Quickbooks

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During the Advanced/Detail setup, you can turn off and on which features in the easy step interview?
All of the above, sales tax, inventory and progress invoicing
During the EasyStep interview, how do you setup a new account that is not on the default list of accounts?
You can't add accounts that are no on the Quickbooks default list.
How do you set up multiple businesses in Quickbooks (assuming each business files a separate tax return?)
Repeat the steps you take to set up 1 company. Use express start or advanced/detail setup to create a separate company file for each business.
When setting up a new company through the advanced/detail setup, some company information is optional and some is required. Which of the following pieces of information does Quickbooks require you to enter during EasyStep interview?
Company name
You have been hired by a company that started in 1911. They have never used quickbooks. During the advanced/detail setup what start date should you use in the easystep interview?
The data you want to begin tracking the company's finances in quickbooks
When would you use the expense tab on the payroll liability check?
To enter late fees /penalties or interest
What form must you give an employee?
W-2
How do you track sick or vacation time in quickbooks?
All of the above (define accure time, set up sick or vacation wage item, pay an employee with a sick or vacation wage item)
Why must you set deposit frequencies for the taxes or deductions your company has to pay (payroll liabilities?)
So that payroll liabilities show up in the pay taxes & other liabilities
What report should you use to complete the state unemployment tax form?
Employee state taxes detail
What are the first two steps to set up payroll in quickbooks?
1) sign up for payroll service 2)complete the payroll setup interview
When setting up a new employee, what is important about the payroll info tab?
whatever you enter/see in this window affects each paycheck, unless you change the information on the paycheck itself
Which of the following payroll services are available with quickbooks.
All of the above (basic, enhanced, assisted)
How do you use write checks to pay payroll liabilities so your payroll reports are accurate?
You can't
How does entering time for a job affect job cost reports?
None of the above
When printing paychecks, what is the preferred check style to given an employee a pay stub?
Voucher
Suppose you have a subcontractor who receives a 1099 form from your company. Which list should you add them too?
Vendor list
What is the reason to use the items tab when entering a bill?
To assign a cost to a job or purchase inventory
How do you track accounts payable in quickbooks?
enter a bill, and then use the pay bills window
when should you never delete a check
you printed a check, and the check number has been used
what transaction/form do you being with to enter a vendor credit
enter bill
which form should you use to enter petty cash expenditures
write checks or use check register
what happens to the inventory asset account when you enter a purchase order for inventory?
no accounts are affected
how to do you set up quickbooks automatically use discounts and credits
choose edits > preferences >bills>company preferences
when reconciling your bank account in quickbooks, what must the beginning balance match?
it should always match the opening balance on the paper bank statement
what transaction should you enter if a customer returns a damaged product, or, in the case of a service complains so much you decide to offer a refund
credit memo
when you invoice for time and costs, where does quickbooks get the billable time or costs
from billable time entered on time sheets and or billable costs entered on checks and bills.
when should you create an invoice in quickbooks?
when a customer purchases goods or services but does not pay you at the time of the sale
when would you create an estimate in quickbooks?
when a customer requests a bid, quote, or proposal.
when should you use a sales receipt in quickbooks
to record a customer payment at the time of sale
when you create a statement and select all open transactions as of statement date. what does quickbooks show on the statement
open transactions as of the statement date
what is the purpose of progress invoicing
to invoice from an estimate in increments
what options do you have after a credit memo in quickbooks
all of the above (return as available credit, give a refund, apply to an invoice)
to record a bounced check you open the same receive payment window that you used to receive the original payment and click bounced check quickbooks open the bounced check wizard. what does quickbooks do when you finish the wizard
all of the above
if you moved a list entry up or down, what happens when you add a new entry to the list
quickbooks add new list entries to the top of the list, regardless of alphabetical order
how do you combine or merge two list entries
rename the unwanted list entry to match the name of the list entry you want it to merge to
what is the maximum number of names that can be included on the names list in quickbooks pro or premiere
14,500
what do the diamonds mean on certain lists (for example, the diamonds to the left of each customer job)
you can click on the diamond and move the list entry to a different location on the list
what keyboard shortcut allows you to see a total for all four name lists
F2
Which of these functions can only be performed by the administer
add new users and change their access privileges
how do you edit a collection letter
company>prepare letters and envelopes>customize letter templates
you notice that when you print an invoice, the information in a field is cut off (that is, it doesn't fit) How can you fix this?
use the layout designer to make the field wider
how do you set up multiple users in quickbooks pro or premier?
choose company>set up users and passwords>set up users
you need to enter the same transaction each month (for example. an insurance payment), how can you automate the process in quickbooks
while the transaction is on the screen, choose edit>memorize check (or the name of the transaction)
suppose your address information appears on the upper left of your invoice and you want to move it to the lower right. How would you do this
use the layout designer
you don't like how a firm (for example, an invoice) looks when you print it. how can you change it
click the formatting tab at the top of the form, then click customize data layout
how do you customize quickbooks by changing the color scheme and adding or removing icons from the home page
choose edit>preferences>desktop view
suppose you have to track a specific piece of information about your customer that quickbooks does NOT track. what is the best way to do this
edit a customer and click the additional tab. click define fields to create a customer field to track anything you want
you've customized an invoice and are ready to use it. but when you open the invoice, quickbooks displays the default intuit invoice. how do you change it?
