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You just set up a new QuickBooks company and your employer needs you to create a chart of accounts. Which of the following is TRUE? Accounts are automatic... [Show More] ally created based upon your industry type, however you CAN add more accounts later. Your employer wants you to create a new QuickBooks company. What information should you know (because you can't change it later)? The company's industry. Your employer asks you to update your businesses contact info. How do you access the Company Settings to do this? Click the GEAR icon on the home page. You're working in QuickBooks at a coffee shop for a few hours and don't want to share all of your company's financial details with everyone there. How can you fix this? Click the Private mode switch on the home page to prevent sensitive financial information from being displayed in this window. What are three areas where you can find and do everything you need? PLUS sign (to create new txns), GEAR icon (for settings, lists, and activities you don't do often), and navigation bar on left (to work in specific functional areas, i.e. customers or reports) Regular or Custom users are set up with one of the following levels of access: All, None, or Limited You're setting up QuickBooks Online for a company that already has information in Excel. What can you import into QuickBooks from Excel? Certain lists (customers, vendors, products and services, and the chart of accounts). At your new job, you inherit a QuickBooks company that has a lot of duplicates on lists (i.e. the same customer or account entered twice, but with slightly different spelling). To clean this up, you decide to merge redundant list entries. Which of the following is TRUE? You can only merge names from the same Type. You have two customers with the same name. How do you handle this in QuickBooks? Use a middle initial or other letter in the Display name to make one name different from the other. Your boss asks you to remove a product you no longer sell. How do you do this? Click the icon next to the company name, then click Products and Services to open the list. Click the drop down list to the right of the product you want to remove, and select Make Inactive. Which of the following transaction types will QuickBooks enter for you? If you deleted a customer, vendor, or account that had an open balance, QuickBooks will create an adjusting entry Which of the following IS a list in QuickBooks Online? Chart of Accounts Sally the Supplier and Van the Vendor want to buy something from you. What list should you add them to in QuickBooks? Customer The Company you work for set up three services in QuickBooks to record their sales. Howeverm, when they run a Profit and Loss report all of their sales are reported on one line, as "Services Income". They ask you to fix this so the Profit and Loss displays a separate line for sales of each service. How do you do this? Open the Products and Services list and edit each service. Change the Income account to the one you want sales of that service to appear as on the Profit and Loss. Click the "Also Update this account in historical transactions" box if you want old transactions to affect this new account What is the difference between an Invoice and a Sales Receipt? An Invoice records a sale and how much your customer owes. A sales Receipt records a sale and the payment you received (it doesn't track any amount as owed) You invoice customers a set amount for mowing their lawn each month. Sometimes, you provide extra services like pruning trees or planting flowers that you must remember to add to their monthly invoice. What's the best way to do this if you use QuickBooks? Click the PLUS icon and select Delayed Charge. Enter the details you want to add to the invoice at the end of the month. Next time you invoice that customer, QuickBooks opens a list of delayed charges that you can easily add to the invoice Two customers with unpaid invoices paid you in cash today. Hooray! You really needed the money because your bank balance is almost zero. You immediately run to the bank and deposit the $1000 in cash (you received $500 from each). Here's the issue: the bank statement will show just ONE deposit of $1000. However, you received two payments of $500. How do you record these payments so your Bank Register in QuickBooks only shows ONE deposit of $1000. Step 1: Click Receive Payment next to each customer and record their $500 payments. In both cases, deposit the money to "Undeposited Funds" Step 2: Click the PLUS icon and select Bank Deposit. Select both payments from the list and save the $1000 deposit Your new employer has been using QuickBooks for 6 months. He's frustrated because non of the sales he enters appear on the QuickBooks sales reports. However, the sales do appear on the profit an Loss report. Why is this happening? He's recording sales using the bank deposit screen, journal Entry, or directly into the bank register. These screens don't allow him to enter a product/service which is required for a sale to appear on a Sales Report You invoiced your customer for 5 Widgets (inventory parts). Your customer returned 3 of the widgets. What's the best way to handle this transaction in QuickBooks? Use a Credit Memo. On the form enter 3 Widgets Your new employer would like to Invoice her customers for job materials that she has to buy to complete a project. Currently her expense forms look like this, but she needs it to have a billable and tax column as well. How do you fix this? Click the GEAR icon next to the company name. Click Account and Settings/Company Settings. Click the Expenses tab. Select "Track Expenses and Items as billable" You have a customer who isn't sure they want you to do some work they need. But you want to record they're interested. How? Enter an Estimate. Your new employer is confused by the money bar above. He insists that more customers are overdue. How can you fix this? Change the Customer Terms Sub-customers can make tracking jobs or locations for a particular customer easy. You have a restaurant as a customer that just opened up a brand new location. How do you handle this? Create a New Customer and check the option Is a sub-customer You purchased office supplies online using a company credit card not connected to online banking. How would you record this in QuickBooks? Click the Global Create button and select Expense. Fill out the expense and select the credit card as the payment account. Your boss asks you to record an order she just placed for some inventory. You haven't received the items yet, and don't owe anything to your vendor/supplier at this time. How would you record this in QuickBooks? Click the Global Create button and select Purchase Order. Fill out the form and save the transaction How do you apply a vendor credit memo to a bill in QuickBooks? When you pay the bill, select the credit you want to apply towards the payment How do you track Accounts Payable (A/P) in QuickBooks? Step 1: Enter a Bill. Step 2: Pay the Bill in the Pay Bills window You mailed a check to pay your monthly rent. The check was lost in the mail and was never cashed. What should you do with the check in QuickBooks? Void the check When you purchase inventory, which account is increased? Inventory Asset Where in QuickBooks can you find out the status of what you owe to a vendor, and when it's due? Accounts Payable Aging report or the Vendor Balance Detail report When should you select your checking account as the payment account on an Expense form? (All of the answers are correct.) When entering: a debit card transaction wire transfer payment made online You used your credit card a week ago, but are not happy with your purchase. You return the goods and the vendor refunds the amount directly to your credit card. If you don't have online banking, how do you record this transaction in QuickBooks? Click the Global Create button and select Credit Card Credit/Card Credit When entering a journal entry, what happens if the debits don't equal the credits? QuickBooks will not allow you to record the transaction You notice an invoice you entered last month has changed significantly. You didn't make the change. How can you find out who changed it... and what they changed? Look at the Audit Log report You finished entering all the transactions for last year and just sent the file to the tax preparer. How do you ensure that no one accidentally deletes, edit, or adds a transaction to last year? Set a Closing Date and password in the Advanced tab of the Company Settings [Show Less]
