1.

Create two deductions called Sick and Vacation. Use these when you pay your employees.

2.

You can't track sick and vacation time in QuickBooks. Create an Excel workbook and manually enter employee accruals and uses with each payroll.

3.

Set up sick or vacation time as a wage item, then define how QuickBooks should accrue it when you set up your employees.

4.

Set up a separate non-posting account for sick and vacation time, and then record sick and vacation time against that account.

1.

rent

2.

accounting fees

3.

legal services

4.

sales taxes

1.

Use the Advanced/Detailed Setup to go through the EasyStep Interview for the oldest company, then click File > Add Additional Business at the end of the interview.

2.

Set up classes for each company within the parent company file. This will allow you to print financial statements for each company.

3.

Purchase a separate QuickBooks license for each company. You will create different icons for each company on your desktop.

4.

Use the Advanced/Detailed Setup to go through the EasyStep Interview for each company, creating a separate company file for each.

1.

the administrator

2.

the external accountant

3.

no users

4.

all users

1.

Provide invoices to customers when you are in the field and do not have access to the internet or software.

2.

Create recurring invoices for the same customer that will repeat each month.

3.

Prefill invoices to simplify the billing process for a bookkeeper or external billing service.

4.

Set up multiple customers in a billing group, with the same invoice.

1.

company name and Chart of Accounts

2.

company name, tax ID, and administrator password

3.

company name

4.

company name and address

1.

Complete your depreciation schedule for tax purposes.

2.

Pay for assets directly from the setup window.

3.

Provide the buyer of the asset with proof of purchase.

4.

Track larger purchases that you may later sell.

1.

to pay an employee's garnishment, such as child support

2.

to correct the amount due if an error was detected in a payroll check

3.

to add the cost of employee mileage to the payment

4.

to enter late fees, penalties, or interest

1.

to track freight charges separately from the expense account

2.

to track expenses

3.

to assign a cost to a job or to purchase an inventory item

4.

to track credits

1.

It allows you to get customer level detail later.

2.

It gets the cash into your checking account as quickly as possible.

3.

It automates the deposit system, so you don't have to physically go to the bank to complete the deposit.

4.

It allows you to record daily "lump sum" sales quickly and efficiently.

1.

You cannot change the basis for just one report.

2.

Right-click the basis shown on the right side of the report and change it to Accrual.

3.

Double-click the basis and change it to Accrual.

4.

In the upper-left corner of the screen, select the Accrual button.

1.

Yes. From the bottom of the list, click Activities > Combine List Name, and then select the list entries you would like to merge.

2.

Yes. You can rename the unwanted list entry to match the name of the list entry you would like to merge into.

3.

No. You can delete a list entry, but you cannot merge them.

4.

No. You cannot combine or merge two list entries.

1.

You can never delete a vendor, but you can make them inactive.

2.

Yes, Go to your Vendor Center, select the vendor you would like to delete, and click Edit > Delete.

3.

You can delete the vendor only if they are not used in transactions or are part of another list entry, but you can make them inactive.

4.

Yes. When you delete the vendor, a box appears asking if you are sure you want to delete. Click Yes and enter the administrator password to continue.

1.

Sensitive data is safeguarded after the close date, since access is password protected.

2.

After reports have been printed, changes cannot be made to transactions before the closing date without a password.

3.

After the close date, only certain users are allowed to access data for reporting purposes.

4.

It does not allow users to look at data after the period has closed.

1.

You do not plan to pay the bill until closer to the due date.

2.

You do not want to print the bill.

3.

There is a discrepancy in the bill received and the amount you expected.

4.

An inventory item has been received, but you have not received the corresponding bill.

1.

Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases.

2.

Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare the check. Print the check for your records, but you do not need to mail it.

3.

Using the Write Checks window, in the No. field, type "Debit." Enter the vendor name and amount in the check area.

4.

Prepare a journal entry to debit the expense account of the purchase and credit Cash.

1.

Payroll Liabilities and Payroll Accruals

2.

Payroll Salary and Payroll Taxes

3.

Payroll Liabilities and Payroll Expenses

4.

Payroll Accruals and Payroll Taxes

1.

to track credits

2.

to assign a cost to a job or to purchase an inventory item

3.

to track expenses

4.

to track freight charges separately from the expense account

1.

Enter "January 1, 2001", since the company has been in business since 2001.

2.

You don't need to enter a start date. QuickBooks automatically assigned the start date when you created the company.

3.

You don't need to enter a start date. QuickBooks will automatically assign it when you begin entering data.

4.

The date on which you plan to begin using QuickBooks.

1.

Terms

2.

Estimates

3.

Delayed Charges

4.

Classes

1.

You are not able to add new accounts if you select the default Chart of Accounts.

2.

Finish the interview and then add the accounts directly to the Chart of Accounts

3.

Click Add New Account during the EasyStep Interview.

4.

Click Edit Account during the EasyStep Interview.

1.

Credit Cash and debit Checking.

2.

Debit Cash and credit Checking.

3.

Credit Checking and debit Undeposited Funds.

4.

Debit Checking and credit Undeposited Funds.

1.

Create a portable file and restore it to the new system.

2.

Export your company file to Excel from the old computer, then copy this file over to your new computer.

3.

Install QuickBooks on the new computer, back up your company file on the old computer, and restore the file to the new system.

