QuickBooks Online - Managing Bills, Accounts payable & Multicurrency

Question 1

What do companies see purchase orders as?

Answer 1

Which are thought of as pre-bills.

Question 2

How does accounts payable process work? 3 steps

Answer 2

1- A bill arrives
2- You determine when you’re going to pay the obligation & then enter the corresponding transaction
3- you pay the bill by the appointed due date.

Question 3

How do you pay a bill? (step by step)

Answer 3

1- “New+” -> check
2- Select Payee
3- Click add all if you want to pay all open bills for a vendor OR “add” to pay specific bills.
4- adjust payment
5- save & close

Question 4

How do you enter a bill? (step by step)

Answer 4

1- “New+” -> bill
2- select vendor
3- verify vendor information
4- Choose payment term for bill
5- bill date
6- due date
7-bill #
8-categorize bill
9- create memo
10- add attachments
12- schedule payment

Question 5

List the 2 ways you can make a bill?

Answer 5

1- “New+” -> bill
2- Expenses -> bills -> create bill

Question 6

What 3 options appear at the bottom of a bill page? (When the bill is open)

Answer 6

1- Cancel
2- Clear
3- Make Recurring

Question 7

How do you access unpaid bills?

Answer 7

Expenses -> bill -> sub tab unpaid bills

Question 8

What are the 2 ways to access the pay bills?

Answer 8

1- “+New” -> Pay Bills
2- “Transactions”-> expenses-> print check DD menu -> Pay bill

Question 9

How do you create 2+ bills at once? ( Step by Step)

Answer 9

1- “+New” -> Pay Bills
2- select payment account & date
3- check number
4- check print later if you want to print the check at a later time.
5- select the desired bills 1+
6-adjust payments
7-select print check or schedule payment
8- save and close

Question 10

How do you make a bill as paid? (Step by Step)

Answer 10

1- Expenses -> bill -> sub tab unpaid bills
2- checkbox to the left of the 1+ invoices
3- Click mark as paid
4- select payment account & payment date
5- adjust payment amount if needed
6- click X adjacent to a bill if you have changed your mind on marking it as paid
7- clear the print later check box & add check #
8- click save

Question 11

What are vendor credits considered?
Positive OR Negative expenses

Answer 11

Negative expenses

Question 12

How do you access the vendor credit screen?

Answer 12

“+New” -> Vendor credit

Question 13

How do you post refunds directly to your books? (Step by Step)

Answer 13

1- “+New” -> Bank Deposit
2- pick bank account or payments to deposit
3- enter vendor name
4-choose expense or cost of goods sold from the account column
5- description, payment method & Ref. No. Field
6- enter the refund check amount
7- record any amount you want to included in the deposit
8- save & close

Question 14

How do you create a vendor credit? (Step by step)

Answer 14

1- “+New” -> Vendor credit
2- select vendor & credit date
3- enter credit amount
4- use the original bill in the category
5- enter the return inventory into the item details
6- attach digital copy of the credit in the attachments
7-save & close

Question 15

How do you offset a Vendor credit? ( Step by Step)

Answer 15

1- “New+” -> Bank Deposit form
2- choose the bank account or payment for deposit
3- enter vendor name
4- choose accounts payable
5- description, payment method, Ref. No. fields
6- refund check amount & add any other amounts you want to add
7- save & close
8- “New+” -> pay bills
9- select Bank deposit
10- save & close

Question 16

Working with multiple currencies in Quickbooks Online banks the currency into what 2 types?

Answer 16

1- U.S. Dollar
2- Any other currency

Question 17

What is your currency default?

Answer 17

The default is based on your address.

Question 18

True or False?
With enabling multi-currency I can turn multicurrency off.

Answer 18

False

Question 19

How do you enable multi-currency? (step by step)

Answer 19

1- settings -> account & settings -> advanced
2-click edit icon
3-use the DD to choose your home currency
4-toggle on to activate the feature
5- checkbox labeled i understand I can’t undo multicurrency & save
7- click manage currency to add one or more.

Question 20

True or False?
With enabling multi-currency you can change the home currency.

Answer 20

False

Question 21

True or False?
With enabling multi-currency extra fields will appear.

Answer 21

True

Question 22

True or False?
With enabling multi-currency features will be disabled.

Answer 22

True

Question 23

How do you set up currencies? (Step by Step)

Answer 23

1- settings -> currencies to display
2- add currency
3- make a section for the add currency list
4- “add”

Question 24

How often do the exchange rate get updated?

Answer 24

Every 4 hours

Question 25

How do you revalue Currencies? Step by step

Answer 25

1-setting -> currencies
2- choose revalue edit the date if needed
3- edit revalue data
4- custom rate
5- enter the exchange rate
6- deselect any accounts that you do not want to revalue
7- revalue & save

Question 26

How do you remove currencies? (Step by step)

Answer 26

1-setting -> currencies
2-choose revalue
3- delete
4- confirm

Question 27

How do you set currency denomination for a vendor? (Step by Step)

Answer 27

1- expenses -> vendor
2-click new vendor
3- select vendor currency in currency field
4- click got it the currency cannot be changed.
5- enter vendor info
6- save

Question 28

Ture or False?
Can the vendor currency be changed on an existing vendor?

Answer 28

False

Question 29

How do you create a bill with a foreign currency?

Answer 29

1- expense -> bill
2-add bill -> create bill
3- select foreign currency
And fill out the remainder of the bill & save