Accounts are automatically created based upon your industry type, however you CAN add more accounts later

Accounts are automatically created based upon your business type, however you CANNOT add more accounts later

Only accounts with balances need to be added since you can’t adjust these once they’ve been created

You must know all the accounts that need to be added during the set up process since you won’t be able to go back and add accounts later

During setup, click “I have opening balances,” and QuickBooks opens the Enter Opening Balances screen for you.

In the Chart of Accounts setup screen, click Enter Opening Balances and enter account-opening balances there.

It’s not possible to enter opening balances into QBO. You should choose a start date that doesn’t have any opening balances.

You can enter opening balances using a Journal entry or directly entering them into account registers. However, this is not recommended for non-accountants. You can enter open invoices to record the balance owed to you (Accounts Receivable) and open bills to record what you owe (Accounts Payable).

QuickBooks allows you to merge an expense account with an income account.

Merging effectively combines names on a list.

You can only merge names of the same type.

Merging entries affects past transactions.

When setting up the second name, click the “Generate unique identity” checkbox.

Make sure the customer number is different.

Use a middle initial or other letter in the display name to make one name different from the other.

As long as the address is different, you don’t need to do anything.

click the customer tab

click make inactive

click batch actions >delete

click the checkbox next to the customer's name(Donna)

edit the customer you want to remove(Donna)

click the x next to the customer you wan to remove(Donna)

click make inactive

click batch actions > delete

click the customer tab

You created the transaction on the mobile app.

You deleted a customer, vendor, or account that had an open balance.

QuickBooks never creates transactions unless you confirm or approve them

QuickBooks doesn’t create transactions automatically unless you set up a recurring transaction.

It will delete any customer, vendor, or account that you inactivate.

QuickBooks doesn’t create transactions automatically (unless you set up a recurring transaction).

If you delete a customer, vendor, or account that had an open balance, QuickBooks will create an adjusting entry.

QuickBooks will only create a transaction for you with your approval.

Other Names

Customers

Employees

Vendors

Other Names

Chart of Accounts

Items

Subcontractors

You CAN enter a Bill if the Vendor field is empty

You CAN enter a Sales Receipt if the Customer field is empty

You CANNOT enter a Sales Receipt if the Customer field is empty

You CAN enter an Invoice if the Customer field is empty.

QuickBooks gets the billable time or costs from billable time entered on bills and checks.

QuickBooks places a “Time/Costs” stamp on the invoice, but you must manually enter the line items on the invoice.

QuickBooks gets the billable time or costs from billable time entered on timesheets and/or billable costs entered on checks and bills.

QuickBooks gets the billable time or costs from payroll costs/expenses marked as billable on paychecks.

Set the due date on the next invoice you enter for the customer. After that, QuickBooks will remember.

You have to set this on each invoice you enter for the customer.

Select the checkbox next to Due in 30 days.

Set the customer’s Terms to Net30.

It hides the values displayed for profit and loss, bank accounts, and other sensitive financial information.

It creates a firewall around your QuickBooks so that your data can’t be accessed from other computers or apps.

Nothing. There is no Private mode in QuickBooks.

It turns off the ability to add additional users.

Admin, Billing Supervisor, Sales Rep, and Payroll Supervisor

Owner, Manager, Employee, and Subcontractor

Accountant or Non-Accountant

All, None, or Limited

Chart of Accounts, Customers, Reports, and Recurring Transactions

Locations, Classes, Products and Services, and Vendors

Chart of Accounts, Customers, Products and Services, and Vendors/Suppliers

Transactions, Billable Expenses, Reports and Chart of Accounts

Your QuickBooks goes into private mode so no one can see your sensitive financial data.

QuickBooks displays a list of shortcut keys.

QuickBooks refreshes all data from apps and mobile devices.

Nothing happens.

Press F1 and the setting icon.

From the Edit menu, select View Shortcuts.

Press the Ctrl, Alt, and “?” keys at the same time.

You can only do this from QuickBooks Online Accountant.

False

True

You must use Internet Explorer.

QuickBooks cannot be accessed on a Mac operating system.

Once you access QuickBooks from a browser, you must use that browser every time.

You can access QuickBooks from almost any browser on any computer with an Internet connection.

Company Menu > Stock > Enable Stock

Company Menu > Track Stock

Company Menu > Company Settings > Sales > Products and services > Track stock quantity on hand

Company Menu > Products and services > Track quantity on hand

No accounts are affected until inventory is sold

Inventory Asset

Cost of Goods Sold

Cost of Inventory

Open Purchase Orders list

The money bar at the top of the Vendors center

Accounts Payable Aging report or the Vendor Balance Detail report

Cash Flow report