Quickbooks Online

What are the 4 item types in the products and services list?

Inventory (plus only) Non-inventory Service Bundle

What makes an asset a current asset?

Likely to be converted to cash or used up within one year

What other tools make taxes easier?

Link to pro connect tax online

Who should sign up for QB payments?

The business owner - it includes accepting an agreement

Why would you want to change the date range when you connect a new account?

1. If the transactions have been reconciled using the reconcile tool or 2. If you've converted from desktop and the account was reconciled in that program. NOTE: Transactions that have been reconciled using the reconcile tool can never be matched to a downloaded Bank feed transaction.

How do you add a vendor?

Expenses vendors add a vendor Enter requested info save

What are the benefits of connecting PayPal to QuickBooks?

Review your transactions and get more detail. (where available sales receipts will capture line level details such as items sold,discounts, shipping and tax) You can also track PayPal fees separately. QuickBooks will automatically record the PayPal fees to an expense account of your choice so you don't have to enter them by hand.

How do you create a transfer?

Quick create transfer select account from select account to enter amount and date save and close

How to record a bank deposit unrelated to sales

Quick create (+) Bank deposit Date Checking Add new deposits: enter detail such as received from XYZ Select appropriate account (eg insurance) Description (eg refund) Payment method Amount Save and close

How to record a bank deposit

Quick create (+) Bank deposit (in other column) Checking account Date Select existing payments Check the boxes for the customers Save and close

How do you set up a delayed charge?

Quick create (+) Delayed charge Select customer Add date of charge creation (not invoice date) Select product/service Enter quantity Save and close

How do you add delayed charges to an invoice?

Quick create (+) Invoice Customer Add date of invoice A drawer will appear with delayed charge Select add to add it to the invoice Save and send

How to receive a check payment

Quick create (+) Receive payment Select customer Select payment date Select payment method Enter reference number Make sure deposit to account is undeposited funds Check the box next to the invoice to apply the payment to Save and close

What two payroll options are built into QuickBooks online?

QuickBooks online payroll and QuickBooks full-service payroll

What are some default accounts?

Retained earnings Opening balance equity Uncategorized asset Service income Undeposited funds

What accounts are used in cash reporting and constructive receipt income?

Unapplied cash payment income Unapplied Bill payment expense

What are the default accounts for online banking activity?

Uncategorized income Uncategorized expense

What are some good habits for new customers

Use delayed charges to record charges you need to invoice in the future

What are the settings in expense settings for purchase orders

Use purchase orders or turn off

What should you watch out for with recurring credit card or ACH transactions?

Visa and MasterCard guidelines require your client to have written authorization from the customer. The authorization form comes up automatically when saving a new recurring sales receipt

Can you sign up for QBO Payments on the mobile app?

Yes

Does PayPal import both purchases made and money received from customers in PayPal?

Yes

Must you add customers individually?

You can add as a list also

What are six journal entry rules?

1. Total debits must equal total credits in order to save the journal entry. 2. You cannot use products and services items in a journal entry. 3. When posting to accounts receivable, you must specify a customer. 4. When posting to accounts payable, you must specify a vendor. 5. You may use multiple accounts receivable and/or accounts payable and accounts on the same journal entry. 6. You can't mark an amount as billable to a customer.

What sort of activity are Deposit transactions used for?

1. When a company receives a refund from a vendor and wants to record it directly against the expense account or to a refund is received income account. 2. When a company doesn't record income using sales transactions and wants to record deposits directly to income accounts. 3. When in employee reimburses the company, and the reimbursement needs to be recorded against the employee loan receivable account. 4. When there is a tax refund. Record it to the tax refunds account.

How do you manually import bank transactions?

1. get the upload file on your computer. 2. select banking from the left navigation. 3. select upload transactions manually. 4. select browse and upload the information. 5. under QuickBooks account from the drop-down window select checking. 6. select next

What are the advanced settings in QBO?

Accounting (first month of fiscal and income tax year, cash or accrual, closing books) company type (partnership, LLC) Chart of Accounts (turn on account numbers also default accounts for shipping, discounts and billable expenses) Categories (class, location) Automation Projects (project progress tracking - accountant can't reverse but clients can turn off) Time-tracking (add a service field to time sheet which allows specific tracking/reporting by service item; make a single-time activity billable to the customer, show the billing rate to users entering time, specify first day of work week) Currency Other preferences (date and number formats, how to refer to customers, warning on duplicate checks and bills)

What accounts are required for bills

Accounts receivable and accounts payable

What are some examples of adjusting journal entries?

