Worksheetsquickbooks- vanessa pd1
Total questions: 17
Worksheet time: 6mins
your employer asks if you can automate the process of entering the rent check in QuickBooks. How do you answer?
I can’t automate it, but I’ll enter a bill for the annual cost of rent. Each month, I’ll pay one month’s payment against the bill.
Yes, I can do this by creating a memorized transaction for the next 12 months.
I can’t automate it, but each month I can set a reminder in my calendar to enter the rent check into QuickBooks.
Yes, I can do this by making the rent check recurring. I can even tell QuickBooks to stop creating these checks after a certain number of months.
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
in QuickBooks online entering a purchase order for inventory affects which accounts
It affects accounts payable only.
Income and accounts payable are affected.
No accounts are affected because purchase orders are non-posting transactions.
Inventory assets and accounts payable are affected.
when you purchase inventory, which account is increased?
No accounts are affected until inventory is sold
Inventory Asset
Cost of Goods Sold
Cost of Inventory
your boss wants to know if there are any verdue bills. what report would you run to give him this information?
Accounts Payable Aging report
Overdue Bills report
Bills by Due Date report
Open Bills report
where in QuickBooks can you find the status of what you owe to a vendor and when its due
Open Purchase Orders list
Accounts Payable Aging report or the Vendor Balance Detail report
The money bar at the top of the Vendors center
Cash Flow report
where on the expense form do you indicate which account you are issuing payment from
At the top next to the payee
In the Account details at the bottom of the form
On each line of the expense, select the payment account
In the memo field
when should you select your checking account as the payment account on an expense form?
All of the answers are correct
When you are entering a payment made online directly from your bank account
When you are entering a wire transfer directly from your checking account
When you are entering a debit card transaction
what account do you put in the account field at the top of the form
You don’t use this form. Use the Credit Card Charge form instead
The name you used when you set up your credit card account on the chart of accounts (e.g., Visa, Company Credit Card, etc.)
Card Charges which you set up as a Liability type account
Bank account
what does the apps tab do in QuickBooks
Use the Apps tab to find other apps a business needs (or is already using) for their business
Use the Apps tab to link your iOS (Apple) or Android phone apps to QuickBooks.
Use the Apps tab to track customer appointments.
Use the Apps tab to create versions of QuickBooks (Apps) for each user in your company. You (the administrator) can limit the functionality of each app.
how do you track accounts 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
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
Profit and Loss
Cash Flow Forecast
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
which of these reports displays information about your liabilities?
Profit and Loss report
Liability Detail report
Balance Sheet report
Open Liability Balances report
if you have a customized report that you use each month what feature lets you run the report with updated data each month
Save Customizations
Update report
Memorize report
Automate 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.
