ASSETS
refers to what the business owns
What are Assets?
QBO provides how many categories of reports and are they customizable?
What are QBO'S nine categories of predefined reports that you can customize to meet your unique business needs.
journal entries used to adjust for depreciation, allocation of prepaid expenses, and corrections to inventory; 2 accounts are required for a journal entry: a debit account and a credit account
What are journal entries?
general accepted accounting principles refers to accounting rules and standards for financial reporting to ensure that financial reporting is transparent and consistent among all business organizations
What are the GAAP Principles ?
Gear>Tools>Budgeting
Where do you go to create a Budget?
assets that will last less than one year
What are Current Assets?
Who owes you?
What are accounts receivable reports?
click Create (+) >Other >Journal Entry
How do you create a journal entry?
“Closing the Books” preparing financial statements such as trial balance, balance sheet, profit and loss and any other needed statements
What is the procedure that occurs at the end of an accounting period, either monthly or yearly?
a chronological log of each financial transaction - It serves as a trail that lets you see who made the changes and exactly what changes were made throughout the history of a transaction.
What is the Audit Log?
prepaid expenses, prepaid rent, prepaid insurance, any prepaid expense that will be used in less than a year
What are examples of “Other Current Assets” type accounts?
Who you owe?
What are accounts payable reports?
used for transactions that occur more than once, whether on a fixed schedule or for a set amount (e.g., a loan payment), for a regular bill that has a varying amount (e.g., utility bills), or for other repeated but unscheduled transactions
What is a recurring journal entry?
QBO prevents adding entries to a type of period (either monthly or yearly), it also includes a feature allowing transaction changes by setting a password or warning
How does QBO prevent any changes to a period (either monthly or yearly) once the “Books Are Closed”?
Click on Create (+)>Clients>Delayed Credit or Delayed Charge.
Where do you go to create a Delayed Credit or a Delayed Charge?
these assets will not be used up or sold within the accounting year
What is a “Fixed Asset”?
go to reports>custom reports>edit>set Recurrence
Where do you go to schedule emailing a customized report on a specific day of each period?
Scheduled – Reminder - Unscheduled
What are the 3 recurring transaction template types?
The report totals all debits and credits and is used to identify any recording errors. It is often prepared towards the end of the accounting period after numerous entries have been posted.
What is the purpose of the 4th step in the accounting cycle - the Trial Balance report?
Set Privacy Mode in QBO
How do you prevent unauthorized people from viewing your screen?
typically has a physical form and is reported on the balance sheet as property, plant, and equipment (PP&E)
What is a “Fixed Asset”?
assembles a package of professional looking reports for presentation to executives, business partners and others
What is the benefit of the management reports package in QBO?
GEAR>Lists>Recurring Transactions>Template Type dropdown
Where do you go to select Recurring Template Type - Scheduled - Reminder - Unscheduled?
1. Financial Transaction
2. General Journal
3. General Ledger
4. Trial Balance
5. Financial Statements
What are the steps in the Accounting Cycle?
Ctrl+ALT+?
What is the key combination to display a list of QBO shortcut keys?