I mportant when you select an item type a description

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IMPORTANT:When you select an item type, a description of how that item should be used will appear tothe right of the drop-down box.4.Assign an item name or number in the Item Name/Number field.5.In the Description field, enter the information you would like to appear by default when this itemis used on a form. (This default information can be overwritten on any individual transaction.)6.You can assign a standard per unit selling price in the Rate field.7.In the Tax Code field, assign a standard taxable or non-taxable code.IMPORTANT:Items marked non-taxable in the setup will not accrue sales tax on sales forms. See theSales Tax training section for additional information.8.In the Account field, choose the appropriate income account to post to when this item is used onsales forms.9.ClickOKto add the new item to the Item List.
Lesson 2 – SetupAdd ItemsQuickBooks Desktop 2020 Client Training4110.Close the Item List.
Lesson 2 – SetupEnter Historical TransactionsQuickBooks Desktop 2020 Client Training42Enter Historical TransactionsIf your QuickBooks start date for a new business (starting to record transactions in QuickBooks fromthe very inception of the business) is before today’s date, you need to enter past transactions so youhave complete financial records from the start date going forward. (Existing companies that havebeen in business for some time before starting to use QuickBooks will require more steps.)Step-by-Step:Enter Historical Transactionsin this Order1.All sales (sales receipts, invoices, credit memos or statement charges) issued on or after the startdate.2.Customer payments received for outstanding invoices on or after the start date.3.Bills and bill credits (also known as vendor credits) received on or after the start date.4.Bills paid since the start date.5.Deposits made to any of the accounts on or after the start date.6.Any other checks written and credit card charges made (other than to pay bills), as well as bankcharges and pre-authorized payments on or after the start date.NOTES
Lesson 2 – SetupSet Up QuickBooks — Review QuestionsSet Up QuickBooks — Review Questions1.During the EasyStep Interview, QuickBooks creates income and expense accounts based onyour company’s ____________________.2.When setting up a company file in QuickBooks, what does the start date signify?
QuickBooks Desktop 2020 Client Training43
3.When setting up a company file in QuickBooks at the beginning of a fiscal period, you wouldnormally select which of the following as the start date?

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Term
Fall
Professor
NoProfessor
Tags
Balance Sheet, Quickbooks

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