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Accounting System QuickBooks Chapter 2

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Francesco Panaccione
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234 views2 pages

Accounting System QuickBooks Chapter 2

Assignment

Uploaded by

Francesco Panaccione
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Francesco Panaccione

Professor Lori Hofer


ACC 340
QuickBooks Chapter 2
Question 1
QBO (Quickbooks online) limits us to one company per license i.e. The monthly fee for using QBO
covers one and only one company. In case of an existing account, we can use the same login
credentials while signing up and switching between Companies. But for additional Company we are
required to sign up for a new QBO account. Each will cost another monthly fee. But QBDT
(Quickbooks desktop) can be used for an unlimited number of companies. We cannot have multiple
companies under one subscription in QuickBooks Online, however, this can be achieved by
changing to QuickBooks Desktop.
Question 2
No, all interaction with QuickBooks Online (QBO) is done through an Internet connection i.e. if not
connected to the Internet, QBO will not work. In other words. QuickBooks Online (QBO) cannot
work off-line because it is a web-based program. It's a cloud-based system that needs an internet
connection. QBO can be accessed from anywhere in the world wherever Internet can be accessed.
Question 3
No, there is no need for backup files. As QuickBooks Online works on Internet connection, there
are no files to maintain on a computer and all files are saved online. QuickBooks Online
automatically backs up the data with high level of security.
Question 4
The similarity between QBO and QBDT is that Intuit developed both QBO and QBDT in‐house to
capture and report on accounting events. Some of the other common features are Management of
accounts payable, tracking miles, Tracking of sales and expenses and creation of professional
invoices.
Question 5
We are required to provide instructor's email address and name while assigning the instructor as the
accountant the company. This is done so that the accountant can have access to the company files
for grading and evaluation purposes. It also assists the instructor to answer the questions about the
company. So, we are required to have that information before starting this process. The instructor
will receive an email inviting them to be company accountant. On acceptance of invitation by the
instructor, they will have access to the company files and the instructor’s name will appear in the
Accounting Firms section of the Manage Users page.
Matching:
a. Online version of QuickBooks
b. Windows desktop version of QuickBooks
c. Click to manage your subscriptions, users, and settings
d. Click to access QBQ employee information
e. On the left of the dashboard it shows a menu of items
f. Click to add any transactions
g. Click to find past transactions
h. Click to access help
i. Click to add your instructor as your accountant
j. Provides links to QBQ tasks and resources

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