Question

QuickBooks provides many tools for managing and securing your QuickBooks system (e.g., the QuickBooks Audit Report,...

QuickBooks provides many tools for managing and securing your QuickBooks system (e.g., the QuickBooks Audit Report, and the QuickBooks’ Accountant Copy). Evaluate the effectiveness of these and other tools that are used to manage and secure QuickBooks.

Homework Answers

Answer #1

QuickBooks Audit Report: It is like audit log to the quickbooks recording each and every activity in the file of the quickbooks. It keeps records of all the transactions which are entered, modified, deleted. This can be generated from Reports > select Accountant and Taxes > select Audit Trail report

QuickBooks’ Accountant Copy: It permits to review, keep the file and continue entering or editing transactions in the “current period” while at the same time, allows the accountant to make changes to the file in the Accountant’s Copy

Closing Date Exception Report: It reports the changes which are made after a closing date in the QuickBooks preferences. It can help to detect unauthorized changes in the final accounts

Backup file: Quickbook provides facility to create and store back ups of previous years as it is on the cloud or pen drive

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