Quickbooks - Chapter 3

You made a sale for which the customer paid the whole amount. To record the sale, click + New and then choose:

Sales Receipt

Which lists can be imported from Excel into Quickbooks Online?

- Customers, Vendors, Products and Services, and Chart of Accounts

How should you handle two customers with the same name?

Add an initial to one of the names to make it different.

What is the difference between an invoice and a sales receipt?

An invoice is for sales that will be paid in the duster; a sales receipt is for sales that are paid at the time of sale.

To receive a customer payment on an open invoice, you click Make Deposit on the Navigation Bar.

False -

You CANNOT complete a sales form until you have set up all the customer's information.

False - All you need to complete a sales from is the customers name.

Undeposited Funds is an account to use for unpaid invoices.

False - Undeposited fund is an account that is used for cash you have not yet put into a bank account.

You can import customers and vendor lists only from Excel.

False - You can imports Customers and Vendor Lists from any CSV.

Where can you find report related to customers' Accounts Receivable?

Reports -> Standard Tab -> Who owes You

Where can you find reports related to sales?

Reports -> Standards Tab -> Sales and Customers

Which statement is true regarding Undeposited Funds?

The account is used to record payments prior to making a deposit.

What would be a reason to NOT use deposits or journal entries to record sales?

The sales reports will to include these sales.

A sales receipt is used when you are collecting payment at the time of sale.

True - A sales receipt is used when you collected payments at the time of sale

You can customize several different sales forms.

True - There is many different forms you can customize your sales from.

You can merge customer in Quickbooks Online.

True - You can merge customers on QuickBooks Online

A long-time customer has gone out of business; you can delete the customer.;

False - You still have journal entires from that customer, so therefore you cannot delete them because they are still on the Worksheet.

To customize sales forms, you click the Customize button on the Dashboard.

False - You must click the gear icon and go to customize forms tab

You should use the Bank Deposit form to record sales because it is faster.

False - You should not record sales through a bank deposit.