Quickbooks Review

Which of the following cannot be entered during the setup of a new company?
a. Company name and address
b. Chart of accounts
c. Trial balance, open balance
d. Checking accounting statement balance

c. Trial balance, open balance

Once the easy step interview is complete, how do you change the company information for the business name, address or phone number?
a. File, open company from the menu
b. File, express start from the menu
c. Company, company information from the menu
d. S

c. Company, company information from the menu

When you create a new company file, Quickbooks asks for your start date. What is the best definition of start date in Quickbooks?
a. The date the company began operating
b. The date you sit down to start the new company file
c. The date you chose to start

c. The date you chose to start recording the financial records in quickbooks

What is the primary reason for setting a closing date in quickbooks?
a. To transfer current year net income to retained earnings
b. To restrict users from deleting, editing or adding transactions to last year
c. To delete prior years transactions
d. To re

b. To restrict users from deleting, editing or adding transactions to last year

How do you identify the version and release of quickbooks you have?
a. Press the F2 button
b. Press the F1 button
c. Click Help and select About Quickbooks
d. Click file menu and select version information

a. Press the F2 button
c. Click Help and select About Quickbooks

Why might you need to restore a company file?
a. The company file on you hard drive is damaged or corrupted
b. The computer's hard drive is damaged
c. You want to review your company's data as it stood at an earlier period
d. all of the above

d. all of the above

You need to restore a company file from a backup. Place the following steps below in the order you would perform them to do this

1. Click the File Menu
2. Choose Open or Restore Company
3. Select Restore a backup copy, click next and follow the steps

Which of the following is true regarding General Journals entries?
a. General journal entries require a good understanding of debits and credit and should not be used by non-accountants
b. Enter a General Journal entry when you are not sure which form to

a. General journal entries require a good understanding of debits and credit and should not be used by non-accountants

Which of the following editions of Quickbooks supports multiusers?
a. Enterprise solutions only
b. All versions support multiusers
c. Premier hirer
d. Quickbooks does not support multiusers

b. All versions support multiusers

You have been asked to move the name of the customer and the customer center from the top of the list to the bottom of the list. How do you do this without renaming the customer?
a. Click to the right of the name then drag the name up or down the list
b.

d. Click on the diamond to the left of the name and then drag the name up or down to the desired location

How do you create an invoice for a customer?

Click "Create an Invoice"
Select Customer
Select Item
Rate
Save & Close

How do you send the customer the invoice- what options does quickbooks offer?

Go to "Send/Ship"
Tab
Print or Email

How do you change the template of an invoice in Quickbooks? While in the Customer Section.

Create an Invoice"
On the Black banner there's a "Template"
and choose one

How do you customize an invoice in Quickbooks?

Create an Invoice"
Formatting tab
Customize data Layout
Layout Designer on the bottom

Can you memorize an Invoice in quickbooks?

Yes, "Create an Invoice"
"Memorize

What is a customer credit memo?

Refund to the customer

What does retain as available credit mean?

Hold the money for the next payment

What does apply to an invoice mean, then what would I have to do?

Customer has to have an invoice open
Credit on invoice
*Reduce what the customer owes you

How do you delete a customer credit memo?

Refunds & Credits"
Choose Customer
"Delete

When should you enter a customer credit memo?
a. To extend credit to a customer, i.e. setup a revolving credit account
b. When customer returns a product that is damaged
c. To record a customer payment against an invoice
d. Only after you issue a debit me

b. When customer returns a product that is damaged

How do you move list entries to different location on the list? For example, Customers.
a. Click to the right of the name and drag the name up or down on the list
b. Right click on the name then select sort by selection
c. You can't use move list entries

d. Click on the diamond to the left of the name and then drag the name up or down the list

Which of the following is NOT true regarding merging entries?
a. Merging effectively combines names on a list
b. Quickbooks allows you to merge an Expense account with an Income account
c. Merging entries effects past transactions
d. You can only merge na

b. Quickbooks allows you to merge an Expense account

How do you move an item around?

Click diamond

How do you merge two items together?

