Practice for Quickbooks Part 3

You need to customize an invoice form. Which two actions should you perform in sequence?

1. Click the Gear icon 2. Select Custom Form from Styles

You create an expense to record a purchase made with a Visa debit card. Which account should you select on the Payment Account list in the Expense form.

Checking account

You have a customer with an unpaid balance. In QBO, what happens if you make the customer inactive?

QuickBooks creates a Journal Entry to write off the balance as Bad Debt

Which sections of the Balance Sheet in QBO correspond to the Accounting Equation?

Assets, Liabilities, and Equity

Why should you record sales with Invoices or Sales Receipts instead of with a Journal Entry or on the Record Deposit screen?

- The sales will appear on sales reports (they don't if you use the "Record Deposit" or Journal entry screen) - You can e-mail or print the sale for customers. - You can run reports that show your sales by product or service

You need to set up QBO to automatically email a report. Which five actions should you perform in sequence?

1. Click "Save Customizations" 2. Click the reports tab and select the "My Custom Reports" Tab 3. Next to the report you want QuickBooks to email, click Edit 4. Set up the details of the email schedule

You need to set up QBO to automatically email a report. Which five actions should you perform in sequence? Move the five actions to the answer area and arrange them in the correct order.

1. Click "Save Customizations" 2. Click the reports tab and select the "My Custom Reports" Tab 3. Next to the report you want QuickBooks to email, click Edit 4. Set up the details of the email schedule

Customer A and Customer B have unpaid invoices for $500 each. They pay you in cash, and you deposit the $1000 in the bank, in one transaction. You need to record the two payments of $500 each and the one deposit of $1000. Which 5 actions should you perform in sequence? Move the five actions to the answer area and arrange them in the correct order.

1. Click receive payment next to customer 1 2. Record the payment and deposit the money to "Undeposited Funds" 3. Click receive payment next to customer 2 4. Record the payment and deposit the money to "Undeposited Funds" 5. Click the Plus icon and select Bank Deposit. Select both payments from the list and save the $1000 deposit

Your company stops selling a specific product. You need to remove the product from QBO. Which three actions should you perform in sequence?

1. Click the Gear Icon 2. Under Lists, click Products and Services 3. To the right of the product you want to remove, click the drop list and select 4. Make Inactive

You use QBO. Your employer wants to invoice for the purchases they make, but there isn't a Billable checkmark or field to record which customer should be invoice for the expense. You need to set up QBO to handle billable expenses. Which three actions should you perform in sequence?

1. Click the Gear icon 2. Click Account and Settings 3. Click the Expenses Tab. Select "Track expenses and items as billable"

You suspect that someone is changing transactions in QBO. You need to see who has made changes and what they changed. Which two actions should you perform in sequence?

1. Click the Gear icon 2. Click Audit Log

Your company keeps track of Account Payable. You receive an invoice from a new vendor. You need to track and pay the invoice. Which four actions should you perform in sequence?

1. Click the Global Create button, Plus icon, and select Bill 2. Enter the details from the invoice 3. Click the Global Create button, Plus icon and select Pay Bills 4. Select the bills you want to pay. Ensure the payment account, and payment date are correct, and save your work

Your company does NOT use online banking. You use a credit card to make a purchase. You need to record the transaction in QBO, Which three actions should you perform in sequence?

1. Click the Global Create button, Plus icon, and select Expense 2.Record how much you charged and what you purchased 3. In the account field at the top, select the Credit Card account

You need to purchase inventory by using a purchase order. Which three actions should you perform in sequence?

1. Click the Global Create button, Plus icon, and select Purchase order 2. Click the Global Create button, Plus icon, and select Bill 3. Click the Vendors button and select Purchase Order

You need to purchase inventory by using a purchase order. Which three actions should you perform in sequence? Move the three actions to the answer area and place them in the correct order

1. Click the Global Create button, Plus icon, and select Purchase order 2. Click the Global Create button, Plus icon, and select Bill 3. Click the Vendors button and select Purchase Order

Last year, you invoiced a customer for six hours of service. The customer hasn't yet paid you. You've already filed your taxes for last year. You contact the customer and find out that you accidentally invoiced them for ten hours! You need to record that the customer only owes you for six hours. Which four actions should you perform in sequence?

1. Click the Plus icon 2. Click Credit Memo 3. Enter the customer information, the service you used on the original invoice, and a quantity of 4 4. Save the transaction

A customer pays cash to purchase two widgets. You need to record the sale in QBO. Which four actions should you perform in sequence?

1. Click the Plus icon 2. Click Sales Receipt 3. Enter the sale and payment information 4. Save the transaction

You accidentally enter the same customer twice, with different spellings of the first name, you want only one customer on the list. To fix this you need to merge the customer name into the preferred name. What three actions should you perform in sequence?

1. Edit the customer you want to get rid of (JON Melton) 2. In the Display Name field, enter the name you want keep (JOHN Melton) 3. Click Yes when QuickBooks asks if you'd like to Merge the names

You spend hours customizing a report to display the exact information you need. You don't want to spend hours every time you want the same report. You need to be able to run the report without customizing it again. Which four actions should you perform in sequence?

