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Other banks pass the fees on by charging customers for downloading QFX files. Because Microsoft Money imports either QIF or OFX format files, and Microsoft does not charge banks any licensing fees to use OFX for Money, banks do not normally charge for downloading QIF and OFX files. (QIF and OFX are open formats, free for anyone to use.)
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QuickBooks is an accounting software package developed and marketed by Intuit.First introduced in 1992, QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.
It includes details such as the date of sale, invoice number, customer details, and the amount due. This ledger helps businesses track outstanding receivables and manage cash flow efficiently. An organization's statement of financial position and the income statement are both derived from income and expense account categories in the general ledger.
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Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms [citation needed] or payment terms.
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