99 terms

QuickBooks

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Why would you hide or collapse sub accounts on a report?
To temporarily hide unnecessary detail and only show parent accounts.
What should you do after you click Save and Close on a Customer Credit Memo?
Choose between retained as an available credit. Give a refund or apply to an invoice.
Which of the following CAN be memorized in Quick Books?
Checks
Which is NOT shown on the payroll summary report in Quick Books?
Information necessary to complete your state unemployment tax form.
The bank notified you that a customer's check you deposited has bounced. the customer did not have sufficient funds to cover the check. what should you do?
Record a transaction to show the customer owes you the money and that the checking balance has decreased by that same amount.
Suppose you always want all reports to show a specific size and color, how do you set the standard or preference in Quick Books so you don't have to customize each report?
Click the edit menu and select preferences the click the reports and graphs group to set your report preferences.
Suppose you want to restrict which users can access customer credit numbers. How do you do that?
Give the user access to sales and accounts receivable but do not check the complete credit card numbers.
Which of the following is a possible reason for a bank reconciliation discrepancy?
The beginning balance calculated by Quick Books does not match last months ending balance.
Which of the following statements is TRUE regarding Undeposited Funds?
It is an account used to record payments before you make a deposit.
Which accounts are affected when you enter Time in Quick Books?
Accounts Receivable
Workers who require a W2 tax form at the end of the year should be added to which of the following lists?
Employees
If you have a customized report that you use each month, which feature lets you run the report with updated data each month.
Memorize Report
What is the primary reason for setting a closing date in Quick Books?
To restrict users from deleting, editing or adding transaction to last year.
Your new employee earned an annual salary $40,000. How do you enter this into Quick Books?
Enter 40,000 in the payroll info window.
What steps must you complete to use a payroll center to pay payroll liabilities?
Set deposit frequencies.
Name the section of the Balance Sheet
Assets, Liabilities & Equity.
When you create a new company file, Quick Books asks for your start date. What is the best definition of start date in Quick Books?
The day you chose to start recording the financial records in Quick Books.
Which of the following statements is NOT true regarding entering and paying bills in Quick Books?
If you use the enter bills window to record a bill, do not use the write checks window or check register to pay that same bill.
How do you use a different forms template when creating a new transaction?
Open the form, click the templates drop down list and select the appropriate form.
How do you change the report basis, accrual vs. cash for just one report?
Click the modify report button on the report and then choose accrual or cash on the display pad.
How would you track customer birth dates in Quick Books?
Add a custom field to the customer list.
How do you change text in the header/footer of a report?
Click the Modify report button on the report and then change the header footer tab.
Where can you see a thumbnail sample of each report in Quick Books along with a description of what the report tells you?
Report Center.
What transaction in Quick Books should you use if your customer pays you when you provide the goods or services?
Sales Receipt.
How can you ensure that invoice detail does not appear on customer statement?
Uncheck the show invoice item detail on statement's box in create statements window.
What is the purpose of backing up Quick Books?
To protect against data loss from file corruption or a hard file crash.
Which of the following is NOT true regarding merging entries?
Quick Books allows you to merge an expense account with an income account.
When a transaction is changed, what information does the Audit Trail report provide.
Who changed the transaction?
The date the transaction was changed.
The time the transaction was changed.
How do you add or delete columns on a report?
Click the modify report button and on the display tab check or add or uncheck remove columns
When should you use the items tab on a bill or check?
When you purchase inventory parts.
When you are setting up a service item, what happens if you select the box next to this "service is performed by a subcontractor or partner"?
Quick Books automatically marks this item for time tracking.
Which of the following statements is NOT true regarding single user and multi-user mode ?
Only the administrator is allowed in the file when it is in single user mode
Which of the form templates cannot be customized in QuickBooks ?
checks
The product information window shows you the version and release of QuickBooks you have along with other information about the company file. How do you access the product information window ?
Press the F2 key
Which of the following statements is true regarding items?
When you purchase or sell an item, the value of the purchase or sale flows to the account and therefore the financial statement you selected when you select when you set up the item
Which report shows how much you owe for sales tax ?
Sales tax liability
Which report is also known as an income statement and summarizes income and expenses for a month.
Profit and loss standard
Which of the following is a reason to create a new company file ?
To start over when a company file has more errors than beyond repair
When you enter a purchase order for inventory, which accounts are affected?
Accounts payable only
After QuickBooks set up a chart accounts in the easy step interview , which of the following is true ?
It is possible to add more accounts later
Which of the following is true regarding general journal entries?
Enter a general journel entry data when you are not sure which form to use
Which of the following is true regarding how you record a debit card transaction in QuickBooks?
Use the write checks window or check register and type debit in the check number field
When can you delete a check from QuickBooks without voiding it ?
You enter checks in QuickBooks but you haven't printed it yet, you realize the purchase was actually made using a credit card. The check was never really used
What tool do you use to move your logo to a form?
Layout designer
What is the reason for not being able to delete history ?
The entry has been used as a transaction.
How do you move list entries to a different location on the list? For example customers.
Click on the diamond on the left of the name and then drag the name up and down the list
Assume that QuickBooks is now single user mode. What does this mean ?
Only the user can access the data file.
Which of the following statements is true regarding vendor credit memos ?
Vendor credit memos reduce what you owe the vendor.
How can you ensure that invoice detail appears on a customer statement?
Turn on the invoice detail on a customer statement window.
Which of the following is a payroll service available in QuickBooks?
Assisted payroll
For each functional area of QuickBooks Pro and Premier, i.e. sales account, accounts receivable ,purchases, what levels of access can you grant to users?
