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A comprehensive overview of various quickbooks features and functionalities related to transactions, reporting, and customization. It covers topics such as managing customer accounts, creating and customizing reports, tracking payroll liabilities, and securing sensitive information. The document aims to equip users with the knowledge and skills to effectively utilize quickbooks for their accounting and financial management needs. It addresses common questions and scenarios encountered by quickbooks users, offering step-by-step guidance and best practices to ensure efficient and accurate record-keeping. The information presented in this document can be valuable for both novice and experienced quickbooks users, helping them optimize their workflow and gain a deeper understanding of the software's capabilities.
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After QuickBooks sets up a chart of accounts in the easy step interview, which of the following is true? - Correct Answer it’s possible to add more accounts later #Assume that QuickBooks is now in single user mode. What does this mean? - Correct Answer only one user can access the data file The bank notified you that a customer's check you deposited has bounced. The customer did not have sufficient funds to cover the check. What should you do? - Correct Answer Record a transaction to show the customer owes you the money and that the checking balance decreased by that same amount #How can you ensure that invoice detail does not appear on a customer statement? - Correct Answer Uncheck the show invoice item detail on statements box in the create statements window #How do you add or delete columns on a report? - Correct Answer Click the customize report button and on the display tab check or uncheck add or remove columns #how do you change text in the header/footer of a report? - Correct Answer Click the customize report button and on the header/footer tab change the name How do you change the report basis, accrual vs. cash for just one report? - Correct Answer Click the customize report button and on the display tab choose accrual or cash How do you move list entries to a different location on the list? - Correct Answer click on the diamond to the left of the name and then drag the name up or down the list #how do you use a different forms template when creating a new transaction? - Correct Answer Open the form, click the templates drop down list and select the appropriate form #how would you track customer birth in QuickBooks? - Correct Answer add a custom field to the customer list **If you have a customized report that you use each month, which feature lets you run the - Correct Answer Memorize report #Name the sections of the balance sheet - Correct Answer assets, liabilities, equity #how do you access the product information window? - Correct Answer Press the F key
Suppose you always want all reports to show a specific size and color. How do you set standard preference in QuickBooks so you don't have to customize each report? - Correct Answer Click the edit menu and select preferences then click the reports and graphs group to set preferences Suppose you want to restrict which users can access customer credit card numbers. How do you do this? - Correct Answer Give the user access to sales and accounts but don't check the checking and credit card #what is the primary reason for setting a closing date in QuickBooks? - Correct Answer to restrict users from deleting, editing, or adding transactions to last year #what is the purpose of backing up in QuickBooks? - Correct Answer to protect against data loss from file corruption or a hard file crash #what is the reason for not being able to delete a list entry? - Correct Answer The entry has been used in a transaction What should you do after you click save & close on a customer credit memo? - Correct Answer Choose between retained as an available credit, give a refund or apply to an invoice **What steps most you complete to use the payroll center to pay payroll liabilities? - Correct Answer Set deposit frequencies #what tool do you use to move your logo to a form? - Correct Answer layout designer #what transaction in QuickBooks should you use if your customer pays you when you provide the goods or services? - Correct Answer Sales receipt #when a transaction is changed, what information does the Audit Trail report provide? - Correct Answer who changed the transaction, and the date/time the transaction was changed #when can you delete a check from QuickBooks without voiding it? - Correct Answer when you have multiple copies of the check When making your payroll tax deposit, how can you add IRS interest and/or penalties? - Correct Answer Click the expense tab and enter the appropriate account and amount of interest and penalties #When should you set up a non-inventory item type? - Correct Answer for something you buy and sell but don't need to track the quantity on hands When should you use the items tab on a bill or check? - Correct Answer when you purchase inventory parts
#which of the following statements is true regarding how you record a debit card transaction in QuickBooks? - Correct Answer Use the write checks window or check register and type debit in the check number field #which of the following statements is true regarding items? - Correct Answer when you purchase or sell an item, the value of the purchase or sales flows to the account and therefore the financial statements you selected when you set up the item Which of the following statements is true regarding deposited funds? - Correct Answer it's an account used to record payments before you make a deposit Which of the following statements is true regarding vendor credit memos? - Correct Answer Vendor credit memos reduce what you owe the vendor #which of the form templates can't be customized in QuickBooks? - Correct Answer checks #what is the required field when creating a new QuickBooks company file? - Correct Answer company name Where can you find the option to add specific icons to the home page? - Correct Answer Company preferences #How many Admin users can you have in one QuickBooks file? - Correct Answer 1 #Which User/s have the capability to change their password? - Correct Answer All users Where can you find the preference that will display your icon in color? - Correct Answer Desktop View, My Preferences What functions does the Layout Designer allow you to do? - Correct Answer add text boxes to your template Can you have 2 of the exact same template names in the Templates List? - Correct Answer No #what type of items are set up to handle bounced checks? - Correct Answer Other Charges When reconciling an account, what would make a beginning balance different from the statement's beginning balance? - Correct Answer a prior reconciled entry was modified or deleted #which Payroll Subscription allows you to prepare State and Federal Payroll Tax Forms within QuickBooks? - Correct Answer Enhanced
