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Quickbooks certification questions with
correct answers
you have two customers with the same name. How do you handle this in QuickBooks? Correct Answer-Use a middle initial or other letter in the display name to make one name different from the other You need to set up a new user so they can see reports but can do nothing else in Quickbooks. Put the steps for setting up a user who can only see reports in the correct order. Correct Answer-1. click the Company menu and choose manage users.
- In the manage users screen, click new.
- for user type, choose reports only and click next.
- enter the user's email address and click next
- click the reports tab Your new employer asks about the menu choices at the top of the screen. Select the statement about the menu that is false. Correct Answer-You can create your own menus in the Advanced tab of Account and Settings. the company you work for set up 3 services in quickbooks to record their sales. however, when they run a profit and loss report, all of their sales are reported on one line as services income. they ask you to fix this so the profit and loss displays a separate line for sales of each service. how do you do this? Correct Answer-open the products and services list and edit each service. change the income account to the one you want sales of that service to appear as on the profit and loss. click the also update this account in historical transactions box if you want old transactions to affect this new account.
you invoiced your customer for 5 widgets (inventory parts). your customer returned 3 of the widgets. what's the best way to handle this transaction in QuickBooks? Correct Answer-use a credit memo. on the form, enter 3 widgets. you have a customer who isn't sure they want to do some work they need, but you want to record that they're interested. how do you do that in QuickBooks Online? Correct Answer-Enter an estimate in QuickBooks Online, entering a purchase order for inventory affects which accounts? Correct Answer-No accounts are affected because purchase orders are non-posting transactions. When entering a journal entry, what happens if the debits don't equal the credits? Correct Answer-QuickBooks will not allow you to record the transaction Which of these reports displays information about your liabilities? Correct Answer-Balance sheet report If you have a customized report that you use each month, which feature lets you run the report with updated data each month. Correct Answer-save customizations your company has 2 departments: landscaping and a greenhouse. you'd like to see how your business is doing overall and how each department is doing individually. this means you need to tag each transaction as either landscaping, greenhouse or split to both. what is the best way to set this up in QuickBooks. Correct Answer- Turn on classes and set up the greenhouse and landscaping each as their own class. What account do you put in the account field at the top of the form? Correct Answer-the name you used when you set up your credit card account on the chart of accounts
T or F: because QuickBooks Online is in the cloud, you don't need to manually back it up. Correct Answer-true how do you add custom fields so that they can be used on a sales form? Correct Answer-account and settings > sales > sales form content your employer wants you to create a new QuickBooks company. what information should you know to set it you, because you cannot change it later? Correct Answer-the company's industry Your customer, Donna Comeback, has gone out of business and you will never sell to her again. Put the steps for removing her from the customer list in the correct order. Correct Answer-1. click the customer tab
- edit the customer (donna) you want to remove (donna)
- click make inactive Which of the following is NOT a list in QuickBooks Online? Correct Answer- other names what is one reason not to use a bank deposit or journal entry screen to record sales? Correct Answer-if you record sales through the bank deposit or journal entry screen, the sale will not appear on sales reports. your new employer has been using QuickBooks for 6 months. he's frustrated because none of the sales he enters appear on the QuickBooks sales reports. however, the sales do appear on the profit and loss report. why is this happening? Correct Answer-he's recording sales using the bank deposit screen, journal entry, or directly into the bank register. these screens don't allow him to enter a product/service, which is required for a sale to appear on a sales report.
how do you apply a vendor credit memo to a bill in QuickBooks Correct Answer- when you pay the bill, select the credit you want to apply toward the payment Where in QuickBooks can you find out the status of what you owe to a vendor, and when it's due? Correct Answer-accounts payable aging report or the vendor balance detail report. when should you select your checking account as the payment account on an expense form? Correct Answer-all the answers are correct what is the primary reason for setting a closing date in QuickBooks? Correct Answer-to restrict users from deleting, editing or adding transactions to a closed period, such as a previous fiscal year your boss wants to know where the business stands overall. on the balance sheet, the company has 100,000 assets and 30,000 in liabilities. what is the company's equity? Correct Answer-70, your employer asks if you can automate the process of entering the rent check in QuickBooks. how do you answer? Correct Answer-yes, i can do this by making the rent check recurring. I can even tell QuickBooks to stop creating these checks after a certain number of months how do you search for a transaction in QuickBooks? Correct Answer-Click the SEARCH icon and search by transaction number, amount, or date what happens if you press the ctrl, alt and? keys at the same time? Correct Answer-QuickBooks displays a list of shortcut keys.
