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You're setting up corporate credit cards in QuickBooks Online. The card on the primary subaccount is only used for payments, and you're going to post payment transactions from the payment bank account to the primary subaccount. Which accounts should you link to the bank feeds? Select all that apply. ---- --CORRECT ANSWER---------------The primary subaccount The non-primary subaccounts When recording a failed payment, why do you need to deselect the original invoice in the original Receive Payment transaction? ------CORRECT ANSWER---------------To reset the aging of the original invoice In a zero dollar expense transaction, why do you need to include a line that's recorded as a negative value? ------CORRECT ANSWER--------------- To balance the other entries and to make the sum of the transaction zero Which 3 of these statements are true about bank-to-bank transfer matching? ------CORRECT ANSWER---------------**It works for both bank and credit card accounts **If it detects 2 transactions in different bank accounts sharing the same date and equal but opposite amounts, it flags each as paired to another transaction If it detects 2 transactions in different bank accounts sharing the same date and equal but opposite amounts, it automatically adds them
**Bank-to-bank transfer matching only works with connected accounts in the Banking center Which of these statements about QuickBooks Online Accountant and QuickBooks Online are true? Select all that apply. ------CORRECT ANSWER---------------QuickBooks Online Accountant is a portal to your clients' QuickBooks Online files QuickBooks Online Accountant includes features that accountants can use to manage their own practice and books Which menu from the left-hand navigation in QuickBooks Online Accountant would you select to send a request to a client? ------CORRECT ANSWER---------------Work Where would you go to find the accountant-only features such as Prep for taxes or Write off invoices? ------CORRECT ANSWER--------------- Accountant Tools What's the best way to compare two reports at the same time in QuickBooks Online? ------CORRECT ANSWER---------------Right-click on Reports in the left-hand menu to open in a new window, and pull up the second report there What account type would be most appropriate for tracking a loan your client took out to buy a delivery van? ------CORRECT ANSWER--------------- Liabilities
Open the Invoices tab, find the open invoice and select Receive payment Your client wants to invoice a customer for fuel they entered on a bill. The Category detail line specifies the client's Fuel Expense account. They mark the expense as billable and enter the customer's name. Which option correctly describes how QuickBooks Online will record the bill? ------CORRECT ANSWER---------------The transaction will credit accounts payable (A/P), debit Fuel Expense, and create a billable expense You're setting up time tracking for a client who has the following requirements: Timesheets should be completed weekly, with Tuesday as the first working day of the week Timesheet activities should be billed to the customer Time-tracking users need to be able to specify which service/task they carried out Time-tracking users should not be able to see any billable rates Which of the following settings are correct? Select all that apply. ------ CORRECT ANSWER---------------First day of work week dropdown: TUESDAY Show Service field: ON Allow time to be billable: ON Show billing rate to users entering time: OFF How can you check for unbilled charges or time in QuickBooks Online? Select all that apply. ------CORRECT ANSWER---------------Via the Reports center Via the money bar in the Sales center What benefits does progress invoicing provide to clients? Select all that apply. ------CORRECT ANSWER---------------Consistent cash flow Keep contractors paid and happy
Better communication with customers Another of your clients wants to discount all their products by 25% in a sale that runs for the entire month of August. To create this price rule, they need to enter the following: What are the correct options for the missing settings? Select all that apply. ------CORRECT ANSWER---------------Price adjustment method: Percentage, to Decrease by 25% with no rounding Products and Services: All products Your client uses the Deposit feature to record retainers in QuickBooks Online. The customer paid a deposit of $600, and you create an invoice for $1,500 worth of work. Where does the outstanding balance of $900 post in QuickBooks Online when the invoice is saved and sent? ------CORRECT ANSWER--------------- Any remaining balance due on the invoice is posted to accounts receivable You're adding service items with a description to a daily sales summary transaction. For which of the following items would it be helpful to add "should be positive" to the description? ------CORRECT ANSWER---------------Sales items Where can you go to run a Budget vs. Actuals report for one of the budgets listed here? Select all that apply. ------CORRECT ANSWER---------------Use the dropdown in the Actions column Go to the Reports center A client records a transaction that pulls a total of four units from two FIFO layers: 2 x $10 units and 2 x $12 units.
