- Study guides, Class notes & Summaries

QBO Plan Limits: Essentials - - 0 classes and locations - 250 charts of accounts - 3 billable users - 2 accountants - 0 reports-only - No limit time tracking QBO Plan Limits: Plus - - 40 classes and locations - 250 chart of accounts - 5 billable users - 2 accountants - No limit reports-only - No limit time tracking QBO Plan Limits: Advanced - - No limit classes and locations - No limit chart of accounts - 25 billable users - 3 accountants - No limit reports-only - No limit time-...

How many regular users can access QB essentials subscription at one time> - 3 How do you change the report basis (accrual vs. cash) for just one report? - Click customize button on the report and then choose Accrual or cash in the accounting method. How do you enter your new employee's annual salary of 60,000 in QBO? - When entered a new employee, under "How much do you pay this employee, select salary, enter the amount, and select year. If you are setting up a product/service. W...

If you do not use sales form or a product/service item, what account does the item charge post to? - The income account you selected from the dropdown field How is a Credit Memo different from a Refund Receipt? - A Credit Memo affects Accounts Receivable Which of the following is not a feature of Online Invoices? - Shows total balance for customer for all open invoices Which of the following can be used for drafting bank accounts (ACH payment) in QuickBooks Online? - QuickBooks Payments...

What are the 4 item types in the products and services list? - Inventory (plus only) Non-inventory Service Bundle Can you use a product/service on a purchase transaction? - Only in Plus How do you enter a service? - Gear Products and services from List column Service Complete fields: name, category (can be blank), save Bottom of screen: Description, sales price/rate, code for income account How to add a product or service - Gear Products and services from list Add a product or serv...

What is a reason for setting up products or services in Quickbooks Online? - B) To automatically message customers when items are in stock. You want to pass on some of your costs directly to customers in QuickBooks Online. You are able to assign a customer to a cost, but you cannot mark it as billable. You need to make costs billable in Quickbooks Online. What should you do? - C. In the Account and Settings area, on the Expenses tab, toggle on Make expenses and items billable. What are th...

At your new job, you inherit a QuickBooks company that has a lot of duplicates on lists (e.g. the same customer or account entered twice, but with slightly different spelling). To clean this up, you decide to merge redundant list entries. Which of the following is TRUE? - You can only merge names from the same Type Correct. Names must be the same type to be merged. You've just been hired as a bookkeeper and the company's QuickBooks is a mess. There are many list entries that are dupl...

How should you pay a Health Insurance Company, after withholding employee funds for this? - Click the Global Create menu and select bill, Expense, or Check. In the account detail area of the form, enter the appropriate Payroll liability account, or sub-account. Save the bill expense or check How do you change the report basis (accrual vs. cash) for just one report? - Click the customize button on the report and choose Accrual or Cash in the Accounting method area Which report shows you ho...

COS: Opening Balance Equity - The Opening balance equity account should always be zero in QuickBooks. If you see a balance here, it's most likely because an amount was entered in the opening balance field during the creation of a new customer, vendor, Balance Sheet account, or inventory product. The last part of the Common Issues tab is negative asset and liability accounts. This section will display the number of accounts that have a balance contrary to their normal account balance (fo...

The Sales Center is found in the _________________________ in QuickBooks Online. - Left Navigation Pane Which is not a benefit of using the QuickBooks Online Apps for Mac and Windows? - You do not have to be connected to the internet to open your QBO Company Choose the statement that best describes QuickBooks Online's functionality related to sales forms and products and services: - Charges to a customer on a sales form post to the account mapped to the product / service item's incom...

During the Advanced Setup, you can turn on and off which features in the EasyStep Interview? a. Sales taxes b. Inventory c. Progress Invoicing d. All of the above ALL of the above