Where do you check the balance of each bank account?

Question

BlackTom AI · Accepted Answer

Question at hand asks where to check the balance of each bank account. 
Option 1: 'In the list of invoices on the Bills tab of the Expenses window' This location is focused on payable items and bill records, not on bank balances, so it does not provide the current bank account balances. 
Option 2: 'On the Profit and Loss report' The P&L shows income and expenses over a period, and while it affects equity, it does not display the individual balances of each bank account. Therefore this option does not answer where to view balances. 
Option 3: 'In the chart of accounts' The chart of accounts lists all accounts (including bank accounts) and typically shows their current balances, making it the appropriate place to check each bank account balance. 
Option 4: 'In the list of invoices on the Invoices tab of the Sales window' This area is about customer invoices and revenue records, not about bank balances, so it does not serve as the place to view balances. 
To identify the balance of each bank account, you would look for the balance field or the current balance within the chart of accounts, rather than in invoices, reports like P&L, or sales windows. The reasoning hinges on what each section is designed to display: transaction records and statements versus account balances. 
In summary, the incorrect options point to areas that track transactions or summaries rather than individual account balances, while the chart of accounts is the repository that includes the balances for bank accounts.

QBO25E1 - QuickBooks Online Module 18 Quiz

Where do you check the balance of each bank account?

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