Which of the following statements is true about overriding the sales tax calculated for an individual invoice? ------CORRECT ANSWER---------------A reason for making the override must be entered before the adjustment can be confirmed When you record and track vendor prepayments using an Other Current Asset (OCA) account, what happens to the OCA account balance when you enter the final bill, assuming you don't use the vendor credit approach? ------CORRECT ANSWER---------------It decreases One of your clients rents a store for their florist business. They pay the rent at the end of every month via a recurring ACH payment. What expense transaction should your client create in QuickBooks Online? ------CORRECT ANSWER---------------A scheduled recurring expense When are 2 times you might use the Setup screen in the Books review feature? ------CORRECT ANSWER---------------When changing chart of account names When making adjustments to balance sheet account balances during the clean up process Your client wants to know if their future revenues and expenses will support them in adding a new product line. You are recommending that they set a budget. For which 3 of the following accounts can they set a budget? Petty Cash Sales Income Cost of Goods Sold Travel Expense
Accumulated Depreciation Inventory ------CORRECT ANSWER--------------- Your client needs a QuickBooks Online solution that includes tracking for: Sales Sales tax Inventory ------CORRECT ANSWER---------------Plus Can users with the right permissions in a client-paid subscription add QuickBooks Online Payroll or QuickBooks Time to their QuickBooks Online company? ------CORRECT ANSWER---------------Yes, by going to the Billing & subscription section in Account and Settings You need to add a gift basket with a collection of beauty products to your client's list of products and services. Which item type would you assign this to in QuickBooks Online? ------ CORRECT ANSWER---------------Bundle Which 3 of these can a Company admin user do in QuickBooks Online? Change their user level to Primary admin Add new Primary admin users Change the QuickBooks Online subscription Manage existing users Access the client's other products, such as QuickBooks Payroll and QuickBooks Payments ------CORRECT ANSWER---------------Access the client's other products, such as QuickBooks Payroll and QuickBooks Payments Change the QuickBooks Online subscription Manage existing users
Which 2 of these common issues does the Pay down credit card feature help to resolve? Duplicate entries Payments categorized to the wrong account Payments being recorded as paid by check Payments being recorded as an expense on the balance sheet ------ CORRECT ANSWER---------------Duplicate entries Payments categorized to the wrong account What should you do if you notice a duplicate transaction in the bank feed? - -----CORRECT ANSWER---------------Exclude the transaction What is the Undeposited Funds account (also called Payments to deposit)?Select the correct option from the dropdown. The Undeposited Funds (or Payments to deposit) account is meant to be a Select answer holding account that tracks payments received from customers that Select answer been deposited to your client's bank account. Its main purpose is to make reconciliation easier by Select answer
. ------CORRECT ANSWER---------------Temporary Have Not Combining Multiple Transactions into a single record Which 3 statements about how QuickBooks Online applies bank rules are true? Only one rule is applied per bank activity Credit rules are applied before debit rules The first rule that fits a bank activity is the one applied All rules are applied to each bank activity
Reordering the rules list allows you to control which rule to apply ------ CORRECT ANSWER--------------- In which 4 of these situations would you use the Additional payments to deposit on a Deposit transaction? The client receives a refund from a tax agency and needs to record it to reduce the Tax Liability or Expense account The client receives a refund from a vendor and wants to record it directly against the associated expense account The client doesn't record income using sales transactions (invoices or sales receipts) and wants to record deposits directly to income accounts The client receives funds from loan proceeds or contributions of cash from owners The client receives a partial payment from a customer against an open invoice The client receives a deposit from a customer for future purchases ------ CORRECT ANSWER---------------The client receives a refund from a tax agency and needs to record it to reduce the Tax Liability or Expense account The client receives a refund from a vendor and wants to record it directly against the associated expense account The client doesn't record income using sales transactions (invoices or sales receipts) and wants to record deposits directly to income accounts The client receives funds from loan proceeds or contributions of cash from owners How would QuickBooks Online alert you to a discrepancy in the beginning balance when reconciling your clients' accounts? ------CORRECT ANSWER---------------An alert will be displayed in the reconcile tab, stating that the account isn't ready to be reconciled yet because the beginning balance is off
ANSWER---------------When creating the request, move the Notify client slider to On Which option would you select to display inactive clients in the Clients menu? ------CORRECT ANSWER---------------The Grid Gear icon and select the Include inactive clients option While preparing your client's books for year end, you find some transactions that may not have been recorded appropriately. In which 2 of these cases could you use the Reclassify transactions tool? To change the expense account for billable expenses, but not the income account for the related income transactions To change the class and/or location for invoices, sales receipts, checks, or bills with items (products or services) on them To change the account or class for inventory adjustments To change the payment account (bank or credit card) for expenses ------ CORRECT ANSWER---------------To change the expense account for billable expenses, but not the income account for the related income transactions To change the class and/or location for invoices, sales receipts, checks, or bills with items (products or services) on them Which 3 of these steps should you complete before you close a client's books? Reconcile all bank and credit card accounts Set the status of all the client's projects to Completed Substantiate all balance sheet accounts Disconnect any bank feed links Review the profit and loss accounts ------CORRECT ANSWER--------------- Reconcile all bank and credit card accounts Substantiate all balance sheet accounts