#you suspect that someone has changed a transaction. What report should you run? - Correct Answer Audit trial report **How do you create a memorized group of reports? - Correct Answer open the "Memorized report list" then click "Memorized Report -> New group" How do you move columns on a report? - Correct Answer move your cursor over the column heading, and when it becomes a hand, click and drag the column to the desired position What happens if you click "collapse" on a report? - Correct Answer QuickBooks hides sub-accounts and only shows parent accounts When should you use a sales receipt in QuickBooks? - Correct Answer to record a customer payment at the time of sale #what happens if you double-click on a diamond on a report column? - Correct Answer A. QuickBooks opens a detailed report about just that column B. QuickBooks automatically adjusts the column width to fit the data in the column C. QuickBooks hides the column D. None of the Above (CORRECT ANSWER) **You have customized and then memorized a report. What does QuickBooks save when memorizing a report? - Correct Answer Report header, filters, and columns but not that actual transactions #what is the easiest way to organize your memorized reports? - Correct Answer Create a report group **How do you display or print a batch/group of reports quickly? - Correct Answer Choose Reports -> Process multiple reports **Suppose you have a subcontractor who receives a 1099 from your company. Which list should you add them to? - Correct Answer Vendor List You successfully reconciled the checking account last month. This month, when you begin to reconcile the same account, you notice that the beginning balance calculated by QuickBooks is different from the beginning balance according to the bank. How can this happen? - Correct Answer Someone changed or deleted a cleared transaction #what options do you have after you create a credit memo in QuickBooks? - Correct Answer 1) Retain as an available credit
#Your Company has to return some goods to a vendor. How do you record the vendor credit in QuickBooks? - Correct Answer Click enter bills and then click credit on the top of the bill #how do you make a column on a report wider? - Correct Answer click the diamond to the right of the column and drag it to the right #you accidentally enter the same customer twice in the Customer Center. How do you merge these two entries? - Correct Answer Edit the unwanted list entry. Change the name to match the name you want to merge into. Click ok. Then you when prompted to merge the names #Your Company just hired a subcontractor to work 40 hours per week on a job. Which lists should you add this person to? - Correct Answer Vendors #which of the following editions of QuickBooks support multiple users? - Correct Answer All versions support multiple users #what is the quickest way in QuickBooks to find an invoice from six months ago? - Correct Answer open an invoice and click the find button #how do you pay payroll liabilities in QuickBooks? - Correct Answer select the payments you want to make from the pay scheduled liabilities list in the payroll center. Then click view/pay #how do you hide sub-accounts on a report? - Correct Answer click the collapse button #to save time, you want to keep all the lists and preferences and just delete the transactions. How do you do this? - Correct Answer Click the file menu and select Utilities -> Condense data from the menu. Then choose the all transactions option #When you run a Profit & Loss on the accrual basis, what does QuickBooks include as income? - Correct Answer All Sales #which of the following elements on an invoice can you not customize? - Correct Answer the amount of information (characters) you can tripe in each field #what is the deposited funds accounts in QuickBooks? - Correct Answer an account used to record payments before you make a deposit #for each functional area of QuickBooks pro and premier, what levels of the access can you grant to users? - Correct Answer you can prohibit access, grant access, or grant selective access (apply to all transactions) Which of the following CANNOT be entered during the setup of a new company (Express Start or Advanced setup) - Correct Answer Chart of Accounts
What two steps do you follow to track accounts payable in QuickBooks? - Correct Answer Enter Bills, Pay Bills How do you record a debit card transaction in QuickBooks? - Correct Answer Use the write Checks window (or the check register) but type "Debit" in the check number field Suppose you always want all reports to show with a specific font size and color. How do you set this standard or preference in QuickBooks so you don't have to customize each report? - Correct Answer Click the Edit menu and select Preferences. Then click the Reports & Graphs group to set your report preferences Once you've completed the setup of a new company file, how do you change company information, such as business name, address, or phone number? - Correct Answer Select Company: Company Information from the menu Which of the following statements is true regarding single-user and multi-user mode? - Correct Answer to use QuickBooks in multi-user mode, each user must have the same version of QuickBooks on their computer to access the same company file What can you do in the Report Center? - Correct Answer Run most reports in QuickBooks 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 accidentally deletes, edits or adds transaction to last year? - Correct Answer set a closing date and password in Accounting Preferences or from the Company menu When should you enter a customer credit memo? - Correct Answer a customer returns a product that was damaged Which payroll service allows you to print state tax forms? - Correct Answer Standard Payroll How can you ensure that invoice detail does NOT appear on a customer statement? - Correct Answer A uncheck the Show invoice item details on Statements box in the create statement window There are two primary financial statements that summarized the Chart of Accounts. Which of the following is one of these reports? - Correct Answer Balance sheet How do you change the text in the Header/Footer of a report? - Correct Answer Click the Customize Report button on the report and then click the Header/Footer tab Which of the following form templates CANNOT be customized in QuickBooks? - Correct Answer Check