Complete the remaining contact information for the company, as QuickBooks will pull this information on to sales forms and tax reports when you begin working in the file. QuickBooks uses the company name on all reports. A Balance Sheet is prepared to prove the equality of debits and credits. When you press Tab QuickBooks automatically enters the same name you typed into the Legal Name field. When completing a bank reconciliation, anything entered as a service charge or as interest earned will be entered in the Journal automatically when the reconciliation is complete. QuickBooks Desktop shows every transaction, no matter where it was entered, in the Journal report.
Adjusting entries are recorded when cash-basis accounting is used. In QuickBooks Desktop, the Journal report is called the book of final entry. Once an account has been used in a transaction, no changes may be made to the account name. In a sole proprietorship, an owner's name is added to the Vendor List for recording withdrawals. Reconciliation Report may be printed as a summary or detailed report. Accrual-basis accounting matches the income from the period and the expenses for the period to determine the net income or net loss for the period. Additional investments made by an owner may be cash or noncash items. 262 QUICKBOOKS DESKTOP 2018: A Complete Course 3 Ir END-OF-CHAPTER QUESTIONS W TRUE/FALSE S ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER 4.01.
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