Quickbooks certification test

Entering a sale in quickbooks

1. Click the "New" button 2. Select "sales receipt" 3. enter sale and payment info 4. save transaction

the owner of a business ask you to set up Quickbooks to automatically email him a specific report on a regular basis. How would you do this

1. run the report that you want to email. 2. click save customizations. 3. select reports and go to custom reports. select the line on the report field on the list and click Edit. 4. set the email schedule in this window

Vendor changed terms, steps to record-

1. select "expenses" from left hand navigation 2. select the "vendors" tab 3. click the name of the vendor that you want to edit 4. select "edit" 5. change the term to the new term 6. select save and close

You need to track your companies sales and expenses by department.

1. turn on classes in company settings 2. create your departments on the class list 3. On transactions select the class involved 4. run the profit and loss by class report 5. turn on departmental tracking in company settings 6. Click the tracking Button

Your company retail store has decided to sell repair services. you must add the new list in quickbooks online. How do you add a new services list to Quickbooks online

1.Click the setting icon 2.select product and services 3.click the new button 4.select service 5.enter a service name, information (description),rate, and account to track income

Difference between an invoice and a sales receipt?

An invoice records how much your customer owes you. A sales receipt records a sale and the payment recieved.

Which two accounts of the following accounts would most likely appear on the balance sheet report

Checking accounts receivable

Two ways to upload receipt-

Email to a QBO email Upload photo of receipt from computer

what is not customizable on a balance sheet

Font

Which two statements are correct as it relates to the close the book feature?

If a warning is used the user is not stopped from making the change. When setting a closing date you can choose to warn users or require a password far any changes to transactions.

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 screen, the entry will not appear on sales reports.

When setting up a new inventory item what accounts have to be defined

Income account Inventory asset account Expense account

Quickbooks online allows you to connect directly to which of the following financial accounts

Major US Banks and credit card processors

all of the fields below are fields that can be edited when changing the email sent to the customer with their invoice except which two

Priority From Address

Two benefits of Quickbooks online

QBO can be accessed as long as you have internet companies can easily invite an outside accountant to access their quickbooks file

when entering a journal entry, what happens if the debits dont equal the credits

QuickBooks will not allow you to record the transaction

how do track accounts payable in QuickBooks

Step 1: Enter a Bill Step 2: Pay the Bill in the Pay Bills window

You have a customer that is also a vendor. How do you handle this in quickbooks?

Use "V" at the end of the display name on the vendor record to differentiate the vendor record and the customer record.

A company wants to manage the customer relationship management (CRM) what should they do?

Use the Apps tab in QuickBooks to find a CRM app

Which statements are true regarding vendor credits?

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

you mailed the 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 should you not delete a check?

You printed a check but and the check number has been used.

When should you select your checking account as the payment account on an expense form

all answers are correct

to add a receipt to Quickbooks Online from your computer, what option do you select from the left hand navigation to begin the process

banking

"fixed assets" accounts appear on profit and loss report

false

Checks, bills, bill payments and expenses are all able to be marked as billable

false

You can enter an invoice if the customer field is empty. (T or F)

false

You can receive payment if the customer field is empty. (T or F)

false

You cant enter a bill if the vendor field is empty. (T or F)

false

a remind recurring transaction will process automatically at the set interval of reccurance

false

all accounts must have a type

false

an unschedule transaction must have a set end date

false

billable expenses can be added to invoice and/or sales receipts

false

entering a bill decreases accounts payable

false

if the terms for a customer are changed on september 10 of the current year all the due dates on all open invoices dated before september 10th of the current year will be updated with newer dates

false

when creating an invoice for dukes basketball camp the terms on the invoice can only be net 15

false

you have to pay the bill before you enter it

false

what is customizable on a balance sheet

header accounting method

Account numbers can be used but do not have to be

true

You can enter a check if the vendor field is empty. (T or F)

true

You can enter a sales receipt if the customer field is empty. (T or F)

true

You can enter an expense if the payee field is empty. (T or F)

true

a scheduled recurring transaction will process automatically at the set interval

true

an invoice dated september 10 of the current year will be due by september 25 of the current year

true

for an expense to appear on invoice sidebar it must be marked billable

true

you can pay bills using a check as payment method

true