Yeah, I balanced that
What lists can be imported from Excel spreadsheets, when setting up a QuickBooks online company?
Chart of accounts, Customers, Products and Services, and Vendors.
Which accounts CAN be made recurring?
General journal entry
Check
Expense
How do you delete a particular product that you no longer sell?
Click the Company Menu (gear icon) then click Products and Services. Select the product from the list and click delete
How do you record depreciation in quickbooks online?
Hit "add new" go to journal entries. On the first line chose asset account and add the depreciation amount to the credit line. Next on line 2 add your depreciation account and add amount to the debit line and hit save.
To record daily "lump sum" sales, when you aren't tracking sales for individual customers what screen should you use?
The bank deposit screen
Your employer can see what (s)he owes and what's overdue. But (s)he wants to see all the bills that are overdue grouped by how late they are (30-60 days, 61-90 days, etc). Which report provides this information?
Accounts Payable Aging
Available in the company settings, what are two options for categorizing sales and expenses into different locations and departments of a business?
Classes and locations
What does QuickBooks do when you make a customer with a balance, inactive?
QuickBooks creates a Credit Memo and applies it to any open invoices which makes the balance zero
What area on a bill, check or expense should you use to record the purchase of products or services, such as inventory parts?
The item details area
What feature is used to set how long a customer has to pay an invoice?
Terms
What are settings for expenses?
Bills and expenses, purchase orders and messages
What accounts are required for bills?
Accounts receivable and accounts payable
What report contains the sections Assets, Liabilities, and Equity?
The balance sheet
What is the proper procedure for entering a sale in which a customer purchased something from you and paid for the entire balance of the sale right away?
Click the global create button, click sales receipt, and fill out the information for the sale and payment, then save the sales receipt
You suspect that someone is changing transactions in QuickBooks. List the steps to see who has made changes (and what they've changed) in the correct order (you don't have to select all the steps).
Click gear icon then go to the audit log
Which report is also known as an income statement and summarizes income and expenses for a period of time?
Profit and Loss
You can merge an income account with another income account, true or false?
True
How does QuickBooks distinguish which income accounts should be affected when you use a product on a sales form?
When setting up a product or service, you assign the income account. Later when you use the product on sales forms QuickBooks uses that account to record income
Your company has sales reps and you need to keep track of the sales reps associated with each sale. How would you track sales reps on sales forms?
Navigate to Account and Settings and in the Sales category or settings create a custom field for sales rep
Entering a purchase order for inventory affects which accounts?
None, because purchase orders are non-posting transactions
What can you do to filter the home page so that it does not display sensitive financial information?
Turn on "Private Mode" from the home page
You just bought something from one of your customers and want to set them up as a vendor. What steps should you take to do that?
Open the Vendors list and create a new vendor. In the Display Name as Field, enter the customer's name, but add something else to the name to make it unique
When you sell a product or service, the income from the sale flows to the account you selected when you set up the account, true or false?
True
You printed a check from QuickBooks. Before you can send it to your vendor, you spill coffee on it, ruining the check. How do you handle this?
Void the check
How do you change the report basis (accrual vs. cash) for just one report?
Click the customize button on the report and choose Accrual or Cash in the Accounting method area