Interview Questions.

Question 1. Explain What Is Quickbooks?

Answer :

QuickBooks is an accounting software program package deal advanced through Intuit. It presents and on-premise accounting programs in addition to cloud-based variations, which incorporates business bills, payroll functions and manage and pay payments.

Question 2. What Are The Products Available In Quickbooks?

Answer :

QuickBooks provide following merchandise:

QuickBooks Self-employee
QuickBooks Online
QuickBooks Pro
QuickBooks Premier
QuickBook Enterprise
Customer Reviews
Upgrade your QuickBooks
Peachtree Accounting Interview Questions
Question three. Mention What Are The New Features Available In Quickbooks 2015?

Answer :

The QuickBooks 2015 presents following features:

Insight tab within the Home window: This tab highlights company’s economic reputation and interest by way of exceptional hues. Green bar represents month-to-month income, blue bars imply your monthly fees and black graphs shows your earnings by means of month

Income tracker upgrades: This colored bins helps to song the number of open invoices, overdue invoices, and a recent purchaser charge. It also displays a box for unbilled time and prices

Update reminders window: Reminder window presentations to-dos and transaction which are due as of today

Pinned notes: Note related to a client, vendor or worker can be pinned and whenever you select the concern, it's going to also display the note related to it

New document formatting: The new reviews view makes it plenty less difficult to read. The rows for top degree classes are shaded gray, lower stage class are shaded beige and totals are shaded mild gray.

Question 4. Does A Self-hired Version Of Quickbooks Calculate Tax On Your Income?

Answer :

Yes, self-employed version calculate tax on your profits and the price of tax is quarterly federal envisioned tax.

Question 5. Explain What Happens If You Don’t Pay The Estimated Tax Or Miss The Tax Payment?

Answer :

You are prone to a penalty which could be very nominal; you want to pay round 6-eight% annually on your tax. For instance, you owed $a hundred in taxes and ignored the quarterly tax payment then you definitely want to pay $8 in penalties at the year’s end.

Accounts Payable (AUS) Interview Questions
Question 6. How Can You Manually Add An Income Or Spending Transactions In Quickbooks Self-employed?

Answer :

In QuickBooks Self-employed, you may manually upload transactions by means of following steps

Click transactions from the left navigation
On the proper side, above the listing of transactions, click on add transactions
Enter the details for the transactions, select a category and then click store.
Question 7. Why Quickbooks Self-employed Need User’s Bank Login Information?

Answer :

QuickBooks self-employed calls for user financial institution login statistics to set up a at ease connection with the bank or Credit Card Company.  The bank login credentials are stored in a separate database the use of multi-layered software and hardware encryption.

Taxation Interview Questions
Question 8. Explain How Can You Secure Your Quickbooks Self-employed Account?

Answer :

Don’t percentage your QuickBooks self-employed password with anyone
Make certain your password is robust
Make positive you've got virus protection and a firewall on any pc you operate to get right of entry to QuickBooks
Don’t installation applications from people or companies you don’t realize.
Question 9. What Does Accountant Reports Show In Quickbooks?

Answer :

Accountant Reports in QuickBooks encompass

Account Listing
Trial Balance
Profit and Loss declaration
Transactions detail through account
Recent computerized transactions
Cash waft assertion
Transaction listing by date
Finance Interview Questions
Question 10. Mention The Main Features Of Quickbooks Documents?

Answer :

Features of QuickBooks Document encompass:

Attorney drafted template
E-signal to legalize your files
Sync with QuickBooks online
Secure document garage- Stored with SSL encryption
Question 11. Explain How Can You Set A Reminder For Your Overdue Invoices In Quickbooks?

Answer :

Choose Company, Reminders after which click the Set Preferences tab
Choose the “My Preferences tab”, and then click on the “Show Reminders List”, when establishing a corporation report on my preference tab
Click the Company Preferences tab, and choose “Show List” for past due invoices
Enter the variety to be notified for late invoices before they reach their due date
Accounts Receivable Interview Questions
Question 12. Mention What Are The Reconciliation Reports Include?

Answer :

Journal: This reviews wreck down each transaction in the course of a time frame into debits and credit and show them chronologically

Balance Sheet: It list out what you personal (property), what your debts (liabilities) and what you have got invested to your organisation (equity)

General Ledger: For every account the document indicates all the transactions that happened in that account over a time period. ( beginning stability and total for every account)

Transaction list with splits: This file list each transaction with its associated break up strains

Scorecard: It compares your sales growth, profitability, and coins go with the flow to different groups in your enterprise

Recent Transactions: It shows the transactions made recently inside final four days

Peachtree Accounting Interview Questions
Question thirteen. Explain How Quickbooks Can Be Helpful In Managing Products And Inventory?

