QUICKBOOKS TEST 37 QUESTIONS AND ANSWERS

You're working in Quickbooks at a coffee shop for a few hours and don't want to share all of your company's financial details with everyone there. How can you fix this? - Answer- Click the Private mode switch on the dashboard to prevent sensitive financial information from being displayed in this window. What is the difference between an Invoice and Sales Receipt? - Answer- An Invoice records a sale and how much your customer owes. A Sales Receipt records a sale and the payment you received (it doesn't track any amount as owed) How do you track Accounts Payable (A/P) in Quickbooks? - Answer- Step 1: Enter a Bill. Step 2: Pay the Bill in the Pay Bills window. 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? - Answer- Void the check. When should you select your checking account as the payment account on an Expense form? - Answer- All of the answers are correct Where in QuickBooks can you find out the status of what you owe to a vendor, and when it's due? - Answer- Accounts Payable Aging report or the Vendor Balance Detail report When entering a journal entry, what happens if the debits don't equal the credits? - Answer- Quickbooks will not allow you to record the transaction. You notice an invoice you entered last month has changed significantly, but you didn't make the change. How can you find out who changed it and what they changed? - Answer- Look at the Audit Log report. A company uses Quickbooks, but they need another program or app to manage all the interactions they have with their customers (this is usually called a customer relationship management or CRM application). They don't want to enter every customer twice (once into Quickbooks and once into the CRM application). What do you suggest they do? - Answer- Use the Apps tab in Quickbooks to find a CRM app. The company that just hired you uses Quickbooks Online. You notice there are many duplicate entries on list, such as the same customer or account entered twice with slightly different spelling. You've decided to merge the duplicates. Which three statements are true about merging list entries? Choose three - Answer- You cannot merge a customer with a vendor entry. You can only merge names from the same Type.