Which QuickBooks report shows a company’s profitability over a specific time period?
The Profit and Loss report summarizes income, expenses, and net profit or loss for a given period.
Which report would help identify overdue customer payments?
The Accounts Receivable Aging Summary categorizes outstanding invoices by the number of days overdue.
What is the purpose of reconciling a bank account in QuickBooks?
Reconciling ensures your QuickBooks transactions match your bank statement, helping detect discrepancies or errors.
Which report provides a snapshot of company assets and liabilities?
The Balance Sheet shows the company’s assets, liabilities, and equity at a specific point in time.
How often should bank reconciliations be performed?
Monthly reconciliations are standard to ensure transactions are accurate and up-to-date with bank records.
Where do you go to start a bank reconciliation in QuickBooks Online?
You start a reconciliation from the Gear icon under the Tools section by selecting ‘Reconcile’.
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What might cause a reconciliation discrepancy in QuickBooks?
Editing or deleting previously reconciled transactions is a common reason for reconciliation differences.
Which feature in QuickBooks helps customize how reports display data?
The ‘Customize’ button allows you to adjust date ranges, filters, rows/columns, and accounting basis.
Which report helps review all financial transactions by account and date?
The General Ledger provides detailed entries grouped by account, ideal for auditing and accounting review.