Review the profit and loss accounts Which 3 of the actions below can be performed when using progress invoicing in QuickBooks Online? Copying line items directly from an estimate to a bill Copying line items directly from an estimate onto an invoice Editing individual invoice lines to change their amounts Calculating the percentages of line-items on an estimate to be invoiced on invoices Creating multiple estimates from the same estimate ------CORRECT ANSWER---------------Copying line items directly from an estimate to a bill Calculating the percentages of line-items on an estimate to be invoiced on invoices Editing individual invoice lines to change their amounts Which 3 billable charges can you invoice at a later date in QuickBooks Online? Delayed charges Billable stationery Estimates Billable expenses Billable time ------CORRECT ANSWER---------------Billable time Delayed charges Billable expenses Which words correctly complete this statement about working with inventory in QuickBooks Online? Select the correct option from the dropdown. Recording the purchase of an inventory item Select answer the Inventory Asset account on the balance sheet by the quantity multiplied by the cost, and
The only method you can use to record a payment to a corporate credit card is to enter payments manually by creating an expense transaction -----
- CORRECT ANSWER---------------If you are paying off the full amount of the credit card, an easy way to record the credit card payment is to use an expense transaction and split the payment between the different credit cards Individual cardholder accounts, including the primary/master card, are set up as subaccounts to the parent account With corporate credit cards, one card is usually designated as the primary, or master card What are 3 reasons why QuickBooks Online might not suggest a match for a bank transaction? The transaction is posted to the wrong account The transaction is outside the date range in which QuickBooks Online searches The amount of the transaction posted in QuickBooks Online is greater or less than the amount that cleared the bank The transaction was entered automatically by a Rule The transaction was entered automatically by a third-party app ------ CORRECT ANSWER---------------The transaction is posted to the wrong account The transaction is outside the date range in which QuickBooks Online searches The amount of the transaction posted in QuickBooks Online is greater or less than the amount that cleared the bank A client needs your help. A customer's payment has failed and she doesn't know what the easiest way is to reduce her bank account balance and also increase accounts receivable for the amount now owed again. What do you suggest? ------CORRECT ANSWER---------------
How do you make a report available to be sent via email on a scheduled basis? ------CORRECT ANSWER---------------Select Save customization on the displayed report and save it as a custom report For how many days in advance does the Cash flow tab project your clients' cash flow? ------CORRECT ANSWER--------------- 90 When you're looking at a transaction journal, which component of a transaction includes the date, memos, accounts, class, and job? ------ CORRECT ANSWER---------------Source In which tab of Account and Settings can you turn on Class tracking? ------ CORRECT ANSWER---------------Advanced Projects help clients organize all the transactions that make up a customer project and track profitability. To which other transaction categorization feature is Projects most similar? - -----CORRECT ANSWER---------------Sub-customer What should you do before deleting a balance sheet account that has a non-zero balance? ------CORRECT ANSWER---------------Reclassify the balance Your cash-basis client has informed you that a customer has refused to pay their invoice. There is sales tax on the invoice.
Clients can create and edit transactions in Spreadsheet Sync and then post them back into their QuickBooks Online company file Multiple team member can be concurrently logged into Spreadsheet Sync for the same company Which 2 of these steps do you need to take before creating a Project estimate that includes both estimated revenue and costs? ------CORRECT ANSWER---------------Map each product and service item to be used on an estimate to an income and an expense account Enable the Estimate feature in Account and Settings Enable and configure the Projects feature in Account and Settings Reset the quantity on hand value for each product and service item to be used on an estimate Set up an Estimate Inventory account in the chart of accounts Clients can deactivate custom roles from the Roles tab in the Manage users screen. What would be a reason for not being able to deactivate a custom role? ---- --CORRECT ANSWER---------------There are still users assigned to that role Which 2 QuickBooks Online billing options include a discount on QuickBooks Time? ------CORRECT ANSWER---------------ProAdvisor discount Direct discount Where would you go to enable account numbering in the chart of accounts? ------CORRECT ANSWER---------------The Advanced tab in Account and Settings
A client tells you they can't convert an estimate to a purchase order. Which 2 of these might be the reason? ------CORRECT ANSWER------------- --They use QuickBooks Online Simple Start or Essentials They haven't enabled purchase orders in Account and Settings Which feature in QuickBooks Online allows you to apply a refund to an existing or future bill? ------CORRECT ANSWER---------------Vendor credit How could a client move funds from a savings account into a checking account? ------CORRECT ANSWER---------------By using the Transfer feature by selecting + New, then Transfer, and entering the details One of your retail clients has had a store for about 2 years and, due to demand, is hoping to open a second store. They've asked you how much money they can afford to spend. Which report would you suggest they use? ------CORRECT ANSWER-------- -------Balance Sheet report A client who pays for their QuickBooks Online subscription directly wants to upgrade their subscription level. Where in QuickBooks Online Accountant would you find the link to do this? ------CORRECT ANSWER---------------In the Subscriptions and billing section, on the Client-billed subscriptions tab Your client has been using the QuickBooks Online Mileage Tracker throughout the year. It's nearing year end and you're preparing the log for auto expense deduction. Which 3 of the tasks below should be completed to prepare the log for auto expense deductions at year end? ------CORRECT ANSWER--------------- Look for vehicle changes (bought or sold)
