50 terms

QuickBooks Part 3


Terms in this set (...)

How do you record a debit card transaction in QuickBooks?
Use the write check window for the check register but type debit in the check number field
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
How do you identify the version of QuickBooks that you have?
Press the F2 key
Which is the quickest way in QuickBooks to find an invoice from 6 months ago?
Open an invoice and click the find button
How do you hide sub accounts on the report?
Hit the collapse button
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 of the following could explain why a profit and loss shows a profit, but the business owner doesn't have any money in the bank?
This the difference between cash an accrual reporting
You have to set up the item for shipping. What item type should you use?
Other charge
When should you enter a customer credit memo?
A customer returns a product that was damaged
How can you ensure that invoice details do not appear on a customer's statement?
Uncheck the show invoice item detail on statement option in the credit Create Statement window
Which of the following elements on an invoice can you not customize?
The amount of information, number of characters you can type in each field.
Your company just hired a contractor to work 40 hours per week on a job. Which list should you add this person to?
For each functional area QuickBooks, pro & premier, example sales and accounts receivable, purchases, and accounts, etc. What level of access can you grant to use it?
Which of the following is not a billing option when you prepare a progress invoice?
Invoice for hours entered on time sheet
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
Which of the following additions of QuickBooks supports multiusers?
All versions support multiusers
What can you do in the report center?
What can you do in the report center?
How can you open a QuickBooks report in Microsoft Excel?
Click the excel button on the top on any QuickBooks report.
Which two steps do you follow to track accounts payable in QuickBooks?
Enter bills, pay bills
How do you display a group of reports?
Click the reports menu and select process multi-reports
What is the Undeposited funds account in QuickBooks?
An account used to record payments before you make a deposit
How do you make an item on the item list inactive?
Open the item list, click to select the appropriate item then click the bottom left button and select, make item service
Your company supplies their 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
Which of the following transactions cannot be memorized?
Bill payment
How do you ensure that no one accidentally deletes, edits or adds transactions to last year?
Set a closing date and password in the accounting preferences or from the company menu.
How do you make a column on a report wider?
Click the diamond to the right side of the column and drag it to the right
How do you pay, payroll liability in QuickBooks?
Select the payment you want to make from they pay schedule liability. Select view pay
What is the purpose of the audit trail report?
Track any changes or deletions to transactions as well as track which users make the changes or deletions
You accidently entered a customer twice in the customer center with a slightly different spelling. How do you merge these two entries?
Edit the unwanted list entry; change the name to match the name you want to merge into. Click ok, then click yes when prompted to merge names
Your company had to return some goods to a vendor. How do you record the vendor credit in QuickBooks?
Click the enter bills then click credit on top of the bill.
When you setup a new employee, how do you add a payroll deduction such as medical insurance?
In the new edit employee window, click the change tab drop down window, select payroll and compensation information, then add the medical insurance payroll into the addition/deletion and company compensation section
What is the end result of the payroll setup interview?
QuickBooks has an accurate record of employee's earnings and deductions and payroll history and you are ready to create your first paycheck.
There are two primary financial statements that summarize the chart of accounts.
Balance sheet
Once you have completed the sign of new company file, how do you change company information such as business name, address, or phone number?
Select company information from the 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
The company file you are working on is a mess. You decided to start a new file. To save time, you want to keep all the lists and preferences and just delete the transactions. How do you this?
Click the file menu. Select utilities, condense data from the menu then chose the all transaction option
Which is an example of when to use a non-inventory part?
When you buy and sell an item but do not need to track quantity on hand information.
Which of the following cannot be entered during the setup of a new company ?
Trail balance, open balance
When you enter profit and loss on the accrual basis what does QuickBooks include as income?
All sales
When should you void instead of delete a check?
Use a check number but it will never be cashed
Your company sells unique items to every customer. Then never sell the same product or service twice. What item should you setup in QuickBooks?
Setup a generic item and edit the description and price and the time
Which of the following form templates cannot be customized in QuickBooks?
Which is not a good reason to enter a general journal entry?
To avoid using the built in forms
The bank notifies you that a customer's check you have deposited has bounced. The customer did not have sufficient funds to cover the check. What should you not do?
Delete the customer's payment from the deposit
How do you change the text in the header/footer report?
Click the customize button on the report and then click the header/footer tab.