Quickbooks Mayterm Chapter 3 test

18: Match these terms to their most appropriate descriptions.

New Customer-Creates from within a sales form Customers center-Display the customer list and info about the selected customer Delete a customer- you cannot do this but you can make them inactive Custom form styles- Allows for the customization of invoices, sales, receipts, and estimates

12: Which menu is used to enter a customer payment into QuickBooks Online?

Create menu

13: Which of the following can you NOT create in the Action menu in the Sales center?

A statement

8: When the Sales center is displayed, you can see, among other items, _____.

the balance each customer owes

3: A sales transaction can only be recorded when the customer pays for the product or service at the time of the sale.

False

5: You cannot change the default settings on a sales form, but you can implement other settings.

False

17: Match these transactions to their related accounts.

Create an invoice- Accounts Receivable Enter cash sale and enter directly to bank- Checking Receive payments on an invoice- Deposited Funds

19: Match these sales form sections/items to the settings you can change in them.

edit tool- customize emails Online delivery- change delivery terms and delivery methods Statements-choose a summary or detail info or show the age of outstanding invoices Sales for content- Determine the defaults in your sales form Product and Services- Track inventory and choose columns to display Messages- Choose how your sales forms will be emailed

9: In QuickBooks Online, a sub-customer is created _____.

to track multiple projects, locations, or members of a single customer

16: Match these reports with the descriptions of what they display.

Customer Balance Summary- Displays all balances for each customer Customer Balance Detail- Allows you to view details such as invoice dates and accounts for each customer Customer Summary- Display total sales to each customer Sales by product/service detail- Details each product and service, who bought it, and the sales amount

10: Which of the following statements is NOT true regarding sales receipts and invoices?

The deposit in QuickBooks Online does not have to match the bank deposit exactly.

7: Using the A/R Aging Summary report is useful for managing overdue invoices.

True

15: All the information about your customers and their transactions is found in the _____ center.

Sales

1: The Navigation bar is where the link to the Sales center is located.

True

2: You can create a statement, receipt, invoice, or other transaction using the Action menu in the Sales center.

True

4: The sales form settings can be found in Account and Settings under the Your Company heading.

True

6: In the Reports center, the recommended reports are determined by the business type you set up in the beginning.

True

11: In which account can you collect more than one payment before making a deposit?

Undeposited Funds

14: When you record the receipt of a payment, what happens behind the scenes?

Undeposited Funds increases; Accounts Receivable decreases by the same amount