wages, taxes, deductions, benefits, and net pay for a specific payroll period.
Payroll Reporting
The preparation of payroll reports for management, accounting, tax authorities, and regulatory agencies. Payroll reporting provides visibility into wages, taxes, deductions, and payroll expenses.
Payroll Software
Software that automates payroll calculations, tax withholdings, direct deposits, payroll reporting, and compliance. Payroll software helps reduce manual work and improve payroll accuracy.
Payroll Tax Compliance
Maintaining compliance with payroll tax laws by accurately calculating, withholding, depositing, and reporting payroll taxes according to federal, state, and local requirements.
Payroll Tax Deposits
Payments made to federal and state tax agencies for payroll taxes withheld from employees and employer payroll tax obligations. Deposits must be made according to government filing schedules.
Payroll Tax Filing
The preparation and submission of required federal, state, and local payroll tax returns. Accurate payroll tax filing helps businesses remain compliant and avoid penalties.
Payroll Year End
The process of completing annual payroll reporting, reconciling payroll records, and preparing employee tax forms such as W-2s and required government filings.
PTO Accrual
The process of accumulating paid time off, including vacation, sick leave, and personal time, based on company policies.
State Payroll Taxes
Payroll taxes required by individual states, including state income tax withholding and unemployment insurance where applicable. Requirements vary by state.
SUTA
The State Unemployment Tax Act (SUTA) tax funds state unemployment insurance programs. Rates vary by employer and state.
Time Tracking
The process of recording employee work hours, overtime, paid time off, and attendance to ensure accurate payroll calculations.
W-2
A year-end tax form that reports employee wages, payroll taxes withheld, and other compensation paid during the calendar year.
W-4
An IRS form completed by employees that tells employers how much federal income tax to withhold from each paycheck.
Workers Compensation Payroll Reporting
The process of reporting employee payroll information used to calculate workers' compensation insurance premiums. Accurate payroll reporting helps ensure proper insurance classification and premium calculations.
Insurance Premium Accounting Glossary
Agency Bill
Agency bill is a billing method where the insurance agency collects premium payments from the insured and is responsible for remitting funds to the carrier after deducting commissions when applicable.
Bordereaux
A bordereaux is a detailed report that summarizes insurance policies, premiums, claims, commissions, or other transactions submitted by an MGA or wholesaler to an insurance carrier. It supports financial reporting and carrier reconciliation.
Broker Accounting
Broker accounting manages financial transactions between insureds, insurance carriers, producers, and brokers while maintaining accurate premium, commission, and trust account records.
Carrier Payable
Carrier payable is the amount owed by an agency, MGA, or wholesaler to an insurance carrier for collected premiums after commissions, fees, and adjustments have been calculated.
Carrier Settlement
Carrier settlement is the process of calculating and remitting premiums due to insurance carriers while accounting for commissions, taxes, fees, refunds, and policy adjustments.
Carrier Statement
A carrier statement summarizes premiums, commissions, policy transactions, adjustments, and balances between an insurance carrier and an agency, MGA, or wholesaler for a specific reporting period.
Carrier Statement Reconciliation
Carrier statement reconciliation compares carrier statements with internal accounting records to identify missing payments, policy differences, commissions, cancellations, and other financial discrepancies.
Commission Payable
Commission payable is the amount owed to insurance producers or brokers for commissions earned on insurance policies that have been written or renewed.
Commission Receivable
Commission receivable represents commissions earned by an agency, MGA, or broker that have not yet been received from the insurance carrier.
Commission Reconciliation
Commission reconciliation compares commission statements with policy transactions and accounting records to verify that producer and agency commissions have been calculated and paid correctly.
Direct Bill
Direct bill is a billing method where the insurance carrier invoices and collects premium payments directly from the policyholder, reducing the agency's responsibility for premium collection.
Earned Premium
Earned premium is the portion of an insurance premium that corresponds to the period during which coverage has already been provided by the insurer.
Fiduciary Accounting
Fiduciary accounting refers to the management of funds held on behalf of another party, such as insurance premiums collected for carriers. These funds must be accurately tracked and reconciled separately from operating accounts.
General Ledger Integration
General ledger integration automatically transfers summarized insurance financial transactions from an insurance accounting system into accounting software such as QuickBooks, Xero, Sage Intacct, or other ERP systems.
