quickbooks knowledge check

Check what you learned from Module 5 . 6. A vendor currently has payment terms of Net 10. The terms change to Net 15 starting today for all future bills. This is a new term that you have not used before. Which two actions must you complete to support this change (Pick 2) a) In the All-Lists area, go to the Terms list. Add the term Net 15 to the list. b) In the Account and Settings area, set the preferred invoice terms to Net 15 c) Open each unpaid bill for each vendor and change the terms to Net 15 . d) Edit the vendor record. In the Terms list, select Net 15. 7. An existing vendor decides to purchase products from your company. In QuickBooks Online, you set up a customer account for the vendor. For each account field, select Yes if the vendor and customer entries must be unique or No if they can be identical. a) First name b) Last name c) Display name d) Company name 8. Which two statements describe the difference between recording expenses on checks and as credit card expenses? a) A credit card expense debits the credit card receivable and credits the expense account. b) A check debits the expense account and credits the bank. c) A check debits Accounts Payable and credits the expense account. d) A credit card expense debits the expense account and credits the credit card payable