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Which of the following pieces of information does QuickBooks require you to enter? Company name  This is the correct answer. This is the only required field in the Company Information.b.

Now, when you open another company file, it will appear on the list. To learn how to create or restore backup files, see Backing Up Files or Restoring Backups, respectively. Company files open at the same time, as the Tip that follows explains.) The following sections describe the different ways to open a company file. Or maybe you used another accounting program like Peachtree or Small Business Accounting and have decided to move to QuickBooks. Or perhaps you’re switching from QuickBooks for Mac to QuickBooks for Windows.

Easystep Interview Part One

The Income Tax Form Used box at the bottom of that dialog box lists the tax form for your company type. Followed by, filling out the required information in the QuickBooks setup. What are the first two steps to set up payroll in QuickBooks? 1) Sign up for a payroll service; and 2) complete the Payroll Setup Interview. 1) Sign up for a payroll service; and 2) Setup Payroll Schedules.

On the last page of the Easy Step Interview you can review all of the accounts generated based on your answers above. Review the list and feel free to check and uncheck the services and accounts you want to keep track of in QuickBooks. There is no wrong answer here. Whatever you choose, QuickBooks is going to take that information and create a generic chart of accounts for you to use. When you see Hooray! In the Update Your Company File dialog box, click Done to open the updated file in QuickBooks.

 There is no such financial accounting vs managerial accounting.d. You cannot combine or merge two list entries.  You can combine names, items, accounts, and more with some restrictions. Once an entry is merged, all past transactions will use the entry you merged into.

Quickbooks Practice Test (SETUP)

After that, you’ll be ready to dive into bookkeeping. It is important to choose the correct industry from the list provided as it will use your choice to create a chart of accounts for your company. The chart of accounts is the foundation of your bookkeeping system. It can be edited after the Quickbooks EasyStep Interview so don’t worry about whether or not it has everything you need.

Select Custom Setup, and then choose Other Tax. Insurance Benefits  This payroll item is used to set up health insurance, dental insurance, and so on. When reconciling your bank account in QuickBooks, what must the beginningbalance match? The beginning balance should always equal the net amount of all uncleared bank transactions.  The beginning balance should match the bank statement’s opening/beginning balance.

Followed by carrying out the on-screen instructions and entering the information for the new company file. And then, choose the start interview option in the window of the easy step interview. It should be noted that the payroll users can not avail of this feature due to critical payroll information in the payroll files.

b. Click Add new account in the EasyStep Interview.

When you create a statement and select “All open transactions as of statementdate,” what does QuickBooks show on the statement? Open transactions as of the statement date  This is the correct answer. All transactions during the specified date range  To do this, you would select “Statement period from _ to _.” c. Invoice item details for invoices  To see item details on statements, select “Show invoice item details on statements.” d. Customer payments that haven’t been deposited  Statements don’t indicate whether a payment has been deposited.

Q37. After creating your Chart of Accounts, you decide some accounts should be subaccounts. On the Home Page, select Help and type Version in the search box. Q18. You are setting up QuickBooks for the first time for a company that was established in 2001.

Once done with that, identify the type of business entity and then hit next again. You’ve been hired by a company that started in 1911. They’ve never used QuickBooks.

 Although there is a calendar in the Payroll Center, it does not contain any information. So that Payroll Liabilities show up in the Pay Scheduled Liabilities list in the Payroll Center.  This is the correct answer. You don’t need to set deposit frequencies.

This is required by State and Federal governments. If these are not set up, a warning is sent to the agency.  This is not true. So that QuickBooks can enter the dates on the Payroll Calendar that checks are due.

When you use the Receive Payments window, QuickBooks doesn’t deposit the money in your checking account. After you record the 5 payments, click Record Deposits and select the 5 checks. When you record a customer payment, QuickBooks automatically “stores” the payments in the Undeposited Funds account. When you record a deposit, QuickBooks lists the payments in that account that have not yet been deposited. All of the above  Answers “a” and “b” are incorrect.

QuickBooks does allow up to 5 users on the account. We’ll go over how to set that up at a later time. For now, create an Administrator Password. In the “Open a Company” dialog box, double-click the company file you want to update. If you see the User Name and Password box, enter your user name and password. QuickBooks doesn’t support repeating online payments, so you also have to tell Quicken to delete any repeating online payments you’ve set up.

• At the bank you deposit the 5 checksas one deposit.
• Click Update Now.
• If you want to email the report, then subaccounts need to be collapsed.
• The first benefit is that the performance of the system will not be deteriorated due to large data files.

Or if you’re a consultant, you could send invoices for work performed and then send a statement that summarizes the fees, payments, and outstanding balance. Click Next on the “Customizing QuickBooks for your business screen” to see a series of EasyStep Interview screens that ask questions about your business. Your answers to these questions help QuickBooks decide which features to turn on, what to include on your Home Page, and so on. The interview displays “” next to the options that are typical for a company in your industry, as shown in Figure 1-3. If you need a break before continuing, at the bottom of the window, click Leave.

QuickBooks closes your current company file and then opens the “Open a Company” dialog box. After you’ve opened a company file in one QuickBooks session, the next time you launch the program, it automatically opens that same company file. If you keep the books for only one company, you might never have to manually open a QuickBooks company file again. Another potential solution is to remove transactions prior to the current fiscal year in Quicken before converting the file. Figure 1-5. Initially, QuickBooks selects the Skip option (the far-left column) for all the names.

If you select one of the import options and then click Continue, you’ll see a table with the names from your email program, as shown in Figure 1-5. Is ideal if you bill by the hour or pay people based on the number of hours they work. In that case, select Yes on this screen to track the hours people work and create invoices for their time. Chapter 8 explains how to set up time tracking. Figure 1-3. The EasyStep Interview sticks to the basics, so you’ll have more setup to do later.

 QuickBooks doesn’t automatically alphabetize the list. QuickBooks adds new list entries to the top of the list, regardless of alphabetic order. QuickBooks asks you how to sort new list entries.  There is no message in QuickBooks that asks you how to sort new list entries. When setting up a new company through the EasyStep Interview, some company information is optional and some is absolutely required.