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QuickBooks

Q1. How can you track sick and vacation time in QuickBooks?

Q2. You cannot use the Enter Bills > Pay Bills approach to pay what type of bill?

Q3. What is the easiest way to set up multiple companies, with the same owner, in QuickBooks?

Q4. For whom can you create a password during the Advanced/Detailed Setup?

Q5. In the case of a subscription or monthly fee, what does the batch invoicing process allow you to do?

Q6. When initially setting up a company through the Advanced/Detailed Setup, which information does QuickBooks require you to enter?

Q7. What does setting up fixed assets in QuickBooks enable you to do?

Q8. When would the Expenses tab on a payroll liability check be used?

Q9. Why would you use the Items tab when entering a bill?

Q10. Why is it good practice to use the Bank Deposit screen to record sales not tracked to individual customers?

Q11. You are running your Profit and Loss report and notice it is on a cash basis rather than an accrual basis. How can you correct this to show the correct basis?

Q12. Is it possible to merge two list entries?

Q13. Can you delete a vendor whom you are no longer using from the list?

Q14. Why is setting a closing date in QuickBooks a good practice?

Q15. Why would you clear the Bill Received check box when entering a bill on the Enter Bills screen?

Q16. How do you record a debit card purchase in QuickBooks?

Q17. Which two accounts are typically affected by Payroll Items when using the Payroll feature?

Q18. Why would you use the Items tab when entering a bill?

Q19. You are setting up QuickBooks for the first time for a company that was established in 2001. During the Advanced/Detailed Setup, what should you enter as the start date?

Q20. What feature lets customers know how long they have to pay you?

Q21. During the Advanced/Detailed Setup process, you notice there are some accounts you would like to add to your Chart of Accounts that are not on the default list. What is the easiest way to accomplish this?

Q22. When a customer’s deposit is recorded using the Make Deposits window, QuickBooks creates a behind-the-scenes journal entry that will do what?

Q23. How can you move your QuickBooks Desktop company file, with all of your data, to a new computer?

Q24. How can you display or print a batch or group of reports quickly?

Q25. You just hired your first employee. What are the first two steps in QuickBooks to set up your payroll?

Q26. QuickBooks uses a system called double-entry accounting. What does this mean?

Q27. How do you create a loan in QuickBooks?

Q28. How can you edit a collection letter?

Q29. 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?

Q30. Which QuickBooks feature would you use to compare the net profit for each project you perform for the same customer?

Q31. Your rent is the same amount each month. What is an easy way to pay this?

Q32. 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?

Q33. If you are tracking sales tax in QuickBooks, where will you find the reports needed to pay the taxing authorities?

Q34. Why is it important during payroll setup to enter your deposit frequencies?

Q35. Time Tracking in QuickBooks cannot be used to complete which task?

Q36. What type of data file is used to enter data and transactions?

Q37. Your accountant calls and needs to know which version of QuickBooks you are using. What is the easiest way to find out?

Q38. After creating your Chart of Accounts, you decide some accounts should be subaccounts. How can you make this change?

Q39. A customer pays you in full for your product when they order it. Which form should you use to record this transaction in QuickBooks?

Q40. When entering a journal entry, the debits do not equal the credits. What will QuickBooks do in this case?

Q41. What must you do before using the Pay Bills option in QuickBooks?

Q42. What is QuickReport in QuickBooks?

Q43. After paying a bill in the Pay Bills screen, QuickBooks automatically creates a journal entry behind the scenes that will do what?

Q44. What happens when you void an invoice?

Q45. Your company manufactures widgets that contain multiple inventory items. What is the best way to manage your inventory?

Q46. What does QuickBooks do with net profit at the beginning of a new year?