# Armstrong Quality Answers > Armstrong Quality Financial Services Answers is a plain-English reference library of bookkeeping, QuickBooks, payroll, financial reporting, and small-business financial terms. All entries are written and reviewed by Rachel Armstrong, Owner and Bookkeeper and a QuickBooks ProAdvisor Level 1. ## All Answers - [Bank Reconciliation](https://armstrongbookkeepingtx.com/answers/bank-reconciliation.md) — A bank reconciliation is the process of comparing the transactions in your bookkeeping records with the activity shown on a bank statement. The goal is to identify missing, duplicated, or incorrect entries and confirm that the recorded balance is supported by the bank activity. - [Bookkeeping Cleanup](https://armstrongbookkeepingtx.com/answers/bookkeeping-cleanup.md) — Bookkeeping cleanup addresses errors, inconsistencies, unreconciled accounts, or organizational problems already present in the books. It is corrective work meant to fix what exists rather than simply bring it up to date. - [Catch-Up Bookkeeping](https://armstrongbookkeepingtx.com/answers/catch-up-bookkeeping.md) — Catch-up bookkeeping brings previously unrecorded or incomplete bookkeeping periods up to date when transactions, reconciliations, or other routine work has fallen behind. - [Chart of Accounts](https://armstrongbookkeepingtx.com/answers/chart-of-accounts.md) — A chart of accounts is the organized list of every account used to categorize a business's transactions — income, expenses, assets, liabilities, and equity. It is the backbone of how financial information is structured. - [Accounts Payable](https://armstrongbookkeepingtx.com/answers/accounts-payable.md) — Accounts payable (often called A/P) is the money a business owes to vendors and suppliers for goods or services purchased on credit. It is a liability on the books until the bills are paid. - [Accounts Receivable](https://armstrongbookkeepingtx.com/answers/accounts-receivable.md) — Accounts receivable (often called A/R) is the money owed to a business by customers who have been invoiced but have not yet paid. It is an asset on the books. - [Profit and Loss Statement](https://armstrongbookkeepingtx.com/answers/profit-and-loss-statement.md) — A profit and loss statement (also called a P&L or income statement) summarizes a business's income and expenses over a period of time and shows whether the business made a profit or took a loss. - [Balance Sheet](https://armstrongbookkeepingtx.com/answers/balance-sheet.md) — A balance sheet is a snapshot of what a business owns (assets), what it owes (liabilities), and what remains for the owner (equity) at a single point in time. Assets always equal liabilities plus equity. - [Cash Flow](https://armstrongbookkeepingtx.com/answers/cash-flow.md) — Cash flow is the movement of money in and out of a business. Positive cash flow means more money is coming in than going out; negative cash flow means the opposite. - [Month-End Close](https://armstrongbookkeepingtx.com/answers/month-end-close.md) — The month-end close is the routine process of finalizing a month's bookkeeping — categorizing remaining transactions, reconciling accounts, reviewing reports, and locking the period so it is complete and accurate. - [Transaction Categorization](https://armstrongbookkeepingtx.com/answers/transaction-categorization.md) — Transaction categorization is the process of assigning each business transaction to the correct account — income, expense, asset, or liability — so that reports accurately reflect what the money was for. - [QuickBooks Online](https://armstrongbookkeepingtx.com/answers/quickbooks-online.md) — QuickBooks Online (QBO) is cloud-based bookkeeping software from Intuit that lets a business track income, expenses, invoicing, and financial reporting from any device with an internet connection. - [1099 Contractor](https://armstrongbookkeepingtx.com/answers/1099-contractor.md) — A 1099 contractor is an independent worker or business paid for services who is not an employee. At year-end, a business that paid a qualifying contractor $600 or more generally issues a Form 1099-NEC reporting those payments. - [Payroll Reconciliation](https://armstrongbookkeepingtx.com/answers/payroll-reconciliation.md) — Payroll reconciliation is the process of confirming that the amounts recorded in the bookkeeping system for wages, taxes, and deductions match the payroll reports and actual payments for a given period. - [Fixed Asset](https://armstrongbookkeepingtx.com/answers/fixed-asset.md) — A fixed asset is a long-term, tangible item a business owns and uses to operate — such as equipment, vehicles, or furniture — that is not expected to be sold in the normal course of business and lasts more than a year. - [Job Costing](https://armstrongbookkeepingtx.com/answers/job-costing.md) — Job costing is the practice of tracking the income and expenses tied to a specific project or job so a business can see whether each individual job is profitable, not just the business as a whole. - [Tax-Ready Books](https://armstrongbookkeepingtx.com/answers/tax-ready-books.md) — Tax-ready books means maintaining organized financial records throughout the year that can be provided to a business's tax professional at year-end. It does not mean tax-return preparation is included. - [Bookkeeper vs. CPA](https://armstrongbookkeepingtx.com/answers/bookkeeper-vs-cpa.md) — A bookkeeper organizes and maintains a business's day-to-day financial records. A CPA (Certified Public Accountant) is a licensed professional who can perform audits, prepare tax returns, and provide higher-level accounting and tax services. The roles are distinct but complementary. - [Monthly Bookkeeping](https://armstrongbookkeepingtx.com/answers/monthly-bookkeeping.md) — Monthly bookkeeping is the regular process of categorizing transactions, reconciling accounts, and producing financial reports every month so a business's records stay current throughout the year. - [Double-Entry Bookkeeping](https://armstrongbookkeepingtx.com/answers/double-entry-bookkeeping.md) — Double-entry bookkeeping is a system in which every transaction is recorded in at least two accounts — as a debit in one and a credit in another — so that the books always stay balanced. --- Learn more at [Armstrong Quality Financial Services](https://armstrongbookkeepingtx.com) or [start a conversation](https://armstrongbookkeepingtx.com/contact).