Quickbooks Interview Questions

Last updated on Nov 07, 2023

Quickbooks is one of the accounting software packages developed by Intuit to perform the operations related to the accounting applications. Most of the organizations are small, medium or large businesses, would prefer to use this package which includes multiple products that deliver efficiency in the business aspects.

In this article, you can go through the set of Quickbooks interview questions that are most frequently asked in the interview panel. And these lists will help you to crack the interview as the topmost industry experts curate these at HKR training.

Let us have a quick review of the QuickBooks interview questions

Most Frequently Asked QuickBooks Interview Questions

1. Give a brief idea about QuickBooks?

Ans: Quickbooks is one of the software developed by Intuit, which is purely related to accounting. Quickbooks is flexible in providing online and desktop accounting applications, including cloud-based applications. This software suite helps in the management of the bills and the payments. It is a structured software that provides multiple tools to the clients, customers, finances, inventory etc. The report center is an add-on that provides the users to track the business aspects, sales, income, expenses etc. The software is designed with flexibility and compatibility to customize the options available based on the customer or user needs.

2. Explain the process of importing the files in QuickBooks?

Ans: QuickBooks allows two types of data which can be imported and uses IIF format, which could be either ASCII, CSV files etc. The following are the steps to be followed to import the files in QuickBooks.

  1. Select the upload file option in the menu and upload the file.
  2. Select the file along with the spreadsheet that has the expense you want to import.
  3. Select the QBO quantity as an expense
  4. Setup the mapping of the columns required by mapping the fields to the QuickBooks
  5. Click import and the expenses will be automatically added to the QuickBooks.

3. List the products that are available in QuickBooks?

Ans: There are multiple products available in QuickBooks. They are listed below:

  1. QuickBooks Online
  2. QuickBooks Self-employee
  3. QuickBooks Pro
  4. QuickBooks Premier
  5. Customer Reviews
  6. QuickBooks Enterprise
  7. Upgrade QuickBooks

4. What are the new features available in the QuickBooks 2015?

Ans: QuickBooks 2015 version is developed with advanced features that are listed below:

  1. Pinned Notes Availability: Allows the option to pin the notes associated with the vendor, employee, customer. The note will be displayed whenever you select the subject as and when required.
  2. Update reminders window: This window helps in reminding the users regarding the to-do and the due transactions that are pending as of the current day.
  3. New report formatting: This new report formatting helps the users to understand the information and read quickly. Multiple categories are representing the top-level categories with grey, low level with shaded beige and total with shaded light grey.
  4. Income tracker upgrades: This option in QuickBooks helps us in tracking the number of invoices, customer payments. Also represents the box for expenses and unbilled time.

5. Why do you think QuickBooks self-employed will need the user bank login information?

Ans: As the bank information has to be secured, the QuickBooks self-employed will need the user bank login information for establishing secure connectivity with the bank or the credit card company. All the login details of the bank users will be stored in a separate database that uses hardware encryption and multi-layered software.

6. List out the features of QuickBooks documents?

Ans: QuickBooks Documents allow synchronization with the online account along with high security to the files. QuickBooks also allows digital signatures to legalize them. QuickBooks provides enhanced security features with SSL Encryption technology for the files. They also include well-drafted templates.

7. How will QuickBooks help in managing the products and the inventory?

Ans: QuickBooks will help in many ways in managing the products in the inventory. Few of them are listed below:

  1. Inventory valuation summary: It includes critical information about the inventory like the in-hand quantity, value, average cost for each item in the inventory.
  2. Inventory valuation detail: It includes the transaction that every inventory item is interlinked and also includes the information of the affected quality in hand, value and the cost.
  3. Sales or service summary: It gives the summary of the sales of each item present in the inventory. This information includes the amount, percentage of sales, quantity and price.
  4. Sales by product or service detail: It includes the information about the sales for each item or product like the rate, quantity-on hand, total, transaction type, amount.

8. Explain the process of checking for duplicate invoice or sales receipt in QuickBooks?

Ans: The following are the below steps to be followed to check the duplicate sales:

  1. Select the transactions option followed by Sales
  2. Click on the number column to sort it
  3. After the Sales file information populates, the numbers will be represented in ascending and descending order
  4. Check for the duplicates.

