Quickbooks desktop questions
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Quizack worked hard to make sure you could learn the most recent and popular Quickbooks questions. For you, Quizack has prepared the best interactive MCQ engines. So that you can learn quickly and efficiently without having to worry about anything. Where does QuickBooks get the billable time and costs information when you invoice for time and costs? What does QuickBooks do with net profit at the beginning of a new year? Your company manufactures widgets that contain multiple inventory items.
What is the best way to manage your inventory? What happens when you void an invoice? After paying a bill in the Pay Bills screen, QuickBooks automatically creates a journal entry behind the scenes that will do what? What is QuickReport in QuickBooks?
What must you do before using the Pay Bills option in QuickBooks? When entering a journal entry, the debits do not equal the credits. What will QuickBooks do in this case? A customer pays you in full for your product when they order it. Which form should you use to record this transaction in QuickBooks?
After creating your Chart of Accounts, you decide some accounts should be subaccounts. How can you make this change? Your accountant calls and needs to know which version of QuickBooks you are using. What is the easiest way to find out? What type of data file is used to enter data and transactions? Time Tracking in QuickBooks cannot be used to complete which task? Why is it important during payroll setup to enter your deposit frequencies? If you are tracking sales tax in QuickBooks, where will you find the reports needed to pay the taxing authorities?
Each partner in a company is compensated based on the net profit of the work they manage. Which QuickBooks feature would you use to track each partner’s net profit? Your rent is the same amount each month.
What is an easy way to pay this? Which QuickBooks feature would you use to compare the net profit for each project you perform for the same customer? Last month you successfully reconciled your checking account, but when you try to reconcile this month, the beginning balance calculated by QuickBooks is different from the beginning balance according to the bank.
What might have happened? How can you edit a collection letter? How do you create a loan in QuickBooks? QuickBooks uses a system called double-entry accounting.
What does this mean? You just hired your first employee. What are the first two steps in QuickBooks to set up your payroll? How can you display or print a batch or group of reports quickly?
How can you move your QuickBooks Desktop company file, with all of your data, to a new computer? When a customer’s deposit is recorded using the Make Deposits window, QuickBooks creates a behind-the-scenes journal entry that will do what? What is the easiest way to accomplish this? What feature lets customers know how long they have to pay you? You are setting up QuickBooks for the first time for a company that was established in Which two accounts are typically affected by Payroll Items when using the Payroll feature?
How do you record a debit card purchase in QuickBooks? Why is setting a closing date in QuickBooks a good practice? Is it possible to merge two list entries? When would the Expenses tab on a payroll liability check be used? In the case of a subscription or monthly fee, what does the batch invoicing process allow you to do? What is the easiest way to set up multiple companies, with the same owner, in QuickBooks?
When closing out the company’s book for the year, which report is a must have? QuickBooks is driven by which of the following? When should you enter a customer credit memo? How should the checking account be set up in QuickBooks? The best method for tracking a customer’s prepayments, deposits or down payments in QuickBooks is:.
Which payment options does QuickBooks support? Which is a common reason s to use a journal entry? Using items helps a bookkeeper by:. When entering a partial payment from a customer, which item should you use? In which window do you enter a new customer? What is the extension for QuickBooks? When invoicing a customer who requires sales tax, which of the following must be done? Estimates are created in QuickBooks when:. Bill would like to create an invoice for his customer.
When should he process the invoice? First two steps to set up payroll in OuickBooks? How to ensure that an invoice detail appears on a customer statement? Progress Invoicing allows you to do which of the following?
To create a service item. What is equity? Which of the following options should they choose? Lisa is reviewing her company’s sales tax liability report and notices a variance between sales tax liability and sales tax payable on the balance sheet.
How should she make adjustments to correct the sales tax liability account? Sandy, who is a bookkeeper, needs to setup a Subcontractor item in the Chart of Accounts. Which list should she use? Double clicking the diamond on the report column will trigger which of the following actions?
Which account does not have an account register? The Cookie Company would like to value their inventory. Which method in QuickBooks Enterprise should be used? Creating a credit memo in QuickBooks allows you to do which of the following? The keyboard shortcut for Quick Report is:. What will be a possible bank reconciliation discrepancy? Suppose you are a bookkeeper with Tom’s Consulting Services; he has asked you to perform a month-end bank reconciliation.
