question archive 1)Which account is closed at the end of the accounting year? A) Miscellaneous Expense B) Deferred Charges 2)What is the difference between reconciling a Bank Account and a Credit Card Account? A) You can only reconcile bank accounts, QuickBooks will not let you reconcile Credit Card Accounts
1)Which account is closed at the end of the accounting year? A) Miscellaneous Expense B) Deferred Charges 2)What is the difference between reconciling a Bank Account and a Credit Card Account? A) You can only reconcile bank accounts, QuickBooks will not let you reconcile Credit Card Accounts
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1)Which account is closed at the end of the accounting year?
A) Miscellaneous Expense
B) Deferred Charges
2)What is the difference between reconciling a Bank Account and a Credit Card Account?
A) You can only reconcile bank accounts, QuickBooks will not let you reconcile Credit Card Accounts.
B) They are essentially the same process, these are just two different types of accounts, but the reconciliation process is very similar. Banks typically can have outstanding checks, but credit cards wouldn't.
C) You must setup a different company file for every account being reconciled.
