Questions and Answers
What is the most efficient way to see the debit and credit entries related to a specific transaction?
Each class in QuickBooks Online is limited to 5 hierarchical levels including the parent class.
True
What are 2 options for assigning classes?
Which 2 statements are true regarding classes in QuickBooks Online?
Signup and view all the answers
Which statement is true about Location tracking in QuickBooks Online?
Signup and view all the answers
Which 2 statements about Location tracking in QuickBooks Online are true?
Signup and view all the answers
Why should clients who want to do job tracking create an Overhead customer?
Signup and view all the answers
Which 2 statements are true about converting sub-customers to projects?
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?
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?
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?
Signup and view all the answers
Which 2 statements are true about billable expenses?
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
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.