Which transaction type is used to record income from customers in QuickBooks?
Sales receipts and invoices are used to record income. Sales receipts are for immediate payments, while invoices are for future payments.
What form should be used to record a vendor bill in QuickBooks?
Bills are used to track what you owe a vendor and pay at a later date, helping with accounts payable management.
Which QuickBooks form is best for recording immediate payment for a sale?
A Sales Receipt is used when a customer pays at the time of sale, capturing both revenue and payment at once.
What transaction type is used to pay a bill in QuickBooks Online?
The Pay Bills feature is used to settle amounts recorded as Bills from vendors, reducing accounts payable.
What happens when you enter a bank deposit in QuickBooks?
Deposits increase the balance of a selected bank account and represent money added from sources like customer payments or loans.
What form should be used to track money paid out immediately for an expense?
The Expense form records immediate payment for goods or services without entering a bill.
Loading Questions...
What transaction is used to match customer payments to an outstanding invoice?
The Receive Payment transaction links the customer’s payment to their open invoice, closing it out.
What is the role of the Bank Feed feature in QuickBooks?
Bank Feeds automatically download and match transactions from your bank, streamlining reconciliation and data entry.
Which action is appropriate for recording a customer refund?
Refund Receipts are used when you need to return money to a customer for a previously recorded payment or sale.