to select the method of New Company Setup(Detailed Start) The quickbooks setup window is first used.. Subsidiary ledgers What needs to be set up i... [Show More] n a manual system that is not set up in QuickBooks? in QuickBooks, a company needs only to create the Chart of Accounts List to begin entering transactions Which statement is not true? you are moved to the EasyStep Interview window with the Enter your company information page displayed When you choose the Detailed Start method of setting up a new company in QuickBooks create your company file if you leave before saving the company file Based on answers in the EasyStep Interview, QuickBooks does not... used to create a new company file, establish some preferences, and begin the Chart of Accounts and Item Lists The EasyStep Interview window is not... At the Review income and expenses accounts page, you have the opportunity to select or deselect accounts to be included in the Chart of Accounts Which is a correct statement? add preferences The QuickBooks Setup window,gets all the details into QuickBooks page does not have a link to.... transactions The QuickBooks Setup window does not include the option to enter.... When entering a beginning balance for a customer, the date is not important Which of the following is not correct? will have to re-enter the customers with balances If you do not click the Enter Opening Balances link on the Add the people you do business with page, then you.. service items, inventory part items, and sales tax The Item List stores information about a company's... The date does not matter as a journal entry will be recorded without a date Which is not a correct statement? create the Customer Center, the Vendor Center, and add the service items and inventory part items to the Item List EasyStep Interview did not... did not create all of them accounts used by a company QuickBooks Setup and EasyStep Interview... When service items and inventory part items were added, these items were not able to the Item list Which of the these is correct for the Add new product and services page? The sales tax item was created in the Item List In the EasyStep Interview window, when you answer the question that yes you do charge sales tax. Go to New Company Setup and start over After reviewing the Item List as created in QuickBooks Setup, what is not a recommended method to correct errors in the Item List? you can correct all information in the Edit Customer window, except the Current Balance While reviewing the Customer Center created in QuickBooks Setup - Add the people you do business with pages, delete the customer, and then go back to the QuickBooks Setup - Add people you do business with pages and re-enter the customer. If there is no Current Balance for a customer with an outstanding balance, If there is an error in the Current Balance, you can correct it when viewing journal entries. How can you correct the errors in the Vendor Center? Reviewing the Journal Report will not yet show the journal entries created as part of the QuickBooks Setup. Which statement in not true? show debits to Accounts Receivable with the customers' outstanding balances and credits to an account called Uncategorized Income. Journal entries labeled as Invoice.. were created when vendors with outstanding balances were recorded in the Add people you do business with pages Journal entries labeled as Bill... show credits to the Opening Balance Equity account and debits to the Inventory Asset account with the total value for each inventory part item. Journal entries labeled as inventory adjust... Invoice, you can make corrections to a customer's opening balance or date. In the Journal report, if you double-click on a transaction, for a transaction type of the value of the inventory part item is automatically computed by QuickBooks as the quantity on hand multiplied by the cost for the inventory part. In the journal report, if you double click on a transaction, for a transaction type of inventory Adjust, amount in the Uncategorized Income account equals the amount in the Uncategorized Expenses account. Upon reviewing the Trial Balance, observe that the Trial Balance does not indicate that the that the report indicates only Uncategorized Income and Uncategorized Expenses as offsetting amounts of the Accounts Receivable and Accounts Payable accounts. Reviewing the Profit & Loss Standard report will allow you to see the net income is correct as seen in the Income Statement (Profit & Loss Report). A review of the Balance Sheet Standard report does not indicate that... Create the company file When you use the EasyStep Interview and QuickBooks Setup windows, only part of New Company Setup is completed. The next part of the process does not include The Company Preferences tab is not used when setting up a new company file. Which statement is not correct? Undeposited Funds, Inventory Asset, and Cost of Good Sold When you created the company file using EasyStep Interview and QuickBooks Setup, what system default accounts were not created? Which statement is not correct? You can delete the Inventory Asset account and Cost of Goods Sold account (the default system accounts without numbers) created in QuickBooks Setup even though they are used in the Item List and in the Journal. Updating the Chart of Accounts List does not include adding additional accounts to the List. Which is not true? requires the recording of revenues when earned and expenses when incurred regardless of cash receipts or cash payments. The accrual basis of accounting... are not used in an accrual basis of accounting and therefore must be reversed to eliminate them. Uncategorized income and uncategorized accounts.. excluding accounts receivable, inventory, and accounts payable, as one large compound journal entry. You enter all opening balances for the new company,... Once you exit QuickBooks Setup, the company information cannot be edited. Which statement is not correct? entries recorded in the general journal to offset a balance in an account Reversing entries are... preparation of accounting reports and financial statements What does payroll not involve? Net pay is the total earnings for an employee minus all employee withholdings and deductions. Which definition is correct? Year-to-date earnings and withholdings do not have to be accumulated and used in preparing government-required quarterly and year-end reports. Which is not the case in a manual accounting system? simultaneously, prepares reports that summarize all quarterly and annual information needed for required filings, and for required payments of employee withholdings to the appropriate agency. QuickBooks includes a payroll feature that, once activated, Using an outside payroll processing firm Part of what makes payroll processing in QuickBooks easier than that of a manual system is not Time and chance of mistakes Which of the following are not the same whether payroll is processed manually or with a software package? the total earnings for the employee for a specific pay period before any withholdings and deductions gross pay is The employer does not needs specific information, such as Social Security number or marital status, about every employee. Which of these statements about payroll is false? [Show Less]
