QuickBooks Study Guide

Front

What effect does an invoice have on your books?

Back

Invoices increase Accounts Receivable and usually increase income.

Front

Where is the customer's payment recorded when you record a Sales Receipt?

Back

Undeposited Funds

Front

Which statement is True about deleting something from a list (e.g. customer, item, account, etc.)?

Back

You can delete a record from a list if it has no balance, it has not been used and is not linked to anything that has been used.

Front

How can you quickly get rid of the wrong account (Machine Rental) and change all the checks that included that account to now use the correct account (Equipment Rental)?

Back

Edit the unwanted account (Machine Rental). Change the name to match the name you want to merge it into (Equipment Rental). Click Save and Close. Then click Yes when prompted to merge the names.

Front

How do you remove/hide "design" as a choice on future invoices?

Back

From the Menu select Lists > Item List. Select the item you want to remove (design). Then click Item > Make Item Inactive.

Front

Where do you go to change company information, such as business name, address, or phone number?

Back

Select Company > My Company from the menu.

Front

How to create a new company file in QuickBooks while keeping all lists and preferences from the old company file but deleting the transactions?

Back

Create a new company and select Copy Settings from Another Company in the Easy Step Interview.

Front

How do you enter opening balances into a new company file during the set-up process?

Back

There isn't a way to do this during set up. An accounting professional can use Journal Entries and transactions to create opening balances later.

Front

How do you enter a vendor credit in QuickBooks?

Back

Click Enter Bills and then click Credit at the top of the bill.

Front

What form should you use when you buy something with a Debit card?

Back

Write Checks