You can prohibit access, grant full access or grant selective access, these levels apply to specific transactions in that area
What is the accountants copy?
A copy of the company file that allows the accountant to review and make adjustments while you continue to work in QuickBooks
Which of the following information CANNOT be set up during the easy step interview?
Trial balance, opening balances
What two steps do you follow to track accounts payable in QuickBooks?
Enter bills, pay bills
Which of the following desktop (not online) edition of QuickBooks supports multi-user?
Premium and higher
What is an example of when you use a non inventory part?
When you buy and sell an item but don't need to track quantity on hand
How do you hide subaccounts on a report?
Click the collapse button
Your company had to return some goods to a vendor. How do you record the vendor credit in QuickBooks?
Enter bill, then click credit on top of the bill
What do you use to narrow the data QuickBooks displays on a report?
filter
Once the easy step interview is complete, how do you change the company information for the business name, address of phone number?
Select company , company information from the menu
What is the end result of a payroll setup interview ?
QuickBooks has an accurate record for employees, earning deductions and payroll history and you are ready to create your first paycheck
How do you identify the version and release of QuickBooks you have ?
Press the F2 button
When you set up a new employee, how do you add a payroll deduction such as medical insurance ?
In the new employee window click the change drop down list and select payroll compensation info and then add the medical insurance payroll item below the additional deductions and company contributions .
There are two primary financial statements that summarize the chart of accounts , which of the following is one of these reports?
Balance sheet
How do you pay payroll liabilities in QuickBooks?
Select payments you want to make from the payroll schedule liabilities from the payroll center then click view pay
Which of the following is NOT a billing option when you prepare a progress report?
Invoice for hours entered in the time sheet
You accidently entered the same customer twice in the customer center with a slightly different spelling, how do you merge these entries?
Edit the unwanted list entry, change the name you want to merge then click ok then yes when prompted to merge
The bank has notified you that a customers check you have deposited has bounced, the customer does not have sufficient funds to cover the check , what should you NOT do?
Delete the customer payment from the deposit
How do you display a group of reports?
Click the reports menu then select process multiple reports
Which of the following elements of the invoice can you NOT customize?
The amount of information you can type in each field
When you need to send a QuickBooks report to excel , which features allow you to choose which sections of the report to collapse?
Auto outline
What is the purpose of an audit trail report?
Track any changes and deductions to transactions and track which user makes the change or the deletion
What can you do in the report center?
Run most reports for QuickBooks
Which of the following CANNOT be memorized?
Bill payment
Which of the following can explain why the profit and loss shows a profit but the business owner does not have any money in the bank?
This is the difference between cash and accrual reporting
The company file you are working on is a mess . You decide to start a new file. At the same time you want to keep all the list and preferences and just delete the transactions . How do you do this?
Click the file menu, choose utilities. Clean the company data, then choose default transaction option
You have to set up an item for shipping. What item type should you use?
Other charge
Your company's sells unique items to every customer. They never sell the same service or product twice. What item should you set up in QuickBooks?
Set up generic item and edit the description and price each time.
You hired a subcontractor to work 40 hours per week. What list should you add this person to?
Vendors
When should you enter a customer credit memo?
When a customer returns an item that is damaged
How do you make a column on a report wider?
Click the diamond on the right of the bottom and drag it to the right
When you run a profit and loss on the accrual basis what does QuickBooks include as an income?
All sales
What is the quickest way to find an invoice from 6 months ago?
Open an invoice and click the find button
Which tool do you use to modify where QuickBooks displays elements on a printed form or template.
Layout designer
How do you make an item on the list inactive?
Open the client list and click to select the appropriate item, then click the bottom left button and select make inactive
The computer that houses your QuickBooks data could crash. What should you do in QuickBooks to make sure you always have access to your data?
Create a backup copy of your company files and store it separately from the computer.
List entries may be deleted only when:
There is no balance, it has not been uses and is not linked to anything that has been used
How do items affect the financial statement?
When you purchase or sell an item the value of the purchase or sell flows to account you selected when you set up the item
You sent a QuickBooks report to excel and made some changes. How do you import the change in the excel back to QuickBooks?
Use the import from excel wizard in QuickBooks
How do you customize a report? The example; change what information in QuickBooks display, change the title, etc.
Click the customize report button on the report
Which of the following statements is true regarding single user and multi user mode?
To use QuickBooks in multi user mode, each user must have the same version of QuickBooks on their computer to access the same company file
Which list represents the payroll services you can add to QuickBooks?
Basic calculates taxes and helps create a state and federal tax forms and Assisted Intuit handles payroll taxes and forms
How can you open a QuickBooks report in Microsoft Excel?
Click the excel button on the top on any QuickBooks report.
Your company supplies their employees with sick, vacation hours. You need to track how many hours that each employee currently has available, how many they earn, accrued hours when you pay them for sick or vacation time. How do you do this in QuickBooks?
Follow these steps: Click the sick, vacation button in employees setup to define how to approve time and to tell QuickBooks how many hours the employee has available. Setup a sick, vacation wage item. Use a sick, vacation wage item to pay employees for sick, vacation time.
Which payroll service allows you to print state tax forms?
Enhanced payroll
How do you ensure that no one accidently deletes, edits or adds transactions to last year?
Set a closing date and password in the accounting preferences or from the company menu.
Suppose you work for a pet store and have to track the name of each customer's pet. How would you do this in QuickBooks?
Add a customer field to the customer list
When should you void instead of delete a check?
You used a check number but it will never be cashed
Which is not a good reason to enter a general journal entry?
To avoid using the built in forms