4.

Condense the data file on the old computer to the drive space. Back up the file and then restore the condensed data file to the new computer.

1.

Create a memorized group of reports.

2.

Click Batch Reports from the Home Page.

3.

Click Reports > Process Multiple Reports.

4.

You cannot do this in QuickBooks.

1.

Sign up for a payroll service and select Setup Payroll Schedules.

2.

Sign up for a payroll service and complete the Payroll Setup Interview.

3.

Complete the Payroll Setup Interview and add your new employee.

4.

Turn on payroll through your preferences and complete the Payroll Setup Interview.

1.

The Equity and Asset accounts are involved in every transaction.

2.

Two different classifications of accounts are part of each entry, so you cannot have an entry going to two different asset accounts.

3.

There are at least two accounts involved in each transaction, to include at least one debit and one credit.

4.

An Income or Expense account needs to be part of each transaction.

1.

Create a Liability account.

2.

Create a Loan account.

3.

Use the Loan Manager.

4.

Select Banking > Create Loan.

1.

Click Company > Prepare Letters with Envelopes > Customize Letter Templates.

2.

After opening the letter, click Edit Template at the top of the letter.

3.

Download the letter to Word, edit it in Word, and save it for future use.

4.

You can't. If a stock template doesn't meet your needs, create your own template from scratch.

1.

Someone changed or deleted a transaction you cleared on the prior reconciliation.

2.

Someone added a new transaction and backdated it.

3.

Another user changed the beginning balance.

4.

The bank may have transposed a number on a check or deposit.

1.

Jobs

2.

Job Types

3.

Classes

4.

Customer Types

1.

Click the Automate button when the transaction is on the screen.

2.

Click the Schedule button when the transaction is on the screen.

3.

On the Home Page, click File > Automate Transaction.

4.

Create a memorized transaction.

1.

Accounts

2.

Customer and Vendor Types

3.

Classes

4.

Groups

1.

Tax Liability

2.

Sales Reports

3.

Sales Tax

4.

Vendors and Payables

1.

You do not need to enter your deposit frequencies, as QuickBooks enters that information for you automatically.

2.

The Pay Scheduled Liabilities list in the Payroll Center will be accurate, so all taxes are paid in a timely manner to avoid late payments or penalties.

3.

Most state agencies require this. If deposit frequencies are not set up correctly, a warning will go to the taxing authority.

4.

QuickBooks needs this information to automatically make the payments for you on or before the due date.

1.

to track the cost of an employee's gross pay by job

2.

to flag when you need more staff for a project

3.

to provide the hours an employee worked on a paycheck

4.

to invoice a customer for time spent on the job

1.

QBX

2.

QBW

3.

QBB

4.

QBM

1.

Press the F2 key (Windows) or select Help > Product Information (Mac) to display the version information.

2.

Reopen your QuickBooks file and wait for the version to show up on the opening screen.

3.

On the Home Page, select Help and type Version in the search box.

4.

Go to `www.quickbooks.com` and view your account details.

1.

Click the account to select it, and then click Lists > Chart of Accounts > Make subaccount.

2.

Right-click the account and choose Make subaccount.

3.

In the Edit Account dialog box, select the Subaccount of check box, and then select the parent account in the drop-down list.

4.

You cannot make an account a subaccount once it is part of the Chart of Accounts.

1.

Receive Payments

2.

Invoice

3.

Sales Receipt

4.

Make Deposit

1.

Record the transaction as entered.

2.

Ask to which account you would like to post the balance.

3.

Not allow you to record the transaction.

4.

Post the difference to an adjustment account.

1.

Enter the bill.

2.

Create a purchase order.

3.

Have funds in your checking account to cover the payment amount.

4.

Provide an email address for the vendor so you can send payment confirmation.

1.

a QuickBooks report in a graphical format

2.

a snapshot of the Profit and Loss report

3.

any QuickBooks report

4.

a predesigned report that shows more detail about the data you are currently viewing on screen

1.

Debit Cash and credit Accounts Payable.

2.

Debit Cash and credit Prepaid Expenses.

3.

Credit Cash and debit Accounts Payable.

4.

Credit Cash and debit Prepaid Expenses.

1.

The invoice number changes to the word Void, and the invoice remains available for reference with a zero balance due.

2.

The invoice is removed, and the next invoice will receive the number of the voided invoice.

3.

The invoice number can't be used again, and the invoice details cannot be viewed.

4.

The invoice number can't be used again, the word Void is added to the memo, and the invoice remains available for reference with a zero balance due.

1.

Create a group that contains all of the components of the widget.

2.

Create an Inventory Part called Widget, and do a journal entry to adjust inventory manually after each production run.

3.

Each time you manufacture a widget, adjust the inventory for each item through the Inventory Adjustments window.

4.

Utilize the Inventory Assembly item type.

1.

Subtracts net profit from an Owner's or Shareholder's Equity account.

2.

Adds net profit to an Owner's or Shareholder's Equity account.

3.

Adds net profit to Stockholder's Equity.

4.

Adds net profit to Retained Earnings.

1.

from the billable costs uploaded from an Excel workbook

2.

from the billable time entered on timesheets

3.

from you manually entering the line items on the invoice

4.

from the billable time entered on timesheets and/or billable costs entered through checks and bills