False
Changing a transaction that has been cleared through reconciliation should NOT cause any problems
False
Using a debit card deducts funds from a checking account, which is an asset. This means the debit card normal balance is a credit.
True
Bank Feeds automatically download your transaction history and account balance
True
Each balance sheet account has it's own register
False
It is NOT necessary to indicate the main type of account when creating a new account
False
Deposits are the first step in the cycle if a sale
True
In QuickBooks, there is no limit to the number of credit cards you can use
False
All financial institutions offer bank feed services that integrate with QuickBooks
True
If you use a personal credit card ocassionaly for business purposes, you should NOT enter it into QuickBooks as business credit card
Discrepancies between QuickBooks and a bank statement
What does a reconciliation report show?
Assets
In the Chart of Accounts, what are bank accounts listed as?
Debit the account that is increasing and credit the account that is decreasing
Which statement about transferring funds between two asset accounts is true?
She can click a column heading to sort that column
Rasha doesn't like how her Chart of Accounts is sorted and that she must scroll up/down to find the accounts. What can she do to make it easier to find the accounts she needs?
Funds received through sales are held in Received Payments, and you must move them to your bank account
Which statement about making deposits is true?
credit
A credit card is a liability, so its normal balance is a ...
He entered both a debit card payment and a write checks payment
Adam is entering his utility bill payment into QuickBooks for the first time. In the Enter Bills window he uses a debit card to pay, and then he enters the transaction in the Write Checks window. Later he notices that the expense for the transaction shows
Deleted and voided transactions are recorded and become part of the overall records.
Which statement about deleted and voided transactions is true?
Any of these options
-He can email the reports to himself as PDF or Excel files
-He can export the reports to Excel
-He can save the reports to his computer as PDF files
Wasim is a meticukous record-keeper and has been printing his QuickBooks reports every day, but he's becoming concerned about the cost and overuse of paper. How else could Wasim keep a record of his QuickBooks reports?
assets and liabilities
You can use the Balance Sheet Summary report to check that ... are accurate and in balance
Reconciliation will be quicker because most transactions will have been matched already
Lamar finds reconciling his bank statement with his QuickBooks file at the end of the month too time-consuming. Upon learning that his bank offers a bank feed with QuickBooks, Lamar signs up for the service. How will this change his monthly reconciliation
Doc Center
What QuickBooks feauture allows you to upload, store, and use scanned documents and other files?
Match each report the question it will answer
-Register QuickReport:What are all the transactions in my Checking account involving a specific payee?
-Reconciliation Summary: What checks have not cleared the bank as of the last bank statement?
-Company Snapshot: Where can I see a quick view of my comp
Match each description to its term
-Funds are taken directly from your checking acount: Debit card purchase
-After this you can choose to write a check or enter a bill for the payment: Credit card reconciliation
-Shows transactions that have and have not yet cleared the bank: Reconciliatio
Match each account name to its type
-Retail Product Sales: Income
-Savings:Bank
-Furniture and Equipment:Fixed Asset
-Payroll Liabilities:Other Current Liability
-Owner's Draw:Equity
-Undeposited Funds:Other Current Asset
Deleted and voided transactions are recorded and become part of the overall records
Which statement about deleted and voided transactions is true?