Correct Answer-download and use the free QuickBooks online app that's available for IOS and android your boss wants to know if there are any overdue bills. What report would you run to give him this information? Correct Answer-accounts payable aging report Sally the Supplier and Van the Vendor want to buy something from you. What list should you add them to in QuickBooks? Correct Answer-customer you've just been hired as a bookkeeper, and the company's QuickBooks is a mess. there are many list enteries that are duplicates. you decide to merge list enteries to clean up the lists. which of the following statements is true about merging? Correct Answer-you can only merge names from the same type when should you never delete a check? Correct Answer-You printed a check, and the check number has been used. which QuickBooks Online groups have access levels that can be applied to Regular and Custom users? Correct Answer-all, none, or limited when you purchase inventory, which account is increased? Correct Answer- inventory asset which of the following is true about accessing QuickBooks Online? Correct Answer-you can access QuickBooks from almost any browser on any computer with an Internet connection. you need to track your company sales and expenses by department. put the following steps in order for tracking transactions for departments in the correct order. Correct Answer-1. turn on classes in company settings
- create your departments on the class list
- on sales and expense transactions, select the class(es) associated with each transaction
- run the profit and loss by class report you made a sale, and the customer paid the whole amount (they don't owe you anything). to record the sale, you would click the plus icon and select what Correct Answer-sales receipt. enter the sale and payment information and save the transaction. your new employer is confused by the money bar above he insists that more customers are overdue. how can you fix this? Correct Answer-change the customer terms the owner of the business asks you to set up QuickBooks to automatically email him a specific report on a regular basis (e.g, weekly or monthly). how would you do this? Correct Answer-run the report you want to email. click save customizations. select reports and go to my custom reports. select the line of the report on the list and click edit. set the email schedule in this window. your boss asks you to record an order she just placed for some inventory. you haven't received the items yet, and don't owe anything to your vendor/supplier at this time. how would you record this in QuickBooks? Correct Answer-click the global create button and select purchase order. fill out the form and save the transaction. You notice an invoice you entered last month has changed significantly. You didn't make the change. How can you find out who changed it and what they changed? Correct Answer-look at the audit log report
You sent a QuickBooks report to excel and made some changes. How do you import the change in the excel back to QuickBooks? Correct Answer-you can't import changes in excel back to QuickBooks which of the following is true regarding accessing QuickBooks Online? Correct Answer-you can access QuickBooks from almost any browser on any computer with an internet connection. select the statement that is not true Correct Answer-you can import a report from excel back into QuickBooks (as long as you exported the report from QuickBooks originally). when setting up a new QuickBooks account, which of the following is true about the chart of accounts? Correct Answer-it is possible to add more accounts after starting a new company Which lists can you import from Excel into QuickBooks online? Correct Answer- chart of accounts, customers, products and services, and vendors/suppliers what transaction should you enter if a customer returns a damaged product or, in the case of a service, complains so much you decide to offer a refund? Correct Answer-credit memo which of the following is a list in quickbooks online? Correct Answer-chart of accounts you notice the memo field on a transaction (check or credit memo) reads, created by QB online, why would quickbooks create a transaction for you? Correct Answer-you deleted a customer, vendor, or account that had an open balance.
you used your credit card a week ago, but are not happy with your purchase. you return the goods and the supplier refunds the amount directly to your credit card. if you dont have online banking, how do you record this transaction in quickbooks? Correct Answer-click the global create button and select credit card credit/card credit why would a business choose to enter a bill then pay the bill later (requiring 2 steps) instead of just recording the check or expense when paying the bill? Correct Answer-entering a bill and paying it later allows you to track accounts payable You mailed a check to pay your monthly rent. The check was lost in the mail and was never cashed. What should you do with the check in QuickBooks? Correct Answer-void the check what statement is true? Correct Answer-you can enter a sales receipt if the customer field is empty When you invoice for time and costs, where does QuickBooks get the billable time or costs? Correct Answer-quickbooks gets the billable time or costs from billable time entered on the timesheets and/or billable costs entered on checks and bills which of the following is not true regarding merging entries in lists? Correct Answer-quickbooks allows you to merge an expense account with an income account what is the first step you must take if you want quickbooks to automatically email a report? Correct Answer-click save customizations so the report appears under my custom reports
you'd like to change the company address in company settings. what's the first step to open company settings Correct Answer-click the gear icon on the home page what type of account must you have to collapse the profit and loss report Correct Answer-subaccounts your employer asks you to remove a product you no longer sell. how do you do this? Correct Answer-click the gear icon, the click products and services to open the list. click the drop down list to the right of the product you want to remove and select make inactive which of the follwing statements is true concerning products and services? Correct Answer-all answers are correct Sub-customers can make tracking jobs or locations for a particular customer easy. You have a restaurant as a customer that just opened up a brand new location. How do you handle this? Correct Answer-create a new customer and check the option, is a sub-customer You finished entering all the transactions for last year, and just sent the file to the tax preparer. How do you ensure that no one accidently deletes or edits a transaction last year? Correct Answer-set a closing date and password in the advanced tab of the company settings You just set up a new QuickBooks company and your employer needs you to create a chart of accounts. Which of the following is TRUE? Correct Answer- accounts are automatically created based upon your industry type, however you can add more accounts later
one of your customers opens a new location. they want you to perform some work at the new location, and all invoices should go to the original customer. how do you handle this? Correct Answer-create a new customer, check the option "is a sub-customer" and select "bill with parent" You invoice customers a set amount for mowing their lawn each month. Sometimes, you provide extra services like pruning trees or planting flowers that you must remember to add to their monthly invoice. What's the best way to do this if you use QuickBooks? Correct Answer-click the plus icon and select delayed charge. enter the details you want to add to the invoice at the end of the month. next time you invoice that customer, quickbooks opens a list of delayed charges that you can easily add to the invoice your employer asked you to track the service person assigned to each sale. she wants to see their name on the invoice. how can you track the sales person of the sales forms? Correct Answer-navigate to company settings, and in the sales category of settings create a custom field for sales reps. Where on the Expense form do you indicate which account you are issuing payment from? Correct Answer-at the top next to the payee you need to find an invoice, but all you know is the total amount. you can't remember the customer or even what you sold. how can you find the invoice? Correct Answer-press the search icon and search for the specific amount you purchased office supplies online using a company credit card not connected to online banking. how would you record this in quickbooks? Correct Answer-click the global create button and select expense. fill out the expense and select the credit card as the payment account.