Move each answer financial report from the list on the left to the correct description on the right. 1) Shows assets, liabilities, and equity at one point... [Show More] in time 2) Used to understand changes in revenues and expenditures 3) Shows income, expenses, and net income during a specific time period 4) Provides information about the current financial health of a business 1) Balance sheet 2) Balance sheet 3) Profit & loss 4) Profit & loss You want to pass on some of your costs directly to customers in Quicbooks Online. You are able to assign a customer to a cost, but you cannot mark it as billable. You need to make costs billable in Quickbooks Online. What should you do? C) In the account and settings area, on the Expenses tab, toggle on Make expenses and items billable. You are sending an invoice to a customer. You need to set up the payment terms. What does a payment term of "Net 15" mean? A) The customer must pay the invoice in full within 15 days of the invoice date. Which lists can you import into Quickbooks Online Plus from the import Data screen? A) Products and services 1) Quickbooks Payments allows you to accept payments directly from customers. 2) Quickbooks Paymentts accepts credit cards, debit cards, cash, checks, and ACH bank transfers. 3) Transaction fees for using Quickbooks Payments are changed on a separate monthly invoice from Intuit. 1) True 2) True 3) False For each statement about setting up payment terms for a new customer in Quickbooks Online, select True or False. 1) You can create new payment terms from the New Customer form. 2) You must specify payment terms when setting up a new customer 3) If you do not select payment terms for a customer, Quickbooks Online assigns the default invoice term. 1) True 2) False 3) True Which two statements describe the difference between recording expenses on checks and as credit card expenses? (Choose 2) A) A check debits the expense account and credits the bank C) A check debits the expense account and credits Accounts Payable You are customizing a Profit and Loss report. You need to display two data ranges side by side Which setting should you configure? Select the correct setting in the answer area. Select Compare another period box In Quickbooks Online, what is the difference between voiding and deleting a check? A) Voiding a check keeps it in records but reduces its value to zero. Deleting a check removes it from reports other than the Audit Log. Which two methods can you use to upload a receipt to Quickbooks Online? (Check 2) B) Upload an image directly from your Google Drive C) Email an image directly to Quickbooks Online Complete the sentences by selecting the correct option from each drop-down list. 1) A transaction erases it completely from your books 2) An invoice does NOT alter any payment you've recorded for that invoice. 3) A transaction does NOT affect your account balance, and you keep a record of that transaction. 1) Deleting 2) Voiding 3) Voiding Move each feature or foot from the list on the left to its purpose on the right. 1) Track job cost and income 2) Track transactions by city or region 3) Track transactions by departments in a company 1) Projects 2) Locations 3) Classes You need to connect financial accounts to Quickbooks Online For each type, select YES if Quickbooks Online can connect to that type of financial account or NO if it cannot. 1) A money market account 2) A business savings account 3) A personal credit card account 1) Yes 2) Yes 3) Yes Which statement describes 1099 workers? D) 1099 workers define for themselves when, how, and where they work. You want to reduce the amount your loyal customers owe you on each invoice by 10 percent. Which feature should you use? B) Discounts Do company names have to be unique YES For which two reasons should you set up the services and products you sell in Quickbooks Online? (Choose 2) B) So you can track sales by product and service C) So you can add each product and service to invoices, sales, receipts, expenses, and other sales forms. [Show Less]
You are adding a new customer to Quickbooks Online. You are working in the New You own Customer Information form. For each statement about the Display name... [Show More] as a field, write True or False: The display name is optional. True You are adding a new customer to Quickbooks Online. You are working in the New You own Customer Information form. For each statement about the Display name as a field, write True or False: 2-The display name must be unique. False You are adding a new customer to Quickbooks Online. You are working in the New You own Customer Information form. For each statement about the Display name as a field, write True or False: 3-The display name is used to sort customer lists. True You are reviewing downloaded bank and credit card transactions. You need to select the correct action for each transaction. ( Add,Match,Split,View) Creates a new transaction Add You are reviewing downloaded bank and credit card transactions. You need to select the correct action for each transaction. ( Add,Match,Split,View) Categorize parts of a transaction differently Split You are reviewing downloaded bank and credit card transactions. You need to select the correct action for each transaction. ( Add,Match,Split,View) Links the new transaction with an existing transaction Match You are reviewing downloaded bank and credit card transactions. You need to select the correct action for each transaction. ( Add,Match,Split,View) Displays multiple transactions that might match an existing transaction View You own a retail clothing store. You are setting up QuickBooks Online for your store. You are adding items that you buy or sell to QuickBooks Online Products and Services. For each item you buy or sell, indicate whether it is an Inventory item or Non-inventory item. Hangers on which you display shirts Non-Inventory You own a retail clothing store. You are setting up QuickBooks Online for your store. You are adding items that you buy or sell to QuickBooks Online Products and Services. For each item you buy or sell, indicate whether it is an Inventory item or Non-inventory item. Shirts you regularly stock and sell to customers Inventory You own a retail clothing store. You are setting up QuickBooks Online for your store. You are adding items that you buy or sell to QuickBooks Online Products and Services. For each item you buy or sell, indicate whether it is an Inventory item or Non-inventory item. A shirt you order for specific customer but do not usually sell Inventory Which three actions can you perform from the QuickBooks Online business dashboard? Review last month's profit and loss data Add a new customer Record mileage for a business trip For which three reasons would you install QuickBooks online apps To tailor QuickBooks online for specific To automate task such as data entry To add additional data tracking and reporting capabilities For each statement about QuickBooks Online default user types, write True or False. Standard users can enter timesheets, add users, update company info, or manage subscriptions False For each statement about QuickBooks Online default user types, write True or False. Time tracking-only and Reports-only user types do not count toward user limits. True For each statement about QuickBooks Online default user types, write True or False. The Mast Admin user is a permanent user account and its controls cannot be transferred or assigned to a new user. True An existing vendor decides to purchase products from your company. In QuickBooks Online , you set up a customer account for the Vendor. For each Field , Highlight Yes if the vendor and customer account entries must be unique or No if they can be identical. First name No An existing vendor decides to purchase products from your company. In QuickBooks Online , you set up a customer account for the Vendor. For each Field , Highlight Yes if the vendor and customer account entries must be unique or No if they can be identical. Last Name No An existing vendor decides to purchase products from your company. In QuickBooks Online , you set up a customer account for the Vendor. For each Field , Highlight Yes if the vendor and customer account entries must be unique or No if they can be identical. Display name No An existing vendor decides to purchase products from your company. In QuickBooks Online , you set up a customer account for the Vendor. For each Field , Highlight Yes if the vendor and customer account entries must be unique or No if they can be identical. Company Yes For each statement about Managing unbilled expenses in QuickBooks Online, write True or False. The Unbilled Costs by Job report displays the unbilled