QuickBooks Part 1 & 2
Terms in this set (100)
Why would you hide or collapse sub accounts on a report?
To temporarily hide unnecessary detail and hide 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 QuickBooks?
Which is NOT shown on the Payroll Summary Report in QuickBooks?
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 founds 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 the same amount.
Suppose you always want all reports to show a specific size and color, how do you set the standard or preference in QuickBooks so you don't have to customize each report?
Click the edit menu and select preference, then click reports and graphs groups to set your report preference.
Suppose you want to restrict which users can access customer credit card members. What should you do?
Give the users access to sales and accounts receivable but do not give the complete credit card numbers.
Which of the following is a possible reason for a bank reconciliation discrepancy?
The beginning balance calculated by QuickBooks does not match last months ending balance.
Which of the following statements is TRUE regard Deposited Funds?
It is and account used to record payments before you make a deposit.
Which accounts are affected when you enter Time in QuickBooks?
Workers who require a W2 tax form at the end of the year should be added?
If you have a customize report that you use each month, which features lets you run the report with updated data each month.
What is the primary reason for setting date in QuickBooks?
To restrict users from deleting, editing or adding transaction to last year.
Your new employee earned and annual salary of $40,000. How do you enter this into QuickBooks?
Enter 40,000 by the payroll info window.
What steps must you complete to use the payroll center to payroll liabilities?
Set deposit frequencies
Name the section of the balance sheet.
Assets, Liabilities and Equity.
When you create a new company file, QuickBooks asks for your start date. What is the best definition to start date in QuickBooks?
The day you choose to start recording financial records in QuickBooks.
Which of the following sentence is not true regarding entering and paying bills in QuickBooks?
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? (i.e. invoice)
Open the form, click the template 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 QuickBooks?
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 and then change the header footer tab.
Where can you see a thumbnail sample of each report in QuickBooks along with a description of what the reports tell you?
What transaction in QuickBooks should you use if your customer pays you when you provide the goods or services?
How can you ensure that invoice detail does not appear on a customer statement?
Uncheck the show invoice item detail on statement's box in the create statements window.
What is the purpose of backing up in QuickBooks?
To protect against data loss from file corruption or a hard file crash.
Which of the following is NOT true regarding merging entries?
QuickBooks allow 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 data the transaction was change
The time the transaction
All of the above.
How do you add or delete columns on a report?
Click the modify report menu button and on the display tab to check or add uncheck remove columns.
When should you use the items tab on a bill or checks?
When you purchase inventory parts
When you are setting up a service item, what happen if you select the box next to this "service is performed by subcontractor or partner"?
QuickBooks provides fields so you can track purchase and sales information for that item.
Which of the following statements in NOT true regarding single user and multi-user mode?
Only the administrator is allowed in the file when his single user mode.
Which of the form templates cannot be customized in QuickBooks?
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.
When should you set up a mom-inventory
For something you buy and sell but do not need track the quantity on hand.
Which of the following statement is TRUE regarding items.
When you purchase or sell an item, the value of the purchase or sales flows to the account and therefore the financial statement you selected 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 & Loss Standard
When making your payroll tax deposit, how can you add IRS interest and/or penalties?
Click the Expense tab and enter the appropriate account and amount of interest and penalties.
Which of the following is a reason to create a new company file?
To start over when a company file has many errors that are beyond repair.
When you enter a purchase order for inventory, which accounts are affected?
None. Because purchase orders are non-posting transactions.
After QuickBooks sets up a chart of 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 entries?
General Journal entries require a good understanding of debits and credits and should not be used by non-accountants.
Which of the following statements is TRUE regarding how you record a debit card transaction in QuickBooks?
Use the write Check window or check Register and type debit in the in the check number field.
When you delete a check from QuickBooks without voiding it?
You entered a check in QuickBooks but haven't printed it yet. You realized 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?
What is the reason for not being able to delete a list entry?
The entry has been used in a transaction.
How do you move list entries to a different location on the list? For example, customers.
Click on the diamond to the left of the name and then drag the name up or down the list.
Assume that QuickBooks is now in Single User Mode. What does this mean?
Only one use can access the data file.
