accounting

When you pay a bill using a debit card, the bank account _____ while the expense account ________.

decreases, increases

After this, write a check or enter a bill for the payment.

Credit card reconciliation

what is a center?

Where transaction and contact information are consolidated

simple start

cash based service business

essentials

needs recurring invoices or accounts

plus

has inventory with FIFO valuation

advanced

has more than 250 accounts

What accounting method records income when it's received and records and expense when it's paid?

Cash

What accounting method records income when sales are made and records expenses when the obligation is incurred? \** Same time period; when transactions occur

Accrual

For privacy, customer information is not accessible.

false

Located at the top of the Navigation bar, what does the +NEW button do?

Opens a menu of transactions grouped by customers, vendors and employees

In what QBO subscriptions can you prepare and print 1099s?

Plus and Advanced

Why is it important to properly set up the Products and Services List?

to automate accounting and ensure the creation of links to the appropriate detail and summary reports.

Why can't you merge an income account with an expense account?

You can only merge accounts that are the same type.

Historical transactions typically include a combination of summary totals and individual transactions

True

Historical transactions are tricky so avoid entering journal entries with them

False

A product/service is linked to

At least one account in the chart of accounts

Opening balances are entered

as a journal entry or directly into the account register

Which accounts in the chart of accounts cannot be inactivated

preset accounts by those linked to to other features

action menu

the right-side column on some screens with a drop-down menu of associated actions

Every Friday, Rhonda runs the same five reports in QuickBooks Online. What can she do in the Reports center to make her work a little easier?

Mark the reports as favorites so they appear at the top of the reports center

What lists can you NOT import from Excel into QuickBooks?

Transactions

What is a requirement when recording bank deposits?

Record the exact amount that went into the bank

What menu is used to enter customer payments?

+New

Money bar shows an overview of what?

Undeposited Funds

Use the import Data tool to map your vendors with their associated customers

FALSE

Why shouldn't you record an expense on a journal entry or directly on a bank withdrawal form?

The purchase/expense won't appear on any vendor reports.

Camilla wants to change her Bill form to credit an account other than AP. What do you say?

Default setting can't be changed. Bill form credits AP.

What can you do from the action menu in the vendors list?

Make a vendor inactive

Lamar finds reconciling his bank statement with his QuickBooks file at the end of the month too time-consuming. Upon learning that his bank offers a bank feed with QuickBooks, Lamar signs up for the service. How will this change his monthly reconciliation?

Reconcilation will be quicker because most transactions will be matched already.

What type of accounts can be added to the bank feed

Bank accounts and credit card accounts

Funds in sales are undeposited, need to me moved to bank account

True

1 Match Found means

there is a definite matching transaction

What happens when you pay a credit card balance?

Credit Card Payable Debit and Office Supplies Expense Credit

Funds are taken directly from the Checking account

Debit Card purchase

This compares transactions that have and haven’t yet cleared the bank.

Reconciliation

This shows all asset, liability and equity accounts.

Balance sheet

What type of transaction do you create when using an EFT, online payment or wire transfer to move funds OUT of your account?

Expense

Bank accounts are

assets

“C”

Cleared

An error was made when entering the transaction.

Click the transaction inside the reconciliation, edit it, and continue.

A transaction is missing in Quickbooks.

Add the transaction and then return to the reconciliation.

The bank made an error.

Adjust your balance until the issue is resolved and then reverse the transaction.

\+New menu

Displays a list of categorized transactions

Top-right navigation tools

Include Help, Search, and notifications

Gear icon

Where you can access the Your Company, Lists, Tools and Profile menus

Navigation Bar

Gives access to the various centers.

Migration utility

A tool that assists with importing all data from a Quickbooks desktop to Quickbooks online

Bank

Checking

Income

Service/Fee Income

Long Term Liabilities

Notes Payable

Other Current Assets

Prepaid Expenses

Expenses

Utilities

Edit tool

Manage settings and defaults for sales forms

Online Delivery

Choose how sales forms are emailed

Statements

Set the level of detail shown for transactions

Sales Form Content

Set delivery terms and methods

Products and services

Track inventory and choose columns to display

Messages

Customize emails

This can be done from within a sales form.

Add a new customer

Use the action menu to

create a receipt or invoice

This isn’t allowed. Use the Make Inactive command instead

Delete a customer

Use the Import Data Tool

Use a non quickbooks list

Access the Money Bar in the customers list

See a snapshot of Accounts Receivable