expenses. True For each statement about Managing unbilled expenses in QuickBooks Online, write True or False. If you Clear the Billable checkBox for cost, it is no longer a business expense. False For each statement about Managing unbilled expenses in QuickBooks Online, write True or False. You can change the billable status of cost by selecting or clearing the Billable checkbox on the check. True For Which two reasons should you connect your online bank accounts to QuickBooks Online? To help prevent data errors To ensure that your data remains secure Which QuickBooks Online transactions can be made recurring? Check and Journal Entry For each statement related to customers and sales tax QuickBooks Online, Write True or False. The default tax status for new customers is Taxable True For each statement related to customers and sales tax QuickBooks Online, Write True or False. Taxability of a product or service can be changed on the invoice or sales receipt False For each statement related to customers and sales tax QuickBooks Online, Write True or False. If you sell a taxable service to a taxable customer,QuickBooks Online calculate sales tax and adds it to the invoice True For each statement related to customers and sales tax QuickBooks Online, Write True or False. If you sell a taxable service to a non-taxable customer, QuickBooks Online calculates sales tax and add it to the invoice False What is a reason for setting up products or services in QuickBooks Online? To automatically message customers when items are in stocks Which two statements about credit memos are True? A credit memo immediately reduces a customer's current open balance. A Credit memo can be used by customers as payment for an invoice What information does an Accounts Receivable Aging report present? Unpaid balances for each customer , grouped by days past due Highlight each feature to tool from the list for its correct purpose ( Classes, Locations, Projects) Track job costs and income Projects Highlight each feature to tool from the list for its correct purpose ( Classes, Locations, Projects) Track transactions by city or region Locations Highlight each feature to tool from the list for its correct purpose ( Classes, Locations, Projects) Track transactions by departments in a company Classes During a business trip, you pay for expenses using the company credit card. After the trip, you need to upload your expense receipts to QuickBooks. Which two methods can you use? Each answer is a complete solution Scan each receipt to a PDF file and email the files to QuickBooks Online. From the QuickBooks Online, take a picture of each receipt by using a webcam. In What way does the QuickBooks payments feature differ from the traditional payments? Payments received via QuickBooks Payments can be deposited into QuickBooks Cash Bank Account. In Quickbooks Online, What is the difference between voiding and deleting a check? Voiding a check keeps it in reports but reduces its value to zero. Deleting a check removes it from reports other than the Audit Log. You are entering Journal entries in QuickBooks Online. For each statement about the required information, write true or false You Must select Save and close to record the journal entry True You are entering Journal entries in QuickBooks Online. For each statement about the required information, write true or false QuickBooks Online automatically inserts the date and the next available journal entry number True You are entering Journal entries in QuickBooks Online. For each statement about the required information, write true or false After you enter the account for the debit transaction, QuickBooks Online automatically enters the account for credit transaction False For each statement about creating invoices in QuickBooks Online write True or False The customer address is required for invoices but optional for Sales Receipts True For each statement about creating invoices in QuickBooks Online write True or False When a customer will pay you sometime after they make a purchase you should create an invoice. True For each statement about creating invoices in QuickBooks Online write True or False You can use Save and Send to save an invoice and attach it to an email message directly fromQuickBooks Online. True Which lists can you import into QuickBooks Online Plus from the Import Data screen? Products and Services You are setting up products and services in QuickBooks Online.For which items is the "Income account used when recording a sale" field available? Inventory items and Service items You need to share a report. For each method, select YES if you can share reports by using this method or NO if you cannot. Email Yes You need to share a report. For each method, select YES if you can share reports by using this method or NO if you cannot. Save as PDF Yes You need to share a report. For each method, select YES if you can share reports by using this method or NO if you cannot. Export to Google Sheets Yes You Pay a bill by using a check. You record the transaction in QuickBooks Online. The check is damaged before the vendor can deposit it. You write a new check. What should you do with the original check in QuickBooks Online? Void the check A credit card expense debits the credit card receivable and credits the expense account A check debits the expenses account and credit the bank. During a business trip, you pay for expenses using the company credit card. After the trip, you upload the receipts to QuickBooks. Your Import the transactions from the linked credit card account. You need to assign the expense to the appropriate accounts. What should you do? Display the account in QuickBooks Online and select the correct receipts. Which two statements about the DISPLAY NAME as filed are TRUE when adding a customer in QuickBooks online? It is the only required field in the Add Customer Window It is the unique name you use to track each customer's balance and other information. A vendor currently has payment terms of Net 10. The terms change to Net 15 starting today for all future bills. This is a new term that you have not used before. Which two actions must you complete to support this change? On the ACCOUNTANT AND SETTINGS area, set the preferred invoice terms to NET 15. Edit the vendor record IN the TERMS list, select NET 15. What is a bank rule? A list of criteria QuickBooks Online uses to automatically categorize transactions for you You need to connect financial accounts to QuickBooks Online. For each account type, select YES if QuickBooks Online can connect to that type of financial account or NO if it cannot Brokerage No You need to connect financial accounts to QuickBooks Online. For each account type, select YES if QuickBooks Online can connect to that type of financial account or NO if it cannot Credit Card Yes You need to connect financial accounts to QuickBooks Online. For each account type, select YES if QuickBooks Online can connect to that type of financial account or NO if it cannot PayPal Yes You need to connect financial accounts to QuickBooks Online. For each account type, select YES if QuickBooks Online can connect to that type of financial account or NO if it cannot Savings Yes Write each financial report from the list to the correct description. You may use each financial statement report once, more than once, or not at all. Highlight the answer, (Balance Sheet, Profit and Loss Statement) Shows assets, liabilities, and equity at one point in time Balance Sheet Write each financial report from the list to the correct description. You may use each financial statement report once, more than once, or not at all. Highlight the answer, (Balance Sheet, Profit and Loss Statement) Used to understand changes in revenues and expenditures Proft and Loss Statement Write each financial report from the list to the correct description. You may use each financial statement report once, more than once, or not at all. Highlight the answer, (Balance Sheet, Profit and Loss Statement) Shows income, expenses, and net income during a specific time period. ( Proft and Loss Statement [Show Less]
