QuickBooks lesson 4.
Terms in this set (16)
What can you see when you enter a cheque in the write cheques window?
With this window open, it opens this register: (next 8 cards)
The account you have displayed in the Bank Account field.
The account you have displayed in the Deposit to: field or undeposited funds.
Enter Sales Receipts
The account displayed in the Deposit to field.
Create Credit Memos/Refunds
Enter Credit Card Charges
The account displayed in the Credit card field.
What does QuickBooks do behind the scenes when you finish writing a form or invoice?
It records the entries in the proper registers.
Which balance sheet account in the Chart of Accounts does not have a register associated with it.
Retained Earnings Account.
What are 3 common features of QuickBooks registers?
1. The register shows every transaction that affects an accounts balance and lists them in chronological order.
2. The columns in the register give specific information about the transaction.
3. On every transaction line, QuickBooks shows a running balance.
What information is retained in the columns of a register?
The date, reference number and type, the payee and the account to which its been assigned and any memo, the transaction amount, and whether the transaction has cleared the bank.
What are 3 reasons that it's important to reconcile your bank accounts.
1. It helps you avoid over draft charges.
2. Keeps your books accurate.
3. Gives you a chance to spot bank errors.
What is found on a bank statement?
Opening balance for your account, ending balance, amount of interest earned, any services charges, cheques that have cleared the bank, deposits made to the account, any other transactions that affect the balance.