Assignment:
When going in to reconcile a bank account, you realize that the beginning balance does not match the statement. Where can you view changes made to a bank account's reconciled period?
• A. Chart of Accounts
• D. Reconciliation History
• E. Banking Changes screen
• Your client recorded a check in the prior fiscal year that did not clear and was re-issued in the current fiscal year. They are accrual based taxpayers and the return for the prior fiscal year has been completed. Which of the following is the best method to repair this issue?
• A. Use the Write Off Invoices tool to void the check in the current fiscal year
• B. Change the date and the check number of the original check entered in the prior fiscal year to match the new check number and date
• C. Create a deposit to the same expense account as the original check but dated in the current period, then reconcile them against each other
Your client calls you to figure out why he suddenly has an amount showing in his balance sheet for Opening Balance Equity. Which of the following errors could he have made that would result in a balance existing in the Opening Balance Equity account?
A. Condensed the file
B. Received new inventory items on a bill without making a purchase order
C. Entered an opening balance when setting up the liability account for a new truck purchase
Why wouldn't you want to post a payment against an invoice directly to a bank account?
A. It will duplicate income
B. It will create a negative Accounts Receivable
C. The deposits in QuickBooks generally won't match up with the deposits on the bank statement
Trudie Lyn calls you because a bill is still showing due but she knows she paid it and her bank and credit cards are all reconciled. You determined she recorded an expense instead of paying the bill through bill payment. What steps would you take to repair this issue?
A. Delete the bill
B. Open the expense and add the bill from the transaction drawer
C. Created a delayed credit and when the next bill comes, apply the delayed credit to the bill