Quickbooks Chapter 2

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email address and general information about the company and which QBO features it wants to use

Information needed to start setting up a company

newly formed companies, existing companies converting from manual and existing companies converting from quickbooks desktop

What companies can use QBO?

sets up a basic chart of accounts and sets up various products and service items based on the features selected

What does QBO do automatically?

located in advanced tab and allows you to choose what type of company it is so that the correct tax form can be used

company type setting (where is it located and what does it do)

located in the advanced tab and turn on the use of account numbers in your chart of accounts.

enable account numbers (where is it located and what does it do

CVS or Excel

file types that can be imported

as many times as you want to up to 60 days

how many times can you purge?

click on the gear icon

how to customize company account and settings

number used to identify a specific user of qbo

license number

number used to identify specific versions of qbo

product number

located in the advanced tab and warns you if a duplicate bill has been created

warn for duplicate bill number (where is it located and what does it do)

set accounting information and preferences for the chart of accounts

what can you do in the advanced tab

set preferences for what will be seen for bills and expenses

what can you do in the expenses tab

expense account balances

what can't be imported in to qbo

gets rid of existing accounts so that new accounts can be imported

what does it mean to purge accounts

removal of all data from a company file

what does purge do

shows company information

what does the company tab show

the act of bringing external data into a company file

what is importing

company settings

what is not deleted when a company file is purged

a list of all of the accounts and sub accounts that a company has

what is the chart of accounts

sales tab

what tab allows setting of what information is seen on forms and messages

settings

where can you customize features

opening balance equity

which account might be credited when a products and services list is imported

accounts receivable

which account might be debited when a customer list is imported

located in the sales tab and lets you review and change your transaction numbers

custom transactions setting (where is it located and what does it do)

opening balance equity

default account used by qbo as part of the import process


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