When setting up a new QuickBooks account, which of the following is TRUE about the chart of accounts?
It is possible to add more accounts after starting
... [Show More] a new company.
You're setting up a new QuickBooks account for a business that just hired you. The company has a list of accounts with opening balances (i.e. loan, vehicles, etc.). Where do you enter these balances when setting up the QuickBooks account?
You can enter opening balances using a Journal entry or directly into account registers. However, this isn't recommended for non-accountants. You can enter open invoices to record the balance owed to you (Accounts Receivable) and open bills to record what you owe (Accounts Payable).
You'd like to change the company address in Company Settings. What's the first step to open the Company Settings?
Click the Gear icon on the home page. (In some companies, this option may be called Account and Settings.)
What does 'Private Mode' on the home page do?
It hides the values displayed on the profit and loss, bank accounts, and other sensitive financial information.
You need to set up a new user so they can see reports, but do NOTHING else in QuickBooks. Put the steps for setting up a user (who can only see reports) in the correct order.
1. Click the Company menu and choose Manage Users.
2. In the Manage Users screen, click NEW.
3. Choose User Type "Reports Only" and click Next.
4. Enter the user's email address and click Next.
Your new employer asks about the menu choices at the top of the screen (File, Edit, View, History). Select the statement about the menu that is FALSE.
You can create your own menus in the Advanced tab of company settings.
Which lists can you import from Excel into QuickBooks online?
Chart of Accounts, Customers, Products and Services, Vendors
Which of the following is NOT true regarding merging entries in lists?
QuickBooks allows you to merge an expense account with an income account.
You've just been hired as a bookkeeper and the company's QuickBooks is a mess. There are many list entries that are duplicates. You decide to merge list entries to clean up the lists. Which of the following is TRUE?
You can only merge names from the same TYPE.
Your customer, Donna Comeback, has gone out of business and you will never sell to her again. Put the steps for removing her from the customer list in the correct order.
1. Click the Customer tab.
2. Edit the Customer you want to remove.
3. Click 'Make Inactive'.
You notice the memo field on a transaction (i.e. check or credit memo) reads, "Created by QB online...". Why would QuickBooks create a transaction for you?
You deleted a customer, vendor, or account that had an open balance.
Which of the following is NOT a list in QuickBooks online?
Other Names
Which statement is TRUE?
You CAN enter a Sales Receipt if the Customer field is empty.
Which of the following statements is true concerning products and services?
You can use one product/service to represent different services or goods.
Products/Services allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss.
To create an invoice, you must use a product or service.
You made a sale and the customer paid the whole amount. To record the sale you click the PLUS icon and select...
Sales Receipt. Enter the sale and payment information and save the transaction.
How do delayed charges affect a customer's balance?
Delayed charges have no effect on a customer's balance.
Which of the following statements is true regarding Undeposited Funds in QuickBooks?
It is an account used to record payments before you make a deposit.
What is one reason to NOT use a 'bank deposit' or 'Journal Entry' screen to record sales?
If you record sales through the bank deposits or journal entry screen the sale will not appear on sales reports.
What transaction should you enter if a customer returns a damaged product or, in the case of a service, complains so much you decide to offer a refund?
Credit Memo.
When you invoice for time and costs, where does QuickBooks get the billable time or costs?
From billable time entered on timesheets and/or billable costs entered on checks and bills.
When would you create an estimate in QuickBooks?
When a customer request a bid, quote or proposal.
You're setting up a new customer. How do you tell QuickBooks that this customer's invoices should be due 30 days after they're issued?
Set the customer's Terms to Net30.
One of your customers opens a new location. They want you to perform some work at the new location, and all invoices should go to the original customer. How do you handle this?
Create a New Customer and check the option 'Is a sub-customer', and select 'Bill with parent'.
How would you enter a transaction that won't be downloaded, where you paid for a service using a debit card?
Click the Global Create button (PLUS sign) and select Expense. Fill out the expense and use Debit Card as the payment method.
In QBO Plus, entering a purchase order for inventory affects which accounts?
None, because purchase orders or non-posting transactions.
Which of the following statements is true regarding vendor credit memos?
Vendor credit memos reduce what you owe the vendor.
Why would a business choose to enter a bill and then later pay the bill (2 steps) instead of just recording the check or expense when you pay the bill (1 step)?
Entering and paying bills allows you to track accounts payable.
When should you NEVER delete a check?
You printed a check, and the check number has been used.
Where do you go to turn on inventory in QuickBooks?
Company Menu > Company Settings > Sales > Products and services > Track inventory quantity on hand
Your boss wants to know if there are any overdue bills. What report would you run to give him this information?
Accounts Payable Aging report [Show Less]