You can Select the Next button in the EasyStep Interview window with the keyboard by pressing

You notice that multiple accounts should actually be subaccounts. How can you quickly make these accounts subaccounts of another account?

Click on the diamond to the left of the account, drag it below the appropriate parent account and release the mouse button. Then click on the diamond again, drag it to the right, and release the mouse button

During the Easy Step Interview, you can turn on and off which features?

All of the above. IE: Sales Taxes, Inventory, Progress Invoicing. If you want to turn a feature on or off after the Easy Step Interview choose Edit > Preferences.

During the Easy Step Interview, how do you setup a new account that is not on the default list of accounts?

You can't add accounts that are not on the QB default list. Finish the interview and add the accounts directly to the Chart of Accounts. You can not add any balances to the accounts (an opening Trial Balance.) However, you can add bank account balances.

Suppose you have a subcontractor who receives a 1099 from your company. Which list should you add them to?

Vendor List. Not Employee list, only people who receive a W-2 from your company should be on the Employee list. Not the Other Names List, Not the Class List - Classes can't be the payee on checks or bills. you couldn't pay the subcontractor.

When you set up a new Payroll item using the EZ setup wizard, which is not a choice?

City/Local Taxes, there is no choice for city or local taxes. Select Custom Setup, then choose Other Tax. Not Compensation - this payroll item is used to add wages, bonuses, and so on. Not Retirement Benefits - this payroll item is used to set up 401(k)s, IRA's etc. Not Insurance Benefits - this item is used to set up health insurance, dental insurance, etc.

What form must you give to an employee?

W-2 if you give someone a W-2, they must appear on the Employee list. Not 1099 - this you give to subcontractors to show how much you paid them during the year.   Not 1096 - this is sent to the government to summarize the 1099's you issued. Not 1040 - this is what individuals use to file their tax returns with the IRS.

How do you use Write Checks to pay Payroll Liabilities so your Payroll reports are accurate?

You can't. You can't enter payroll items on the Write Checks window. This means your payroll reports would be wrong because they ware based on Payroll items. You should select the payments you want to make from the Pay Scheduled Liabilities list in the Payroll Center. Then click View > Pay.

What is the purpose of of Progress Invoicing?

To invoice from an estimate in increments. When Progress Invoicing is turn on (Preferences) and you create an invoice for a customer with an Estimate, QB provides 3 choices. 1) Invoice for the entire estimate. 2) Invoice for a percentage of the entire estimate, 3) Invoice for selected items percentages of each item.

What keyboard shortcut allows you to see a total for all 4 names Lists?

F2 in addition to product information, QB displays how many total names are in the current company file.

When you run Financial Statements in QB, what bookkeeping basis can you use to view the report?

All the above.

- in the Reports and Graphs Preferences, you can tell QB to run all summary reports on a cash basis. On the cash basis, QB only shows money you've actually received.

- QB shows all the invoices as income and all bills as expenses. You can show a profit but not have any mone in the account.

When you run a report, you click Modify Report and change the basis in the display column.

If you associate a service item with two accounts, how does QB know which account to use on a transaction?

When the item is on a sales form, QB uses the account "Sales Information" in the item setup. When it's on a purchase form, it uses the account under "Purchase Information." You can set up an item to affect different accounts, base on whether it's a sale or purchase, by selecting "

How do you create a memorized group of reports?

Open the Memorized Report List and the click Memorized Report > New Group.

What happens if you double click a diamond on a report column?

None of the above. If you click on the diamond to the right of a column, you can drag it to the right to make it bigger or to the left to make it smaller. If you drag it to the left past the column, QB hides the column completely.

What happens when you Quick Zoom on a number in a report?

QB show more detail about the number on the report.

What happens when you press F2 in QB?

QB opens the Product Information window which includes version and company file information. F1 - opens the Help. ESC - closes all the windows.

You've been hired by a company that started in 1911. They've never used QB. During the Easy Step Interview, what start date should you use?

The date you want to begin tracking the company's finances in QB. You should use a date for which you have accurate starting balances. If the date is in the past, for example, the beginning of this fiscal year, you will have to enter transactions that have occurred up to that point.

When setting up a new company through the Easy Step Interview, some company information is optional and some is absolutely required. Which of the following pieces of information is required?

How do you combine or merge two list entries?

Rename the unwanted list to match the name of the entry you want to merge into. There are some cases where you can't merge or combine entries. You can't merge entries of a different "type". For example, you can't merge an expense account into an income account.

What is the maximum number of names that can be included on the Manes lists in QB Pro or Premier?

When should us use a Sales Receipt in QB?

To record a customer payment at the time of sale.

You successfully reconciled the checking account last month. This month when you begin to reconcile the same account you notice that the beginning balance calculated by QB is different from the beginning balance according to the bank. How can this happen?

Someone changed or deleted a cleared transaction.

How does entering time for a job affect job cost reports?

None of the above. a) QB adds the cost of the employees time to the job cost. b) QB adds the cost of that employees "labor burden" to the job cost just entering time in QB is no posting, which means it does not affect any account.

