When can you add a Vendor?
At any time by selecting New Vendor in the Vendor Center.
How do you properly record a voided check from a closed accounting period?
Find the Check in the register, select EDIT Menu, and then select VOID CHECK.
T or F?
You can enter bank service charges using Enter Statement Charges.
You CANNOT enter Bank Service Charges using Enter Statement Charges.
What are the two major types of Reports in QuickBooks?
Accounting and Business Management.
You CANNOT create a QuickReport for...
Incorrectly posted entries.
You can create Custom Fields for...
Customers and Vendors.
T or F?
CHECK is an available Template type in QuickBooks.
Check is not an available Template type in QuickBooks.
If you pay sales tax to more than one agency, you should use which of the following Item Types? (Ch.7)
-Sales Tax Group
Sales Tax Group
When in QuickBooks are you allowed to pass through billable expenses to Customers?
If you used a Bill, Check, or Credit Card Charge and assign the Customer or Job to which the Expense applies.
T or F?
Cost of Goods Sold CANNOT be used in the expense tab of a purchase transaction to make expense Billable.
When setting up a Group Item, where do you enter the Sales Price?
The Group Item does not include a Sales Price field.
How do you activate QuickBooks Inventory?
Select the EDIT menu, then select PREFERENCES, then click on the ITEMS & INVENTORY PREFERENCE then click the Company Preferences tab.
Finally, click on the option that activates Inventory.
Which QuickBooks feature allows you to seperate your income and expenses by line of business, department, location, profit center, or any other meaningful breakdown of your business?
How do you display the VENDOR CENTER?
Click Vendors on the QuickBooks Home Page.
Click the Vendor Center icon on the Navigation Bar.
Select the Vendor Menu and the select Vendor Center.
When you find an ERRONEOUS amount on a transaction while reconciling, you correct the amount by?
Double-Clicking on the entry and changing the amount on the transaction.
Selecting the entry in the Reconcile Window, then clicking GO TO and changing the amount on the Transaction.
Which of the columns CANNOT be displayed in the Checks and Payments section of the Reconcile Window?
To create a report that lists each of your vendors along with their address and telephone information.
Display the Vendor Contact List
In order to analyze the profitability of your company, what should you do?
Create a PROFIT & LOSS report
What does the "Customize Report" button do to any Report?
Add or Delete columns or change the accounting basis of the report.
The two types of Preferences are?
User and Company Preferences
If you DON'T see the Favorites menu in your menu bar, you can turn it on in the...
If you want to assign expenses to a Customer: Job, but Do Not want to pass them through for reimbursement, do the following in a purchase transaction:
Assign the Customer: Job, and then click the checkbox in the Billable column to remove the Checkmark.
Which of the following tabs APPEAR in the "Choose Billable and Time" window? (Ch.9)
Items, Expenses, and Time all appear in the "Choose Billable and Time" window.
The inventory asset account...
Increases when inventory is Purchased.
In QuickBooks Pro and Premier, inventory can do all of the following except?
Use the LIFO or FIFO method of determining Inventory cost.
If your vendor ships more than you ordered on a PURCHASE ORDER (an overshipment), which of the following actions would NOT BE appropriate?
You could receive the extra shipment using an Inventory Adjustment transaction.
In an Invoice, you can automatically markup the pass-through Expenses using the Markup Account option. It is available in the "Choose Billable Time and Costs" window under which Tab?
You may record payments to your vendors by?
Recording a manuel entry directly into the check register.
Using Write Checks to write and print a check without using Accounts Payable.
Using Enter Bills to record Accounts Payable and then using Pay Bills to open Bills.
T or F?
QuickBooks records each Bill Payment in a Bank account register (or credit card account register) and the Accounts Payable register.
When the Beginning Balance Field on the "Begin Reconciliation" window DOESN'T match the beginning balance on the bank statement, you should?
Click LOCATE DISCREPANCIES in the "Beginning Reconciliation" window. Click DISCREPANCY REPORT and/or PREVIOUS REPORTS to research what has been changed since the last reconciliation. Then fix the problem before reconciling.