Definitions
Things a company owns.
What are Assets?
What should ever Journal Entry have with it?
What is a detailed note/ description and or an attachment with notes?
At what point should be take care or something that is uncleared in a reconciled account?
When is over 2 months old, or something you know should have already reconciled.
When should ask clients be sent?
When is as close to the beginning of the month as possible?
Where can I find a blank W9?
Where is the AA RBA Admin Folder under documents and references then bookkeeping.
Something that counteracts taxable income.
What is a deduction?
Name 4 accounts that we should be turning on tracking for vendors in.
What is
Contractors, Legal & Accounting, Marketing & Advertising, and Rents.
When should items be in uncategorized accounts, or classes?
What is Never?
How quickly do you need to respond to client emails?
What is in 24hrs?
When in the banking feed, what feature can you use to class multiple transactions at the same time?
What is the update feature?
Things that a company owes other people or company.
What are liabilities?
Name 5 items that can and should be reconciled.
What is Bank accounts, Savings accounts, Credit Cards, Lines of Credit, Payroll, Loans, Lines of Credit, and Income.
What do we always do with owner pay, health insurance and owner expenses?
What is always separate them out?
When should you text clients?
What is When they are unresponsive after a few emails.
When can I go to see all reconciled accounts and their last reconciled date in one place?
What is Report options in Accounting Tools?
The act of making sure whats in Quickbooks matched statements provide by banking or creditors.
What is reconciling?
When should you reach out to the client for a W9 or W9 info when the client adds a new contractor?
When is ASAP?
When clients are using QB for invoicing or bills, what do you need to pay attention to?
What is duplicated transactions, matched invoices and matched bills?
When should you be communicating with clients?
What is Ask Clients, large fluctuations or oddities in financials, or sending out financials. (you can reach out more if you would like throughout the month) Ask clients do not have to be the only time we ask about odd transactions.
How can I quickly see the sum of multiple numbers in Excel?
What is highlight the needed numbers?
The act of accounting when income is earned and expenses are incurred.
What is Accrual method?
What is review accounts involved for accuracy.
I need to set up a new asset that I bought.The total price was $65000. The taxes were $6500 and other fees were $1000. I put a downpayment of $10000, and took a loan out for the rest. Please complete a JE for this transaction.
What is Debit Asset for $55000
Debit taxes for $6500 and fees for $1000
Credit the loan for $62500
What should be be to our clients?
What is Partners?
When doing a journal entry, what would you do to the following to increase them?
Cash, expenses, assets?
What is Debit?