Certification review

Go to Accounting > Chart of Accounts > click on the pencil (edit icon) > dd numbers to the chart of accounts

After allowing account numbers, how can you easily assign account numbers to the chart of accounts?

Temporary accounts

Accounts that are closed at the end of the year are called

All

Add the following information for each account

Perpetual inventory

QuickBooks Online updates purchases and sales, track cost of goods sold, stock levels, sales prices, and vendors. This is called

QuickBooks will not allow you to save the transaction

When entering a journal entry, what happens if the debits don't equal the credits?

All

When inventory is added, the following accounts are used:

Use a valid email and a unique password

When setting up a company use

chart of accounts

When setting up your company account, which of the following cannot be set up?

Accounts payable transactions

When the company makes purchases on account from vendors, this is known as

All

When you run Financial Statement reports, what accounting basis can you use to view the report?

Default Chart of Accounts

When you set up a Quickbooks Online company, a/an _____________ is also set up:

Audit Log

When an expense is voided, the following report shows the change

QuickBooks Labs

A high-tech playground for QuickBooks experts is called

Chart of Accounts

A list of all the accounts used in General Ledger is called a/an

Fiscal year

A period that a company or government uses for accounting purchases and preparing financial statements is called

Inventory item

A product that is purchased from vendors for sale to customers is known as a/an

Journal Entry

A transaction which shows at least a debit and credit is called a/an

Magnifying glass icon > Recent Transactions

A way to drill down to a transaction is to go to

Someone changed or deleted a cleared transaction

After you reconciled the checking account successfully, you notice that the beginning balance calculated by QuickBooks Online is different from the beginning balance on your bank statement. How can this happen?

Category Type

All of the following represent specialized screens except

Permanent accounts

Assets, Liability, and equity accounts shown on the balance sheet are called

Non-inventory items

Cash sales are categorized as

Updates

Changes to the user interface, accounting features, and user functions are called

Cash basis

Counting income or expenses only when you actually receive or pay is called

IP Address

Each account sign-in is authenticated via a/an:

Debit to the appropriate expense account and a credit to the checking account

Each time a check is issued, the account distribution in the Journal is a

I sell this product/service to my customers.

For Cash Sales, the Product/Service, Sales Information field shows:

+ > Bill

For purchases from vendors on account, use these selections

+ > Invoice (customers list)

For sales invoices, use these selections

+ > Pay Bills

For vendor payments, use these selections

Use the gear icon

How do you access the Settings Menu

Gear > Account and Settings > Advanced > Edit chart of accounts > Enable and Show account numbers.

How do you add numbers to your chart of accounts?

To identify where the account appears on the financial statements

Identify how QuickBooks Online uses Category Types

Confirmation Code

If a Confirm your account information window appears, you need to establish a/an:

Audit Log

If transactions have been changed, how do you check? What report should you run?

Confirmation code

In order to sign in to another company account, a/an ____________ needs to be emailed

Retained Earnings

On the Balance Sheet, the previous year's Net Income amount appears as

Financial Statements

On the chart of Accounts, the Category Type identifies the account for the

Updated settings

Pop-ups may show

Software as a Service

QuickBooks Online is an example of

Modules

Quickbooks Online organizes reports by ________________ within the accounting system

Cash Sales

Sales Receipts are used for

Default accounts

Setting up your company includes

All

Sign into quick books online with the following internet browsers

Audit Log

The _________________ contains a list of all the changes that have been made to your company data and by whom

Debit Checking; Credit sales

The account Distribution for cash sales is

Account List

The chart of accounts is also called the

Accrual basis

The default for a QuickBooks Online company is

Bank reconciliation

The process of bringing the balance of the bank statement and the balance of the checking account into the agreement is called

Closing the books

The purpose of _________________ is so that the New Income balance is transferred to the equity account Retailed Earnings.

Checking account activity

The transaction register shows

Company profile

These selections can be made from the Navigation bar, except

Reconcile report

This report cannot be exported to Excel

Gear > Manage Users

To Invite Accountant. Do this

+ > Check > Type name > Add Payee > Save Vendor

To add a payee for a check, do this

New

To add accounts to the Chart of Accounts page, select the following icon:

Account Settings

To configure a QuickBooks Online company the way you want, use this feature

Reports > display the report > select Rows?Columns, General, Lists, Numbers, Header/ Footer > make preferred selections.

To customize a report, go to

+ > Sales Receipt (in the customer's list)

To enter a sales receipt, do this

Customers page > receive payment

To record a customer payment, do this

+ > select appropriate link

To record transactions, do this

Customize reports

To see a range of dates, use this feature

Trial Balance

To see debit and credit balances for each account, use this report

Gear>Account and settings>Billing & Subscription

To see how long your account is active, make these selections

Accounting > Chart of Accounts > double-click Checking

To see the checking account register, do this

Profit and Loss

To see the money you earned and the money you spent, display this report

balance sheet

To see what your company owns, what your debits are, and what you have invested, display this report

Navigation bar > Accounting > on the Chart of Accounts, double-click Accounts Receivable, A/R Register displays

To see your customer transactions and refunds, do this

All

To share access rights within QuickBooks Online, use the following:

Reports

To show your company's financial information, use

Show items table on expense and purchase forms

To track inventory items, turn this Expense selection on:

+ > Transfer

To transfer funds, do this

Products and services

Use __________ to enter inventory item prices or rates

Recent transactions

Use the magnifying glass icon for

Adding transactions

Use the plus sign for

Reports

Use this selection to see the Account List

My Accountant

What Navigation bar selection allows you to give your professor access to your account?

Company Snapshot

What QuickBooks Online report displays your income and expenses in year-over-year comparisons using pie charts and bar graphs?

Transaction Detail by Account

What QuickBooks Online report lists transactions subtotaled by each account on the chart of accounts?

Statement of Cash Flows

What QuickBooks Online report shows cash generated by your business (operating activities), cash spent on your business (investments) and cash in or out from stock and dividends (financing).

Debit Merchandise Inventory; Credit Accounts Payable/Vendor.

What accounts are affected when you purchase inventory on the account?

All

What are the main financial statements that you can run from Recommended Reports

Income, Cost of Goods Sold, and Expenses

What are the main sections of the Profit and Loss?

Navigation bar > Expenses > Vendors > New vendor

What do you select to add vendors

There are always at least two accounts involved in every financial transaction.

What does "Double-entry accounting" mean?

pencil

What icon is used to edit?

Assets minus liabilities.

What is equity?

View register are balance sheet accounts; Run reports are profit and loss accounts.

What is the difference between View register and Run report?

It is how you categorize accounts for financial transactions

What is the purpose of the Charts of Accounts?

Go to Customers page > double-click the customer > select a transaction > More > Audit History

What is the quickest way to see the history of invoices to a specific customer?

A/P aging

What report shows the balance I owe to each vendor?

A/R aging

What report shows the balance for each customer?

Inventory valuation summary

What report shows the quantity, asset value, and average cost?

Credit memo

What transaction should you enter if a customer returns a damaged product?

Display the invoice. Make the correct entries > Save.

When I go to a customer invoice, I notice there is a mistake. What is the best way to fix it?

Reconcile - Checking page

When your checking account is reconciled, this page shows 0.00 as the difference

Cloud Access

You are one click away from seeing your work with?

While the transaction is on the screen, select Make recurring > Save.

You need to enter the same transaction each month. How can you automate this process?

Vendors

Your company purchases merchandise from:

Accounts receivable

____________ are what customers owe your business