Why would you hide or collapse sub accounts on a report? To temporarily hide unnecessary detail and hide parent accounts What should you do after y... [Show More] ou click save & close on a customer credit memo? Choose between retained as an available credit, give a refund or apply to an invoice Which of the following CAN be memorized in quickbooks? check Which is NOT shown on the payroll summary report on quickbooks? information necessary to complete your state unemployment tax form The bank notified you that a customer's check you deposited has bounced. The customer did not have sufficient funds to cover the check. What should you do? Record a transaction to show the customer owes you the money and that the checking balance decreased by that same amount Suppose you always want all reports to show a specific size and color,how do you set standard preference in quickbooks so you don't have to customize each report? Click the edit menu and select preferences then click the reports and graphs group to set preferences Suppose you want to restrict which users can access customer credit card numbers. How do you do this? Give the user access to sales and accounts receivable but do not check the complete credit card numbers Which of the following is a possible reason for a bank reconciliation discrepancy? The beginning balance calculated by quickbooks does not match last months ending balance which of the following statements is TRUE regarding Undeposited funds? It is an account used to record payments before you make a deposit Which accounts are affected when you enter Time in quickbooks? Accounts receivable Workers who require a W2 tax form at the end of the year should be added to which of the following lists? Employee If you have customized report that you use each month, which feature lets you run the Memorize Report What is the primary reason for setting a closing date in Quickbooks? To restrict users from deleting, editing or adding transactions to last year Your new employee earned an annual salary of $40,000. How do you enter this into quickbooks? Enter 40,000 in the payroll info window What steps must you complete to use the payroll center to pay payroll liabilities set deposit frequencies Name the section of the balance sheet Assets, Liabilities, Equity When you create a new company file, quickbooks asks for your start date. What is the best definition of the start date in quickbooks? The day you chose to start recording the finacial records in quickbooks Which of the following statements is NOT true regarding entering and paying bills in quickbooks? If you use the enter bills window to record a bill, do not use the write checks window or check register to pay that same bill How do you use a different forms template when creating a new transaction? (i.e. Invoice) Open the form, click the templates drop down list and select the appropriate form How do you change the report basis, accrual vs. cash for just one report? Click the modify report button on the report and then choose accrual or cash on the display pad How would you track customer birth in quickbooks? Add a custom field to the customer list How do you change text in the header/footer of a report? Click the modify report button on the report and the change the header footer tab Where can you see a thumbnail sample of each report in quickbooks along with a description of what the report tells you? Report center What transaction in quickbooks should you use if your customer pays you when you provide the goods or sevices? Sales receipt How can you ensure that invoice detail does not appear on a customer statement? Uncheck the show invoice item detail on statements box in the create statements window What is the purpose of backing up in quickbooks? To protect against data loss from file corruption or a hard file crash Which of the following is NOT true regarding merging entries? quickbooks allows you to merge an expense account with an Income account When a transaction is changed, what information does the Audit Trail report provide. who changed the transaction? the date the transaction was changed the time the transaction was changed How do you add or delete columns on a report. Click the modify report button and on the display tab check add or uncheck remove columns When should you use the items tab on a bill or check? When you purchase inventory parts When you are setting up a service item, what happens if you select the box next to this "service is performed by a subcontractor or partner"? quickbooks provides fields so you can track purchase and sales information for that item Which of the following statements is NOT true regarding single user and multi-user mode? Only the administrator is allowed in the file when it is in single user mode Which of the form templates cannot be customized in quickbooks? checks The product information window shows you the version and release of quickbooks you have along with other information about the company file. How do you access the product information window? Press the F2 key When should you set up a non-inventory item type? for something you buy but dont sell for something you sell but dont buy for something you buy and sell but do not need track the quantity on hands Which of the following statements is TRUE regarding items? When you purchase or sell and item, the value of the purchase or sales flows to the account and therefore the financial statements you selected when you set up the item Which report shows how much you owe for sales tax? Sales tax liabilitiy Which report is also known as an income statement and summarizes income and expenses for a month Profit & loss standard When making your payroll tax deposit, how can you add IRS interest and/or penalties? Click the expense tab and enter the appropriate account and amount of interest and penalties Which of the following is a reason to create a new company file? To start over when a company file has many errors that are beyond repair When you enter a purchase order for inventory, which accounts are affected? None. Because purchase orders are non-posting transactions After quickbooks sets up a chart of accounts in the easy step interview, which of the following is TRUE? It is possible to add more accounts later Which of the following is TRUE regarding general journal entries? General journal entries require a good understanding of debits and credits and should not be used by non-accountants Which of the following statements is TRUE regarding how you record a debit card transaction in quickbooks? Use the write checks window or check register and type debit in the check number field When can you delete a check from quickbooks without voiding it? You entered a check in quickbooks but haven't printed it yet. You realized the purchase was actually made using a credit card. The check was really used What tool do you use to move your logo to a form? layout designer What is the reason for not being able to delete a list entry? The entry has been used in a transaction How do you move list entries to a different location on the list? Click on the diamond to the left of the name and then drag the name up or down the list Assume that quickbooks is now in single user mode. What does this mean? Only one user can access the data file Which of the following statements is TRUE regarding vendor credit memos? Vendor credit memos reduce what you owe the vendor What is a required field when creating a new Quickbooks Company File? Company name Where can you find the preference that will display your icon in color? Desktop View, My Preference Where can you find the option to add specific icons to the Home Page? Company Preference How many Admin users can you have in one QuickBooks files? 