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Accounting Gmetrix Quizlet
Quizlet for Gmetrix in accounting
Terms in this set (34)
You need to set up a new user so they can see reports but can do nothing else in QuickBooks. Put the steps for setting up a user who can only see reports in the correct order
Click the Company menu and choose Manage Users. In the Manage Users screen, click New. For User Type, choose reports Only and click Next. Enter the user's email address and click Next. Click the Reports tab.
You've just been hired as a bookkeeper, and the company's QuickBooks is a mess. There are many list entries that are duplicates. You decide to merge list entries to celan up the lists. Which of the following statements is true about merging?
You can only merge names from the same type.
You have two customers with the same name. How do you handle this in QuickBooks?
Use a middle initial or other letter in the display name to make one name different from the other.
Your customer, Donna Comeback, has gone out of business and you will never sell to her again. Put the steps for removing her from the customer list in the correct order.
Click the Customer tab. Edit the Customer you want to remove (Donna). Click Make Inactive.
How do delayed charges affect a customer's balance?
Delayed charges have no effect on a customer's balance.
Which of the following statements is true regarding Undeposited Funds in QuickBooks?
Undeposited Funds is an account used to record payments before you make a deposit.
What is one reason to not use a bank deposit or journal entry screen to record sales?
If you record sales through the bank deposit or journal entry screen, the sale will not appear on sales reports.
What transaction should you enter if a customer returns a damaged product or, in the case of a service, complains so much you decide to offer a refund?
When you invoice for time and costs, where does QuickBooks get the billable time or costs?
QuickBooks gets the billable time or costs from billable time entered on timesheets and/or billable costs entered on checks and bills.
You're setting up a new customer. How do you tell Quickbooks that this customer's invoices should be due 30 days after they're issued?
Set customer's Terms to Net30.
How would you enter a transaction that won't be downloaded in which you paid fo;r a service using a debit card?
Click the Global Create button + and select Expense. Fill out the expense and use Debit Card as the payment method.
In QuickBooks Online, entering a purchase order for inventory affects which accounts?
No accounts are affected because purchase orers are non-posting transactions.
Which of the following statements is true regarding vendor credit memos?
Vendor credit memos reduce what you owe the vendor.
Why would a business choose to enter a bill and then pay the bill later (requiring two steps) instead of just recording the cehck or expense when paying the bill (requiring one step
Wntering a bil and paying it later allows you to track accounts payable.
Your boss wants to know if there are any overdue bills. What report would yo urun to give him this information?
Accounts Payable Aging report
When would you enter a journal entry?
All of the answers are correct
What is the purpose of the Audit Log report?
To track any changes and deletions to transactions, as well as track which user makes the change or deletion
What is the primary reason for setting a Closing Date in QuickBooks?
To restrict users from deleting, editing, or adding transactions to a closed period, such as a previous fiscal year
Your boss wants to know where the business stangds overall. On the Balance Sheet, the company has 100,000 in assets and 30,000 in liabilities. What is the company's equity?
If you ahve a customized report that you use each month, what feature lets you run the report with updated data each month?
The owner of the business asks you to set up QuickBooks to automatically email him a specific report on a regular basis (e.g., weekly or monthly). How would you do this?
Run the report you want to email. Click Save Customizations. Select Reports and go to My Custom Reports. Select the line of the report on the list and click Edit. Set the email schedule in this window.
What type of account must you have to collaps the Profit and Loss report?
You sent a QuickBooks report to excel and made some changes. How do you import the change in the excel back to QuickBooks?
You can't import changes in Excel back to QuickBooks.
Which form cannot be customized in QuickBooks?
You need to create a recurring invoice. How do you do this in QuickBooks Online?
Open the transaction form (invoice in this case) and click Make recurring.
Your company has 2 departments: landscaping and a greenhouse. You'd like to see how your business is doing overall and how each department is doing individually. This means you need to tag each transaction as either landscaping, greenhouse, or split to both. What is the best way to set this up in QuickBooks?
Turn on Classes and set up the greenhouse and landscaping each as their own class.
Your employer asked you to track the service person assigned to each sale. She wants to see their name on the invoice. How can you track the sales person on the sales forms?
Navigate to company settings, and in the Sales category of settings, create a custom field for sales reps.
True or False: Because QuickBooks Online is in the cloud, you don't need to manually back it up.
Your new employer is on the road a lot and would like to view overdue customers so she can phone them an dpossibly visit them to collect payment. How can she do this?
Download and use the free QuickBooks online app that's available for iOS (Apple) and Android.
What does the Apps tab do in QuickBooks?
Use the Apps tab to find other apps a business needs (or is already using) for their business (e.g., webstores, CRM, project management, etc.).
You need to add the inventory list to your QuickBooks Online. Put the steps for activating inventory in the correct order.
Select Company Menu. Select Company Settings. Select Sales. Select Products and services. Select Trach inventory quantity on hand.
During the company setup process, which of the following is NOT a step when creating a new company file?
Selecting the Multi-User mode option so that multiple people can log into a file at the same time
Which of the following statements about setting up multiple company files is true?
QuickBooks can create and store information for an unlimited number of company files.
When you set up a new QuickBooks company, how do you set up a new Item & Service that is not on the default list of Items & Services?
Next to "Add the products and services you sell," click Add More.
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