Name__________________________________
Date_______________________________
QuickBooks Accountant 2012
Chapter 4—Managing Expenses
Remember—the QB files you will use throughout this textbook have already been restored to a working
data file. Please ignore the textbook directions to restore a portable file throughout the book; you will open the
appropriate company file located in your “My QB Restored Files” folder.
Open Expesnes-12.QBW to use throughout Chapter 4, complete the questions, and do each Computer Practice
as you come to them in the chapter. When you finish the chapter, you will complete Expenses-12Problem
1.QBW on Pages 135-136; write all of your answers in the space provided.
1.
This chapter deals with tracking ________________________and _______________________________.
2.
QB help you track ______________________ so that you can create______________________________
______________________________________________________________________________________
3.
The QB Vendor Center manages ___________________________, ____________________________,
and __________________________________
Setting Up Vendors
4. Vendors include _______________________________________________________________________
_____________________________________________________________________________________
Do the Computer Practice, Pg. 98-102
5.
To display the Vendor Center, select _____________________________________________________or
_____________________________________________________________________________________
6.
The Vendor List (like the Customer List) sorts alphabetically by _________________________________.
It is best not to use the Opening Balance field in the New Vendor window; enter each unpaid Bill separately
after you create the vendor record.
QB allow you to group your vendors into common types; you can then create report specific to this Vendor
type.
7. The tax ID field in the Vendor Window is where you enter ___________________________________ or
____________________________________________________________________________________.
Custom fields can be created in the Vendor Window to track more information about your vendors; Click
the Additional Information Tab to define Custom Fields.
Name__________________________________
Date_______________________________
Activating Class Tracking
In QB the Class Field allow you to separate your transactions other than by account name.
Separate income
and expenses by line of business, department, location, profit center, or any other meaningful category for your
business. This feature all you to create separate reports for each Class of the business.
Do the Computer Practice, Pg. 103-104
Tracking Job Costs
Link each expense with the Customer or Job to which it applies if you want to track job costs; you can then
create special reports by job.
Paying Vendors
8. List the ways you can pay your vendors when using.
__________________________________________________________________________________________
Using Registers
Do the Computer Practice, Pg. 106-108
9.
If you write a check manually or pay by electronic fund transfer, the transaction must be recorded in QB
using ______
10. To use the Check Register, click__________________________________________ or
____________________________________________________________________________________.
11. If recording an electronic fund transfer, _________________________ is written in the check number field
of the check register. If recording a Debit Card transaction, _________________________ is written in the
check number field of the check register.
Quick Add allows you to add a New Vendor without entering the address and other information to setup the
vendor; you can go back later to add the information by editing the vendor record. Quick Add feature works the
same for adding New Customers (CH. 3).
Splitting Transactions
Purchases or expenses can be split to more than one account.
Do the Computer Practice, Pg. 108-109
Using Write Checks Without Using Accounts Payable
Item types are associated with buying and selling: Service, Inventory Part, Inventory Assembly, Noninventory Part, Fixed Asset, Other Charge, Subtotal, Group, Discount, Payment, Sales Tax Item, and Sales Tax
Group.
Classes are used to separately track departments, profit centers, store locations, or funds in any business
Name__________________________________
Date_______________________________
If you are tracking Job costs or Classes and not using accounts payable, it is best to use the Write Checks
window to record expenses.
If you are Items to track purchases and not using accounts payable, it is best to use either the Write Checks
window or Enter Credit Card Charges window.
Do the Computer Practice, Pg. 109-110
Managing Accounts Payable
12. In QB, bills from vendors are entered in _______Enter Bills Window_____________________.
Do the Computer Practice, Pg. 111-112
Unpaid Bills Detail Report is a ____________________________________________________________.
Do the Computer Practice, Pg. 112-113
Paying Bills reduces ______________________________________________________________________.
Do the Computer Practice, Pg. 113-118
Printing Checks
Do the Computer Practice, Pg. 118-122
13. When preparing checks for payment, select ______________________________status to print checks at
another time.
14. To prevent one or more checks from printing, click__________________________________________
_______________________________________________________________________________________
15. When printing checks, click____________________________________________________________ to
print signed checks.
Print signed checks by uploading a graphic file of a signature during the printing process.
Voiding Checks
Do the Computer Practice, Pg. 122-124
16. All voided checks must be listed in the register so that there are no gaps in checks number sequence.
Name__________________________________
Date_______________________________
17. List the steps in Voiding a check in the register:
1.
Select the check to void__________________
2. Click __________________________________________
3. Click __________________________________________
18. When a check is voided, QB changes the check amount to ____________________ and adds
______________________________________________________.
Voiding a bill payment will make the bill payable again.
Do the Computer Practice, Pg. 124
Attaching Documents
19. QB allows you to attach electronic documents to transactions; example of items that would be attached are
_________________________________________________________________________________.
20. To attach a document, click_____________________________________ in the transaction window.
Applying Vendor Credits
21. Vendor credits to your accounts, record the transaction in the _________________________________
and apply ___________________________________________________________________________
Do the Computer Practice, Pg. 125-128
Tracking Company Credit Cards & Entering Credit Card Charges
Set up a separate credit card account in QB for each credit card the company uses to pay bills.
Enter each
charge individually using the Credit Card Charges window.
Do the Computer Practice, Pg. 129-130
Paying the Credit Card Bill
Do the Computer Practice, Pg. 130-131
To see the credit card charges and payments, open the Chart of Accounts and click on the credit cart account
Paying the Sales Tax
Sales tax must be collect from customer each time they sell products and certain services and. These taxes
must be paid to the appropriate state or local agency.
Do the Computer Practice, Pg. 131-132
Accounts Payable Reports
22. The Vendor Balance Detail report shows ___________________________________________________
___________________________________________________________
Name__________________________________
Date_______________________________
23. To print a Vendor report, click ____________________________________,
select_______________________________________________________________________________
Do the Computer Practice, Pg. 133
24. Transaction List by Vendor shows ___________________________________________________
Do the Computer Practice, Pg. 134
Review Questions:
1. You may record payments to your vendors by:
A. Recording a manual entry directly into the check register
B. Using Write Checks to write and print a check without using Accounts Payable
C. Using Enter Bills to record Accounts Payable and then using Pay Bills to pay open Bills
D. A, B, or C
2. To display the Vendor Center:
A. Click Vendors on the QuickBooks Home Page
B. Click the Vendors Center icon on the Navigation Bar
C. Select the Vendor menu and then select Vendor Center
D. A, B, or C
3. You can add a vendor:
A. Only at the beginning of the fiscal year
B. Only if you will purchase over $600 from that particular vendor and a Form 1099 will be issued
C. Only at the beginning of the month
D. At any time by selecting New Vendor in the Vendor Center
4. Which statement is true?
A. QuickBooks records each Bill Payment in the bank account register (or credit card account register) and
the Accounts Payable register
B. Bill Payment increase the balance in both the Checking account and the Accounts Payable account
C. You should assign Jobs to all discounts taken
D. You cannot make partial payments on a Bill
5.
Which QuickBooks feature allows you to separate your income and expenses by line of business, department,
location, profit center, or any other meaningful breakdown of your business?
A. Job costing
B. Class tracking
C. Customer types
D. Vendor types
Do Expenses-12Problem1, pages 135-136. Do the Computer Practice, Pg. 133. Type your name on all
printouts before printing. Attach all printouts to the study guide.
Do Expensess-12Problem1, p 135-136; Put your name in each document before printing. Attach the
printouts to this study guide.