2023 QBO

Services are usually paid

Vendor Balance Detailed report provides the information on company's debts and overpayments to the specific vendors

Can enter timesheets, add users, update company info, manage subscriptions

Income statement is also known as the:

Adding Apps is great for data tracking

P/L Report & Balance Sheet Reports should match to ensure successful data transfer

You can import Products and Services into QBO

All Apps that connect to QBO are free

QBO PLUS provides inventory tracking

Reports only, time track only, take payments only do NOT count toward QBO user limit

Which transactions CANNOT be made recurring

Can you enter a vendor credit when no expense has occurred

You can customize / change a reporting aspect like: accounting method, reporting period, and number formatting

A list that displays information you can use to categorize your accouting transactions

QBO automatically enters the credit transaction information

Connecting your online bank account to QBO

Which items do you have a quantity for?

What formula is used in the P&L Statement?

A vendor who qualifies as an independent contractor, makes more than $600 a year - must be sent a _______ form

For Payment Terms what does Net 20 mean?

All bills affect a company's

Company Admin role has complete access and can only be assigned to one user

What type of accounting should one use for the reconciliation process?

QBO PLUS provides project profitability tracking and tracks inventory

A way to move money between accounts to make the books balance. Should be used with extreme caution

Typically you always need to select SAVE and CLOSE

Check payments are treated as

Which transactions CAN be made recurring

How many user seats does Advanved plan include?

Inventory, Non-Inventory, Service, Bundle are the types of ____ that can appear in QBO

Products are usually paid

Apps can help customize QBO to a business's specific industry

QBO PLUS provides payroll / payroll support at no additional cost

This name is the only name that MUST be UNIQUE

Which financial report is used to understand changes in revenues and expenditures (expenses)?

What formula is used in the Balance Sheet?

Adding Apps will help import basic data entry information

the transaction is completely erased from your books, and it won't appear on any reports or in any accounts.

A list that displays your accounts

you still have a record of the transaction, but it won't affect your account balances or reports.

A credit is used to either record returns to vendors or refunds from vendors.

What is a bank rule?

QBO automatically enters the date and the next available journal entry for you to use

Select the Income account dropdown and the account you want to use to track the sale for....

Which financial report shows assets, liabilities and equity at one point in time?

How many user seats does the Plus plan include?

Which financial report provides the BEST information about the CURRENT financial health of a business?

Which financial report shows income, expenses and net income during a specific time period?

Adding Apps will provide more security and less risk

Adding a new customer only requires which information to be completed?