Lesson 4: Setting Up Inventory

1. Any business that purchases items ready for resale keeps an inventory of items on

hand for sale.

2. QuickBooks uses the __________________ to determine the value of inventory,

which equals the total cost of the items currently in stock divided by the number of

items in stock.

3. Before you can track inventory, you need to verify the inventory tracking feature is

turned on in the___________________ window.

4. For you to track inventory, you must enter each product into the_________as an

inventory part.

5. When you use QuickBooks to manage your inventory, you will be able to track the

6. of items you have in stock and the

of your inventory after every purchase and

sale.

7. The

window allows you to enter the product

you want to order, the quantity, and the vendor.

8. You may receive items with a_______or without a

attached.

9. The__________window allows you to enter information for inventory parts

received.

10. The_________window allows you to specify the payment method (check or credit

card), a date range through which to pay bills, and which bills to pay.

11. The___________window allows you to enter the adjustment account and either the

New Quantity or the Quantity Difference.

Lesson 15: Tracking and Paying Sales Tax

1. If you want QuickBooks to track and pay your sales tax, there are five things you

need to do:

1.

2.

3.

4.

5.

2. QuickBooks allows you to group some or all of your tax items so that customers

see a single tax amount on your invoices and cash sales receipts. Instead of a

sales tax item, this involves creating a _________________.

3. You must distinguish between taxable items and nontaxable items in your

.

4. You can assign the appropriate sales tax to a

based on the county and state they live in.

5. If you have set up a default sales tax, assigned taxes to your customers, and

marked taxable items, QuickBooks ______________ calculates and applies the

tax when you make a sale.

6. QuickBooks gives you three ways to determine the amount of your sales tax

liability:

1. __________

2. __________

3. ___________