If you are one of those who are preparing for an interview to get a decent job as a QuickBooks Specialist, then this article will help you a lot in preparing for the interview to get the job easily. In this article, we have come up with top 10 commonly asked questions with their answers in the interview round for QuickBooks.
Explain what is QuickBooks
QuickBooks is cloud-based accounting software that provides all bookkeeping solutions including creating invoices, track bills, accounts receivable and payable, inventory management, payroll process, bank reconciliation, taxation, and audit. It primarily aims to meet all accounting needs of small to mid-sized business entrepreneurs. Its cloud-based feature allows users to work from any device, anytime and from anywhere on the go. It has the capability of integrating with more than 300 third-party application software to make it more user-friendly and flexible.
What are the products available in QuickBooks?
Intuit developed QuickBooks in the form of various products to meet the varying accounting needs of small to mid-sized business entrepreneurs. Each product is somehow the same or different from one another because of their great tools and unique features. The products available in QuickBooks are mentioned as below:
- QuickBooks Pro.
- QuickBooks Premier.
- QuickBooks Enterprise.
- QuickBooks Self Employed.
- QuickBooks Online.
You can check customer reviews before opting or upgrading to any QuickBooks Products so that you choose the best for your business accounting needs.
Mention what are the new features available in QuickBooks
Intuit keeps on updating QuickBooks with new features with the launch of its every version. Let us have a look at the new features available in QuickBooks.
- Automated Bank Feeds.
- Time Tracking Functionality.
- Auto bank statements download.
- Template designed Invoices.
- Speed up the payroll process.
- Integrated with third-party application.
- Grouping Customer Database.
- QuickBooks Tool Hub Feature.
- Customized Payments Receipts Management.
- Advanced Inventory Management.
Does a self-employed version of QuickBooks calculate tax on your income?
Yes, it is definite that the Quickbook’s self-employed version calculates Quarterly Federal assessed tax on your income.
How can you manually add an income or spending transaction in QuickBooks self-employed account?
Below are some easy steps by which you can easily add an income or spending transaction in QuickBooks self-employed account.
- Navigate to transaction menu on the left side of the screen.
- Now, you should select add transactions which are available on the right side above the list of transactions.
- You should now provide the details of transactions after that save the transactions once you add a category to it.
- Hence, follow the above steps and get your skipped transactions entered in QuickBooks self-employed account manually.
Explain how can you secure your QuickBooks Self-employed account?
Below are some tips which you can follow to secure your QuickBooks Self Employed account.
- Keep the password confidential: Login details of any account should be kept highly confidential. You must not share the log in details like password and account login with anyone to keep your account more safe and secure.
- Install Anti-virus and Firewall Settings: You must ensure that the computer system you are using is installed with active anti-virus and is firewall protected from any virus or malware to enter in your computer.
- Keep the password strong: You must keep the QuickBooks password strong by setting it with the alphanumeric password.
- Restrict programs from unknown sources: You must ensure your computer setting in such a way that downloads and installation from unknown sources are restricted.
Mention the main features of QuickBooks Documents?
The main feature of QuickBooks Documents:
- Document Template is attorney Drafted.
- Facilitate E-sign to make your document legal.
- Automated sync with QuickBooks Online.
- Data File Storage is SSL Encrypted.
Mention what the reconciliation reports include?
The reconciliation reports include the following:
- Journal Entries: The journal entries display a period-wise break-up of transactions in the debit and credit column that too arranged in chronological order.
- Automated Balance Sheet: Reconciliation reports include all the assets and liabilities that a company owns. It also reflects the capital invested in the form of equity and shares in the company. It all comprises an automated Balance sheet.
- Customized General Ledger: Reconciliation reports in QuickBooks let users have a customized general ledger showing each transaction in the beginning and at the end over a period of time. It allows users to track expenses and receipts over a period of time.
- Breakup of Each Transaction: Reconciliation reports include break-up of each transaction with split lines to bring transparency in the transactions.
- Current Transactions: The transactions that were made in the last 4 days are also included in the reconciliation report.
- Compared Score Card: A score-card that consists of a comparison between revenue, turnover, profitability growth rate along with a comparison between cash inflow and outflow is also included in the reconciliation report of QuickBooks.
Explain how to delete journal entries in QuickBooks?
In QuickBooks, many times it does happen that journal entries are mistakenly entered twice or entered wrongly. It must be treated immediately otherwise it will create incorrect report of the actual profit and losses of the company. You may follow the below steps to delete the journal entries permanently in QuickBooks.
- First click on to ‘Settings’ thereafter click on to ‘Chart of Accounts’.
- Choose the account that you have created for journal entry. You should now select account history.
- Search for the journal entry in the account register. You will find the word ‘Journal’ in the ref no. Or type column.
- You can expand the view of a journal entry by clicking on it.
- Choose delete.
- Click on Yes to confirm finally.
Explain how to import files in QuickBooks?
It is best to enter journal entries and transactions directly into QuickBooks because importing files in QuickBooks is quite a complex process. It requires .IIF format (Intuit Interchange Format) which supports ASCII text and CSV files to import/export lists and import transactions in QuickBooks.
In the last, we sum up as by now you must have been well aware of the commonly asked questions in the QuickBooks interview session. So, if you have fully prepared for answering the interview questions, no one could stop you from getting a job in any small to mid-sized company. You will surely win the title among an accounting clerk, audit clerk, bookkeeper, financial controller, sales support staff, etc. in any reputed firm. Last but not least – All the Best!!