⟩ What transaction should you enter if a customer returns a damaged product or, in the case of a service, complains so much you decide to offer a refund? a. Debit Memo b. Credit Memo c. Customer Return d. Check or Bill
b. Credit Memo
b. Credit Memo
When would you create an estimate in QuickBooks? a. When you want to send a billing statement b. When a customer requests a bid, quote, or proposal c. When a customer loses an invoice and needs a second copy d. When a customer pays for goods and services at the time of sale
When you invoice for time and costs, where does QuickBooks get the billable time or costs? a. QuickBooks places a "Time/Costs" stamp on the invoice, but you must manually enter the line items on the invoice. b. From billable time entered on bills and checks. c. From payroll costs/expenses marked as billable on paychecks. d. From billable time entered on timesheets and/or billable costs entered on checks and bills.
What is the purpose of Progress Invoicing? a. To invoice items marked as billable b. To automatically update a customer's job status c. To invoice from an estimate in increments d. To convert a sales order to an invoice
When you create a statement and select "All open transactions as of statement date," what does QuickBooks show on the statement? a. Open transactions as of the statement date b. All transactions during the specified date range c. Invoice item details for invoices d. Customer payments that haven't been deposited
You received 5 customer payments in the mail. At the bank you deposit the 5 checks as one deposit. When you record the 5 separate payments in QuickBooks, how do you show that the 5 checks were actually 1 deposit? a. In the receive payments window, check "deposited with deposit number ." b. Record all the payments in the same Receive Payments window c. 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. d. All of the above
When should you create an invoice in QuickBooks? a. When a customer purchases goods or services and pays you in cash at the time of the sale b. When a customer purchases goods or services and pays you by check or credit card at the time of the sale c. When a customer purchases goods or services, but you don't want to record the sale as final d. When a customer purchases goods or services but does not pay you at the time of the sale
When should you use a Sales Receipt in QuickBooks? a. To give a customer a receipt for payment of an invoice b. To record a customer prepayment or deposit c. To record a customer payment at the time of sale d. To enter a customer early-payment discount
What options do you have after you create a credit memo in QuickBooks? a. Retain as an available credit b. Give a refund c. Apply to an invoice d. All of the above
What do you need to record in QuickBooks when a customer's check bounces (the customer had non-sufficient funds, NSF)? a. There is less money in the checking account. b. The customer owes you for the amount of the check (and optionally a bounced check fee). c. The NSF fee the bank charged you d. All of the above.
What report should you use to help you complete the state unemployment tax form? a. Payroll Summary b. Payroll Data Review c. Employee State Taxes Detail d. State Unemployment report