All transactions have Cleared and balanced with your bank statement; however, there are some minor discrepancies. What could be affecting the variance? The accounts payable manager needs to know which payables are due in QuickBooks.
What is the best option? In order for QuickBooks to calculate payroll. Which are payroll item type s? How to remove an accountant from QuickBooks? In QuickBooks, cleared checks can be verified by which of the following? Which statement will be an appropriate use for a journal entry?
Quickbooks desktop questions –
Level 2. Thank you. Meghan Solved! Reply Join the conversation. Best answer October 06, Best Answers. QuickBooks Team. Quickbooks Desktop Pro Questions Good evening, meghanhumenik! Level Quickbooks Desktop Pro Questions Thank you so much for your response! Thank you again for all your help! Use My Existing Payroll Service. Select Open , then select Next. Quickbooks report question. Quickbooks Desktop Pro Report Memos.
Quickbooks Desktop Pro Not starting. Welcome back to another handy resource guide from Kiala all about quarterly Read more. Welcome back to Quick help with QuickBooks. Exporting to excel would help in manipulating the numbers, search and find the data, creating graphs, statistical analysis etc.
Ans: The following are the new features that have come up in QuickBooks R3. Ans: The following is the process that will enable you to open two different company files at the same time in QuickBooks. Ans: The following are the main terms that you look for when analyzing the financial reports.
Ans: A sub-account in QuickBooks refers to the main account or the parent account. It allows the creation of the additional categories or details within the main category. For example, Airfare and lodging are the sub-accounts under travel expenses.
It also includes additional features and works much faster when used in a multi-user environment. Ans: The QuickBooks can be programmed to repeat recurring transactions by using the Maximize reports option.
All the items will be represented under one account. They are usually used on transactions such as invoices and purchase orders. ACCOUNTS: Accounts are the categories in which the transactions are organized and reported into financial reports such as balance sheet, profit and loss. Some of the accounts include balances calling them as accounts receivables or account payables while some of them report information over a certain period such as expenses and income.
Quickbooks Interview Questions. Become a Certified Professional. Let us have a quick review of the QuickBooks interview questions.
Give a brief idea about QuickBooks? Explain the process of importing the files in QuickBooks? Select the upload file option in the menu and upload the file. Select the file along with the spreadsheet that has the expense you want to import. Select the QBO quantity as an expense Setup the mapping of the columns required by mapping the fields to the QuickBooks Click import and the expenses will be automatically added to the QuickBooks.
List the products that are available in QuickBooks? What are the new features available in the QuickBooks ? Ans: QuickBooks version is developed with advanced features that are listed below: Pinned Notes Availability: Allows the option to pin the notes associated with the vendor, employee, customer.
The note will be displayed whenever you select the subject as and when required. Update reminders window: This window helps in reminding the users regarding the to-do and the due transactions that are pending as of the current day. New report formatting: This new report formatting helps the users to understand the information and read quickly.
Multiple categories are representing the top-level categories with grey, low level with shaded beige and total with shaded light grey. Income tracker upgrades: This option in QuickBooks helps us in tracking the number of invoices, customer payments. Also represents the box for expenses and unbilled time.
Why do you think QuickBooks self-employed will need the user bank login information? List out the features of QuickBooks documents? How will QuickBooks help in managing the products and the inventory? Few of them are listed below: Inventory valuation summary: It includes critical information about the inventory like the in-hand quantity, value, average cost for each item in the inventory. Inventory valuation detail: It includes the transaction that every inventory item is interlinked and also includes the information of the affected quality in hand, value and the cost.
Sales or service summary: It gives the summary of the sales of each item present in the inventory. This information includes the amount, percentage of sales, quantity and price.
Sales by product or service detail: It includes the information about the sales for each item or product like the rate, quantity-on hand, total, transaction type, amount. Explain the process of checking for duplicate invoice or sales receipt in QuickBooks? Ans: The following are the below steps to be followed to check the duplicate sales: Select the transactions option followed by Sales Click on the number column to sort it After the Sales file information populates, the numbers will be represented in ascending and descending order Check for the duplicates.
