Quickbooks Exam

What is the audit log?

A listing of user sign-ins and activities in chronological order

What is the migration utility?

A tool that assists with importing all data from a QuickBooks Desktop company file to QuickBooks Online

What report helps you manage cash flow by showing you each customer with an open balance and how long the account has been outstanding?

A/R Aging Summary

Hugh wants to add a Product Code field to all his sales forms. What do you tell him?

Add the custom field to one form, which will apply the change to all forms by default.

In the Chart of Accounts, what are bank accounts listed as?

Assets

What types of accounts can be added to the bank feed?

Bank accounts and credit card accounts

Akim is entering a bill from a new vendor whose name does not appear in the Choose a Vendor menu. What should he do?

Choose Add New from the menu and create the new vendor right from the bill.

Juan wants to track the profitability of three aspects of his restaurant: dining, bar, and merchandise sales. What feature does he use?

Class tracking

Barry wants to show appreciation to his best customer by discounting all their purchases by 10%. What's the most effective way for him to do this?

Create a price rule and apply the rule to the customer.

A customer wants an order she is placing with you to be sent to an address that is not the same as the billing address you have on file for her. What do you do?

Enter the billing and shipping addresses on the Customer Information form.

You just started using QuickBooks to manage your existing business. Your customer list is in Excel. How do you get the list into QuickBooks?

Import the customer list.

Carol just modified and saved a new version of the Profit and Loss report. Where is her version stored?

In the Reports center, within an area reserved for customized reports

What happens to Cost of Goods Sold in the profit and loss report when you sell a product?

It increases.

Jaslene received a bill from her supplier that included more than the actual products purchased. What might the charges be for and what should she do?

It is likely for delivery or shipping charges. She should add the charge to the purchase transaction in QuickBooks.

How does QuickBooks assist with the third step of the accounting cycle?

It posts transactions to the general ledger.

From where do you access the Sales(/Invoicing) center?

Navigation bar

Angel is going to use QuickBooks for his new business. He tells you his business doesn't use purchase orders. What do you tell him?

No worries; just make your purchase directly on the expense, check, or bill form.

What is a limitation associated with location tracking?

Only one location per transaction form can be tracked.

What report do you run to verify that goods were not received without applying the receipt of inventory to a purchase order?

Open Purchase Order List

Camilla wants her Bill form to credit an account other than Accounts Payable. What do you tell her?

That default setting can't be changed, and it makes sense that a Bill form credits Accounts Payable.

Issue a _____ if a customer has been overbilled.

credit memo

A vendor transaction is recorded as an expense when:

payment is made at the time of purchase

Jemma is setting up a journal entry to record the allocation of her prepaid auto insurance. What information will she need?

The accounts that will be increased and decreased with debits and credits

What is NOT a benefit of using QuickBooks apps on the desktop instead of via your browser?

You can snap a picture of a receipt to upload directly.

Why set up a recurring journal entry?

You will make multiple payments on a fixed schedule.

With QuickBooks Payments, customer payments are _____ matched to the applicable invoices.

automatically

Credit Memo

This form applies to open invoices and reduces the amount a customer owes

Purchase Order

This is a document sent to a vendor to order inventory products

Why create the Chart of Accounts?

To categorize assets, liabilities, expenditures, and revenue

Why would you make a recurring journal entry for the depreciation of a vehicle?

To have the vehicle's value gradually depreciate throughout its useful life

In what account do you collect more than one payment before making a deposit?

Undeposited Funds

How can you get your purchase receipts into QuickBooks Online for automatic categorization and matching to your bank feed?

Upload images of them using the built-in receipt capture feature.

Refund Receipt

Use this form when returning money to a customer for a returned product

Inventory Qty Adjustment

Use this to match your actual product counts with the counts in Quickbooks

Where can you set default payment terms for an individual vendor?

Vendor Information window or directly on the bill

How can you access the QuickBooks Apps store?

Via a web search

In what QBO subscriptions can you prepare and print 1099s?

Plus and Advanced

Vendor Credit

Record for an expense or product/service and applied to an unpaid bill

In the Banking center Category or Match column, what does an entry like this indicate?

There is at least one potential matching transaction.