period end review Flashcards
(19 cards)
When setting up for your period-end reviews, what can you do in Reports options (accessed from Accountant tools) that can save you time during your review?
“Favorite the reports you will use the most”
If your client’s bank accounts aren’t connected to QuickBooks, what additional setup task do you need to do at period end?
“Collect bank statements from the client”
Which of the following transactions are NOT flagged in the Transaction review tab of the Books review center?
“Transactions created via journal entries”
When reviewing uncategorized transactions in the Books review center, which of the following statements is TRUE?
“You can reclassify the transaction within the Books review center”
-What does the Outstanding transactions section of the Account reconciliation tab of the Books review center show?
“Any unresolved transactions that were not addressed during the Transaction review stage of Books review”
-If a client uses accrual-basis accounting, and records a customer payment via the Receive payment screen without applying it to an invoice, how will it show up on a cash-basis profit and loss report?
“Unapplied Cash Payment Income”
What are the two main tasks in the Wrap up stage of Books review?
Closing the books” and “Sending management reports to clients”
-Where can you find out about any changes that have been made to transactions from before the books closing date?
“The Exceptions to Closing Date report”
-Depending on their needs, you might conduct period reviews at different frequencies for different clients. How do you set the time frame that the period-end review covers in Quickbooks?
“Select the start and end dates in the Books review center”
-The Transaction review tab of the Books review center shows all the transactions from the relevant period that don’t have the payee field completed. Why is it important to complete this field as part of your period-end review?
“The more detailed the information entered into QuickBooks is, the more valuable the data can be for your client”
-If, when checking the profit and loss statement during your final period-end review, you see something in the reconciliation discrepancy account, what does this mean?
“A reconciliation has been forced, even though it doesn’t balance
-The Wrap up tab of the Books review center includes the option to close the books for the period you have been reviewing. What is the benefit of doing this?
“It means you can track any future changes that are made to transactions from before the closing date.”
-Which statement about the Additional items in each of the tabs of the Books review center is true?
“You can create a checklist of any tasks you want, along with hyperlinks, if available.”
-Which of the following would NOT need to be collected from clients at period end?
“Bank statements for any connected bank and credit cards where QuickBooks fetches the statement automatically.”
-Which of the following transactions are NOT flagged in the Transaction review tab of the Books review center?
“Transactions created via journal entries.”
-What are the two main tasks in the Wrap up stage of Books review?
The two main tasks in the Wrap Up stage of the Books Review process are:
Sending management reports to clients. ✅
Closing the books. ✅
-When setting up for your period-end reviews, what can you do in Reports options (accessed from Accountant tools) that can save you time during your review?
Set the default time frame for reports.
-Which of the following would NOT need to be collected from clients at period end?
“Bank statements for any connected bank and credit cards where QuickBooks fetches the statement automatically.”
-If a client uses accrual-basis accounting, and records a customer payment via the Receive payment screen without applying it to an invoice, how will it show up on a cash-basis profit and loss report?
Unapplied Cash Payment Income ✅
