Advanced Testing Flashcards
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Questions and Answers

What is the most efficient way to see the debit and credit entries related to a specific transaction?

  • Open the transaction > More > Transaction journal (correct)
  • Reports > Trial Balance > Filter for Date > Select transaction
  • Open the transaction > Customize > Sources and targets
  • Reports > Audit Log > Filter for Date changed > View transaction

    • Each class in QuickBooks Online is limited to 5 hierarchical levels including the parent class.

    True

    What are 2 options for assigning classes?

  • Assign a default class to customers and vendors
  • Assign one class to an entire transaction (correct)
  • Assign one class per row in a transaction (correct)
  • Assign a default class to General Ledger accounts

    • Which 2 statements are true regarding classes in QuickBooks Online?

    <p>The Not Specified column on a Profit and Loss by Class represents transactions that have not had a class specified</p> Signup and view all the answers

    Which statement is true about Location tracking in QuickBooks Online?

    <p>Location labels can be changed to suit the individual business</p> Signup and view all the answers

    Which 2 statements about Location tracking in QuickBooks Online are true?

    <p>The location can be selected on each row of an invoice</p> Signup and view all the answers

    Why should clients who want to do job tracking create an Overhead customer?

    <p>So that when a customer isn't assigned to a transaction, QuickBooks Online can assign a default job</p> Signup and view all the answers

    Which 2 statements are true about converting sub-customers to projects?

    <p>The sub-customer addresses, tax codes, and terms will revert to the parent customer settings for the converted project</p> Signup and view all the answers

    What are the 3 types of billable charges for which you can invoice at a later date in QuickBooks Online?

    <p>Delayed Charges, Billable Time, Billable Expenses</p> Signup and view all the answers

    Which method of monitoring income and expenditure would be most appropriate for Peter's Properties, especially if expenses need to be re-charged?

    <p>Projects</p> Signup and view all the answers

    Assuming there's no sales tax, what is the total amount of the billable charges for Sadie's Car Parts' customer?

    <p>3410</p> Signup and view all the answers

    Which 2 statements are true about billable expenses?

    <p>A default markup dollar amount can be added automatically on the invoice</p> Signup and view all the answers

    Study Notes

    Transaction Entries

    • Efficiently view debit and credit entries by accessing the transaction, selecting "More," and choosing "Transaction Journal."
    • Alternative methods include reports filtering by date or using the Audit Log to view changes.

    Class Tracking in QuickBooks Online

    • Each class supports up to five hierarchical levels, allowing for structured categorization.

    Assigning Classes

    • Options for class assignment include assigning one class to an entire transaction or to specific rows within a transaction.

    Class Statements in QuickBooks Online

    • Classes cannot be assigned to multiple transactions, and class labels may be customized.
    • The "Not Specified" column on Profit and Loss by Class indicates transactions without a specified class.

    Location Tracking in QuickBooks Online

    • Location labels like "Division" can be customized based on business needs.
    • Sub-locations do not count against QuickBooks Online usage limits, and location tracking is available at all subscription levels.

    Location Filtering

    • Locations can be filtered on options such as Pay Bills, Bill Payments, and can be assigned for rows in invoices and journal entries.

    Job Tracking

    • Establishing an Overhead customer helps eliminate unspecified transactions in Profit and Loss reports and enables default job assignments for transactions without a specific customer.

    Converting Sub-customers

    • Sub-customers can only convert to projects if they are set to bill with the parent and must be within four levels of hierarchy from the parent.
    • Conversions can revert back to sub-customers, and only Accountant users can perform this action.

    Billable Charges in QuickBooks Online

    • Types of billable charges that can be invoiced later include Delayed Charges, Billable Time, and Billable Expenses.

    Monitoring Income and Expenditure for Rental Properties

    • Utilizing Projects is the most effective method for tracking income and expenditures by landlord, property, and tenants.

    Billable Charges Calculation

    • Various options for total billable charges depend on settings and incurred expenses, which require specific calculations.

    Billable Expenses Key Points

    • Markup percentage can be added automatically to invoices for billable expenses, and the related purchase transaction may involve other asset accounts.

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    Description

    Test your knowledge on advanced accounting concepts with these flashcards. Each card presents a question about transaction entries, helping you to master the details of financial reporting and audit trails. Perfect for accounting students or professionals looking to reinforce their understanding.

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