Answer :

Inventory valuation summary: It summarizes key statistics including amount accessible, price and average cost for every inventory object

Purchases by service or product detail: Groups your purchases by means of the objects on your products or services list

Sales by way of services or products detail: List sales for each object to your products or services like date, transaction type, price, quantity, general and amount

Inventory valuation detail: Lists the transactions that each inventory item is related to and indicates how the transactions affected quantity accessible, cost and price

Sales by means of product or service precis: It summarizes income for every object in your products or services; it consists of quantity, quantity, percentage of income and average charge.

Question 14. Explain How To Delete Journal Entries In Quickbooks?

Answer :

To delete journal entries in QuickBooks, comply with the step:

Click “Company” in the top menu and pick “Make Journal ”
Click the “Previous” or “Next” till the magazine access you want to delete appears on the display screen
Select the “Edit” option within the top menu and choose “Delete General ”
Question 15. Explain How To Check For Duplicate Invoice Or Sales Receipt In Quickbooks?

Answer :

To check for duplicate income (bill, sales receipt, and so on.) numbers:

Select Transactions -> Sales
Click the variety column to type it
When the income populate, it toggles the numbers in ascending and descending order
Check for duplicates
US Taxation Interview Questions
Question 16. Explain How To Produce Recurring Invoices In Quickbooks?

Answer :

To produce routine invoices in Quickbooks observe the following steps:

Select Gear (Company Profile button) Under list menu pick out -> Recurring Transactions -> New
For transaction type, select invoice after which click on OK
For Type, choose scheduled
Select e-mail address to send emails mechanically
Complete the rest of the form and then click on shop template
Repeat the stairs for each purchaser, you would really like to create a habitual invoice
Question 17. Explain How To Import Files In Quickbooks?

Answer :

Quickbooks makes use of .IIF (Intuit Interchange Format) format that's an ASCII textual content, CSV files to import/export lists and to import transactions.  Converting documents into .IIF record is little complex, if it is viable try and input the magazine access or transaction directly into the Quickbooks.

Balance sheet Interview Questions
Question 18. What Are The Differences Between Items And Accounts?

Answer :

Items: products and services that you promote. They are used on transactions consisting of invoices and purchase orders. All gadgets ought to point to an account.

Accounts: categories in which monetary transactions are prepared into reviews, which includes profit & loss and balance sheet. Some accounts convey balances together with bills receivable and accounts payable; a few debts document facts over a period of time, which includes income and fees.

Accounts Payable (AUS) Interview Questions
Question 19. What Are The Two Primary Reports In Quickbooks (financial Statements)?

Answer :

Profit & loss (or income statement) and the stability sheet.

Question 20. What Is The Difference Between Accrual And Cash Basis?

Answer :

Accrual represents financial transactions and activities as they occur, which includes rent prices that always exists each month and are recorded whether or not they're paid or now not. Only in Accrual basis, you may have accounts payable, debts receivable, pay as you go rate asset and purchaser deposit liabilities while there may be a distinction the time the transaction occurs and the time that the real fee is made.

Cash basis will most effective file earnings and expenses as they're paid.

Business process outsourcing (BPO) Interview Questions
Question 21. What Is The Difference Between Entering A Bill (and Bill Payment) And Writing A Check?

Answer :

Entering a bill is to incur an rate the moment it exists and it’s paid in the future (Accounts Payable).  Write Check is to file an rate on the equal time it's miles being paid, no time distinction among date of the price and date of fee.  You need to use the Pay Bills function in QuickBooks to mark the Bill (Accounts Payable) paid, the usage of the write test function could potentially duplicate the price and overstate your liabilities.

Question 22. What Is The Undeposited Funds Account?

Answer :

The brief account that QuickBooks uses while a fee is obtained from a customer however not deposited within the financial institution (QuickBooks bank check in) but.

Question 23. What Are The Steps To Take To Accept A Customer’s Payment And Record It In The Bank?

Answer :

Two Steps: Click of “receive payments” and choose client and bill to apply price to… this may increase your “undeposited budget” account. Then click on Record Deposit after it is taken to the financial institution and report all bills that are being deposited together in a single transaction to in shape the financial institution.

Corporate Finance Interview Questions
Question 24. What Do You Look For When “analyzing” Financial Reports?

Answer :

Consistency: Such as charges that are predicted to repeat each month and Income matching the enterprise sports.

