WorksheetsTraining #4 and #5
Total questions: 20
Worksheet time: 10mins
Sub-customers can make tracking jobs or locations for a particular customer easy. You have a restaurant as a customer that just opened up a brand new location. How do you handle this?
Create a New Customer and check the option "Is a sub-customer.''
Edit the existing restaurant and select "Add sub-customer."
Create a New Customer and select Customize.
Click the settings icon next to the company name and select Company Settings to turn on the sub-customers preference.
How do you track account payable in Quickbooks?
Step 1: Record a Journal Entry to Accounts Payable.
Step 2: Write a check to pay your vendor/supplier.
Step 1: Enter an Expense.
Step 2: Pay the Expense.
Step 1: Enter a Bill.
Step 2: Pay the Bill in the Pay Bills window.
Enter a check for the Expense.
What is the purpose of the audit log report?
To track attempts to access a restricted area
To track any changes and deletions to transactions as well as track which user makes the change or deletion
To prepare the books for an accounting firm’s audit
To help you perform a year-end audit
You notice an invoice you entered last month has changed significantly, but you didn't make the change. How can you find out who changed it and what they changed?
Look at the Journal of Changes report.
You cannot get this information.
Look at the Audit Log report.
While the invoice is open, click More > Show Prior State.
There are two primary financial statements that summarize the chart of accounts. Which of the following is one of these reports?
Depreciation Statement
Chart of Accounts Summary
Cash Flow Forecast
Profit and Loss
Which report gives you information on your income and expenses for a specific period?
Income and Expenses report
Money In and Money Out report
Profit and Loss report
Balance Sheet report
your boss wants to know where the business stands overall. On the Balance sheet, the company has 100,000 in assets and 30,000 in liabilities. What is the company's equity?
Not possible to know based on these amounts
40,000
130,000
70,000
If you have a customized report that you can use each month, what feature lets you run the report with updated data each month?
Save Customizations
Update report
Automate report
Memorize report
what is the first step you must take if you want quickbooks to automatically email a report?
Set the firewall settings in Company Settings to protect the report data that’s sent by QuickBooks.
Set the report data to Private by selecting Private in the Customize window.
Click Save Customizations so the report appears under My Custom Reports.
QuickBooks can’t automatically email reports. You can set this up in Excel.
what type of account must you have to collapse the profit and loss report
Subaccounts
QuickBooks Online PLUS account
Collapsible Accounts
There is no such thing as collapse
you sent a quickbooks report to excel and made some changes. How do you import the changes back to quickbooks?
Use the Import from Excel wizard in QuickBooks.
You can’t import changes in Excel back to QuickBooks.
From the menu, select Reports > original report name > Import from Excel.
Open the original report and click Export. Click the Advanced Tab and select Import last exported report.
In QBO Plus, entering a purchase order for inventory affects which accounts?
Income and accounts payable are affected.
It affects accounts payable only.
No accounts are affected because purchase orders are non-posting transactions.
Inventory assets and accounts payable are affected.
When would you enter a journal entry?
To enter depreciation
To correct errors (if you have a strong accounting background)
For year-end adjustments
All of the answers are correct
When entering a journal entry, what happens if the debits don't equal the credits
QuickBooks will not allow you to record the transaction.
QuickBooks sends the difference to an adjustment account.
Nothing. QuickBooks records the transaction as is.
QuickBooks asks you what to do with the unequal amount.
What is the primary reason for setting a closing date in quickbooks
To restrict users from deleting, editing, or adding transactions to a closed period, such as a previous fiscal year
To transfer current year net income to retained earnings
To delete prior year transactions
To reduce company file size
Which form cannot be customized in quickbooks?
estimate
sales receipt
invoice
bill
You need to create a recurring invoice. How do you do this in QuickBooks?
Open the transaction form (invoice in this case) and click Make recurring.
From the Customer detail window, select Recurring Transaction from the New transaction dropdown
Click the plus icon and select Recurring Transactions
From the Vendor detail window, select Recurring Transaction from the New transaction dropdown
How do you add custom fields so that they can be used on a sales form?
Products & Services > Custom Fields
Account and Settings > Sales > Sales form content
In the customer record
Account and Settings > Sales > Customize
You need to find an invoice, but all you know is the total amount. You can't remember the customer or even what you sold. How can you find the invoice?
Press the search icon and search for the specific amount.
Open a new invoice form and press the previous button until you locate the invoice.
Go to the Audit log listing for invoices. Scroll down until you locate the invoice that you need to modify.
Press Ctrl+F to search for the invoice.
How do you search for a transaction in QuickBooks?
Press Ctrl+F to open the search window.
Open a new check form and press the previous button until you locate the check.
Click the rotating with clock icon to search for the check by check number, amount, or date.
Click the search icon and search by transaction number, amount, or date
