Key points about multi-currency - answer✔1. It must be turned on before importing any data
2. You can't change your home currency.
3. Once you turn it on, it will add extra fields to the QBO database
4. It can't be turned off once it's on.
What are the 5 basic types of accounts for the chart of accounts? - answer✔Income
Expense
Asset
Liability
Equity
What accounts are required for bills - answer✔Accounts receivable and accounts payable
What accounts are set up when inventory is turned on? - answer✔Sales of product income
Inventory asset
Cost of goods sold
What are the default accounts for online banking activity? - answer✔Uncategorized income
Uncategorized expense
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