Common Sense: do the numbers make experience or are the numbers predicted.  Generally, there have to be no terrible numbers except there may be money back you're privy to.

Trends and Relationships: which includes income going down or prices going up.  Also the percentage of direct expenses vs. Sales, etc…

Taxation Interview Questions
Question 25. What Is A Sub-account? And Why Would You Use It?

Answer :

A sub account is an account that belongs to a primary or a discern account and is used to create extra classes (or information) inside a prime class, as an instance, Lodging and Airfare are sub-money owed of Travel fee.

Question 26. What Does The Collapse And Expand Button Do On Standard Reports?

Answer :

It shows or hides sub accounts.

Cash Flow Management Interview Questions
Question 27. What Is The Difference Between “earnings And Loss Report” And The “balance Sheet Report”?

Answer :

P&L indicates sports: income and prices to arrive to Net Income (Profit) for a selected term.

Balance Sheet suggests values: Assets and Liabilities to reach to Equity (Net Worth) as of an precise date.

The Net income from the Profit & Loss bypass thru the fairness segment in the balance sheet.

Finance Interview Questions
Question 28. How Do You Get Quickbooks Financial Reports To Excel? And Why Would You Do That?

Answer :

Open any record, click on “Excel” button after which create new worksheet. You must have Excel installed in your computer.

You would export to excel on the way to control the numbers, look for records, statistical evaluation, growing graphs.

Question 29. When Reconciling A Bank Account, Where Does The Value Of The “beginning Balance” Come From? Where Does The “finishing Balance” Come From?

Answer :

Beginning stability comes from financial institution assertion and it's also remaining month’s reconciled stability.  The finishing balance comes from financial institution assertion, and equals the whole quantity of cleared transactions.

Question 30. What Is The Purpose Of Reconciling The Bank Account? What Are You Supposed To Do With The Transactions That Did Not Reconcile?

Answer :

By reconciling you ensure that all transactions that went through the bank are also present in your accounting system.  Cash transactions that did now not glide via the bank can't be reconciled the usage of financial institution statements. Items not reconciled are both pending for the following month or, if they're a mistake or duplicated, they must be deleted.

Question 31. What Is The Difference Between Cost Of Goods Sold And Operating Expenses?

Answer :

Cost of products bought are at once attributed to a sale, they most effective exist because the sale exists, together with the fee of inventory bought, sub-contractor price.  A total sale minus cogs is used to calculate gross margin or gross income.

Operating costs generally are not immediately correlated to a sale and are fixed, which includes lease and utilities.

Question 32. How Do You Program Quickbooks To Repeat A Recurring Transaction?

Answer :

Memorize Reports: (CRT+M) Automate Transaction Entry will create robotically the transaction in the destiny.

Question 33. How Is The Memo Text Box In Bills, Invoices, Checks, Etc. Useful For Report Filtering And Transaction Research?

Answer :

You can “tag” a transaction with a code, you could search notes inside transactions.

Accounts Receivable Interview Questions
Question 34. What Are Classes In Quickbooks And How Would You Use Them?

Answer :

They are used to create departments or fee facilities to degree earnings and less for each class.

Question 35. What Challenges And/or Issues Can Come Across When Using Classes.. Especially On A Balance Sheet By Class?

Answer :

Unclassified transactions. Balance sheet by using elegance will have troubles with unclassified or unbalanced transactions.

Question 36. What Report Or Function Allows You To View Transactions That Were Changed, Modified, Or Deleted After Bank Reconciliation Has Been Done?

Answer :

Reconciliation discrepancy report in the reports, banking menu.

US Taxation Interview Questions
Question 37. How Would You “repair” A Customer Deposit That Was Entered As Income Straight Into The Register, But Then You Realized That The Invoice Belonging To That Deposit To Still Shows An Open Balance?

Answer :

Change the deposit to use the account “debts receivable” OR delete deposit and use the “acquire fee/Record Deposit” workflow.

Question 38. What Financial Reports Should You Prepare At The End Of The Year In Order To Prepare For Tax Preparation Or Other Types Of Financial Reporting?

Answer :

Profit & Loss, balance sheet A/R Aging, A/P Aging, Inventory Valuation Summary, sales by way of rep, Profit via activity, and many others..

Question 39. What Is The Difference Between A Custom Summary Report And A Custom Transaction Detail Report?

Answer :

Summary: Contains totals for a purchaser or dealer / totals for a specific account

Detail: Line by way of line, transaction through transaction, Itemized transaction.

Question 40. In Your Own Words, What Does It Mean To Be An “advanced Quickbooks User”?

