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Home └QuickBooks Online (US): Practical Bookkeeping from First Invoice to Month-End Close └M01 · Meet Craig: Reading a Business

QuickBooks Online (US): Practical Bookkeeping from First Invoice to Month-End Close

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M01 · Meet Craig: Reading a Business

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Before touching QuickBooks, read the business: what it sells, who it deals with and how money moves.
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1. Sunset Cafe pays $350 by check the moment the work is done. Which form records this?
Invoice Sales receipt Receive payment Bank deposit
2. GreenGrow sends a bill payable in 30 days. Which form?
Expense Check Bill Purchase order
3. Mike Torres is an independent contractor. What matters most for his vendor record?
His W-2 status Ticking "Track payments for 1099" Setting terms to Net 30 Adding him as a customer too
4. Interest of $2.15 appears only on the bank statement. What account type should it use?
Income Other Income Bank Equity
5. Mulch bought from GreenGrow and resold to customers is best recorded as…
An operating expense Cost of goods sold A fixed asset Owner's draw
6. Which of the four setup questions leads to customers and vendors?
Where does money sit? Where does money come from? Where does money go? Who do we deal with?