Quickbooks Study Guide Questions and Corrections 2024

Quickbooks Study Guide Questions and Corrections 2024 How do you edit a collections letter? - Answer -Choose COMPANY> PREPARE LETTERS WITH ENVELOPES> CUSTOMIZE LETTER TEMPLATES. What does the term "Double-Entry Accounting" mean? - Answer -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? - Answer -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? - Answer -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? - Answer -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? - Answer - It should always match the opening balance on the paper bank statement. What methods for purchasing can be recorded using the WRITE CHECKS window? - Answer -(ALL OF THESE) Debit Card Purchase Petty Cass Purchase ATM Withdrawl How do you create a memorized group of reports? - Answer -Open the MEMORIZED REPORT LIST and then click MEMORIZED REPORT> NEW GROUP. If you set up and track Sales Tax in QuickBooks, which category of reports contains Sales Tax reports? - Answer -VENDORS and PAYABLES~!~ ~!~ ~!~ Although the taxes are based on sales, you owe the m