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 (A)

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 (C), You can assign multiple classes to a transaction (D)</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 (B)</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 (A), The location can be filtered on the Pay bills screen (C)</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 (B)</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 (A), Projects can be converted back to sub-customers (C)</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 (C)</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 (A), A default markup percentage can be added automatically on the invoice (D)</p> Signup and view all the answers

Flashcards

Transaction Journal

A QuickBooks tool for viewing debit and credit entries in a transaction.

Class Hierarchy

QuickBooks support up to five levels for categorizing classes.

Class Assignment

Assigning classes to entire transactions or individual transaction rows.

Multiple Class Assignment

Classes cannot be assigned to multiple transactions.

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Customizable Class Labels

User can customize class labels in QuickBooks.

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Location Tracking (QuickBooks)

QuickBooks allows location labels for business organization.

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Sub-Location Limits

Sub-locations don't affect QuickBooks Online usage limits.

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Overhead Customer

A customer used to avoid unspecified transactions in reports and default job assignments.

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Sub-customer Conversion

Sub-customers can only convert to projects if they meet specific hierarchy and billing rules.

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Billable Charges (Delayed & Others)

Delayed charges, billable time, and billable expenses are examples of billable charges invoiced later.

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Rental Property Tracking

QuickBooks uses projects for effective tracking of income and expenses related to rentals.

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Billable Expenses Markup

Markup percentage can be automatically added to invoices for billable expenses.

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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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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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