QuickBooks Online Exam with Complete Solutions

QuickBooks Online Exam with Complete Solutions Can a Profit and Loss show profit when there's no money in the bank? If yes, why? Yes because your customers haven't paid you yet What are the major parts of the Balance Sheet? assets, liabilities, and net worth or equity What part of the balance sheet would Accounts Receivable fall under? assets Should users make journal entries without the help of an accountant? No because if they don't properly know how to make journal entries you could mess it up How can you hide sensitive info? You turn on the private mode switch. What information does QuickBooks not require when setting up your account? Service items and inventory items Why does QuickBooks ask your industry when you are setting up your account? So it can set up a chart of an account and you can't change industry type later Is it possible to edit a chart of accounts once it is set up? Yes it is possible How do you find Company settings? The gear button on the top right hand side How do you hide sub -accounts? Collapse Standard user this customizes a user's access rights. Company admin these users have all access rights within QBO and other services your company is subscribed to. Reports only read only access Time tracking only see special versions that contain only time sheets and time reports for themselves. Have no access to any other features. Accountant every company is allowed one Accountant user. What does setting a closing date do? Summary of information of activity from clients and deadline that benefits both you and the customer. Can you change your industry after you've set up your account? NO Your company already has info on Excel. What can you import from Excel into QuickBooks? You cannot import changed from Excel to QBO. You can only import lists from excel into QBO includes, customers, products and services, and charts of accounts. How do you add a vendor to a customer list? Select Vendors from the Expenses tab. Then click the drop -down arrow next to the new vendor. Select import vendors and fill out the necessary information. Which lists are built into QuickBooks? (Classes, Items, Price list, Other names)