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.
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.
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.
Ans: There are multiple products available in QuickBooks. They are listed below:
Ans: QuickBooks 2015 version is developed with advanced features that are listed below:
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.
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.
Ans: QuickBooks will help in many ways in managing the products in the inventory. Few of them are listed below:
Ans: The following are the below steps to be followed to check the duplicate sales:
Ans: The following are the different components that reconciliation reports include:
Ans: The following are the steps to be followed to delete the journal entries in QuickBooks.
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:
Ans: The following are the different components involved in Accountant reports in QuickBooks. They are:
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.
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.
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.
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.
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.
Ans: The following are the steps to be followed to produce the recurring invoices in QuickBooks.
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.
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.
Ans: QuickBooks is known as the best choice as it proves itself by providing the below aspects:
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.
Ans: The following are the new features that have come up in QuickBooks 2018 R3.
Ans: The following is the process that will enable you to open two different company files at the same time in QuickBooks.
Ans: The following are the main terms that you look for when analyzing the financial reports.
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.
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.
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.
Ans: The primary reports in QuickBooks are:
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.