Quickbooks

Select three statements that are correct about journal entries

A journal entry must have a date Total debits must equal total credits on a journal entry The accounts used on a journal entry come from the chart of accounts

Can you customize? Accounting method Display only non-zero columns header Font color for the report title

Accounting method- Yes Display only non-zero columms-yes header- Yes Font color for the report title- No

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

What does the Apps tab on the left-hand navigation do in Quickbooks?

Allows you to open and use apps you are connected to. Allows you to search for new apps to use.

Your boss wants to know hwat the balance is for total assets, liabilities, and equity. What financial report would you use to find this information

Balance Sheet

Which form cannot be customized in Quickbooks?

Bill

Which two user types below would be able to write a check in Quickbooks Online?

Company admin Standard user with vendor access only

You are setting up a new product you will frequently need to purchase for your company. You want QuickBooks Online to provide fields to track the product. how do you set up a new product to be tracked by QuickBooks?

Enable the box, "I purchase this product/service from a supplier."

True or False: Accounts with a type "Fixed Assets" would appear on the profit and loss report

False

True or False: All accounts must have a type. Detail types are optional

False

True or False? Billable expenses can be added to invoices and / or sales receipts

False

True or False? Checks, bills, bill payments and expenses are all bale to be marked as billable

False

Which of the following statements are true regarding vendor credits?

If an inventory item is entered in the product/service field of the item details section oft he vendor credit, the inventory quantity on hand balance would decrease Vendor credit memos decrease what you owe to the vendor

What is one reason to not use a bank deposit or journal entry screen to record sales?

If you record sales through the bank deposit or journal entry screen, the sale will not appear on sales reports

Which transaction should you enter if a customer returns a damaged product, or in the case of a service, complains so much you decide to write them a check for a refund?

Refund Receipt

The owner of the business asks you to set up QuickBooks to automatically email him a specific report on a regular basis (e.g., weekly or monthly). How would you do this?

Run the report you want to email. Click Save Customizations. Select Reports and go to Custom Reports. Select the line of the report on the list and click Edit. Set the email schedule in this window.

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

What is the purpose of the Audit Log report?

To track any changes and deletions to transactions as well as track which user makes the change or decision

True or False? For an expense to appear on an invoice sidebar the expense must be marked billable

True

True or false: Accounts numbers can be used but do not have to be

True

Evaluate the following statements related to bills and identify if the statement is true or false

True: You can pay bills using a check as the payment method Fales: Entering a bill decreases accounts payable You have to pay a bill before you enter a bill

Which of the following statements is true regarding Undeposited Funds in Quickbooks?

Undeposited Funds is an account used to record payments before you make a deposit

You have a customer who will now also be a vendor. how do you handle this in Quickbooks

Use a "V" at the end of the display name on the vendor record to differentiate the vendor record from the customer recorded

Which two statements below are correct as it relates to the Close the Books feature

When setting a closing date you can choose to warn users or require a password for any transactions that are attempted to be edited, deleted or added prior to the closing date. If a warning is used instead of a password the user is not stopped from making the change.

You need to create a recurring invoice. Select two statements that are true about creating a recurring invoice.

You can set a recurring invoice to run for a fixed number of times. To create the recurring invoice, open or create the invoice, and then click Make recurring.

Which three statements are true about setting up a product or service in QuickBooks Online?

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 can use either a product or a service

When should you not delete a check?

You printed a check and the check number has been used

if the Vendor field is empty, can you enter an expense, check, or bill

check and expense - yes bill- no

if the customer field is empty, can you enter a sales receipt, invoice, or receive payment

sales receipt- yes invoice and receive payment - no