Chapter 8 - QuickBooks - New Company Setup

List 3 (three) questions asked by the QuickBooks EasyStep Interview.

"Do you accept credit cards?" "Do you charge sales tax?" "Would you like to add an existing bank account?"

The customer list contains info about:

Customer addresses, contacts and phone numbers

To create a new company data file in QuickBooks, use the:

File menu > New Company

A company's computer is classified as what account type?

Fixed Asset

Which tax form would you select for a Partnership?

Form 1065

Which tax form would you select for a Corporation?

Form 1120

An account's tax line determines where QuickBooks lists the account balance on the:

Income tax Summary Report

QuickBooks creates a Chart of Accounts for your company based on:

Industry type

Sole Proprietorships use _______ as its Federal Tax ID Number

Owner's social security number

The legal name identifies a company for:

Patents

Why should you customize the Chart Of Accounts?

To modify it for your specific business

In the Easy Step Interview, you must identify

Type of industry, company name, and company address. All of these

The QuickBooks Setup window allows you to enter ______ information

Vendor, customer, and banking. All of these

Which tax form would you select for a Subchapter S corporation?

Form 1120S

To edit an account in the Chart Of Accounts

From the chart of accounts window > account > Edit Account

To complete company setup, you should...

Add customers, add products and services as items, and add vendors

To complete company setup you must complete all of the following except:

Add payroll forms

The vendor list contain info about:

Addresses, contacts and phone numbers for suppliers

Name 4 (four) accounts that would commonly be used for a service company and identify the account type for each.

Advertising Expense and Promotion Expense - Expense Owner's Equity - Stockholders Equity Rent Expense - Expense Furniture & Equipment - Fixed Asset

What options do you have when adding the "People You Do Business With" section of the QuickBooks Setup Window?

All Of these. Importing from Outlook or importing from Yahoo or Gmail and posting from Excel or entering manually

A corporation uses _______ as its Federal Tax ID Number

An EIN Number or Employer Identification Number

When setting up a new company, QuickBooks automatically creates:

Chart of accounts

The following types of info that is entered during the Easy Step Interview are....

Company organization (LLC, LLP S Corporation), Industry type, & QuickBooks company file password

The steps to set up a new service company in QuickBooks with no employees are:

Easy Step Interview > Customize Chart of Accounts > Customer List > Vendor List > Item List

To display account numbers in chart of accounts choose:

Edit > Preferences

To customize QuickBooks after creating a company file you would:

Enter additional company info, set QuickBooks preferences, & Customize the Chart Of Accounts. All of these

Which of the following type of information is not entered during the Easy Step Interview?

Products and services the company sells

Which icon does not appear in the Vendors section for service companies that do not sell inventory?

Receive Inventory

The Doing Business as name identifies a company for:

Sales

QuickBooks allows you to import vendor, customer, and employee information form (Add People You Do Business With section of the QuickBooks Setup window):

Yahoo, Outlook, & Gmail. All of these