Which of the following statement is TRUE regarding vendor credit memos?
Vendor credit memos reduce what you owe the vendor.
How can you ensure that the invoice detail appears on a customer statement?
Turn on invoice detail in customer statement window.
Which of the following is a payroll service available in QuickBooks?
How can you open a QuickBooks report in Microsoft Excel?
Click the Export button on the top of any QuickBooks report.
For each functional area of QuickBooks Pro and Premier, in Sales Accounts, Accounts Receivable, Purchase, 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 a 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.
What 2 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?
Premier and higher.
Which is an example of when to 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 sub accounts 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?
Once the Easy Step interview is complete, how do you change the company information for the business name, address or phone number?
Select Company, Company information from the menu.
What is the Undeposited Funds accounts in QuickBooks?
An account used to record payments before you make a deposit.
What is the end result of a payroll setup interview?
QuickBooks has an accurate record of employees, earning deductions and payroll history and you are ready to create the first paycheck.
You finished entering all the transactions for last year, and just send the file to the tax preparer. How do you assurance that no one accidentally deletes or edits a transaction last year?
Set the closing date and password in the accounting preferences in the company menu.
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 tab drop down list and select payroll and compensation info and then add the medical insurance payroll item below the additions deductions and company contributions.
There are two primary financial statements that summarize chart of accounts. Which of the following is one of these reports?
When should you VOID instead of delete a check?
You used the check number but it will never be cashed.
How do you pay payroll liabilities in QuickBooks?
Select payments you want to make from the pay schedule liabilities in the payroll center then click view pay.
Which of the following in NOT a billing option when you prepare a progress report?
Invoice for hours entered on time sheet.
How do items affect the financial statement?
When you purchase or sell an item the value of the on sale purchase flows to the account.
You accidentally 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 and click ok, then yes when prompted to merge.
How do you record debit card transactions in QuickBooks?
Use the write checks window, enter the check and write debit the check number field.
Which is a reason to NOT enter a general journal entry?
To enter transactions in another way instead of using in forms.
The bank notifies you that a customer' check you 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 reports menu then select process multiple reports.
Which payroll service allows you to print state tax forms?
information QuickBooks displays, change the title etc.
Click the modify report button on the report.
Which of the following elements on the invoice can you NOT customize?
The amount of information you can type in each field.
A list entry may be deleted only when...
It has no balance; it has not been used and is not linked to anything that has been used.
Your company provides their employees with sick/vacation hours. You need to track how many hours each employee currently has available, how many they add or accrue and you need to reduce their accrued hours when you pay them for sick or vacations time. How would you do this in QuickBooks?
Click the vacation button on the employee setup to define how to accrue time and tell QuickBooks how many hours the employee is available. When you pay an employee for sick/vacations time, click the sick/vacation button and reduce those available hours.
When you send a QuickBooks report to Excel, which features allow you to choose what sections of the report to collapse?
What is the purpose of an Audit Trail report?
Track any changes and deletions to transactions and track which user makes the change or the deletion.
Which of the following statement is TRUE regarding single user and multi-user mode?
To use QuickBooks in multi-user mode the administrator and other users can have different versions of QuickBooks on their computer to have access.
What can you do in the report center?
Run most reports in QuickBooks
Which of the following transactions CANNOT be memorized?
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 decided to start a new file. At the same time you want to keep all the lists and preferences and just delete the transactions. How do you do this?
Click the File menu, choose utilities, clean up company data, then choose default transaction option.
You have to set up an item for shipping. What type should you use?
Your company 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 a generic item and edit the description and price each time.
You hired a subcontractor to work 40 hours per week. Which list should you add this person to?
When should you enter a customer credit memo?
When customer returns a product that is damaged.
How do you make a column on a report wider?
Click the diamond to the right of the column and drag it to the right.
When you run a profit and loss on the accrual basis what does QuickBooks include as income?
What is the quickest way to find an invoice from 6 months ago?
Open an invoice and click the find button. 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.
How do you make an item on the item list inactive?
Open the item list, click to select the appropriate item, them click the bottom left the button and select item inactive.
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?
Edit custom field to customer data.