ACCOUNTING 101
What is the fundamental accounting equation?
Assets = Liabilities + Owners Equity
How do you make a column on a report wider?
Click on three dots to the right of the column and drag it to the right
Steps to display TERMS on an invoice template when printed
Undeposited Funds account
An account used to record checks you wrote that have not been deposited by your vendors yet.
Customers received goods and paid in full.
Sales Receipts
Business transactions are recorded in a
General Ledger
How can you open a QuickBooks report in Excel?
Click the excel button on the top of any QuickBooks reports
Forms that CANNOT be memorized
Bill Payments
Paychecks
Receive Payments
Identifies the version and release of QuickBooks that you have
F2 Key
You want to remind your customers about outstanding invoices.
Statement
What is the equation for a Net Income or Net Loss?
Revenue - Expenses = Profit/ Loss
How do you display a group of reports?
Click the reports menu and select process multiple reports
This form template cannot be customized in QuickBooks
Check
Editions of QuickBooks that supports multiple users
Premier and higher
Stephanie has to set up and item for shipping.
What item type should she use?
Other Charge
What is the difference between Cash vs Accrual?
Cash basis method is recognized when money is received. The accrual basis method is recognized when sale is made immediately.
How do you import changes to an existing excel report?
Step 1:
Open the original report & Click export
Step 2:
Click the advanced tab & select import last exported report
What forms can be memorized?
Journal Entries
Invoices
Sales receipts
Bills
Closing Date
A function used to make sure no one is able to go back and change dates
What two steps do you follow to track accounts payable in QuickBooks?
Enter Bills and Pay Bills
Double entry accounting is
the technique that makes the Accounting Equation work
How do you hide all subaccounts on a report?
Click the collapse button
Steps to customize the customers phone list report
Customize:
Chart of Accounts
A list of every account in the company
a “quick lunch” special that you make by attaching an energy bar to a can soda.
Inventory Assembly