Rename it

Which of the following statements is TRUE regarding items?
a. Items on a truncation do not affect the financial statements
b. When you set up a non-inventory item, Quickbooks assigns the current on-hand quantity to the balance sheet
c. When you purchase o

c. When you purchase or sell an item, the value of the purchase or sales flows to the account and therefore the financial statement you selected when you set up the item

How do you make an item on the item list inactive?
a. Open the item list, click to select appropriate item, then click the activities button and select inactive item
b. Open the item list, click to select the appropriate item, then click the bottom left b

b. Open the item list, click to select the appropriate item, then click the bottom left button and select make item inactive

You are setting up a service item. What happens if you select the box next to this "service is performed by a subcontractor or partner"?
a. Quickbooks provides fields so you can track purchase and sales information for that item
b. Quickbooks automaticall

a. Quickbooks provides fields so you can track purchase and sales information for that item

Your company no longer sells a particular item. You've been asked to make the item inactive, that it, hide it. Place the following steps below in the order you would perform them to achieve your goal

1. Open the item list
2. Click on the item you want to hide
3. Click the item drop-down arrow at the bottom left of the window
4. Select make item inactive

Inventory Assemble

A quick lunch special that you make by attaching an energy bar to a can of soda

Non Inventory Part

You allow customers to buy a handful for dessert. You don't track the number

Inventory Part

Cans of soda and energy bars that you buy in bulk, store on the van and then sell.

Service

Catering by the hour if someone asked you to help with the party

Where do I find reports in Quickbooks?

Reports" on the menu bar

Report Center shows all reports in what kind of view?

Thumbnail size view

How do you open a report?

Click on a category and select "Run"
or
Double click a report to open it

Can I set a date range on the report and what does that mean?

Yes, you can after what you see on the report based on the dates you selected.

How can I change the font on the reports?

Customize reports
Fonts
Numbers
Right Click on the report

How do I customize a report and what all is in this section?

Customize Report
Display
Header/Footer
Filters
Fonts/Numbers

Header/Footer

Report title is found here

How to add or delete a column on a report?

Customize report
Display
Check on or off

What does memorize a report mean? How do I do that?

Memorizes the report (remembers)
Click "Memorize Report

How do you collapse/hide sub-accounts on reports?

Click collapse on the top bar

How do you change the font to be the same on all reports without opening and customizing each and every report in Quickbooks?

Edit
Preferences
Reports & Graphs
Company Preferences
Format

What is the purpose of the Audit Trail Report? Use help to search "type purpose of adult report

Shows every transaction made in the program

Where do you find the Audit Trail Report?

Reports
Accountant & taxes
Audit trials

Why would you run a blank reconciliation report?

To make sure your books match the bank statement

What are the sections on a balance sheet?

Asserts= Liabilities+Owners Equity's

What is on a sales tax liability report? How do I open it?

Taxes you have to pay.
Reports
Vendors & Payables
Sales tax liability

Where can you see a thumbnail sample of each report in Quickbooks along with a description of what the report tells you?
a. Report Menu
b. View Menu
c. Report Center
d. Document Center

c. Report Center

What can you do in the report center?
a. Start the client data review
b. Add reports to Quickbooks
c. Run most reports in Quickbooks
d. Delete reports in Quickbooks

c. Run most reports in Quickbooks

How do you display a group of reports?
a. Click the reports center icon then click the process multiple reports button
b. Click the reports menu then select process multiple reports
c. Click the file menu then click multiple reports
d. Click the multiple

b. Click the reports menu then select process multiple reports

How do you customize report, i.e. change the information Quickbooks displays, change the title etc.
a. Click the customize report button on the report
b. Double click on the report element you want to change
c. Click the modify report button on the report

a. Click the customize report button on the report

Suppose you always want all reports to show a specific size and color, how do you set the standard or preference in Quickbooks so you don't have to customize each report?
a. You must customize each report individually
b. Click the Reports Menu and select

d. Click the Edit Menu and select preferences then click the reports and graphs group to set you report preferences

