Questions and Answers
Which of the following would be the lowest edition of QuickBooks Desktop required to segment their balance sheet and income statement into three departments?
Might your non-profit clients experience any limitations when using classes in the balance sheet?
How would you best describe the use of the Opening Balance Equity account?
How would you check the quantity and average cost of inventory on hand for resale?
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How do you create a new company with the same preferences from an existing company?
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Which center contains jobs?
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What information field can you use to run reports showing which types of jobs are most profitable for a business?
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Which methods would you use to enter the opening inventory quantities and their values in a new QuickBooks company file?
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Which of these tools can you use to speed up entering historical transactions only in QuickBooks Accountant Desktop and QuickBooks Desktop Enterprise?
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Who can create users in QuickBooks?
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What is the definition of the Start Date?
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What is true about custom fields?
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What is true about setting up users and passwords?
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Study Notes
QuickBooks Desktop Editions and Features
- QuickBooks Desktop Premier is the minimum edition required to segment balance sheets and income statements into departments.
- Non-profit clients may face restrictions when using balance sheet classes to track donor-imposed restrictions.
Accounting Concepts in QuickBooks
- The Opening Balance Equity account is used for allocating opening balance entries and should be zeroed out afterward.
- The Inventory Valuation Summary report is essential for checking the quantity and average cost of inventory on hand for resale.
Company File Management
- To create a new company with the same preferences and accounts as an existing company, use the option to create a new company from an existing company file.
Job and Customer Management
- Jobs are managed within the Customer Center in QuickBooks.
- Job types can provide insights into which types of jobs are most profitable for a business.
Inventory Management
- The Adjust Quantity/Value on Hand method is used to enter opening inventory quantities and values in a new QuickBooks company file.
QuickBooks Tools
- Batch Enter Transactions is a tool exclusive to QuickBooks Accountant Desktop and QuickBooks Desktop Enterprise, facilitating the entry of historical transactions.
User Management
- Only the Admin user has the authority to create other users in QuickBooks.
Understanding Dates and Tracking
- The Start Date in QuickBooks refers to the date when the application begins tracking a client's account balances and financial transactions.
Custom Fields in QuickBooks
- Custom fields are available across all item types and can be used in Names lists and Items, enhancing data organization and reporting.
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Description
Test your knowledge on setting up and customizing data files in QuickBooks. This quiz covers different editions of QuickBooks Desktop and their functionalities. Challenge yourself with the flashcards that focus on specific features and tasks related to financial management.