Accrued expenses Deferred expenses Accrued revenues Deferred revenues Non-cash transactions

What is an example of accrued expenses that you would make a journal entry for?

Accrued expenses are expenses you've accrued but haven't paid yet, like a loan interest payment that's due once a year. Accrued expenses appear on the balance sheet as liabilities.

What are settings for expenses?

Bills and expenses, purchase orders and messages

What is one way to save the client money on payroll?

Bundle either of the two payroll options with a client when you initially add them to save money

Does data come in with a new account

By Default QuickBooks online will import 90 days of transactions during the first import but you can choose to change the date range you want to bring in by selecting need to change the date range?

What format of the bank transactions will QuickBooks accept?

CSV QFX QBO OFX

What date do you choose for the import range for a new bank online connection?

Choose the date range closest to the date of the most recent reconciliation, but that includes all the transactions for the current period.

Where do I find out what sales taxes are due?

Choose the tax tab on the left and you can see taxes due this month and tax amounts being accrued for the following period and also overdue taxes.

What about filing sales tax?

Click on view return and you can click a link to go to the state's website (typical). You then record the payment in QBO so that it can be married as filed and moved to client history.

What are the settings in expense settings for messaged

Default email message sent with each purchase order

What is an example of deferred revenue is that you would make a journal entry for question mark

Deferred revenues occur when you've been paid in advance by a customer but you haven't finished the work yet. This appears on the balance sheet as unearned income, a liability.

What is an example of a deferred expense that you would make a journal entry for?

Different different expenses are where you pay for something but not yet realize the benefit. So if you pay for your insurance a year in advance that a deferred expense. Deferred expenses appear on the balance sheet as assets.

What are undeposited funds?

Funds that haven't been deposited yet - enables you to create a single bank deposit for multiple payments, making it easy to match your bank register with your bank statement.

How do you enter a service?

Gear Products and services from List column Service Complete fields: name, category (can be blank), save Bottom of screen: Description, sales price/rate, code for income account

How to add a product or service

Gear Products and services from list Add a product or service New Select non-inventory, service, bundle or inventory

How do I change expense settings?

Gear icon. Under your company, select account settings, select the expenses tab, etc.

How do you turn on online invoicing?

Go to account and settings then sales

Customer details include:

Name Address Notes Tax info (charge sales tax, default tax code. Resale number in exemption field) Payment and billing (payment method, invoice delivery method and terms) credit card number Attachments (eg resale certificate)

Are there customers vendors employees or products and services items involved in transfers?

No

Can you use the transfer feature to transfer from your bank account to your vendors bank account?

No

Do you use the transfer screen to record income or expense?

No

Are delayed charges posting transactions?

No they are non-posting transactions and therefore do not debit or credit the general ledger

Can customers make partial payments in QuickBooks payments?

No, But they can if they pay by check

What are four key posting and non-posting transactions?

Non-posting: purchase orders and estimates Posting: credit memos and vendor credits

What is an example of non-cash transactions that you would make a journal entry for?

Not all values are cash values somethings represent expenses that don't have a cash affect on your business. Depreciation an allowance or two examples of calm and non-cash transactions.

How do you set up basic sales tax?

On the left navigation select taxes Select the set up sales tax button Select looks good Select next Say if Customer sells products and services in other states Select the reporting interval Select the start date Select next

Who can only do a reconciliation?

Only accountant users

Can you use a product/service on a purchase transaction?

Only in Plus

How do you access the Transaction Journal?

Open client file Select search in top right Select advanced search Select transaction type Enter amount Click search Select the transaction At bottom of screen, select more Select transaction journal You can now see details and make edits printouts or expenses

What extra list can you set up for a new client besides the customer, vendor, products and services, and chart of accounts list?

Payment methods, terms, attachments

How to import a product and service list

Sales center Products and services Import a file (excel or csv) Browse Select and open Ensure mapping is correct Import

What accounts are set up when inventory is turned on?

Sales of product income Inventory asset Cost of goods sold

Another way to record undeposited funds

Sales on left Customers Select grey open invoices on bar Go to actions column on relevant invoice and select receive payment Enter date Payment method Reference number Deposit to UNDEPOSITED FUNDS save and close

How to set up QB payments

Select gear Navigate to Account and Settings Select Payments Select Learn More Select Set up Payments Answer questions

How do you change user access?

