Self Test #3:
Getting the Most from Quickbooks
| 1. My QB reports provide me with gross margin figures for each of my profit centers. |
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| 2. I manage my company via accrual basis financial reports, regardless of whether I file my taxes on a cash or accrual basis. |
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| 3. My accounting practices allow me to recognize earned income (rather than cash) so I can better manage my company. |
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| 4. I have a workable system for recording customer pre-payments (deposits) that doesn’t mess up my Accounts Receivable. |
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| 5. I never have to go outside QuickBooks to create invoices for my customers. |
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| 6. I have created and make regular use of memorized reports. |
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| 7. I am able to see fully burdened labor costs for my employees in my QB file. |
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| 8. I am able to hand my accountant my QB file (or reports printed from QB) each year and s/he is able to generate my taxes with only a few adjustments (e.g. making year-end adjusting entries for depreciation and amortization). |
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| 9. My Item List perfectly meets my needs. |
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| 10. I use the QB credit card function to record credit card purchases by the company, and I reconcile to the credit card statement each month. |
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| 11. I run in-house payroll with no problems and see my employees’ payroll costs in the correct accounts on my P&L. | |
| 12. I have to pay sales tax on goods or services I sell and I am able to confidently rely on the QB sales tax liability report when I fill out the state sales tax forms. |
Scoring Your Results
Count 1 point for every statement that's TRUE about your company.
Is anything less than 12 good enough?
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