List out the different options or components that reconciliation reports include? Ans: The following are the different components that reconciliation reports include: Journal: It represents the transactions happened during a given period and are separated into credits and debits.
General ledger: It includes the transactions that took place over a specific period from each account, respectively. Recent transactions: It includes the transactions that have taken place since the last four days. Balance Sheet: It includes the assets, liabilities and equities Transaction list with splits: Represents each transaction with its associated split lines.
How to delete the journal entries in QuickBooks? Go to the Company option in the menu and select Make Journal. Click on either previous or next till the journal entry that you like to delete appears on the screen. Select the edit option available and select delete journal. This will delete the journal from the QuickBooks. Is there any option to set a reminder for overdue invoices? If yes, give the steps to be followed to set up the reminder?
The steps to be followed to set up the remainder are listed below: Select the Company option, followed by Reminders. Set the references tab. Click on the company preferences tab and select Show list for the invoices overdue.
Specify the number to be notified for the overdue invoices before they reach their given due date. What are the different components or options that Accountant reports include in QuickBooks? They are: Transaction list by date Trial balance Account listing Transactions detail by account Profit and loss statement Recent automatic transactions Cash Flow statement.
How do you enable security to the QuickBooks Self-Employed account? QuickBooks Interview Questions. Get Trained And Certified. And many new customers are getting added each year. Around 83, companies are using QuickBooks. QuickBooks Online got a rating of 4. According to payscale.
What are the main features of QuickBooks documents? What are the reconciliation reports, and what do they include? How can QuickBooks be helpful in managing products and inventory? Mention some uses of QuickBooks. What are the benefits of using QuickBooks? List some competitors of QuickBooks. QuickBooks Interview Questions for Freshers: 1. What is an accounting equation? What is displayed in Accountant Reports in QuickBooks?
Explain the difference between Accrual and Cash Basis. What is meant by Sub-account? And what is its use? A sub-account is a part of the main or the parent account only. What are the two main reports in QuickBooks? What is the difference between them? The two main reports in QuickBooks: The profit and loss statement includes the income, expenses, and net profits income expenses for a specific period.
The balance sheet includes assets, liabilities, and equities on a specific date. Assets are always equal to liabilities plus equities. What are the main account types in the chart of accounts of QuickBooks? Mention the difference between a customer transaction detail report and a custom summary report.
A customer transaction detail report contains itemized transactions, that is, line by line and transaction by transaction. A customer summary report contains totals for a particular account- for vendors or customers.
Explain step-by-step the process of deleting a journal entry. Move to the journal that you would like to delete.
Explain the differences between accounts and items. In QuickBooks, is the tax on your income calculated by a self-employed version of QuickBooks? Yes, the tax on our income is calculated by a self-employed version of QuickBooks. What is meant by the Un-deposited Funds Account?
What do you do to repeat a recurring transaction in QuickBooks? Mention the requirements for analyzing a financial report. QuickBooks Interview Question for Experienced: 1. Balance sheet: It specifies the assets, liabilities, and equities. Journal: It chronologically displays the categorized transactions into credits and debits.
Ledger: It displays the total transactions for all the accounts consolidated in a single place. It helps to verify if credits are equal to debits. Transaction list with splits: It shows the transactions along with their split lines. Scorecard: It is used to compare the company’s performance profitability and sales growth with that of other companies.
Recent Transactions: The transactions made within the last 4 days are displayed here. Explain how a QuickBooks server can be set up to host multi-user access. Follow the given steps to install a multi-user network for the QuickBooks desktop: Open the QuickBooks desktop software.
Click on the File menu From the list, select the Multi-user mode. Follow the given steps to switch between modes: Go to the File menu. Select the Multi-user mode. Explain the difference between the cost of goods sold and the operating expenses. What does it mean by an Advanced QuickBooks User, in your opinion? What is meant by having negative inventory? What can be done to Troubleshoot Inventory Issues? Negative inventory occurs when we sell the inventory that we don’t really have.
Where do the values “beginning balance” and “ending balance” come from when reconciling a bank account? Why is bank reconciliation considered necessary?
Quickbooks desktop questions –
Ans: QuickBooks cloud refers to the hosting or the QuickBooks data that is stored on the web server. Business Intelligence Expand child menu Expand.
Quickbooks desktop questions
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