Quickbooks Study Guide | 90 Questions with 100% Correct Answers | Verified

How do you edit a collections letter? - ANS - Choose COMPANY PREPARE LETTERS WITH ENVELOPES CUSTOMIZE LETTER TEMPLATES. What does the term "Double-Entry Accounting" mean? - ANS - There are always at least two accounts involved in every financial transaction. You suspect that someone has changed a transaction. What report should you run? - ANS - AUDIT TRAIL REPORT ~!~ ~!~ ~!~ The audit trail shows you transactions that have been added, changed, and deleted. It also shows you the original transaction and who changed the transaction, as well as the exact date and time. Which form should you use to enter petty cash expenditures? - ANS - WRITE CHECKS or use CHECK REGISTER ~!~ ~!~ ~!~ Make sure the bank account is a Petty Cash account that you set up (not your actual checking account). How do you set up QuickBooks to automatically use discounts and credits? - ANS - Choose EDIT PREFERENCES BILLS COMPANY PREFENCES, and then select to automatically use discounts or credits. When reconciling your bank account in QuickBooks, what must the beginning balance match? - ANS - It should always match the opening balance on the paper bank statement.