If you have a customized report that you use each month, which features lets you run the report with updated date each month?
a. Update Report
b. Memorize Report
c. Automate Report
d. Customize Report

d. Customize Report

How do you make a column on a report wider?
a. Right click on the column and select column width, enter the appropriate amount and click OK
b. Click the Format Menu, select column width and enter the appropriate amount and click OK
c. Click the diamond to

c. Click the diamond to the right of the column and drag it to the right

Why would you hide or collapse subaccounts on a report?
a. You cannot hide sub accounts on a report
b. To send the report to excel it must be collapsed
c. Can only email a report that is collapsed
d. To temporarily hide unnecessary detail and hide parent

d. To temporarily hide unnecessary detail and hide parent accounts

What is the purpose of an Audit Trial Report?
a. Track attempts to access restricted areas
b. Track any changes and deletions to transactions and track which user makes the change or the deletion
c. To prepare the books for an accounting item or forms aud

b. Track any changes and deletions to transactions and track which user makes the change or the deletion

When you run a profit and loss on the accrual basis what does Quickbooks include as income?
a. All sales entered with accrual journal entry
b. All sales except statement charges
c. All sales
d. Only sales for which you have been paid

c. All sales

You sent a Quickbooks report to Excel and made some changes. How do you import those changes back into Quickbooks?

You can't import it back. You can only import info to excel.

How do you merge two vendors accounts together?

Change the name of someone you don't want and change it to someone elses that you want to merge.

Which of the form templates cannot be customized in Quickbooks?
a. Checks
b. Invoice
c. Purchase Order
d. All of the above

a. Checks

Sales Order

Customer wants the goods but you don't have any available right now.

Invoice

Customer received goods and services but hasn't paid yet

Estimate

Customer is thinking about buying but hasn't decided for sure yet.

Statement

You wanted to remind a customer about the outstanding invoices they still owe you

Sales Receipt

Customer received goods and paid in full

Which two steps do you follow to track accounts payable in Quickbooks?
a. Enter bills, pay bills
b. Enter bills, write checks
c. Pay bills, print checks
d. File bills, pay bills

a. Enter bills, pay bills

What is the undeposited funds account in Quickbooks?
a. An account used to record unpaid invoices
b. An account used to remove bounced checks
c. An account used to record payments you've made that have not been deposited yet
d. An account used to records

c. An account used to record payments you've made that have not been deposited yet

Which of the following transactions CANNOT be memorized?
a. Check
b. Invoices
c. Bill payments
d. Bills

c. Bill payments

How do you record debit card transactions in Quickbooks?
a. You don't set up a debit card at all
b. Use the write checks window, enter the check and write debit in the check number field
c. Open the check register and select debit card
d. Create sub accou

b. Use the write checks window, enter the check and write debit in the check number field

When can you delete a check from Quickbooks without voiding it?
a. It is not possible to delete a check from Quickbooks
b. You printed or wrote a check but it will never be crashed. Example, the check was destroyed or lost
c. You printed or wrote a check

d. You entered a check in quickbooks but haven't printed it yet. You realized the purchase was actually made using a credit card. The check was never really used.

The bank notified you that a customers check you deposited has bounced. The customer did not have sufficient funds to cover the check. What should you do?

Record the transactions to show that the customer owes you the money, but do not update your checking balance until you contact the customer in case the want to pay with another method (credit card, transfer, etc.)

You are purchasing something with a debit card. Place the following steps in order you would perform them in quickbooks to record the debit card transaction.

1. Open the Write checks window, type debit in the number field type, who you paid, how much and what it was for, expense account
2. Choose Save and Close

What accounts are affected when you enter time into Quickbooks?

None because timesheets are non-posting entries

Quickbooks offers 4 types of payroll options

1. Basic Payroll
2. Enhanced Payroll
3. Assisted Payroll
4. Full Service

What is the end result of payroll setup interview?

Quickbooks has an accurate record of employees earnings and deductions and payroll history and you are ready to create your first paycheck

What steps must you complete to use the payroll center to pay payroll liabilities?
a. Enter General Journal entries to record amounts due
b. Drag and drop liabilities to the payment calender
c. Set deposit frequencies
d. Run payroll forms such as the 9-41

c. Set deposit frequencies

You were hired by a company that has never used Quickbooks for payroll. Place the following steps below in order you would perform them to set up their Quickbooks to pay employees.

1. Start the payroll set up interview
2. Select a payroll service like basic, enchance, advanced or full
3. Complete the payroll set up interview
4. Enter the employees taxes and year to date payroll if necessary
5. Create your first paycheck