1 Which user/s have the capability to change their password? All Users What functions does the Layout Designer allow you to do? Add text boxes to your template Can you have 2 of the exact same template name in the Templates list? No What type of items are set up to handle bounced checks? Other Charges When reconciling an account, what would make a beginning balance different from the statement's beginning balance? A prior reconciled entry was modified or deleted Which payroll subscription allows you to prepare State and Federal Payroll Tax Forms within QuickBooks? Enhanced You suspect that someone has changed a transaction. What report should you run? Audit Trail Report How do you create a memorized group of reports? Open MEMORIZED REPORT LIST and then click MEMORIZED REPORT> NEW GROUP How do you move columns on a report? Move your cursor over the column heading, and when it becomes a hand, click and drag the column to the desired position. What happens if you click "Collapse" on a report? QuickBooks hides Subaccounts and only show Parent Accounts. When should you use a sales receipt in QuickBooks? To record a customer payment at the time of sale. What happens if you double-click on a Dimond on a report column? Nothing You have customized and then memorized a report. What does QuickBooks save when memorizing a report? Report headers, Filters, and columns but not the actual transaction What is the easiest way to organize your memorized reports? Create a report group How do you display or print a batch/group of reports quickly? Choose REPORTS> PROCESS MULTIPLE REPORTS Suppose you have a subcontractor who receives a 1099 from your company. Which list should you add them to? Vendor List You successfully reconciled the checking account last month. This month, when you begin to reconcile the same account, you notice that the beginning balance calculated by QuickBooks is different from the beginning balance according to the bank. How can this happen? Someone changed or deleted a cleared transaction How do you combine or merge two list entires? Rename the unwanted list entry to match the name of the list entry you want to merge into. What options do you have after you create a credit memo in QuickBooks? 1. Retain as an available credit 2. Give a refund 3. Apply to invoice [Show Less]
Which 3 of these areas does the Client Needs Assessment tool focus on to help gather the information needed to select the right QuickBooks Online subscript... [Show More] ion for a client? Features and solutions Client profile Needs assessment Which 4 list types can be directly imported into QuickBooks Online from Excel? Customers Products and services Vendors Chart of accounts Brian just completed a Client Needs Assessment and his client confirmed that she will require profitability tracking, and needs to create budgets and purchase orders in her accounting solution. What is the minimum QuickBooks Online version suitable for Brian's client? QuickBooks Online Plus What is one difference between ProAdvisor Discount and Direct Discount pricing, apart from who pays for the subscription? Duration of discount To determine the scope of a bookkeeping clean-up engagement, you are reviewing the Client Overview tab for a potential client. You notice that there is a large amount in the Opening Balance Equity account. Which 2 reasons could be causing this balance? A reconciliation adjustment was posted when completing a bank reconciliation Transactions in the Banking Center were added without assigning an account to them When using QuickBooks Online Accountant, Diane Doolittle opens a client's QuickBooks Online company from her Client dashboard. Where can she see which apps are connected to the client's account without signing out of the account? Overview > Company Setup Which menu area allows you to search for apps by the problem or business process they address? Browse category Where are 2 places you can search for apps that work with QuickBooks Online? Account and Settings > Apps www.quickbooks-apps.com How will QuickBooks notify you when subscribing to receive updates and resolutions on QuickBooks Online outages or slowdowns? Email Where can you enable account numbers for the chart of accounts? Gear icon > Account and Settings > Advanced > Chart of Accounts > Enable account numbers Which users will be able to see account numbers if they are enabled? All users will see the account numbers. Before merging two sub-accounts, what do you need to check? Make sure the names are spelled the same. What is the maximum number of characters allowed in the account number field? 7 Where would you navigate within QuickBooks Online to show product/service column on sales forms? Gear icon > Account and Settings > Sales > Products and services In QuickBooks Online, the Products and Services list contains the items that will appear on your client's purchase and sales transactions. What must each product/service item be mapped to? Chart of accounts There are four item types to choose from in QuickBooks Online. This includes services that are provided to customers, such as an emergency service call visit or other labor : Service These are products that are bought and sold, and where it is necessary to track quantities on hand. You must subscribe to QuickBooks Online Plus or Advanced to use this feature Inventory (in QuickBooks Online Plus and Advanced only) These are products bought and sold where it isn't necessary to track quantities on hand, such as small parts used in the installation or delivery of a product Non-inventory This is a collection of products and services that are sold together, such as the installation of a product that includes both labor and materials Bundle Timothy would like to add another term to the current list of terms within QuickBooks Online. Where would he go to add the additional term? Gear > Account and settings > Sales Terms > New Which 4 of these tabs appear in the Customer information screen? Notes Address Customer type Terms What are 2 ways to add a new vendor to QuickBooks Online? Expenses > Vendors > New vendor Gear > Import data > Vendors What does QuickBooks Online automatically create to record the balance owed when adding a vendor with a non-zero opening balance? Bill What connection method eliminates the need to provide a bank user name and password after the initial setup process? OAuth Where should they go to update their bank info in QuickBooks Online? Banking Center > Banking tab > Select account tile > Pencil icon > Edit sign-in info When first setting up Sales tax for a client, what information will be prepopulated? Business address [Show Less]
QBB QuickBooks file type that is a compressed file that must be restored before it can be used QBW File that is used to enter transactions and obt... [Show More] ain reports Which of the following ways can you use to navigate QuickBooks software? Navigation Bar (Icon Bar) Menu Bar Home Page QuickBooks can create many different _____ that are useful when managing a business. reports To save a backup QuickBooks file, select ... File menu > Back Up Company From which menu can you restrict user access? Company menu The accountant's role includes _____ reports. preparing which QuickBooks file type is a compressed file that must be restored before it can be used? QBB When using QuickBooks, a file with a ____ extension is used to enter transactions and obtain reports. QBW To access the Chart of Accounts which of the following menus could you use: Accountant men Lists menu Company menu If you are moving between computers, what is the order of steps to use for a restore. 1. Open QB Software 2. Restore starter QBB file 3. complete assignment using restored QBW file and create QBB backup file 4. restore next starter file 5. complete next assignment using restored QBW file and Create next QBB backup file 6. repeat Make General Journal entries can be accessed from which of the following menus? Company menu Accountant menu To view the report center, you would select _____ on the left icon bar Reports To create a new company file, which menu would you use? File menu To access preferences, which menu would you use? Edit menu To access the Item list which menu could you use? Lists menu Which of the following items can be recorded from the Vendors section of the QuickBooks Home page? Bills paid Bills received Inventory received Which menu contains accountant tools in QuickBooks? Accountant menu The Customers section of the QuickBooks Home page is a _____ of the main activities associated with sales and customers. flowchart To exit QuickBooks software, use the _____ menu. File Workflow approach when using the same computer to complete QuickBooks assignments. 1. Open QB software 2. Restore starter QBB file 3. Complete assignment using restored QBW file 4. Create QBB backup file 5. Complete next assignment using same QBW file 6. Create next QBB backup file & Repeat Four major types of transactions for a company are: Vendor Employee Banking Customer The Chart of Accounts is a list of all _____ used to track accounting information. accounts Which transactions would appear in the Customers section of the QuickBooks home page. Create invoices Create estimates [Show Less]
