QB

What happens when you insert a check mark in the Vendor is inactive box in the Edit Vendor window?

The vendor's name is no longer displayed in reports, but the vendor information is retained.

Can you add a new vendor in the Enter Bills window? If yes, how? If no, what must you do?

Yes, you can click <Add New> at the VENDOR drop-down list.

QuickBooks cannot delete a vendor that has

a balance or that has been part of a transaction for the fiscal period.

In QuickBooks' Pay Bills window, the Account field allows the user to

choose a bank account from which to make the payment.

While reviewing reports, it is often helpful to see the originating transaction or document; you can do this by using a feature known as

drill down.

The Vendor Balance Detail report shows each of the following except

due dates.

In QuickBooks, what should you do before entering transactions for a vendor?

establish a file for the vendor in the Vendor Center

For transactions recorded in the Write Checks window, __________ is the default credit posting account.

Cash

The list of all accounts a business uses is called the

Chart of Accounts List.

QuickBooks uses the default __________ account from the Chart of Accounts to post all open bill liabilities.

Accounts Payable

The Pay Bills window uses these two default general ledger posting accounts.

Accounts Payable and Cash

Each of the following is a Vendors & Payables report except

Average Days to Pay Summary.

When you enter a bill in the Enter Bills window, QuickBooks automatically updates all the following except the

Customer Center.

What are the two subtabs in the Enter Bills window in QuickBooks?

Expenses and Items

For non-item purchases, such as expenses and non-inventory assets, the __________ at the Enter Bills window is used.

Expenses tab

When entering vendor information in the New Vendor window, what happens if you exit the window before clicking OK?

Information for that vendor will be lost.

A bill from a vendor is considered a(n)

liability.

In the Pay Bills window, the user has the option of doing all the following except

paying multiple vendors with one check.

Terms of Net 30 Days mean that

payment is due within 30 days.

The Pay Bills window is designed only for payments of __________ bills.

previously recorded

QuickBooks' Enter Bills window is equivalent to the __________ in a manual accounting system.

purchases journal

In a manual accounting system, all purchases of goods and services on account are first recorded in a multicolumn

purchases journal.

In QuickBooks, the Pay Bills window is used to

record the payment of an outstanding accounts payable.

In business, a __________ is someone from whom a company buys goods or services, either on account or for cash.

vendor

What is a purchase on account?

when a company receives a bill for goods or services from a vendor but plans to pay it at a later date

Where are cash purchases recorded in QuickBooks?

Write Checks window

To view the Journal report in QuickBooks, select __________ on the Reports menu and then click Journal.

Accountant & Taxes

In the Unpaid Bills Detail report, what is the purpose of the vertical dotted bar before each column heading?

It can be clicked and dragged to change the column width.

When setting up a new vendor in the Vendor Center, which is one of the default payment terms listed?

Net 30

Vendor transactions are entered in all the following windows except the

Reference window.

In QuickBooks, the __________ Center serves as the accounts payable subsidiary ledger for the company being paid.

Vendor

This group of QuickBooks reports is especially useful in helping a company manage its liability payments, ensure timely and correct remittances, and control cash flow.

Vendors & Payables reports

A transaction entered in the __________ will not be tracked through Accounts Payable or Vendor reports.

Write Checks window

What does QuickBooks do when you write a check in the Pay Bills window?

automatically decreases (debits) the Accounts Payable account

Use the Pay Bills window in QuickBooks to record a payment made in any of the following forms except

cashier's check.

Which of the following is not one of the items contained in the vendor's file?

credit card information

A reduction of Accounts Payable as the result of a return or an allowance by a vendor is referred to as a(n)

credit memo.

A cash purchase is recorded by

debiting Asset/Expense and crediting Cash.

Unlike a purchase on account entered in the Enter Bills window, a cash purchase recorded in the Write Checks window does not use

the Accounts Payable account.

In the upper left corner of QuickBooks' Enter Bills window, there are options labeled Bill and Credit. When would you use the Credit option?

to enter a credit memo from a vendor