Quickbooks Flashcards
What is the accounting life cycle in QuickBooks?
Weekly: Record and review transactions
Monthly: Analyze and reconcile the books
Quarterly: Evaluate and maintain finances
Annually: Finalize books and report taxes
What are the weekly tasks in the accounting cycle?
Record transactions
Document and file receipts
Review unpaid bills
Prepare and send invoices
Pay vendors and sign checks
Review projected cashflow
What are the monthly tasks in the accounting cycle?
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
What are the quarterly tasks?
File estimated quarterly taxes
Review quarterly payroll reports
Review sales tax and make payments
Prepare year-to-date profit and loss estimate
What are the annual tasks?
Review past-due receivables
Review inventory
Fill out IRS Forms W-2, 1099-MISC, and 1099-NEC
Review actual profit and loss vs. budget
What view in QuickBooks do I generally use?
Accountant view
What view in QuickBooks will the client generally use?
Business View
What does the new button do?
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.
What does the Dashboard button do?
Displays a quick overview of the account, revealing income, expenses, open transactions within bank accounts, and more.
What does the Banking button do?
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.
What does the Sales button do?
is where clients can track invoices, set up payment links, and manage their lists of customers or products and services.
What does the Cash Flow Center button do?
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.
What does the Expenses button do?
What does the Cash Flow Center button do?
What does the Projects button do?
helps clients organize all the moving pieces of a customer project and provides insight into project profitability.
What does the Payroll button do?
is where clients manage the company’s payroll employees, independent contractors (nonemployees), and vendors.