9. List out the different options or components that reconciliation reports include?

Ans: The following are the different components that reconciliation reports include:

  1. Journal: It represents the transactions happened during a given period and are separated into credits and debits.
  2. General ledger: It includes the transactions that took place over a specific period from each account, respectively.
  3. Recent transactions: It includes the transactions that have taken place since the last four days.
  4. Balance Sheet: It includes the assets, liabilities and equities
  5. Transaction list with splits: Represents each transaction with its associated split lines.

10. How to delete the journal entries in QuickBooks?

Ans: The following are the steps to be followed to delete the journal entries in QuickBooks.

  1. Go to the Company option in the menu and select Make Journal.
  2. Click on either previous or next till the journal entry that you like to delete appears on the screen.
  3. Select the edit option available and select delete journal. This will delete the journal from the QuickBooks.

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11. Is there any option to set a reminder for overdue invoices? If yes, give the steps to be followed to set up the reminder?

Ans: Yes, there is an option to set a reminder for overdue invoices. The steps to be followed to set up the remainder are listed below:

  1. Select the Company option, followed by Reminders. Set the references tab.
  2. Navigate to My Preferences followed by Show Reminders List.
  3. Click on the company preferences tab and select Show list for the invoices overdue.
  4. Specify the number to be notified for the overdue invoices before they reach their given due date.

12. What are the different components or options that Accountant reports include in QuickBooks?

Ans: The following are the different components involved in Accountant reports in QuickBooks. They are:

  1. Transaction list by date
  2. Trial balance
  3. Account listing
  4. Transactions detail by account
  5. Profit and loss statement
  6. Recent automatic transactions
  7. Cash Flow statement

13. How do you enable security to the QuickBooks Self-Employed account?

Ans: Security is one of the key features to be maintained and followed by every individual handling the accounts and payments. Security can be enabled by following the below measures.

  1. Update a strong password so that it will be hard for the fraudsters to detect the password.
  2. Make sure that there is a firewall or anti-virus protection installed on your computer that you would use to access QuickBooks
  3. Do not share the password with anyone around you, neither your colleagues nor anyone within the organization as well.
  4. Do not install any programs or softwares on your device from the other companies or the people who you are not aware of.

14. Give a brief idea about OPEX and CPEX in QuickBooks?

Ans: OPEX:OPEX, Operational EXpense in QuickBooks, also called as short-term operating expenses is one of the features that includes the expenditures for running the business daily. The expenses could be either the number of goods or products brought or sold, administrative expenses. This helps in developing and analyzing business needs and expenditures daily quickly.

CPEX:CPEX, Capital Expense in QuickBooks, is the expense that helps the future of the business. Unlike the OPEX, CPEX helps the firm to take a loan or use collateral for the future needs of business development. It helps in providing some additional facilities to the business for future purposes.

15. List out the different types of data that can be imported in QuickBooks?

Ans: QuickBooks is capable of importing two different types of data called lists and transactions. The list includes vendor list and the customer list while the transactions could be invoice details and many aspects under the payments versions. QuickBooks makes use of IIF format, which is hard for the conversion of the data files. Hence, the data will use the CSV files to import the transactions and list as and when required.

16. Is Quickbooks accessible on mobile phones?

Ans: Yes, QuickBooks is designed in such a way that is accessible on mobile phones, capable of working on both Android and Apple mobiles. When compared with the desktop and mobile version, not all the features are available on mobile applications. QuickBooks mobile does not require additional registration and can be easily accessed using the online account credentials and details. Mobile version of QuickBooks will help the users to review and use them as and when required based on the business requirements.

17. Give a brief idea about QuickBooks cloud?

Ans: QuickBooks cloud refers to the hosting or the QuickBooks data that is stored on the web server. The QuickBooks Server is not available on the local network, belongs to the company or the enterprise maintained by the firm only. QuickBooks cloud is accessible only to the secured members of the company.

18. List out the steps to be followed to produce the recurring invoices in QuickBooks?

Ans: The following are the steps to be followed to produce the recurring invoices in QuickBooks.

  1. Select the company profile button under the list-menu and click on the REcurring transactions option followed by New.
  2. For every transaction types, select the invoice followed by OK
  3. For the type, select the scheduled option
  4. Update the email address by selecting the appropriate one to send the emails automatically.
  5. Update the rest of the forms and save the template.
  6. The same steps have to be followed for every customer that you would like to create a recurring invoice.