What is the recommended browser for QuickBooks Online? Chrome To locate a transaction that was previously entered, where do you go? Search icon ... [Show More] S-Corporations are a very good shield against personal liability and a wise choice of entity for any business that may seek venture capital funding in the future. True If you want to import your QuickBooks desktop data to QuickBooks Online, where would you find this option? Gear icon Which of the following is not a requirement of an S-Corporation? Have multiple classes of stock When looking at the dashboard, which of these will you find? All of the answers listed The QuickBooks mobile app allows instant access to your QBO data from your mobile device. True Which QuickBooks subscription is most popular? Plus The revenue earned from the sale of goods or services, or the money an individual receives in conpensation for their labor. Income The company that we are setting up follows what type of corporate entity. S-Corporation Amounts due to Vendors or suppliers for goods or services received that you have not yet paid for Accounts Payable Something you owe; a company debt Liability Which of the following is not a requirement of an S-Corporation? Have multiple classes of stock A long-term tangible piece of property or equipment that a firm owns and uses in its operations to generate income. Fixed Asset The balance of money owed to you for goods received or services delivered but not yet paid by customers. Accounts Receivable What do you use Terms for in QuickBooks? [Choose the BEST answer!] To determine when a customer's invoice is due. Where would you go to recategorize all expenses for a vendor? Vendor Center >Click the Vendor >Select Transactions >Batch Actions >Categorize Selected Which report displays a list of unpaid invoices by customers? Open Invoice You received payments for multiple invoices, and now you need to deposit them. Where do you go next/ +New Icon >Bank Deposit You just opened the mail and need to post three payments for open invoices. Where do you go to record the payments? + New Icon >Receive Payments You sold product to a customer and received payment at the time of sale. Now you need to record the sales in QuickBooks. Which form would you use? Sales Receipt You need to identify which customers purchase the most merchandise or services. Which report will help you do this? Sales by Customer Summary Put the 2 steps for entering a vendor credit and using it when you pay the bill in the correct order. 1. Click the Global Create Button, Plus sign, and select Vendor Credit.2. Click the Global Create Button, Plus sign and select Pay Bills. 1. Click the Global Create Button, Plus sign, and select Vendor Credit., , 2. Click the Global Create Button, Plus sign and select Pay Bills. Your Accountant is upset that changes are being made to last year's numbers. How can you stop this from happening? NOTIn the Advanced section of the Company Settings, set a Closing Date. A DEPOSIT can be made recurring. False The direct costs attributed to producing a service or product for sale, and has a direct relationship between these costs and revenue. NOT Cost of Good Service A financial statement of assets, liabilities, and capital; the report details the balance of income and expenditures over a specified period of time. NOT Journal To add Locations to track Income and Expenses, where do you go? NOT Gear >Products and Services The net worth of a company. The difference between what you owe and what you own. NOT Liabilities An economic resource that will be used to generate economic benefit and it categorized in the order of how liquid the asset is: current, fixed and other. NOT Income Which of the following statements is not true about Products and Services? NOT You can set up and manage categories to group Products and Services Your boss asks you to remove an account from the Chart of Accounts (you don't use it anymore). You would do this by simply deleting the account from QuickBooks False To manage your chart of accounts.... Left navigation bar Click Accounting Click Chart of Accounts True A cash flow projection shows the amount of money expected to come into a business minus money expected to go out over a determined amount of time. True Which transaction does not affect the customer's balance? NOT Payments Your Accountant is upset that changes are being made to last year's numbers. How can you stop this from happening? NOT In the Advanced section of the Company Settings, set a Year End Final Date. What your company owns (Bank Accounts, Petty Cash) NOT Equity Provides a summary view of balances we owe Vendors or Suppliers NOT Expense by Summary The net worth of a company representing the difference between acompany's liabilities and assets. Equity represents the health of a business as it represents the amount of money left after all of the debts are satisfied. NOT Asset [Show Less]
When importing customers for the first time, which of these file types can you use to import your customer list? XLSX Which field is required when ... [Show More] importing vendors? Vendor Name What does QuickBooks Online automatically create to record the balance owed when adding a vendor with a non-zero opening balance? Journal entry Which 2 statements are true when creating an OAuth bank connection in QuickBooks Online? Most banks require the primary account holder to establish the OAuth connection to the bank Not all banks and financial institutions support the OAuth bank connection Where should you go to link to a new bank account in a client's QuickBooks Online company? Banking Center In QuickBooks Online, what 4 data points do you need to set up sales tax for a client who only does business in their home state? How often they have to file a tax return Their company address When their last tax period started When they started collecting sales tax for the agency Which 2 are correct regarding setting up a QuickBooks Payments account for a client? The accountant should not be the primary owner of the client's QuickBooks Payments account Existing Intuit Merchant Services accounts can't be connected to a QuickBooks Online company Bill Pay powered by Melio allows you to fund payments to vendors using which 3 methods? Debit card Credit card ACH bank transfer When logged into QuickBooks Online Accountant, where can you view apps that are connected to a client's QuickBooks Online? Apps > Client apps What are 2 ways to track time using QuickBooks Time? Manual Time Card Time Clock Kiosk What are 2 features QuickBooks Time Elite has that Premium does not? Ability to use geofencing Ability to analyze project estimates verses actuals Thomas would like his customers to see the full invoice details from within the email itself and have a PDF attached. Gear > Account and settings > Sales > Online Delivery > How your invoice appears in emails What user type is appropriate for nonprofit companies that need to provide reporting access to their board members? Reports only user How can you switch from Accountant view to Business view in QuickBooks Online? Gear icon > Switch to Business view In the Overview tab of the Client List, what filter can be applied to only show clients assigned to a specific team member? Lead When the Sales Tax feature is enabled in QuickBooks Online, where must you record sales tax payments? Sales Tax Center Bill Pay powered by Melio allows you to fund payments to vendors using which 3 methods? Credit card. ACH bank transfer PayPal How can an Accountant user connect an app to a client's QuickBooks Online? Apps > Search app > Get app now Which 2 QuickBooks Online Payroll subscription levels include QuickBooks Time? Premium Elite Which 3 of these features are benefits of QuickBooks Online Payroll Premium? Same-day direct deposit Expert review Access to QuickBooks Time Premium Which 3 options for customizing invoices can you access via the Custom form styles > Invoice template? Change invoice color schemes Add a logo Change invoice fonts What user type is appropriate for nonprofit companies that need to provide reporting access to their board members? Reports only user Which statement about switching between Accountant and Business view is true? Navigation labels may vary depending on whether you are in Business or Accountant view [Show Less]
