QuickBooks lesson 2.
Terms in this set (16)
In QuickBooks Quickstart interview, what is step 1, 2 and 3.
Step 1 - basic company info
Step 2 - contact info
Step 3 - add customers, vendors, products you sell and services you sell.
What happens when you select a company type that most closely matches your company?
QuickBooks sets up accounts and lists that are appropriate for that type.
What are features that QuickBooks will recommend that can vest meet the company's particular business needs?
Enabling sales tax for retail, using estimates for some service-based businesses, managing inventory for wholesalers and manufacturers, creating income and expense categories.
What does selecting how your company is organized tell QuickBooks? What else should be indicated?
Which tax forks to use for the business. Should also indicate the start of the Companies fiscal year.
What 3 things are indicated in the customize section of the easystep interview?
What you sell, how and when customers pay you, how you pay your bills.
What can you use sales receipts for.
Track each sale, calculate sales tax, print a sales receipt, create a summary of sales income and sales tax owed, summarize weekly or daily sales.
What 3 things do you need to do to use the Chart if Accounts?
Determine the start date, enter account balances, decide how you want to categorize your income and expenses.
What is the Chart of Accounts made up of?
Five types of accounts common to all businesses.
What does the chart of accounts list?
Balance sheet accounts, income accounts and expense accounts.
What 4 key concepts is QuickBooks based off?
Customers, vendors, accounts and items.
What accounts does a balance sheet use?
Asset, liability, equity accounts.
Anyone who pays you.
Anyone you pay who's not an employee.
Two types of accounts, real world accounts (like a chequing account) and income and expense accounts that you use to group transactions for reporting purposes.
Anything you want to put on an invoice.
What are the accounts that may need to be added and why?
1. Income accounts - to track new sources of income.
2. Expense accounts - track new expenses.
3. Bank accounts - to track new chequings savings or money market accounts.
4. Credit Card accounts and other balance sheet accounts to track specific assets, liabilities or equity.