Select the gear Manage users Add user Custom user, time tracking etc Next Etc

How do you double check the sales tax calculation?

Select the sales tax link on the invoice and look at the pop up

What are the jobs in QuickBooks online payroll that you and your client need to decide about?

Set up, running payroll, remitting taxes, and filing forms

What are the sales tax reports I can see?

The sales tax liability report and the taxable customer report

How does a client know how to format product and service list

There is a sample in the import dialog

What is an example of accrued revenues that you would make a journal entry for

This is where you've earned the revenue but are waiting for the cash payment. These appear on the balance sheet as accounts receivable, an asset account.

What is the transfer screen for?

To move funds between 2 balance sheet accounts

How do you connect a PayPal account?

To start, click get app now in apps or go to the banking tab and click add account, PayPal, add account

What plans are there for QB payments

Two plans - one with a monthly fee and a lower rate per transaction for credit cards and the other has no monthly fee with a higher rate per transaction for credit cards.

Key points about multi-currency

1. It must be turned on before importing any data 2. You can't change your home currency. 3. Once you turn it on, it will add extra fields to the QBO database 4. It can't be turned off once it's on.

What can you do in the sales tax center?

1. See when tax payments are coming up 2. View sales tax liability reports 3. Change sales tax settings like adding new tax collection agencies

What are the 4 settings for bills and expenses under expense settings

1. Show items table on expense and purchase forms (only in PLUS) 2. Track expenses and items by customer (only in PLUS) 3. Make expenses and items billable (only in PLUS) 4. Default bill payment terms

What is the QBO sales tax rate based on?

1. The state where Client is registered to collect sales tax 2. Client's physical address 3. Customer's physical address 4. Customer's sales tax status 5. Tax category for product or service.

What are the four types of user permission you can set up in QuickBooks?

1. Time tracking only - User signs into a special version of QBO that only has time sheets 2. reports only - users sign into a special version of QBO that gives them access to almost all reports except payroll ( this is only available in plus) 3. company administrator - Access to all areas including other services 4. regular or custom user

What are some questions you should ask your clients about sales tax?

Do you do business in More than one state? To what agencies do you need to pay sales tax? What is your filing frequency?

Quickbooks Online Payments

Enables customers to pay with bank transfers or credit cards. Customers can pay from emailed invoice, in person, or over the phone.

What versions of Quickbooks support delayed charges?

Essentials and plus

How do you undo a reconciliation?

Gear Reconcile History by account Undo

How do I create an invoice?

Go to Quick create (+) and select invoice Select the customer Add a date Enter product service item Select save and send View preview and select send and close

Where can I see sales tax returns?

Go to taxes then click on history in the upper right

How to connect bank and credit card accounts

Go to the banking center in the left navigation First time, select connect, otherwise select add account Select your bank Use the same username and password as if you were banking online Once the connection is made, choose the bank account and the QBO account If you don't see the correct QBO account, select add new Choose account type (Bank or credit card) Give the account a name Select save

How do I record a sales tax payment?

Go to the taxes tab click view return and record payment.

What is in sales tax settings in the tax tab?

Here you can view and edit any tax agency as you have set up it also lets you add new agencies and make an agency in active by selecting edit

Why might you want to undo a reconciliation?

If the reconciliation was forced, meaning it was saved even though the difference was not zero. That causes QuickBooks to make an adjustment.

Why use undeposited funds?

If you deposit checks as a batch, reconciliation is easier

How does qb notify you about customers viewing and paying invoices?

In real time

How do you find adjusting journal entries?

In the special report called adjusting journal entries.

What are the 5 basic types of accounts for the chart of accounts?

Income Expense Asset Liability Equity

Can you split a transfer?

No, a transfer is a one to one transfer of funds, there are no splits allowed.

What version of QuickBooks online has unlimited reports?

Pro

What version of QuickBooks online has unlimited time tracking of users?

Pro

How do you create a sales receipt

Quick create (+) Sales receipt Choose payment method

How do you access journal entries?

Quick create (+) other journal entry

How to import a customer list

Sales Customer New customer Import customers Browse Next Make sure Fields map correctly Next Import

How to enter a customer

Sales Customers New customer Enter info and save