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Figure 1-7. Some bits of company information change more often than others. For instance, you might relocate your office or change your phone number, email address, or website address. But stuff like your company’s legal name and address, federal Employer Identification Number, and business type usually stays the same. In the “Open or Restore Company” dialog box, select the “Open a company file” option, and then click Next.
If you’ve used a previous version of QuickBooks, your company file is set up to work with that version. When you upgrade to QuickBooks 2016, the program has to make some changes to your company file. If you want to see more than one company, reset the number of entries again, this time to a higher number.
Money Out There is no such form in QuickBooks.c. Enter Credit Card Charges Credit card charges are considered credit card purchases.d. Write Checks or use check register This is the correct answer. Make sure that the bank account is a Petty Cash account that you set up .
In addition, you need complete reports of your past payrolls because Quicken payroll transactions don’t convert to QuickBooks. Screen asks whether you plan to write checks to pay bills immediately or enter bills in QuickBooks and then pay them later . You can read about bill preferences on Bills and payment preferences on Multiple Currencies.
And then, hit click on the option to create a new company on the no company open window. After that, opt for the option to create a new company in the no company open window. Even though it was not your fault, the bank will charge you a fee. You can record this when you find out about the NSF check. Or you can record it when you reconcile the checking account.d.
10, You can have 14,500. 1, You can have 14,500. 2, You can have 14,500. 14, This is the correct answer. You can have as many sg&a definition as you want in QuickBooks Enterprise Solutions.
Inventory Part You must track the quantity of Inventory Parts you buy. In this case, you don’t buy cupcakes. If you set up an inventory part called cupcakes, the inventory would always decrease but would never increase (because you don’t buy cupcakes). If you used Inventory Parts to track your purchases, you would always use the Items tab on purchase forms. Inventory Assembly Inventory Assemblies are used when you assemble an inventory item from other inventory items.
Which of the following is NOT a backup option in QuickBooks? Manually back up the file. Automatically back up the data file when closing QuickBooks. Schedule an unattended backup d. All of the above are QuickBooks backup options.
Also, the same feature is not available for QuickBooks online banking users due to the security and time-related data from the financial institution. Subsequently, select the company and financials and choose the balance sheet standard option. The first benefit is that the performance of the system will not be deteriorated due to large data files. And then, on the no company window, choose the option to create a new company. Next step is to hit a click on create company option.
To keep your entire financial history at your fingertips, you need to put every transaction and speck of financial information in your QuickBooks company file. Is where you store your company’s financial records in QuickBooks, so it’s the first thing you need to work on in the program. Choose ‘Next’ and a window will open for you to save your company file. The file name is pre-filled based on the information you entered in Your Company Information. You can change it to something else if you like. Choose ‘Save’ and Quickbooks will create the company file and save it for you.
Other products that Intuit would like to sell you appear at the bottom of the window. Click Update Now. QuickBooks first creates a backup copy of your company file, and then updates the company file. A progress bar shows how far it’s gotten.
Then, if you need to create your company file yourself, you’ll learn how to use the QuickBooks Setup dialog box or the EasyStep Interview to get started . If you’re converting your records from another program, this chapter provides some hints for making the transition as smooth as possible. Finally, you’ll learn how to open a company file, update one to a new version of QuickBooks, and modify basic company information. Creating a QuickBooks desktop company file might seem to be a complex task for users.
It is always critical to safeguard financial information whether on paper or in a software program. Be sure to enter a strong password here and write it down before you go any further in the Quickbooks EasyStep Interview. You don’t want someone gaining unauthorized access to your books. The more complicated your password, the harder it is to memorize, so be sure to store it in a safe place away from your computer. Here, I will walk you through the interview step by step to explain how best to respond to the questions you will be asked.
It does not allow users to look at data after the period has closed. Sensitive data is safeguarded after the close date, since access is password protected. Yes. When you delete the vendor, a box appears asking if you are sure you want to delete.
The easiest way to open a recent file is to choose File→Open Previous Company, and then choose the file you want to open, as shown in Figure 1-6. If the Open Previous Company submenu doesn’t list the file you want, follow the steps in the next section instead. Screen is where you specify whether you want to use QuickBooks’ payroll and 1099 features. If you do, select Yes and turn on the appropriate checkbox.
You’ve just been hired by a bakery that sells delicious cup cakes. When they buyingredients , they use the Expense tab and assign thecosts to a Cost of Goods Sold account. You need to set up an item for cakes.
What happens to the inventory asset account when you enter a purchase order forinventory? The inventory asset account increases. Purchase Orders are nonposting. This means they do not affect accounts at all. The inventory asset account decreases.
Windows’ taskbar keeps your favorite icons near at hand. The taskbar is easy to reach, because program windows don’t hide it the way they do desktop shortcuts. You can rename desktop icons, as was done here. To do that, right-click the icon, and then, on the shortcut menu, choose Rename. Type the label you want to use, and then press Enter.
F This does nothing in QuickBooks.d. Ctrl + 4 This does nothing in QuickBooks. To make the conversion proceed as smoothly as possible, some cleanup of your Quicken file is in order. For example, record overdue scheduled transactions and send online payments before you convert your Quicken file. Also, in Quicken, delete accounts you no longer need, because after they’re in QuickBooks, you can’t delete them if they contain any transactions. And make sure that customer names are consistent and unique.
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