Quickbooks

STUDY
PLAY

Terms in this set (...)

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?
Check
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 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 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 preferences then click the reports and graphs group to set your report preferences
Suppose you want to restrict which users can access customer credit card numbers. How do you do this?
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 QuickBooks 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 Quickbooks?
None. Because time sheets are non-posting entries
Workers who require 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 Quickbooks?
To restrict users from deleting, editing or adding transactions to last year.
Your new employee earned an annual salary of $40,000. How do you enter this into Quickbooks?
Enter 40,000 in the payroll info window
What steps must you complete to use the payroll center to pay 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 of start date in QuickBooks?
The day you chose to start recording the financial records in QuickBooks
Which of the following statements 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 templates drop down list and select the appropriate form
How do you change the report basis, accural vs.cash for just one report?
Click the modify report button on the report and then choose accural 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 the text in the header/footer of a report?
Click the modify report button on the report and then change the header and footer tab.
Where can you see a thumbnail sample of each report in QuickBooks along with a description of what the report tells you?
Report center
What transaction in QuickBooks should you use if your customer pays you when you provide the goods or services?
Sales Reciept
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 allows you to merge an Expense account with an Income account.
When a transaction is changed, what information does the Audit Trail report provide?
All of the above.
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 items.
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?"
QuickBooks provides fields so you can track purchase and sales information for that item.
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.
When should you set up a non-inventory item type?
All of the above.
Which of the following statement is TRUE regarding items?
When you purchase or sell and 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 expense 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 Journal 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 Checks window of Check Register and type debit in the check number field.
When can 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?
Layout Designer.
What is the reason for not being able to delete a list entry?
The entry has been used in 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 user can access the date 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 the invoice detail appears on a customer credit statement?
Turn on invoice detail in customer statement window.
Which of the following is a payroll service available in QuickBooks?
Assisted payroll.
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, i.e. Sales Accounts, 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 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?
Trial balance opening balances.
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 of 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 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 or phone number?
Select Company, Company Information from the menu.
What is the Undeposited Funds account 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 transactions for last year, and just sent the file to the tax preparer. Hoe do you ensure that no on 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 a medical insurance?
In the new employee window, click the change tab drop down list and select the payroll and compensation info and the add the medical insurance payroll item below the additions deductions and company contributions.
There are two primary financial statements that summarize the charts of accounts. Which of the following is one of these reports?
Balance Sheet.
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 is 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 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 promoted to merge.
How do you record debit card transactions in QuickBooks?
Use the write checks window, enter the check and write debit in the check number field.
Which is the reason to NOT enter a general journal entry?
To enter transactions in another way instead of using built in forms.
The bank notifies you that a customers' 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 the reports menu then select process multiple reports.
Which payroll service allows you print state tax forms?
Basic Payroll.
How do you customize a report, i.e. change the 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 hours when you pay them for sick or vacation 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/vacation 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?
Auto online.
What is purpose of an Audit Trail report?
Track any changed 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 each user must have the same version 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?
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 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, the choose default transactions option.
You have to set up an item for shipping. What item should you use?
Other charge.
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 in a generic item and edit the description and price each time.
You hired subcontractor to work 40 hours per week. Which list should you add this person to?
Vendors.
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?
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 item list inactive?
Open the item list, click to select the appropriate item, click the bottom left button and select make item inactive.
Suppose you work for a pet store and have track the name of each customer's pet. How would you do this in QuickBooks?
Edit custom field to customer data.
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?
Buy additional QuickBooks licenses.
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.
You sent a QuickBooks report to excel and made some changes. How do you import the change in excel back to Quickbooks?
Use the import from excel wizard in QuickBooks.
Which list represents the payroll services you can add to QuickBooks?
Basic calculates taxes and helps create state and federal tax forms and full service intuit processes payroll completely.
Which of the following additions of QuickBooks supports multiusers?
All versions support multiusers.
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, accused hours when you pay them for sick or vacation time. How would 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.
Once you have completed the sign up of new company file, how do you change company information such as business names, address, or phone number?
Select company information from the menu.
Which of the following cannot be entered during the setup of a new company?
Trial balance, open balance
When you enter profit and loss on the accrual basis, what does QuickBooks include as income?
All sales.
Which of the following form templates cannot be customized in QuickBooks?
Check
Which is not a good reason to enter a general journal entry?
To avoid using the built in forms.