Chapter 9 Flashcards
(20 cards)
What does the Audit Log display?
Transaction activity that affects your company file, including the time and associated user.
What is the difference between voiding and deleting a check in QBO?
Voiding keeps it in reports but reduces its value to zero. Deleting removes it from reports other than the Audit Log.
When reconciling a bank account, QBO will ask you where to code any difference amount that you cannot reconcile.
False
In the Project 9 Homework Assignment, how many individual items are listed on the Audit Log used in Steps 8 and 9?
3
By default, Audit Logs are only accessible to Administrator users.
False
In the Project 9 Homework Assignment, what is the lowest individual amount recorded in Step 13?
$35.00
Tracking 1099 activity for a vendor requires both flagging the vendor AND telling QBO which accounts to track.
True
QBO allows you to make a copy of transactions.
True
Which of the following filters are available in the Advanced Search to narrow down your options?
Amount
Reference Number
Transaction Type
Memo
In the Project 9 Homework Assignment, what is the total amount paid to independent contractors according to the 1099 Contractor Balance Summary prepared in Step 5?
$996.23
A “sub-customer” could be used for…
multiple locations for one customer, and different jobs completed for the same customer.
In the Project 9 Homework Assignment, which vendor is NOT listed on the 1099 Contractor Balance Summary report?
Tania’s Nursery
Purging company data can only be performed within how many days of creating the company file?
60
You pay a bill by using a check and record it in QBO, but the check is never received by the vendor, so you write a new check. What should you do with the original check in QBO?
Void the check.
Where in QBO are 1099 contractors flagged?
On the vendor record.
Which statement describes 1099 workers?
1099 workers are independent contractors.
In the Project 9 Homework Assignment, the account debited in Step 14 is…
Accounts Receivable (A/R).
When reconciling a bank account, the goal is to match your QBO activity with what the bank or credit card company shows as having occurred.
True
Which of the following details is NOT found in the Audit Log?
All of these are in the Audit Log.
If you need to look at an entry in QBO in its journal format, you select the “Transaction Journal” option in which menu of the entry?
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