Answer :

Create custom reviews, be proactive to capacity users understanding difference between exclusive variations of QuickBooks, understanding a way to describe reviews, seek and locate statistics and self assurance to paintings with a couple of QuickBooks files.

Balance sheet Interview Questions
Question forty one. What Tools Are Available To “parent Out” Quickbooks Issues… In Other Words Where Can You Go For Answers For Questions On How To Do Certain Things In Quickbooks?

Answer :

QB Help menu, consumer manual, seek intuit assist internet site, videos in YouTube, tutorials on the internet, e-mail trusty accountant, Hector’s Bog, and “google” the query at hand.

Question 42. What Does It Mean When You Have Negative Inventory? What Can You To Do Troubleshoot Inventory Issues?

Answer :

Selling stock you don’t have.  Troubleshoot inventory with the aid of pulling a “short report” at the particular object & searching at all of the times the stock came in or out to discover discrepancy.

Business process outsourcing (BPO) Interview Questions
Question forty three. What Is The Purpose Of Using A Sales Order, Instead Of An Invoice?

Answer :

Sales order report a sale accredited by using customer but not affect inventory or accounting, Invoice is to finalize income as soon as the product/provider has been added.  A Sales Order can create a “backorder” which helps you to sell what you do no longer have, however commits that inventory to that cistomer whilst it arrives instead of displaying as “to be had for sale”.

Question forty four. You Are Setting Up A Quickbooks File From Scratch For A Company That Has Been Open For Many Years, How Do You Handle Opening Balances Of Assets And Liabilities? How Should You Enter A/r Or A/p Opening Balances?

Answer :

Enter a journal access for all stability sheet items using ultimate year’s tax go back or financial statement organized by means of accountant.  Also the opening balances may be created while new bills are created inside the Chart of Accounts

For Inventory Items, they have to be entered with beginning balances as they are created in QuickBooks the use of the item listing.

A/R & A/P have to be entered by way of developing customers or providers with an opening stability.

Question forty five. What Are The Most Important Quickbooks Tips For A Beginner And To Speed Up The Work?

Answer :

Check the date: wrong dates give you the incorrect reviews, constantly.

Use Tab in place of Enter: Enter tends to do the alternative of what you want.

Home Page: use the home page while misplaced to discover what you are searching out.

Respect Accounting: accounting rules which include revenue recognition and expenses matching permit for higher know-how the reviews.

Shortcuts: speed up facts access procedure, in particular with dates.  Always reconcile money owed and remove unreconciled (often reproduction) transactions.

Question 46. Why Is Quickbooks Used In Such A Different Way By Tax Preparers Versus A Quickbooks User Doing Bookkeeping / Managing A Business?

Answer :

Tax preparers and people that input data as soon as according to yr simply input deposits and prices and do now not address Accounts Payable or Accounts Receivable which means that they're operating on “cash basis”. Where QuickBooks users doing bookkeeping usually input every day transactions and address open invoices (A/R) and open payments (A/P) which means they may be operating on “accrual foundation”

Question forty seven. What Are The Most Important Accounting Topics To Learn And Have In Mind In Order To Understand The Work Being Performed In Quickbooks?

Answer :

Accounting Principles: Consistency which includes seeing the identical charges monthly at the reviews, Direct/Variable Costs cross into COGS and Indirect/Fixed Costs move into fees, Revenue Recognition including having a regular coverage on Invoice dates driven by using shipping date or service completion date, Expense Matching including ensuring that expenses comply with the earnings although they are not paid by means of creating the Bills on the appropriate dates, Comparability consisting of being capable of examine this month with final year’s equal month.

Question 48. What Are The Main Differences Between Quickbooks Pro And Premier?

Answer :

Things that Premier does, however Pro doesn’t:  can do Sales Orders (Backorders), can create P.O.’s directly from Estimates or Sales Order, Create Change Orders, Industry Specific Reports (Wholesale & Manufacturer, Retail, Non-Profit, Professional Services, Contractor), Inventory Center.

Question forty nine. What Does Quickbooks Enterprise Have That The Other Versions Do Not?

Answer :

Enterprise can have from 5 to 30 users, character consumer access in line with place, can deal with unlimited quantity of objects vs. 14500 max with Pro/Premier, greater powerful inventory features, works a good deal quicker in a community multi-consumer environment.

Question 50. You Notice That Multiple Accounts Should Actually Be Sub Accounts. How Can You Quickly Make These Accounts Sub Accounts Of Another Account?

Answer :

Click on the diamond to the left of the account, drag it underneath the proper discern account, and launch the mouse button. Then click on at the diamond once more, drag it to the proper, and launch the mouse button.