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
... [Show More] automatically 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]