Gmetrix QuickBooks Questions and Answers Already Passed

Gmetrix QuickBooks Questions and Answers Already Passed When you set up a new QuickBooks company, how do you set up a new account that is not on the default list of accounts? You can't add accounts that are not on the QuickBooks default list. Finish setting up and then add the accounts directly to the Chart of Accounts. Why would you restore a data file from the backup file? If the company data file is damaged, if your computer crashed, and if you wish to review the company data from an earlier date. If you choose to remove transactions as of a specific date from the "Condense Data" window, what does QuickBooks do? Removes all transactions while leaving leaving lists, preferences, and service subscriptions intact. Why would you enter a journal entry? To enter depreciation, to correct errors, and for year- end adjustments. When you start a company or are hired as a bookkeeper, it is important to know which edition of QuickBooks you are using. What are the major QuickBooks editions? QuickBooks Online, Quickbooks Pro, QuickBooks Premier, and QuickBooks Enterprise Solutions. What dot he diamonds mean on certain lists? For example, the diamonds to the left of each Customer: Job. You can click on the diamond and move the list entry to a different location on the list. What is the maximum number of names that can be included on the Names lists in QuickBooks Pro or Premier? 14,500 How do you merge or combine two list entries? Rename the unwanted list entry to match the name of the list entry you want to merge into. Suppose you own a company that repairs bicycles. What item type should you use for bicycle repair? Service. Which of the following statements is true concerning items? To create an invoice you must use an item. You can use one item to represent different services or goods. Items allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss. What item type should you use for inventory that you assemble from other items and then sell? Inventory Assembly. What account on the Chart of Accounts is affected when you sell an item? The account you selected when you set up the item. 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? Credit Memo. When you invoice for your time and costs, where does QuickBooks get the billable time or costs? From billable time entered on time sheets and/or