Quickbooks

Question 1

What is the accounting life cycle in QuickBooks?

Answer 1

Weekly: Record and review transactions
Monthly: Analyze and reconcile the books
Quarterly: Evaluate and maintain finances
Annually: Finalize books and report taxes

Question 2

What are the weekly tasks in the accounting cycle?

Answer 2

Record transactions
Document and file receipts
Review unpaid bills
Prepare and send invoices
Pay vendors and sign checks
Review projected cashflow

Question 3

What are the monthly tasks in the accounting cycle?

Answer 3

Reconcile your checkbook
Review past-due receivables
Analyze inventory status
Process payroll
Review actual profit and loss vs. budget
Review month-end balance sheet vs. prior period

Question 4

What are the quarterly tasks?

Answer 4

File estimated quarterly taxes
Review quarterly payroll reports
Review sales tax and make payments
Prepare year-to-date profit and loss estimate

Question 5

What are the annual tasks?

Answer 5

Review past-due receivables
Review inventory
Fill out IRS Forms W-2, 1099-MISC, and 1099-NEC
Review actual profit and loss vs. budget

Question 6

What view in QuickBooks do I generally use?

Answer 6

Accountant view

Question 7

What view in QuickBooks will the client generally use?

Answer 7

Business View

Question 8

What does the new button do?

Answer 8

is the go-to button to quickly create or add transactions, from invoices to deposits. You can pay bills or even print checks. There are quick links for vendor- or customer-type transactions, as well as for employee activities and more general activities.

Question 9

What does the Dashboard button do?

Answer 9

Displays a quick overview of the account, revealing income, expenses, open transactions within bank accounts, and more.

Question 10

What does the Banking button do?

Answer 10

is where clients connect bank and credit card accounts and/or import transactions into QuickBooks Online as a method of tracking business transactions without having to manually enter them.

Question 11

What does the Sales button do?

Answer 11

is where clients can track invoices, set up payment links, and manage their lists of customers or products and services.

Question 12

What does the Cash Flow Center button do?

Answer 12

is where clients can view their past, present, and future cash flows. The chart here also provides clients with a real-time view of the current cash balance, along with a historical comparison of money in and out across all of the connected bank accounts.

Question 13

What does the Expenses button do?

Answer 13

What does the Cash Flow Center button do?

Question 14

What does the Projects button do?

Answer 14

helps clients organize all the moving pieces of a customer project and provides insight into project profitability.

Question 15

What does the Payroll button do?

Answer 15

is where clients manage the company’s payroll employees, independent contractors (nonemployees), and vendors.

Question 16

What does the Report button do?

Answer 16

is where clients find ready-made financial statements and/or build customized transaction reports to analyze the financial performance of a company. The Performance center that makes it easy to visualize company financial data is also accessed from here.

Question 17

What does the Taxes button do?

Answer 17

is where clients set up sales tax for the company (where applicable).

Question 18

What does the Mileage button do?

Answer 18

is where clients can record auto mileage. They can add trips manually or use the mobile app to do so automatically. Keeping an accurate annual mileage log ensures clients can easily enter mileage amounts in their tax returns.

Question 19

What does the Accounting button do?

Answer 19

is where clients access the company’s chart of accounts and reconciliation center.

Question 20

What does the My Accountant button do?

Answer 20

menu is where clients can collaborate and share documents with you.

Question 21

What does the Accountant Tolls dropdown menu do?

Answer 21

dropdown are only available to you as an accountant user. From here, you access a list of accountant-only tools to use when working on your clients’ files. Among many others, it includes Prep for taxes, Reclassify transactions, Voided/deleted transactions, and Write off invoices. Some of these tools are available elsewhere, and some can only be found here.

Question 22

What does the gear icon do?

Answer 22

is where your client can manage the company. It’s also where you add users, change settings, and access most lists and tools

Question 23

What is the get things done Tab?

Answer 23

This tab shows a series of graphical flow charts that illustrate a typical workflow for a small business. It’s divided into Money in, Money out, and Accounting and reports, and each icon gives easy access to the associated tasks. Intended for the client.

Question 24

What is the Business overview tab?

Answer 24

is packed with information that gives you and your client a snapshot of the financial health of the business and any recent activities. Selecting each tile takes users to the appropriate menu or report.

Question 25

What does the profit and loss tile show?

Answer 25

shows the income vs. expenses and the overall net income for the selected period. Use the dropdown in the top right corner to see data from a different date range. By selecting the tile, clients are taken to the Profit and Loss report of the selected period.

Question 26

What does the expenses tile show?

Answer 26

breaks down the expenses into different categories. Use the dropdown in the top right to change the date range. By selecting the tile, clients are taken to the Transaction report of the selected period.

Question 27

What does the bank account tile show?

Answer 27

tile allows the client to view the bank and book balances, connect additional accounts, and view the bank register. By selecting the tile, clients are taken to the Banking Center, where they can review, categorize, and exclude transactions.

Question 28

What does the sales tile show?

Answer 28

shows the total amount of sales for the selected period. Use the dropdown in the top right corner to see data from a different date range. By selecting the tile, clients are taken to the Sales by Customer Detail report of the selected period.