The Steps to Set Up a New Service Company in QuickBooks

question 5

Multiple Choice

The steps to set up a new service company in QuickBooks with no employees are:

• A)Easy Step Interview > Customer List > Vendor List > Item List
• B)Setup Chart of Accounts > Easy Step Interview > Customer List > Vendor List > Item List
• C)Easy Step Interview > Customize Chart of Accounts > Customer List > Vendor List > Item List
• D)Easy Step Interview > Customer List > Vendor List > Item List > Customize Chart of Accounts

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Definitions:

Bank Statement

A document or electronic record issued by a bank summarizing a customer's transactions and current balance over a specific period.

Service Charge

A fee collected for services rendered, typically added to a bill in sectors like banking, hospitality, or dining.

Interest

The cost of borrowing money or the return on investment, typically expressed as a percentage over a period of time.

Adjusted Cash Balance

The cash amount shown in a company's bank statement, adjusted for deposits in transit, outstanding checks, and bank errors.