Glossary terms starting with Q

Qualified Business Income

Qualified business income (QBI) is the net income from a qualified trade or business operated as a sole proprietorship or through a pass-through entity, potentially eligible for the Section 199A deduction.

Qualified Business Income (QBI) Deduction

The qualified business income (QBI) deduction, also called the Section 199A deduction, allows eligible owners of pass-through businesses to deduct up to 20 percent of qualified business income, subject to limits.

Qualified Joint Venture

A qualified joint venture is an election that allows a husband and wife who jointly own and operate an unincorporated business to each report their share of income on separate Schedule C forms rather than filing a partnership return.

Quarterly Business Review

A quarterly business review (QBR) is a structured meeting between the finance team and business leadership to review financial performance, discuss strategic issues, and plan for the upcoming quarter.

Quarterly Close

Quarterly close is the process of finalizing financial records every three months, including reconciliations, adjusting entries, and financial statement preparation, providing periodic checkpoints between monthly and annual closes.

Quarterly estimated taxes

Quarterly estimated taxes are tax payments made four times per year to cover income tax and self-employment tax for business owners whose taxes aren't withheld from paychecks.

Quarterly Tax Filings

Quarterly tax filings are returns or payments due once every quarter.

Quick Ratio

The quick ratio measures a firm's ability to pay its short-term obligations using its most liquid assets, mainly cash, short-term investments, and receivables.

QuickBooks Setup

QuickBooks setup is the initial configuration of QuickBooks accounting software for a new business or one transitioning from another system.