QuickBooks Study Guide Latest Update
Already Graded A
How do you edit a collections letter? ✔✔Choose COMPANY> PREPARE LETTERS WITH
ENVELOPES> CUSTOMIZE LETTER TEMPLATES.
What does the term "Double-Entry Accounting" mean? ✔✔There are always at least two
accounts involved in every financial transaction.
You suspect that someone has changed a transaction. What report should you run? ✔✔AUDIT
TRAIL REPORT
~!~ ~!~ ~!~
The audit trail shows you transactions that have been added, changed, and deleted. It also shows
you the original transaction and who changed the transaction, as well as the exact date and time.
Which form should you use to enter petty cash expenditures? ✔✔WRITE CHECKS or use
CHECK REGISTER
~!~ ~!~ ~!~
Make sure the bank account is a Petty Cash account that you set up (not your actual checking
account).
,How do you set up QuickBooks to automatically use discounts and credits? ✔✔Choose EDIT>
PREFERENCES> BILLS> COMPANY PREFENCES, and then select to automatically use
discounts or credits.
When reconciling your bank account in QuickBooks, what must the beginning balance match?
✔✔It should always match the opening balance on the paper bank statement.
What methods for purchasing can be recorded using the WRITE CHECKS window? ✔✔(ALL
OF THESE)
Debit Card Purchase
Petty Cass Purchase
ATM Withdrawl
How do you create a memorized group of reports? ✔✔Open the MEMORIZED REPORT LIST
and then click MEMORIZED REPORT> NEW GROUP.
If you set up and track Sales Tax in QuickBooks, which category of reports contains Sales Tax
reports? ✔✔VENDORS and PAYABLES
, ~!~ ~!~ ~!~
Although the taxes are based on sales, you owe the money, so it is a payable. From this category
you can run the Sales Tax Liability Report.
How do you move columns on a report? ✔✔Move your cursor over the column heading, and
when it becomes a hand, click and drag the column to the desired posistion.
What happens if you click "Collapse" on a report? ✔✔QuickBooks hides Subaccounts and only
shows Parent Accounts
~!~ ~!~ ~!~
Use this feature to hide unnecessary detail if you are preparing a report for someone who just
wants the "Big" picture and none of the detail contained in Subaccounts.
When you send a QuickBooks report to Excel, which feature allows you to have a drop-down list
for each column to allow filtering? ✔✔AUTO FILTER
~!~ ~!~ ~!~
To do this, open a reportand click Export. Then click the Advanced Tab. Below "Turn on the
following features for this report," select Auto Filtering.
Already Graded A
How do you edit a collections letter? ✔✔Choose COMPANY> PREPARE LETTERS WITH
ENVELOPES> CUSTOMIZE LETTER TEMPLATES.
What does the term "Double-Entry Accounting" mean? ✔✔There are always at least two
accounts involved in every financial transaction.
You suspect that someone has changed a transaction. What report should you run? ✔✔AUDIT
TRAIL REPORT
~!~ ~!~ ~!~
The audit trail shows you transactions that have been added, changed, and deleted. It also shows
you the original transaction and who changed the transaction, as well as the exact date and time.
Which form should you use to enter petty cash expenditures? ✔✔WRITE CHECKS or use
CHECK REGISTER
~!~ ~!~ ~!~
Make sure the bank account is a Petty Cash account that you set up (not your actual checking
account).
,How do you set up QuickBooks to automatically use discounts and credits? ✔✔Choose EDIT>
PREFERENCES> BILLS> COMPANY PREFENCES, and then select to automatically use
discounts or credits.
When reconciling your bank account in QuickBooks, what must the beginning balance match?
✔✔It should always match the opening balance on the paper bank statement.
What methods for purchasing can be recorded using the WRITE CHECKS window? ✔✔(ALL
OF THESE)
Debit Card Purchase
Petty Cass Purchase
ATM Withdrawl
How do you create a memorized group of reports? ✔✔Open the MEMORIZED REPORT LIST
and then click MEMORIZED REPORT> NEW GROUP.
If you set up and track Sales Tax in QuickBooks, which category of reports contains Sales Tax
reports? ✔✔VENDORS and PAYABLES
, ~!~ ~!~ ~!~
Although the taxes are based on sales, you owe the money, so it is a payable. From this category
you can run the Sales Tax Liability Report.
How do you move columns on a report? ✔✔Move your cursor over the column heading, and
when it becomes a hand, click and drag the column to the desired posistion.
What happens if you click "Collapse" on a report? ✔✔QuickBooks hides Subaccounts and only
shows Parent Accounts
~!~ ~!~ ~!~
Use this feature to hide unnecessary detail if you are preparing a report for someone who just
wants the "Big" picture and none of the detail contained in Subaccounts.
When you send a QuickBooks report to Excel, which feature allows you to have a drop-down list
for each column to allow filtering? ✔✔AUTO FILTER
~!~ ~!~ ~!~
To do this, open a reportand click Export. Then click the Advanced Tab. Below "Turn on the
following features for this report," select Auto Filtering.