What does the term "double entry accounting" mean?

There are always at least two accounts involved in every transaction.

Suppose you customized an invoice in QB. You really like how it looks and want your estimates to look similar. How?

Choose List > Templates. Select the form you want to duplicate. Then click the Templates button and select Duplicate. Then select the type of template you want to create with the same look, it this case, estimate.

What is a reason to use the items tab when entering a bill?

To assign a cost to a job or purchase inventory. To have accurate job cost reports in the Jobs, time and Mileage category, QB requires item information on any job related expense. You must also enter inventory items when you purchase them so QB can keep track of the quantity on hand.

Which of the following statements is true concerning Items?

All of the above. a) You can use one item to represent different services or goods. You can set up a catch all item and just change the description on each invoice. b) Item allow you to track your sales in more detail without cluttering your chart of accounts or P & L. c) To create an invoice, you must use an item. Invoices require items because this is how QB know which accounts to use for the income account.

When would you use the Expenses tab on a payroll liability check?

To enter late fees, penalties or interest.

You've customized an invoice and are ready to use it, but when you open the invoice, QB displays the default invoice. How do you change it?

On the invoice, click the Template drop-down arrow and select your customized invoice.

You need to enter the same transaction each month. How do you automate this process?

While the transaction is on the screen, chose Edit > Memorize Check (add name of transaction). You can memorize most transactions except those that require the user to provide more input like Paying Bills or running Payroll.

When should you Never delete a check?

You printed a check and the check number has been used. If a check number has been used, you must account for it. By voiding the check, you keep a record of the check number and show that the check is voided. You also ensured that QB will warn you if you try to record that same check number again.

What options (tabs) do you have to change a report when you click Modify Report?

All the above. Display, Filters, Header/Footer and Font/Numbers

If you set up and track Sales Tax in QB, which category of reports contains Sales Tax reports?

Vendors and Payables. Although the taxes are based on sales, you owe the money, so it is a payable. From this category you can run the Sales Tax Liability Report.

When entering a journal entry, what happens if the debits don't equal the credits?

QB's will not allow yo to record the transaction.

If you moved a list entry up or down, what happens when you add a new entry to the list?

QB's adds new list entries to the top of the list, regardless of alphabetical order.

What happens to the inventory asset account when you enter a purchase order for inventory?

No accounts are affected. Purchase Orders are nonposting. This means they do not affect accounts at all.

How do you track accounts payable in QB?

Enter a bill, and then use the Pay Bills window. If you enter a bill, you MUST use the Pay Bills window to pay the bill.

To record a payment by credit card, use the same process as recording a payment by........

When saving reports as a file to a disk, QB permits you to select form all of the following file formats except.....

All of the above. Spreadsheet file, ASCII File, Tab delimited file.

The Audit Trail feature permits you to track what type of changes made to QB's records?

All of the above. Additions, Modifications, and Deletions

A loan that is to be paid within one year is classified as a:

To enable QB payroll what do you do?

Click Edit > Preferences > Payroll and Employees > Company Preferences.

The employer must match which one of the following taxes paid by an employee?

Which one of the following items is not needed when calculating employee net pay?

Gross pay minus deductions for Fica taxes and federal and state income taxes.

Which type of corporation uses the Form 1065 and Schedule K-1?

When creating a QB file for an existing company, any opening balance is entered in customer when accounts receivable is automatically offset by an entry in the :

Uncategorized income account.

In QB's, which two accounts are needed when recording the purchase of equipment that will last for more than one accounting period?

Equipment Cost; Accumulated Depreciation-Equipment

Sales Tax Payable is recorded in which type account?

When recording the receipt of an item and the quantity received differs from the quantity ordered:

Change the quantity on the Create Items Receipts window.

The Enter Bills window is used to record which one of the following?

Services received but not yet paid.

Which of the following activities is associated with the Vendor section of the Home Page?

Quick Books tracks inventory using the:

Which one of the following reports helps track past due bills and bills that are due shortly?

Accounts Payable Aging Summary

The physical inventory Worksheet is used when:

Taking a physical count of inventory on hand.

All of the following are ways that a customer can pay for goods or services except:

The steps to record a credit sale in QB's are:

Create Invoice, Receive Payment, Record Deposit.

All of the following tasks can be completed in the Vendors section of the Home page except.....

The sequence of steps to save a backup copy is:

File > Save copy or backup >Back up Copy > Finish.

A company completes form ______ to summarize for the IRS, the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the year.

In the Create Invoices window, the _________ button is used to select costs billable to a particular customer.

Fixed assets may be added to the Fixed Assets List by using the Enter Bills window or:

By using Lists > Fixed Asset Item List

When setting up an existing company in QB's, you would enter a beginning balance for all the following except:

Income statement accounts.

How do I start a new company data File in QuickBooks Easy Step Interview?

Which system default accounts are created by QuickBooks as part of EasyStep interview and QuickBooks desktop setup?

When you add an inventory part to the item list QuickBooks looks for two accounts to associate with the inventory part what are the two accounts?

Which tax form would you select for a Subchapter S corporation?