Quick Books Online
You returned some office supplies you recorded on bill #4455. You haven't paid the bill yet. Which is the correct sequence of steps to record the Vendor Credit and apply it to the bill payment?
1. Click the Global Create Button + and select Vendor Credit. Enter the information on the form and save. 2. Click the Global Create Button + and select Pay Bills 3. Enter the amount of credit to use in the Credit Applied Column 4. Save the bill payment
You are creating an expense to record a purchase made with your Visa DEBIT CARD. What account do you put in the account field at the top of the form?
Check/Current
Name the major sections of the Balance Sheet that correspond to the account Equation
Assets, Liability, and Equity
You set up a company and QuickBooks sets up a chart of accounts for you. Which of the following is TRUE about what you can do. You.....
CAN add more accounts later
While setting up a QuickBooks Online account, you accidentally entered the wrong company address. How would fix this error?
Change it in Account and Settings window, which you can access by clicking the "gears" icon and select Account and Settings
You entered a check in QuickBooks to record a purchase of office supplies. Later, you realize this was a credit card purchase. How do you handle this?
Change the check # to credit
Which of the following IS a list in QuickBooks online?
Chart of Accounts and Classes
To speed up the set up process you can import certain lists in QuickBooks. Which of the following CAN be imported?
Chart of Accounts, products and services, customers, vendors
You created an estimate for a customer. When does the customer's balance go up?
When you invoice based on the estimate.
Can you delete or make inactive something on a list if it has a balance. (e.g. Customer, Vendor, or Stock Product, Account)?
Yes, Quickbooks will automatically create a transaction to make the balance zero.
How do you display the list of shortcut keys on QuickBooks?
Ctrl, Alt, ?
Your company's account has entered all sales using journal entries. Why would you recommend that the company start using sales forms (sales receipts or invoices) instead
the sale will appear on sales reports, you can email or print the sale for for customers, you can run reports that show your sales by product or service.
Estimate
when a customer requests a bid, quote or proposal
Two customers with unpaid invoices paid you in cash today. Hooray! You really needed the money because your bank balance is almost zero! You immediately run to the bank and deposit the $1000 in cash (you received $500 from each customer). Here's the issue. The bank statement will show just ONE deposit of $1000. However, you received 2 payments of $500 each. Put the steps of recording these payments, so your Bank Register shows ONE deposit of $1000, in the correct order. (Note: You DON'T have to choose all the steps)
1. Click Receive payment next to Customer 1 2.Record the payment and deposit the money to "Undeposited funds" 3. Click Receive payment next to customer 2 4. Record the payment and deposit the money to "Undeposited funds" 5. Click the + icon and select Bank Deposit, Select both payments from the list and save the $1,000 deposit.
What is the proper sequence of purchasing stock using a purchase order?
1. Click the Global create button and select purchase order. 2. Click the vendor button and select purchase order.
You suspect that someone is changing transactions in QuickBooks. List the steps to see who has made changes ( and what they've changed) in the correct order ( you don't have to select all the steps)
1. Click the gear icon 2. Click Audit Log
Place the steps to set up QuickBooks to automatically email a report in the correct order (Note: You don't have to select every step.)
1. Click the reports tab and select the "My Customizations" report 2. Next the report you want QuickBooks to email, click edit 3. Set up the details of the email schedule
You accidentally entered the same customer twice. (The first time you spelled the first name JOHN, the second time you spelled it JON). You only want ONE customer on the list (JOHN Melton).
1. Edit the customer you want to get rid of 2. In the display name field enter the name you want to keep 3. Click yes when QB asks if you want to merge the names
Put the 2 steps for customizing an invoice in the correct order. (Note: You only need 2 steps)
1. Open an invoice 2. Select custom styles
Which of the following statements is TRUE regarding products and services?
1. You can use 1 product/service to represent different services or goods. 2. Product/Service allow you to track your sales in more detail without cluttering your chart of accounts/Profit Loss 3. To create an invoice you must use a product or service
Your customer walked in, purchased two widgets and gave you cash. After receiving the payment, and thanking them, you decide to record the sale in QuickBooks. Put the steps for recording this sale in the correct order (Note: You don't have to choose all the steps.)
1.Click + icon 2.Click Sales receipt 3.Enter the sale and payment information 4.Save transaction
Your employer can see what (s)he owes and what's overdue. But (s)he wants to see all the bills that are overdue groped by how late they are (30-60 days, 61-90 days, etc.). Which report provides this information?
Accounts Payable Aging
Select the statement that's true about using the Quick Books app on a mobile device.`
All of the above.
Which section of the Balance Sheet shows your Accounts Receivable balance?
Assets
You're a consultant and you invoiced a customer last year for 6 hours of service. They still haven't paid you! You spoke to them today and found out that you accidentally invoiced them for 10 hours! NOTE: You've already filed your taxes for last year. Put the steps to record that they only owe you for 6 hours in the right order.
Click the + icon, click Credit Memo, Enter the customer information, the service you used on the original invoice, and a quantity of 4, Save the transaction.
How do you find the company settings in QuickBooks?
Click the GEAR Icon on the home page and select Account and Settings
If you DON'T download bank transactions, how do you enter a business lunch paid for with the company debit card?
Click the Global Create Button "+) and select Expense. Fill out the expense and use Debit Card as the payment method.
You used a credit card and need to record the transaction in QuickBooks *(you DO NOT use the online banking so you have to do this manually) Put the 3 steps to record this purchase in the correct order.
Click the Global Create button, and select expense. In the account field at the top, select the credit card account.
How do you hide all subaccounts on a report?
Collapse
Sub-customers can make tracking jobs/projects or locations for a particular customer easy. One of your customers just called to request work on their new location. How do you keep track of this in QuickBooks?
