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Purchase orders

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Non posting transactions, some vendors require to process orders (Webster sports)

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Vendors are the

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people and companies you purchase products and services from. Phone company, office supply store, SUB CONTRACTOR, sales tax agencies

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To set up new vendor, click

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Vendors on the home page, then click new vendor or in my shortcuts, click vendor

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Quick Add

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Add a new vendor without entering other info about that vendor, can go back later to edit it

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What do you do if a vendor is also a customer

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Must create both a vendor record and customer record. Name must be different for both

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Explain the payment terms 1% 10 Net 30

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Bill due in total in 30 days. If pay within ten days, receive 1% discount.

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Setting a vendor balance when creating New vendor

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Not recommended to use Opening Balance field in the New Vendor window, enter each unpaid Bill separately for better tracking

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Vendor types

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Quickbooks allows you to classify vendors into common types, then can create report to see how much spent on each type

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Tax ID field is where you enter

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Social Security Number for individual or Federal Employer Identification Number for a company

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Custom fields

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Can be used to track more info about vendors, click Additional Information Tab to define custom fields

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Class Field

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Can track income and expenses by business unit, department, store location, profit center or other meaningful category. Create separate reports for different classes

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To turn on class tracking

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Edit Menu > Preferences > Accounting Preferences > Company Preferences Tab > Check the Use Class Tracking box

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Which report shows income and expenses for each class?

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Profit and Loss by Class

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When entering bill and vendor not found, use ______ to add vendor to list

answer

quick add

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How can you attach an electronic copy of a document to transactions

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Click Attach File button in the transaction window

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To write check, click

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Write check in the Home page Banking section

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To print the check later, turn on the

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Print Later checkbox.

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To use the check register, click

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"Use Register" on the Banking Menu or "Check Register" on the Home Page Banking Section

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For each credit card the company uses to pay bills, set up a

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separate credit card account

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When you record credit card charges, use the

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Enter Credit Card Charges Window; use the Enter Bills window to record and pay credit card bills

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To View the Unpaid Bills Detail report, select

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Reports > Vendors & Payables > Unpaid Bill Detail

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A/P Aging Summary

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Summarizes ages of unpaid bills, how much owed to each vendor, breaks down total owed for current billing period and previous billing period, (billing period 30, 60, 90, 120 days.)

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To pay bills, click

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Vendors menu > Pay bills or click Pay bills not he home page

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To print checks at another time, select the

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Print later checkbox in the write checks window

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Do you have to print checks one by one?

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No, you can tell QB to queen up checks you recorded and bill payments you set up to pay by check, and print them in one big batch.

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To print checks, choose

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File menu > Print Forms > checks

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Check Number

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Quickbooks will attempt to automatically fill in the first check number available, if it doesn't match, type it in manually

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What can you use instead of manually signing checks

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Upload a graphic file of the signature using the signature button in the print checks window

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How do you Void a check in the register?

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Use to Go to bottom to find the check in the check register window, select the check to void, right click bill payment or select the shortcut menu, choose Void Bill select

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When check is voided, the payment amount is ____ and QB adds a checkmark to the _____________ and fills in the memo field with ____________

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0.00; checkmark to the cleared cell; void

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What does the checkmark mean on check

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It means the check is reconciled to the bank

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All voided checks must be listed in the register so that

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there are no gaps in check number sequence

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Voiding a bill payment

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will make the bill payable again

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If you mess up on a check before printing, you can

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delete the check

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If you mess up on a check after printing, you should

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void the check

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Voiding a bill payment will make it

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payable again

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Vendor credits are

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credits that a vendor gives you to lower the cost on a bill

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Recording a vendor credit takes place in the

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Enter bills form, then select credit option at the top

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The Vendor Balance Summary Report shows

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how much you owe to each vendor as of the report date you select

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To examine each accounts payable transaction, use the

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Vendor Balance Detail

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Transaction list by vendor displays

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all transactions for each vendor including checks, credit card charges, and credit accounts payable transactions.

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To print a vendor report, click

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Reports menu > Vendors and payable > Choose the report

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You can display vendor center by: a. Clicking vendors not he home page b. Clicking vendor center in the icon bar c. On the vendor menu, choosing vendor center d. All of the above

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D.

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You can add a vendor in the vendor center by: a. Right clicking within vendors tab and choosing new vendor b. In the vendor center icon bar, clicking new vendor and then choosing new vendor C. In the vendor center icon bar, clicking new vendor and then choosing add multiple vendors D. Pressing Ctrl + N E. All of the above

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E.

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You can pay vendors by: a. Recoding transactions in the check register b. Using write checks to record and print a check without using accounts payable c. Using Enter Bills to record a transaction using Accounts Payable and then using Pay Bills to pay open Bills D. All of the above

answer

D.

question

Which statement is true: A. When you pay a bill, QUIckbooks records the payment in the bank account (or credit card account) and the Accounts Payable account. B. Bill payments increase the balance in your bank account and the Accounts Payable account C. You apply discounts when you enter a bill D. You must use items to fill out a bill

answer

A.

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Which Quickbooks feature allows you to categorize income and expenses that span different customers, vendors, accounts and time periods? A. Job B. Class tracking C. Customer Types D. Vendor Types E. Job Types

answer

B.

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Cash Vendor

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A vendor who you would typically pay write away, Write Checks as payment Method.

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Credit Vendor

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A vendor who would bill you and you would enter that bill and say the bill. Payment involves Purchase Order, Enter Bills, Pay Bills.

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Job Costing

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tacks expenses for each customer or job, P&L shows income separately for each job

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3 Ways to pay vendors

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Manually write check and record transaction in checking account register; Electronic Fund Transfer and Debit card payments also recorded in register. Use write checks window to write and print checks when no account payable. Use Enter Bills to record accounts payable and Pay bill to pay bill

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To create a transaction with multiple accounts affected, use the

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Splits button at the bottom of the register

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3 Printer Forms are

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Voucher (One check), Standard (Multiple check per page), Wallet (Check with Receipt attached)

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To pay credit card bill, use the

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Write Checks and code the check to the credit card account

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Vendor list shows the

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Vendor name, current balance owed

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If haven't used a vendor for long time, can make it inactive. Will quickbooks retain info associated with that vendor

answer

Yes but QB hides the vendor from the vendor lists and from vendor drop down lists

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If want to track expense for each customer or job

answer

Link each expense with the customer or job to which it applies

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To add subcontractors, add them as

answer

Vendors, when selecting type, choose additional info and click the sub contractor check box.

question

What should you not do to pay a bill in QB

answer

Do not write a check

question

If paying by debit card,

answer

In the check number, put "debit"

Quickbooks Ch. 2 – Managing Expenses – Flashcards

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