Quickbooks online, what is the difference between voiding and deleting a check? D. Voiding a check keeps it in reports but reduces its value to zero Dele... [Show More] ting a check removes it from reports other than the Audit Log. Which three tasks can you perform when using Bank Feeds in the Banking area? (Choose 3) A. Issue a Stop Payment request for a check B. Match transactions entered in Quickbooks to the bank information as they clear the bank. D. Unreconcile a previously cleared transaction Move each financial report from the list on the left to the correct description on the right. 1) Show assets, liabilities, and equity at one point in time. 2) Used to understand changes in revenues and expenditures 3) Shows income, expenses, and net income during a specific time period. 4) Provides information about the current financial health of a business. 1) Balance sheet 2) Profit and loss statement 3) Profit and loss statement 4) Balance sheet For each statement about managing unbilled expenses in Quickbooks Online, select True or False. 1) The unbilled costs by job report displays the unbilled expenses 2) If you clear the billable check box for a cost, it is no longer a business expense. 3) You can change the billable status of a cost by selecting or clearing the Billable check box on the check. 1) True 2) False 3) True For each aspect of a report, select YES is you can customize that aspect or No if you cannot. 1) The data range 2) The accounting 3) The way numbers are formatted 1) Yes 2) Yes 3) No For each statement about Quickbooks Online Plus, select True or False 1) Quickbooks Online Plus provides inventory tracking 2) Quickbooks Online Plus allows up to 5 user license 3) Quickbooks Online Plus provides project profitability tracking. 4) Quickbooks Online Plus includes Payroll support at no additional cost. 1) True 2) True 3) True 4) False For each statement about the Cash Flow Statement, select True or False 1) if shows a business's assets, liabilities, and equity 2) It summarizes the cash flowing in and out of a business 3) It is divided intro three sections: Operations, Investments, and Financing 4) It is another name for an income statement for companies that use accrual accounting 1) False 2) True 3) True 4) False Which list can you import into Quickbooks Online Plus from the import Data screen? C. Products and Services What are three recurring transaction types in Quickbooks Online? (Choose 3) B) Reminder C) Scheduled E) Unscheduled For which two reasons should you connect your online bank accounts to Quickbooks Online? (Choose 2) A. To ensure that your data remains secure B. To help prevent data entry errors You need to record a new transaction from a sales receipt In which order should you perform the actions? 1) Match the the receipt 2) Select the receipt to make corrections or add missing inforamation 3) Upload an image of the receipt to Quickbooks Online 4) Create a new expense 3 1 4 2 What is a reason for setting up products or services in Quickbooks Online? B) To automatically message customers when items are in stock. You want to pass on some of your costs directly to customers in QuickBooks Online. You are able to assign a customer to a cost, but you cannot mark it as billable. You need to make costs billable in Quickbooks Online. What should you do? C. In the Account and Settings area, on the Expenses tab, toggle on Make expenses and items billable. What are the four types of products and services that can appear on QuickBooks sales form? D. Bundle, Inventory, Non-inventory, and Service What does the audit log display? D. Transactions that affect your company file, including the time and associated user. Which two statements describe the difference between recording expenses on checks and as credit card expenses? (Choose 2) B. A check debits the expense account and credits Accounts Payable C. A check debits the expense account and credits the bank For each statement about the risks and benefits of extending functionally through apps, select True or False 1) Your QuickBooks Online account includes free use of all App Store apps. 2) The QuickBooks App Store is available directly from QuickBooks Online Plus 3) Apps that are not fully compliant with intuit requirements will not connect to or sync with your QuickBooks Online company account. 1) True 2) False 3) True You pay a bill by using a check. You record that transaction in QuickBooks Online. The check is damaged before the vendor can deposit it. You write a new check What should you do with the original check in QuickBooks Online? B) Void the check. For each statement about setting up payment terms for a new customer in Quickbooks Online, select True or False 1) You can create new payment terms from the New Customers form 2) You must specify payment terms when setting up a new customer 3) If you do not select payment terms for a customer, QuickBooks Online assigns the default invoice terms. 1) True 2) False 3) True You need to determine which vendors charge the most for the goods and services they provide to your company. Which report should you run? A) Expenses by Vendor You are creating a new customer record The customer wants to receive their products at the following address: The customer has a credit card that is connected to the following address: 123 Main street Seattle, WA 12345- Shipping Address 456 Elm street Dallas, TX 54321- Billing address For each statement about QuickBooks Payments in QuickBooks Online, select True or False 1) Quickbooks payment allows you to accept payments directly from customers 2) Quickbooks payment accepts credit cards, debit cards,cash, checks, and ACH bank transfers. 3)Transaction fees for using Quickbooks payments are changed on a seperate monthly invoice from Intuit. 1) True 2) True 3) False You own a retail clothing store. You order three dozen shirts from a vendor. Two of the shirts arrive with obvious manufacturing errors. You contact the vendor, who offers you a credit. In quickbooks online, what is the effect of the vendor credit? D) Credit the cost of damaged shirts to the Vendor Credits and Refunds income account. For each statement about merging vendor accounts, select True or False. 1) After two vendors are merged, the action cannot be undone. 2) To begin merging two vendors, edit the vendor record you want to keep 3) To merge one vendor record with another, change the Company Name or the First and Last names to match the other vendor, 1) True 2) False 3) True An existing vendor decides to purchase products from your company in Quickbooks online, you set up a customer account for the vendor. For each account field, select Yes if the vendor and customer account entries must be unique or No if they can be identical. 1) First name 2) Last name 3) Display name 4) Company name 1) No 2) No 3) Yes 4) Yes On your banks website, you transfer $5000 from your savings account to your checking account to pay bills. You are processing bank feed transactions. You need to record this transaction properly. Match the two actions you should perform? B) Match the savings account transaction to the checking account transaction C) Mark the checking account transaction as a transfer. Complete the sentences by selecting the correct option from each drop down list. 1) A transaction erases it completly from your books 2) An invoice does NOT alter any payment if you've recorded for that invoice 3) A transaction does NOT affect your account balance and you keep a record of that transaction 1) Deleting 2) Voiding 3) Voiding [Show Less]
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