on the invoice, click the template drop-down arrow and select your customize invoice
you notice that multiple accounts should actually be sub accounts. how can you quickly make these accounts sub accounts of another account
click on the diamond to the left account, drag it below the appropriate parent account, and release the mouse button. then click on the diamond again, drag it to the right, and release the mouse button.
suppose you customized an invoice in quickbooks. you really like how it looks and want your estimates to look similar. how do you do this
choose lists>template. select the form you want to duplicate. then click the templates button and select duplicate. then select the type of templates you want to create with the same look in this case, estimate.
what can you do in the reports and graphs preferences (edit>preferences)
all of the above
what options (tabs) do you have to change a report when you click customize report
all of the above (display, filters, header/foot, fonts and numbers)
when you send a quickbooks report to excel, which feature allows you to have a drop down list for each column to allow filtering
auto filter
how do you create a memorized groups of reports?
open the memorized report list and then click memorize report>new group
what happens if you click collapse on a report
quickbooks hides sub accounts and only shows parents accounts
how do you move columns on reports
move your cursor over the column heading, and when it becomes a hand, click and drag the column to the desired position
you have to customized and then memorize a report. what does quickbooks save when memorizing a report
report headers, filters, and columns but not the actual transaction
what is the easiest way to organize your memorized reports
create a report group
what happens if you double-click a diamond on a report column
none of the above
how do you display or print a batch/group of reports quickly?
choose reports>process multiple reports
if you set up and track sales tax in quickbooks, which category of reports contains sales tax reports?
vendors and payables
what happens when you quick zoom on a number in a report?
quickbooks shows more detail about the number on the report
which of the following is a way to access a report in quickbooks
all of the above
you sent a quickbooks report to excel and made some changes. how do you import the changes back to quickbooks
you can't import changes in excel back to quickbooks
which of the following reports answer the questions "what transactions make up the current balance i owe each vendor?
vendor balance detail
when you start a company or are hired as a bookkeeper, it is important to know which edition of quickbooks you are using. what are the major quickbooks editions
quickbooks online, quickbooks pro, quickbooks premier, quickbooks enterprise solutions
which of the following is not a backup option in quickbooks
all of the above are quickbooks backup options
when would you enter a journal entry
all of the above (to correct errors, for year-end adjustments, to enter depreciation
why would you restore a data file from the backup file
all of the above
when entering a journal entry, what happens if the debits don't equal the credits?
quickbooks will not allow you to record the transaction
if you choose to remove transactions as of a specific date, from the condense data window, what does quickbooks do
removes all transactions while leaving lists, preferences, and service subscriptions intact
what happens when you press f2 in quickbooks
quickbooks opens the product information window which includes version and company file information
if the computer that houses your quickbooks data crashes, what should you do?
restore a backup copy of your company file
how do you switch to multi-user mode
choose file>switch to multi-users mode from the menu
what are the main sections of profit and loss
income, cost of goods sold, and expenses
how can you stop yourself and others from deleting, editing, or adding transactions in a closed period
set a closing date
what is one way that quickbooks uses the account type
to identify where the account appears on the financial statements
when you run financial statements in quickbooks what bookkeeping basis can you use to view the report?
all of the above
what is equity?
asset minus liabilities
what are the 2 main financial statements you can run from the company and financial category of reports
balance sheet and profit and loss
what is the purpose of the chart of accounts
it is how you categorize financial transactions
you suspect that someone has changed a transaction. what reports should you run
audit trail report
which of the following is not an item type
income
what account (on the chart of accounts) is affected when you sell an item
the account you selected when you set up the item
which of the following statements is true concerning items
all of the above
suppose you owe a company that repairs bicycles. what item type should you use for bicycle repair
service
what item type should you use for inventory that you assemble from other items and then sell
inventory assembly
if you associate a service item with two accounts how does quickbooks know which account to use on a transaction
when the item is on a sale form, quickbooks uses the account under sale information in the item setup. when it is on its purchase form, it uses the account under purchase information
you have to set up an item for shipping. what item type should you use
other charge
which of the following CANNOT be entered during the setup of a new company (express start or advanced/detail setup file?
trial balance opening balances
when setting up a company file, what should you do when you reach the trial balance/opening balances page?
there is no page or option called trail balance/opening balances
you've complete the set up of a quickbooks company file. but you forgot to enter the company phone number during set up. how do you enter it now
select company. my company from the menu and click the icon
the company file you are working on is a mess. you decide to start a new file. to save time you ant to keep the lists and preferences and just delete the transactions.
click the file menu and select utilities>condense data. then choose the all transactions option
when reconciling your bank account in quickbooks what must the beginning balance match
it should always match the opening balance on the paper bank statement
what is a reason to use the items tab when entering a bill
to assign a cost to a job or purchase inventory
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