QuickBooks study guide 50-100
Terms in this set (50)
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, ie 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 is an example of when to use a non-inventory part?
When you buy and sell 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?
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 the transactions for last year, and just sent the file to the tax preparer. How do you ensure that no one accidently 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 the 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 is NOT a billing potion 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 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, changed 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 in the check number field
Which is a 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?
How do you display a group of reports?
Click the reports menu then select process multiple reports
Which payroll service allows you to print state tax forms?
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 had 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 the add or accrue and you need to reduce their accrued 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?
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 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?
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 item 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 each price item.
You hired a subcontractor to work for 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
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, then click the bottom left button and select make 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.