Quickbooks Certification Test

Quickbooks Certification Test How is a credit memo different from a refund receipt? - A credit memo affects accounts receivable What are the non-posting transactions related to sales? - Estimate, Delayed Charge, Delayed Credit What lists can be imported from excel spreadsheets when setting up a QBO company? - Chart of Accounts, Customers, Products & Services, Vendors Which of the following is TRUE regarding your chart of accounts, when setting up a new QBO company? - It is possible to add more accounts after starting a new company. What company information does QBO ask for when you first create a new company? - The industry of business Where is the company settings page found in QBO? - Click the menu at the top right, select company settings. What can you do to filter the home page so that it doesn't display sensitive financial Information? - Turn on the "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-accoutants when entering them. TRUE OR FALSE? When importing your data from desktop to QBO anything that is in your QBO during import will be overwritten. - TRUE Your client users QBO simple start - How many accountant users can they have? - TWO Which of the forms are NOT customizable in QBO? - Checks How are sales reps tracked on sales forms? - Navigate to company settings In the Sales category of settings, create custom field for sales rep. What are 2 options in company settings, for categorizing sales and expenses into different locations & departments of a business? - Classes and Locations How are invoices customized in QBO? - Select company menuCompany menuFrom the menu to the left, click sales & "customize look and feel" save New users are set up with what type of access? - All, None & Limited What transactions can be recurring? - 1. General Journal Entries 2. Checks 3. Expenses What is the primary reason for setting up a closing date in QBO? - To restrict users from deleting, editing, or adding transactions to a closed period, such as as fiscal year. What report contains the sections: Assets, Liabilities, & Equity? - Balance Sheet When reconciling a bank account, which of the following could cause a difference or discrepancy? - One of the transactions you've made does not match the banks records. Which report is also known as an income statement and summaries income & expenses for a period of time? - Profit and Loss Which report tracks changes and deletions to transactions, as well as tracks which user made those changes? - The Audit Log report How can yo tell QBO to email someone a copy of a report on a regular basis? - Select reports, go to my customized reports, select report and click edit, then click "set the email schedule for this group".