 You must complete the Payroll Setup Interview before you set up payroll schedules. Also, payroll schedules are not required to run payroll .c. 1) Turn on payroll through preferences; and 2) complete the Payroll Setup Interview.

Assisted  With this option, you record paychecks, and QuickBooks calculates taxes for you. At this point, Intuit Payroll pays your taxes, files all state and federal forms, and guarantees accuracy and timeliness.d. All of the above  This is the correct answer. If you work for a company or own a business, it’s important to understand your choices for running payroll. Why must you set deposit frequencies for the taxes or deductions your company hasto pay ?

Customizing Your Company File

On the Home Page, click Refunds and Credits. This decreases the amount owed by the customer and reverses the sale. Customer Return  There is no such transaction in QuickBooks. Check or Bill  A purchase transaction does not “reverse” the sale. What account is affected when you sell an item?

•  There is no message in QuickBooks that asks you how to sort new list entries.
• You received 5 customer payments in the mail.
• ” screen.
• For instance, you might relocate your office or change your phone number, email address, or website address.
• It “reverses” a sale.

 You must first accounting equation a payroll service option before you complete the Payroll Setup Interview.d. 1) Complete the Payroll Setup Interview; and 2) set up employees.  You must first choose a payroll service option. If you don’t see this dialog box, choose File→New Company (or click “Create a new company” in the No Company Open window). The dialog box takes up most of the screen, so you can stay focused on creating your company file. This chapter begins by explaining how to launch your copy of QuickBooks.

Other Quizlet sets

Nothing. QuickBooks records the transaction as is. What happens when you press F2 in QuickBooks?

Go through the EasyStep interview for each company to create a separate company file. If you are a company that does your own taxes go ahead and select one of the options available. If an account handles your company’s taxes, select the Other/none option. QuickBooks opens the company file, and you’re ready to keep the books. Screen (Figure 1-4) lists the accounts typically used by companies in your industry.

& Payrolll for Your Small Business

Screen is where you tell the program whether you keep track of the products you have in stock. This screen provides a few examples of when to track or bypass inventory, and Should You Track Inventory with Items? Has info about how to decide whether tracking inventory makes sense for your business. On the “Select your industry” screen, choose the industry closest to yours. That way, most of the settings the program chooses will be what you want.

You can change the number of companies QuickBooks lists on this submenu to match the number of companies you work with. With a clever workaround, you can also clear out old entries that you don’t want to see. On the “How is your company organized?

The diamond indicates that the list entry has open transactions. Afterward, select the vendors and payables and also choose the vendor balance details option. You can use this feature to restructure and clean up the current data by removing unused items, accounts, and names. Followed by selecting the location to save the company file and clicking on save. Now set the fiscal year for which you want to create a company file and then hit next. To record a customer payment at the time of sale  This is the correct answer.

Company password Entering a password is optional . You are now done creating your company file! You can choose to save this file anywhere you’d and even leave the Easy Step Interview process, although we highly recommend completing the interview.

The Company Information dialog box closes. Click the X at the top right of the My Company window to close it, too. After you update a company file, your coworkers won’t be able to open it until you install QuickBooks 2016 on their computers.

When you start a company, you choose a fiscal year. If you start your fiscal year in another month, choose it from the drop-down list. For example, you can provide more info about your company up front and choose which features to turn on.

 QuickBooks summarizes transactions that are being removed so you can still run Financial Statements from the original Start Date. Deletes all transactions, as well as user passwords and access privileges.  QuickBooks only removes transactions. If you choose to remove transactions as of a specific date from the “Condense Data” window, what does QuickBooks do?

These reports will be needed when you will recreate the year-end balances of the account receivables and account payable in the new company file. Moreover, these reports will be required when you are recording the opening balances for all the balance sheet accounts. Other than this, you might require to manually enter the outstanding banking transactions, stock status, and inventory values.

The “Glad you’re here! ” screen appears, and you can begin entering info. This section explains what the program needs to know to create your company file. You will have to print the reports mentioned below on December 31st of the closing year.