NEW COMPANY SET UP
stores information about a company’s service items, inventory part items, and sales tax.
What is The Item List?
is the total earnings for an employee minus all employee withholdings and deductions.
What is net pay?
This is where you establish a file for each employee and then process payroll transactions
What is the Employee Center?
A check written and recorded by a company that has not yet been paid by the bank is
What is an outstanding check?
a project, assignment, or any identifiable segment of work for a customer called
What is a job?
This window is used to activate the inventory feature, activate the sales tax, and disable the payroll feature.
What is Preferences window?
the total earnings for the employee for a specific pay period before any withholdings and deductions.
What is Gross Pay?
contains a file for all payroll items such as taxes and withholdings affecting the pay computation for the company.
What is the Payroll item list?
the procedure to account for all differences between the company cash account record and the bank statement.
What is Bank Reconciliation?
where time worked by company personnel is entered.
What is the weekly timesheet?
requires the recording of revenues when earned and expenses when incurred regardless of cash receipts or cash payments.
What is accrual accounting?
taxes are imposed on both the employer and employee
What is FICA tax (Social Security) and Medicare tax?
provide the company with valuable information concerning payroll costs, such as gross pay, payroll liabilities and withholding, and employer payroll taxes.
What are Payroll management reports
is the report that displays detailed information for each check written from a specific account
What is the Missing Checks report?
used to track the billable time allocated to the jobs.
What is the time-tracking feature?
entries recorded in the general journal to offset a balance in an account.
What are reversing entries?
displays the payroll item, type, rates, and limits for some of the mandatory taxes, and the expense and liability accounts relating to the payroll item.
What is The Payroll Item Listing report?
to enter pay and tax information both for company-imposed taxes and employee deductions.
What is the Preview Paycheck Window?
reports from the Chart of Accounts List window that displays all activity within an account
What is the Quick Report?
lists the job and the time each employee devoted to it.
What is the time by job summary report?
are not used in an accrual basis of accounting and therefore must be reversed to eliminate them.
What are Uncategorized Income and Uncategorized Expenses accounts
QuickBooks automatically creates two default general ledger accounts: Payroll Liabilities and Payroll Expenses when activated
What is the payroll feature
lists the earnings, deductions, and employer payroll taxes for each employee for a specified period of time
What is the Payroll Summary Report?
Differences between the bank statement and company records that have to be reconciled
What are reconciling items?
Shows the type of revenue earned and the expenses incurred for each job for a specified period of time.
What is the Profit & Loss by Job report?