1. When the report is customized to your liking click "Save Customizations" 2. Name the report and click save 3. To run the report click the Reports tab and select the My Custom Reports tab 4. Click on the name of the report to run it

Your employer can see what is owed and what is overdue. They want to see all the overdue bills grouped by how late they are (30-60 days, 61-90 days, etc) Which report provides this information?

Accounts Payable Aging

Which two options are available in the Company Setting for categorizing sales and expenses into different business locations and departments?

Classes and Locations

Where should you begin to process of importing lists from Microsoft Excel into QBO?

Click the Gear icon

How do you find the company setting in QBO?

Click the Gear icon on the home page and select Account and Settings.

You DON'T download bank transactions. You need to enter a business lunch that was paid for with the company debit card. What should you do?

Click the Global Create button, Plus icon, and Select Expense. Fill out the expense and use Debit Card as the payment method.

Sub-customers can make tracking jobs or projects, or locations for a customer easy. One of your customers just called to request work on their location. How should you keep track of this in QBO?

Create a New Customer and tick the option 'Is sub-customer'

Sub-customers can make tracking jobs, projects, or location for a customer easy. One of your customers just called to request work on their new location. How should you keep track of this in QBO?

Create a New Customer and tick the option 'Is sub-customer'

You're tired of using your mouse to record transactions. You decide to start using shortcuts. You need to display a list of keyboard shortcuts in QBO. What should you do?

Hold down the "CTRL", "ALT", and "?" keys at the same time

The Customer/Vendor Name field is optional on Invoices and Bills. (T or F)

False

Which transaction can be made recurring? General Journal Entry, Check, Expense, All of the above?

General Journal Entry, Check, Expense

When do you use the following QBO sales forms? Estimate, Invoice, Receive Payment, Sales Receipt

INVOICE: You made a sale but your customer still owes you payment-Increases customer's balance RECEIVE PAYMENT:You received a payment for a customer you've already invoiced-Decreases the customer's balance SALES RECEIPT: Your customer paid you at the time of the sale-Doesn't affect the customer's balance ESTIMATE: Your customer isn't sure if they want to purchase anything but they might do so in the future-Doesn't affect the customer's balance

Your company has sales representatives. You need to keep track of the sales rep associated with each sale. What should you do?

Navigate to Account and Settings and in the Sales category or settings create a custom field for sales rep

You just bought something from an existing customer. You need to set up the customer as a vendor in QBO. What should you do?

Navigate to the Vendors lists and create a new vendor. In the "Display Name As" field, enter customer's name, but add something unique, like "(vendor)' at the end of the name

Your employer hates that if anyone looks at her computer while she's on the home page, they can see her bank balance, profit & loss, and other sensitive financial information. How can you solve this?

On the home page, select "Privacy Mode" to turn it on

You need to find an expense, but all you know is the amount (you can't remember to date or vendor). What is the most efficient way to find expense?

Press the Magnifying Glass icon, and search for the exact amount.

Which report, also known as a statement of performance, summarizes income and expenses for a specific time period?

Profit and Loss

You are setting up product or service in QBO. You select the, I purchase this product/service from a vendor check box. What is the effect?

QuickBooks provides fields so you can track purchases of that product/service (in addition to sales)

You purchase office supplies and record the purchase on bill #4455. You haven't paid the bill yet. You return some of the office supplies. You need to record the Vendor Credit and apply it to the bill payment. What should you do?

Step 1: Click the Global Create button, Plus icon, and select Vendor Credit. Enter the information on the form and save the transaction, Step 2: Click the Global Create button, Plus icon, and select Pay Bills, Select the bill to apply the credit towards. Step 3: Enter the amount of credit to use in the Credit Applied column. Step 4: Save the bill payment.

Which feature of QBO lets you specify the length of time a customer has to pay an invoice?

Terms

Your company plans to start selling product online. They ask you to look for an app that makes it easy for customers to buy online and automatically enters the sales into QBO. Where should you look?

The Apps tab in Quickbooks

When creating a new QBO account, what company information does QBO ask for?

The industry of the business

When should you hide (collapse) sub accounts on a report?

To temporarily hide unnecessary detail and only show parent accounts

When should you hide (collapse) sub-accounts on a report?

To temporarily hide unnecessary detail and only show parent accounts

You print a check from QBO. Before you send the check to your vendor, you spill coffee on it, ruining the check. What should you do?

Void the check

You create an estimate for a customer. When does the customer's balance increase?

When you invoice based on the estimate

You set a closing date to make sure no one changes anything dated on or before December 31st of last year. However, people are still making changes! Why is this happening?

You didn't set a password for your closing date

How do you back up and keep QBO up to date between users?

You don't need to backup because it's always backed up in the cloud

When you sell a product or service on an Invoice or Sales Receipt, how does QBO know where to show the sale (income account) on the Profit and Loss statement?

You select an income account during the setup of the product/service. Sales of that product/service increase the income account you selected