Introducing QuickBooks® Online

Preview · ~42 min read · from QuickBooks® Online Step-by-Step

QuickBooks® Online, also known as QBO, isn’t just a robust bookkeeping program; it’s a management tool. In this chapter you’ll learn some of the basics of the QuickBooks® Online ecosystem, as well as explore the world of accounting.

In this chapter

• The QuickBooks® Online Ecosystem
• Accounting 101
• Using a Browser to Access QBO
• Working with QuickBooks® Online Files
• QuickBooks® Online's Interface
• The Left Navigation Bar
• The Money Bar
• Dynamic Save Buttons
• The Settings Gear
• Lists
• Entering Transactions in QuickBooks® Online
• Editing Transactions
• QuickBooks® Online Help
• Do It Yourself

Chapter review: Accounting fundamentals & the QBO interface

5 practice questions. The answers are in the book.

1. The fundamental accounting equation that governs all accounting is:

   • Net income = Revenue - expenses.
   • Assets + Liabilities = Equity.
   • Assets = Liabilities + Equity.
   • Assets = Liabilities - Equity.

2. Which of the following statements is true?

   • Debits are bad because they reduce income.
   • Equity is increased by a net loss.
   • Total debits equal total credits in every transaction.
   • Assets are increased with a credit entry.

3. Under accrual accounting:

   • A sale is not recorded until the customer pays the invoice.
   • Income and expenses are recognized when transactions occur.
   • An expense is not recorded until you write the check.
   • You must maintain two separate accounting systems.

4. QuickBooks® Online is:

   • A job costing system.
   • A payroll system.
   • A double-entry accounting system.
   • All of the above.

5. Which is not a method of accessing forms to enter transactions?

   • Create button
   • Home
   • Keyboard shortcuts
   • The Settings gear