Quickbooks online Questions and Answers 2023
What lists can be imported from Excel spreadsheets, when setting up a QuickBooks online company?
Chart of accounts, Customers, Products and Services, and Vendors
Which of the following is TRUE regarding your chart of accounts, when setting up a ...
Quickbooks online Questions and
Answers 2023
What lists can be imported from Excel spreadsheets, when setting up a QuickBooks
online company? - answer Chart of accounts, Customers, Products and Services,
and Vendors
Which of the following is TRUE regarding your chart of accounts, when setting up a new
QuickBooks company? - answer It is possible to add more accounts after starting a
new company
What company information does QuickBooks ask for when you first create a new
QuickBooks online account? - answer The industry of the business
Where is the Company Settings page found in QuickBooks online? - answer Click
the Company Menu at the top right and select Company Settings
What can you do to filter the home page so that it does not display sensitive financial
information? - answer Turn on "Private Mode" from the home page
Which of the following is TRUE regarding General Journal Entries? - answer General
Journal Entries require a good understanding of debits and credits and a great deal of
care should be taken by non accountants when entering them
Which of the following statements about users is TRUE? - answer In addition to
Regular or Custom users, you can also set up Reports Only, and Time Tracking only
users
When importing information from QuickBooks Desktop to QuickBooks online you: -
answer Have to import everything, and anything that is in your QuickBooks Online
company during the import will be overwritten
Which of the following is TRUE regarding merging entries in lists? - answer You can
merge an income account with another income account
You just bought something from one of your customers and want to set them up as a
vendor. What steps should you take to do that? - answer Open the Vendors list and
create a new vendor. In the Display Name as Field, enter the customer's name, but add
something else to the name to make it unique
How do you delete a particular product that you no longer sell? - answer Click the
Company Menu (gear icon) then click Products and Services. Select the product from
the list and click delete
, What does QuickBooks do when you make a customer with a balance, inactive? -
answer QuickBooks creates a Credit Memo and applies it to any open invoices
which makes the balance zero
Which of the following is NOT a list in QuickBooks Online? - answer Other names
How does QuickBooks distinguish which income accounts should be affected when you
use a product on a sales form? - answer When setting up a product or service, you
assign the income account. Later when you use the product on sales forms QuickBooks
uses that account to record income
Which of the following statements is TRUE regarding products and services you sell? -
answer When you sell a product or service, the income from the sale flows to the
account you selected when you set up the account
You are setting up a product or service. What happens if you select the box next to"I
purchased this Product?Service from a Vendor"? - answer QuickBooks provides
fields so you can track purchase AND sales information
In which of the following situations should you use the item Details area on a bill, check,
or expense? - answer To record the purchase of products or services, such as
inventory parts
What is the proper procedure for entering a sale in which a customer purchased
something from you and paid for the entire balance of the sale right away? - answer
Click the global create button, click sales receipt, and fill out the information for the sale
and payment, Then save the sales receipt
How do delayed charges affect a customer's balance? - answer Delayed charges
have no Affect on a customer's balance
Which of the following statements is true regarding Undeposited Funds in QuickBooks?
- answer It is an account that holds money from payments until you make a deposit
What is a good reason to use the bank deposit screen to record sales? - answer To
record daily "lump sum" sales, when you aren't tracking sales for individual customers
What feature is used to set how long a customer has to pay an invoice? - answer
Terms
When creating a statement for customers, which of the following options is NOT
available in QuickBooks online? - answer Overdue Balance Statement
Which of the following statements is true about entering and paying bills in QuickBooks?
- answer If you record the bill in QuickBooks, do not use an Expense or Check
transaction to pay that bill
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