Quickbooks online Questions and Answers 2023

Quickbooks online Questions and Answers 2023 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 of the following is TRUE regarding your chart of accounts, when setting up a new QuickBooks company? It is possible to add more accounts after starting a new company What company information does QuickBooks ask for when you first create a new QuickBooks online account? The industry of the business Where is the Company Settings page found in QuickBooks online? Click the Company Menu at the top right and select Company Settings 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 Which of the following is TRUE regarding General Journal Entries? General Journal Entries require a good understanding of debits and credits and a great deal of care should be taken by non accountants when entering them Which of the following statements about users is TRUE? In addition to Regular or Custom users, you can also set up Reports Only, and Time Tracking only users When importing information from QuickBooks Desktop to QuickBooks online you: Have to import everything, and anything that is in your QuickBooks Online company during the import will be overwritten Which of the following is TRUE regarding merging entries in lists? You can merge an income account with another income account 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 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 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 Which of the following is NOT a list in QuickBooks Online? Other names 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 Which of the following statements is TRUE regarding products and services you sell? When you sell a product or service, the income from the sale flows to the account you selected when you set up the account You are setting up a product or service. What happens if you select the box next to"I purchased this Product?Service from a Vendor"? QuickBooks provides fields so you can track purchase AND sales information In which of the following situations should you use the item Details area on a bill, check, or expense? To record the purchase of products or services, such as inventory parts 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 How do delayed charges affect a customer's balance? Delayed charges have no Affect on a customer's balance Which of the following statements is true regarding Undeposited Funds in QuickBooks? It is an account that holds money from payments until you make a deposit What is a good reason to use the bank deposit screen to record sales? To record daily "lump sum" sales, when you aren't tracking sales for individual customers What feature is used to set how long a customer has to pay an invoice? Terms When creating a statement for customers, which of the following options is NOT available in QuickBooks online? Overdue Balance Statement Which of the following statements is true about entering and paying bills in QuickBooks? If you record the bill in QuickBooks, do not use an Expense or Check transaction to pay that bill In QuickBooks, what is the best transactions method to enter a business lunch paid for with the company debit card? Click the Global Create button and select Expense. Fill out the expense and use Debit card as the payment method Entering a purchase order for inventory affects which accounts? None, because purchase orders are non posting transactions Which of the following statements is true regarding Vendor Credit Memos? Vendor credit memos reduce what you owe the vendor How do you deduct money from an employee's paycheck for health insurance? When setting up an employee, or editing an employee, click to Edit the Deductions and contributions. Then add information for the deduction and it will automatically be deducted during each pay period Entering time in QuickBooks affects which account(s)? None because time sheets are non posting entries How do you enter your new employee's annual salary of $60,000 into QuickBooks? When creating a new employee, under "How much do you pay this Employee?" select Salary,,enter the amount, and select Year How should you pay a Health Insurance Company, after withholding employee funds for this? Click the Global Create menu and select bill, Expense, or Check. In the account detail area of the form, enter the appropriate Payroll liability account, or sub-account. Save the bill expense or 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 Which report shows you how much you owe for sales taxes? Sales for Tax Liability If you have a customized report that you use each month, what feature lets you run the report with updated data each month? Save Customizations How can you tell QuickBooks to email someone a copy of a report on a regular basis? Select Reports and go to My Custom Reports. Select the report on the list and click Edit. Then click "Set the email Schedule for this group" Why would you hide (or collapse) sub-accounts on a report? To temporarily hide unnecessary detail and only show parent accounts Which report tracks changes or deletions to transactions, as well as tracks which users made those changes? The audit log report Which report is also known as an income statement and summarizes income and expenses for a period of time? Profit and Loss When Reconciling a bank account, which of the following could cause a "difference" or reconciliation discrepancy? One of the transactions you've reconciled does not match the bank's records What report contains the sections Assets, Liabilities, and Equity? Balance Sheet What is the primary reason for setting a Closing Date in QuickBooks? To restrict users from deleting, editing, or adding transactions to a closed period, such as a previous fiscal year Which of the following transactions can be made recurring? General journal entry, Check and Expense New users are set up with what level of access All, none, and limited How are invoices customized in Quickbooks online? Select the Company Menu (gear icon), then click Company Settings. From the menu to the left, click Sales, and then, "Customize Look and Feel". Make the changes and save What are the two options in Company Settings, for the categorizing sales and expenses into different locations and departments of a business? Classes and Locations With a single QuickBooks subscription, how many different company files can you track? One