QuickBooks Lesson 4 - Sales and Purchases

Which of the following statements is NOT true about entering and paying bills in QuickBooks?

• If you record the bill in QuickBooks, use the write checks window or check register to pay that same bill.

• You should write a check for a bill using the write checks window or check register first then enter the bill for your records in QuickBooks.

• If you record the bill in QuickBooks, do not use the write checks window or check register to pay that same bill.

• If you use on-line banking in QuickBooks you can't pay bills that you entered in QuickBooks.

Which two steps do you follow to track accounts payable in QuickBooks?

• Enter bills, pay bills

• Pay bills, print checks

• Enter bills, write checks

• File bills, pay bills

What is the quickest way to find an invoice from 6 months ago?

• Click the Help menu, search for invoice by date.

• Click the help and search for the invoice by number.

• Open an invoice and click the find button.

• Click the previous button until you find the invoice.

How do you record a debit card transaction in QuickBooks?

• Setup a credit card type account and name it debit card.

• Open the check register and select debit card from the drop down list.

• Use the write check window for the check register but type debit in the check number field.

• Create a subaccount of your checking account and name it debit card.

Which of the following statements is TRUE regarding how you record a debit card transaction in QuickBooks?

• Set up a credit card type account and name it debit card then use the Enter Credit Card Charges window.

• Set up a new window and choose Debit Card as the type then use the Enter Debit Card Charges window

• Use the Write Checks window or Check Register and type debit in the check number field.

• Use the cash payment window.

Which of the following is a possible reason for a bank reconciliation discrepancy?

• You did not record checks in QuickBooks that are dated after the bank statement date.

• The QuickBooks Balance will never match the banks' balance.

• The beginning balance calculated by QuickBooks does not match last months ending balance.

• The bank reconciliation is on a cash basis instead of the correct accrual basis.

When can you delete a check from QuickBooks without voiding it?

• It is not possible to delete a check from QuickBooks.

• You printed or wrote a check but changed your mind and decided to use a credit card instead.

• You printed or wrote a check but it will never be cashed. Example, the check was destroyed or lost.

• 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.

When should you VOID instead of delete a check?

• You mistakenly printed checks on plain paper.

• You entered the same check number twice in QuickBooks.

• You used the check number but it will never be cashed.

• You accidently entered a handwritten check in QuickBooks but the purchase is actually made using a credit card.

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

• Record a transaction to show that the customer owes you that money but do not update your checking balance until you contact the customer in case they want to pay with a credit card.

• Record a transaction to show the customer owes you the money and that the checking balance has decreased by that same amount.

• Delete the customer's payment from the deposit

• Delete the customer's statement charge from your records

The bank notifies you that a customer's check you have deposited has bounced. The customer did not have sufficient funds to cover the check. What should you NOT do?

• Call the customer and tell him to send another check.

• Delete the customer's payment from the deposit.

• Record a transaction to show the customer owes you the money and the checking balance had decreased that same amount.

• Charge your customer a bounced check fee.