Budgeting
You track your____________ to see where your money goes
Expenses
Under what menu would you create add a custom logo for your business in QB?
Company Settings, company name
What is the field on the top left of an invoice that you are prompted to enter?
Add Customer
Things a business owns
Assets
Where would you go to add a line for tips on your invoice?
Settings sales form content menu and edit
What is 50/30/20?
A budget rule that states that you should spend up to 50% of your after tax income on needs and obligations the remaining half should be split between savings and debt repayment (20%) and 30% for wants
What can you create from an estimate?
Invoice
When is a credit memo used?
When a customer wants credit instead of a refund
Money a business owes
Liabilities
What can you do if you want your bookkeeper to access your quickbooks account?
Go to main menu settings icon and select manage users
Your amount of income after taxes are taken out
Your net income
To identify the top selling products for the last month, what would you run?
A report (a sales report)
What is one way to create an invoice?
Click the plus icon on the top left and select invoice
Money earned by the business
Revenue
What section under bank transactions would you select to see and approve all transactions?
Reconcile
Difference between profit VS revenue
Revenue is the money a business earns by selling a product or service, and profit is the money your business keeps after all the expenses involved in generating that income.
Where would you go to process a refund?
Sales tab, find original invoice, click to open, select create refund
Where can you go to find accurate videos for steps in QB online
Quickbooks youtube channel
Costs incurred by the business
Expenses
What menu item would allow you to scroll down to see charts of your status?
Dashboards
The formula for calculating net income is
Revenue – Cost of Goods Sold – Expenses = Net Income
How is your sales tax rate configured?
Using your zipcode on your business address
Money that you owe to creditors and vendors, which are listed as liabilitiesbecause you are required to pay
Accounts Payable
What must you enter on an invoice or sales receipt for it to add up the total amount due?
The product or service information