Quick books 25 Quiz Questions With Correct Answers

A customer pays at the same time they place an order. What form should you use to record this transaction? - ️️B. A sales receipt. At the end of the fiscal year, QuickBooks automatically - ️️C. Sets the income and expense accounts balance to zero. Before transferring the balance from Opening Bal Equity, be sure to verify that - ️️C. The account balances match the Trial Balance. Every month, your company calls each past due customer. What is the most useful report for this task? - ️️B. Collections report. How do you group payments when making deposits? - ️️C. Deposit payments in groups as they will be posted to the bank account. For example, cash and check payments should be grouped together. If a customer has 2%10 Net30 terms and you receive their payment 2 days after the invoice date, you should - ️️B. Discount their amount due by 2% by clicking the Discounts & Credits button in the receive payments window. If checks are damaged while printing, you should - ️️D. Either B or C. It is not recommended that you enter an Opening Balance when creating a New Vendor. This is because - ️️C. The opening balance increases uncategorized expenses, which will need to be adjusted before preparing the end of the year tax return. On the Balance Sheet, the Total Assets and the Total Liabilities and Equity will - ️️A. Always be equal The Beginning Balance field in the Begin Reconciliation window - ️️A. Is calculated by adding and subtracting all previously reconciled transactions. To write off a bad debt - ️️B. Create a credit memo and apply the credit to the open invoice. What happens when you reconcile an account where the difference is not zero? - ️️D. QuickBooks balances the account with a new transaction coded to the Reconciliation Discrepancies account. When should you correct errors by making a change to the original transaction? - ️️C. When you made the error in the current reconciliation period. When would you use split transactions? - ️️D. All of the above.