19. What is a Balance sheet, and how is it related to the company?

Ans: The balance sheet of an organization refers to the assets, liabilities, equities of the organization. The sheet is said to be balanced if the assets is equal to the sum of the equities and liabilities. Assets are items like computers, devices that are owned by the company. Equities refer to the profit gained by the company. Liabilities are the items that you owe to others.

20. Explain about the terms: Outstanding deposit and uncleared cheque?

Ans: OUTSTANDING DEPOSIT: Outstanding deposit, also referred to as deposit in transit includes the receipts of the company. It could be either cash or the checks from the customers etc. The company in their database records these, but the amount will be appearing the bank statement at a later stage.

UNCLEARED CHEQUE: Uncleared Cheque, also referred to as Outstanding Cheque is a cheque that is written and recorded in the payer’s database. It means that the cheque has not been paid by the bank on which it is drawn. 

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21. Why do you think QuickBooks is the best choice?

Ans: QuickBooks is known as the best choice as it proves itself by providing the below aspects:

  1. Easy entry
  2. Scalability
  3. Downloadable
  4. Help and support available
  5. Easy navigation
  6. Intuitive process
  7. Minimal accounting terminology

22. How is it possible to get the Quickbooks financial reports to excel? Why is it needed to do so?

Ans: It is possible to get the QuickBooks financial reports to excel by opening the report and clicking on the Excel button. You need to create a new worksheet, make sure that Excel is already installed in the computer device. Exporting to excel would help in manipulating the numbers, search and find the data, creating graphs, statistical analysis etc.

23. Mention the new features that have come up in QuickBooks 2018 R3?

Ans: The following are the new features that have come up in QuickBooks 2018 R3.

  1. QuickBooks File Manager
  2. Inventory
  3. Multiple Additional error fixes
  4. Rate of commission payroll item
  5. Rate of an hourly payroll item
  6. New Payroll report
  7. The annual rate of salary payroll item
  8. Multi-monitor

24. How do you open two different company files at the same time in QuickBooks?

Ans: The following is the process that will enable you to open two different company files at the same time in QuickBooks.

  1. Open the website, right-click on the browser tab and then click on the Duplicate option.
  2. You will have two tabs opened up
  3. Pull one of the tabs to the other screen. This will enable us to work on two different tabs at the same time.

25. What are the main terms that you look at when analyzing the financial reports?

Ans: The following are the main terms that you look for when analyzing the financial reports.

  1. Consistency: Refers to the expenses that are expected and would be your way repeated every month and income matching with the business activities.
  2. Trends and relationships: Refers to the graphs of the sales that either go up or down on a monthly or weekly basis. It includes revenue, direct costs etc.
  3. Common Sense: An underlying expectation that would include the expected numbers, no negative numbers should be present unless there is a refund associated.

26. What is a sub-account, and why is it used?

Ans: A sub-account in QuickBooks refers to the main account or the parent account. It allows the creation of the additional categories or details within the main category. For example, Airfare and lodging are the sub-accounts under travel expenses.

27. What is unique about the QuickBooks Enterprise that the other versions do not have?

Ans: The QuickBooks Enterprise has an option of individual user access from 5 to 30 users, which allows an unlimited number of items across 14500 maximum with Pro/Premier. It also includes additional features and works much faster when used in a multi-user environment.

28. How do you program QuickBooks to repeat a recurring transaction?

Ans: The QuickBooks can be programmed to repeat recurring transactions by using the Maximize reports option. The shortcut for maximizing reports is CRT+M which helps in automatic transaction entry which allows the creation of the transaction automatically in the future.

29. What are the two primary reports in QuickBooks?

Ans: The primary reports in QuickBooks are:

  1. Profit and Loss (Also called an Income statement)
  2. Balance Sheet

30. Explain the differences between items and accounts?

Ans: ITEMS: Items refer to the products and services that you sell. All the items will be represented under one account. They are usually used on transactions such as invoices and purchase orders.

ACCOUNTS: Accounts are the categories in which the transactions are organized and reported into financial reports such as balance sheet, profit and loss. Some of the accounts include balances calling them as accounts receivables or account payables while some of them report information over a certain period such as expenses and income.

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About Author

As a Senior Writer for HKR Trainings, Sai Manikanth has a great understanding of today’s data-driven environment, which includes key aspects such as Business Intelligence and data management. He manages the task of creating great content in the areas of Digital Marketing, Content Management, Project Management & Methodologies, Product Lifecycle Management Tools. Connect with him on LinkedIn and Twitter.

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