Insurance Accounting Automation
Insurance accounting automation uses software to automate premium reconciliation, carrier settlements, commission calculations, trust accounting, financial reporting, and general ledger integration, reducing manual work and improving accuracy.
Insurance Accounting Software
Insurance accounting software is designed specifically for agencies, MGAs, wholesalers, and carriers to manage premium accounting, trust accounting, commissions, carrier settlements, and financial reporting.
Insurance Bookkeeping
Insurance bookkeeping is the process of recording daily financial transactions for insurance businesses, including premium collections, commissions, trust activity, carrier payments, and operating expenses.
Insurance Financial Reporting
Insurance financial reporting provides operational and financial reports covering premiums, commissions, trust balances, carrier payables, producer payables, and profitability across insurance operations.
Insurance Premium Accounting
Insurance premium accounting manages the financial transactions related to insurance policies, including premium collections, commissions, trust accounting, carrier payments, and policy adjustments. It helps agencies, MGAs, wholesalers, and carriers maintain accurate financial records.
Insurance Subledger
An insurance subledger is a specialized accounting system that tracks policy-level financial transactions separately from the general ledger while maintaining complete financial reconciliation.
MGA Accounting
MGA accounting includes managing premiums, commissions, trust funds, carrier settlements, producer payments, and financial reporting for managing general agencies.
Policy Accounting
Policy accounting tracks all financial activity related to an insurance policy, including premium transactions, endorsements, cancellations, commissions, taxes, fees, and carrier settlements throughout the policy lifecycle.
Policy Cancellation Accounting
Policy cancellation accounting manages the financial adjustments resulting from policy cancellations, including return premiums, commission reversals, refunds, and carrier settlements.
Policy Endorsement Accounting
Policy endorsement accounting records the financial impact of policy changes made during the policy term. Endorsements may increase or decrease premium, commissions, taxes, or fees.
Policy Transaction Accounting
Policy transaction accounting records every financial event associated with an insurance policy, including new business, renewals, endorsements, cancellations, reinstatements, and refunds.
Premium Accounting
Premium accounting is the process of tracking insurance premiums, commissions, taxes, fees, and carrier settlements from policy issuance through final reconciliation. It ensures accurate financial reporting and compliance across insurance operations.
Premium Accounting Software
Premium accounting software automates the tracking of insurance premiums, commissions, trust accounts, reconciliations, and general ledger integration to improve accuracy and operational efficiency.
Premium Financing
Premium financing allows policyholders to pay insurance premiums over time through a financing company instead of paying the full premium upfront.
Premium Journal Entry
A premium journal entry records insurance premium transactions in the accounting system, including premium receivables, carrier payables, commissions, taxes, fees, and trust account activity.
Premium Payable
Premium payable represents insurance premiums collected but not yet remitted to insurance carriers. It is recorded as a liability until payment is made.
Premium Reconciliation
Premium reconciliation is the process of verifying that premium collections, carrier balances, commissions, refunds, and accounting records agree for a given reporting period.
Premium Trust Accounting
Premium trust accounting is the management of insurance premiums held in trust before they are remitted to carriers or other parties. Proper trust accounting helps meet regulatory requirements and protects fiduciary funds.
Producer Commission
Producer commission is the compensation earned by an insurance producer or agent for selling and servicing insurance policies. Commission amounts vary by carrier, product, and agreement.
Producer Payable
Producer payable represents commissions owed to insurance producers, brokers, or agents based on policies written and premiums collected.
Producer Statement
A producer statement details commissions earned, adjustments, chargebacks, policy activity, and payments due to an insurance producer or broker during a reporting period.
Return Premium
A return premium is the portion of premium refunded to the policyholder when coverage is canceled, reduced, or adjusted before the policy expires.
Trust Account
A trust account is a separate bank account used to hold insurance premiums collected on behalf of carriers. These funds must be managed separately from operating funds until they are distributed.
Trust Reconciliation
Trust reconciliation is the process of matching trust account balances with premium transactions, carrier payables, commissions, and bank statements to ensure all fiduciary funds are properly accounted for.
Unearned Premium
Unearned premium represents the portion of premium collected for future insurance coverage that has not yet been earned. It is recorded as a liability until coverage is provided.
Wholesaler Accounting
Wholesaler accounting focuses on the financial management of wholesale insurance operations, including premium collections, carrier settlements, broker commissions, trust accounting, and reconciliation.
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.
Dedicated bookkeeper