Create a new customer and tick the option "is sub customer"
You have a customer who hires you to work on several projects. How do you keep the sales and expenses for each project separate so you can run reports to see how profitable each project is?
Create a new customer for each project and make sure each has a sub customer of the parent company.
The Name field (customer/Vendor) is optional on Invoices and Bills.
FALSE
Which transaction can be recurring?
General Journal Entry, Check, Expense, ALL OF THE ABOVE
Which of the following statements is true about entering and paying bills in QuickBooks?
If you record bills in QB, you should use Pay bills screen to record bill
Which of the following could explain why a Profit & Loss shows a profit, but the business owner doesn't have any money in the bank?
It was run on Accrual Basis
Which of the following is TRUE regarding General Journal entries?
Journal entries require a good understanding of debits and credit and a great deal of care should be taken by non-accountants when entering them.
our vendor decides to become a customer. You need to add them to your Customer list. How do you do this?
Just add them to the customer list
Your company has sales reps and you need to keep track of the sales rep associated with each sale. How would you track sales reps on sales forms?
Navigate to company settings, and in the sales category of settings create a custom field for sales rep.
Your employer hates that if anyone looks at her computer while she's on the home page, they can see her bank balance, profit, and losses and other sensitive financial information. How can you solve this?
On the home page select "Privacy Mode" to turn it on
What limitations does QuickBooks have when it comes to browser access?
QuickBooks can only be used from any browser as long as there is internet connection.
Your boss asks you to remove an account from the Chart of Accounts (you don't use it anymore). How would you do this?
Open the chart of accounts. Click the drop down list to the right of the account you want to remove. Select Delete.
You need to find an expense, but all you know is the amount (you can't remember the date or vendor) what's the best way to do this?
Press the Magnifying glass icon, and search the exact amount
You were hired to set up QuickBooks for a consulting company. The owner asks you to set up the chart of accounts for the industry. This is easy because....
QB automatically creates a chart of accounts based on your industry. And you can edit this list later to remove and add accounts.
Your Accountant is upset that changes are being made to last year's numbers. How can you stop this from happening?
Set a closing date and password I n the advanced tab of the account and settings.
You returned some office supplies you recorded on bill #4455. You haven't paid the bill yet. Which is the correct sequence of steps to record the Vendor Credit and apply it the bill payment?
Step 1: Click the Global Create button + and select Enter Bill Step 2: Enter the bill information and enter the amount of the bill as a negative Step 3: Click the Global Create button + and select Pay Bills Step 4: Select the bill to pay and save the bill
Which of the following is NOT a list in QuickBooks online?
Subcontractors
Which statement is FALSE?
TRUE a. You CAN Enter a Sales Receipt if the Customer field is empty TRUE b. You CANNOT enter a Bill if the Vendor field is empty FALSE c. You CANNOT enter a Sales Receipt if the Customer field is empty TRUE d. You CANNOT enter an Invoice if the Customer field is empty
What feature of QuickBooks lets you set how long a customer has to pay an invoice?
Terms
Your company would like to sell their products online. They ask you to look for an app that makes it easy for customers to buy online. However, they also want you to be efficient. They do NOT want you to have to manually enter these sales into QuickBooks. They want the sales to automatically update QuickBooks. What's a good place to start looking for an app that can do this?
The Apps Tab in QB
When creating a new QuickBooks Online account, what company information does QuickBooks ask for?
The industry of the business.
Why would you recommend recording sales with Invoices or Sales Receipts instead of recording the sale with a Journal Entry or the Record Deposit screen?
The sale will appear on sales reports, you can email or print the sale for customers, you can run reports that show your sales by product or service, ALL OF THE ABOVE
What information does QuickBooks NOT ask/need when you create a new QuickBooks Online account for a company?
The start date.
Select the statement that's true about using the QuickBooks app on a mobile device.
There is a QuickBooks app for Android and Apple (IOS) device.
Which is NOT a good reason to enter a General Journal Entry?
To avoid using built in forms
What do you use Terms for in QuickBooks?
To determine when a customer invoice is due.
Privacy mode does not display sensitive financial information?
True
Your Employer wants to see profit in department A separate from Department B. What is the best way to set this up?
Turn on classes and set up each department as its own class
If you don't want the home page to display sensitive financial information, what can be done about it?
Turn on privacy mode from the homepage
Select the statement that's true about the Apps tab in QuickBooks.
Use it to find an app designed for specific business function that also syncs with QuickBooks so you don't have to enter data twice.
You printed a check from QuickBooks. Before you can send it to your vendor, you spill coffee on it, ruining the check. How do you hand this?
Void the check.
If you use QuickBooks Online Plus, how do you charge a customer for expenses you incurred on a project?
When entering the expense, enter the customer name and select the billable checkbox
Which of the following statements about Users is TRUE?
You can have as many Report Only & Time Tracing only users as you want
The Accounts Payable Aging report can help you stay on top of your business because it lists which of the following?
You can view what is owed or overdue bills.
You set a closing date to make sure no one changes anything date on or before December 31st of last year. However, people are still making changes! Why is this happening?
You didn't set a password for your closing date.
How do you backup and keep QuickBooks up to date between users?
You don't need to back up because it's always backed up in the cloud.
When you sell a product/service on an Invoice or Sales Receipt, how does Quick Books know where to show those sales (income statement) on the Profit & Loss?
You select an income account during the setup of the product/service. Sales of that product/service increase the income account you selected.
Delayed Charges
You provide a service or product that you want to add to an invoice in the future-Doesn't affect the customer's balance
Receive payment
You received a payment for a customer you've already invoiced-Decreases the customer's balance.
You need to enter an expense using your debit card. What account do you put in the field at the top of the form?
debit card
invoice
records a sale & how much your customer owes.
sales receipt
records a sale & payment you received
