vendor-expense Flashcards
(26 cards)
-You’re configuring the Expenses options in Account and settings for a client. So that they can specify which products and services are purchased from vendors, you switch on Show Items table on expense and purchase forms. To which of the following forms does this add a product/service option?
Expense, Check, Bill, and Vendor Credit
-Which of the following statements about recording money-out transactions using items is FALSE? The FALSE statement is:
“You specify the purchase account for the item when you create an expense or bill.”
-Which type of transaction cannot be referenced with a tag in QuickBooks?
Journal Entries
-When might a client want to manually record an expense, rather than categorizing it when it comes in through the bank feed?
“When the expense needs to appear in a company report immediately.”
-Which of the following statements are TRUE regarding bills?
Answer: Affects accounts payable accounts,Supports accrual-basis accounting
In which tab of the Transactions center do bills and receipts appear after they’re added to QuickBooks?
Receipts
-How can vendor credits be used in QuickBooks?
Ans: Apply it to an existing open bill,Enter it and leave as a credit on the vendor’s account
Which of the following is NOT shown on an Accounts Payable Aging report?
Ans:The balance of each unused credit
Which of the following statements is FALSE regarding naming conventions when adding a vendor to QuickBooks? .
Ans: The Vendor display name can be the same as another customer or vendor
-You’re configuring the Expenses options in Account and settings for a client. So that they can specify which products and services are purchased from vendors, you switch on Show Items table on expense and purchase forms. To which of the following forms does this add a product/service option?
The correct answer is: Bill, Check, Expense
-Why is it important to ensure the payee is always recorded for an expense transaction?
Ans; Supports analysis of spending patterns, Ensures accurate 1099 reporting, Accurately attributes expenses to vendors, Simplifies reconciliation.
Which of the following statements about recording money-out transactions using items is FALSE?
Ans: “You specify the purchase account for the item when you create an expense or bill.”
What ways can bills and receipts be added to QuickBooks so that they can be allocated to transactions?
Emailing to a custom address,Uploading a file from a computer or mobile devic,Uploading via the QuickBooks app
How can vendor credits be used in QuickBooks?
Ans:Apply it to an existing open bill,Enter it and leave as a credit on the vendor’s account
You generally need to submit a 1099 to the IRS at year end when you pay more than how much for services from a vendor who is an independent contractor or freelancer?
$600
Which of the following statements about purchase orders is FALSE?
“A purchase order is an accounting transaction, which means it affects balances in your client’s accounts.”
-Which of the following statements are TRUE regarding bills?
Supports accrual-basis accounting → TRUE, Affects accounts payable accounts,
Paying the bill is recorded separately to receiving the bill
-Which of the following statements regarding vendor credits is FALSE?
“Increases accounts payable”
Which template types are good starting points when your client wants to record transactions that occur on a regular, scheduled basis, but where the client doesn’t want QuickBooks to process them automatically because they need editing before they’re created?
reminder
Your client wants to identify how much they are spending with particular vendors to help identify areas of overspend. Which report would be most helpful for them?
Expenses by Vendor
-Your client wants to identify how much they are spending with particular vendors to help identify areas of overspend. Which report would be most helpful for them?
Transaction List by Vendor
-Why is it important to ensure the payee is always recorded for an expense transaction?
Supports detailed tracking of expenditures and analysis of spending patterns,Helps with 1099 compliance reporting,Makes reconciliation more straightforward, Ensures each expense is accurately attributed to the correct vendor
-Which of the following statements are TRUE regarding bills? The TRUE statements regarding bills are:
Paying the bill is recorded separately to receiving the bill. ✅
Affects accounts payable accounts. ✅
Supports accrual-basis accounting. ✅
-Which of the following are the benefits of using purchase orders?
The benefits of using purchase orders are:
Makes orders easier to track for clients. ✅
Creates clearer communication between the client and the vendor. ✅
Helps vendors successfully generate and deliver the client’s order. ✅
