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When are 2 times you might use the Setup screen in the Books review feature? - 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 - answer Your client needs a QuickBooks Online solution that includes tracking for: Sales Sales tax Inventory - 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? - 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? - 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 - answer Access the client's other products, such as QuickBooks Payroll and QuickBooks Payments Change the QuickBooks Online subscription Manage existing users Where would you go to view a list of customer statements sent out in the current month? - answer Reports center > Statement List report What 4 pieces of information does QuickBooks Online with Automated sales tax use to calculate sales tax on an invoice? The customer's payment terms The customer's sales tax status The quantity of the product or service still on hand
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 - answer Duplicate entries Payments categorized to the wrong account What should you do if you notice a duplicate transaction in the bank feed? - 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
. - 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 - 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 - 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
Select the Manage tags link on the invoice, followed by Create tag. Then enter the tag name You need your client to send you a copy of a paper receipt so that you can match it to a gas expense in their QuickBooks Online. You create a client request and add a screenshot of the expense entry in QuickBooks Online to help your client identify which receipt they're looking for. What do you need to do to ensure the client receives an email notification to alert them about the new request for information? - 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?
- 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 - 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 - 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 - 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
Write a check or create a bill, and record the prepayment to an Other Current Asset (OCA) account, increasing the balance until you're ready to pay the final bill Write a check to the vendor recording the prepayment to a Retainers Expense account, then create a vendor credit to adjust the vendor bill for the amount of the total retainers Use the Pay Bills function to pay a vendor bill, but don't apply the payment to the bill yet Pay the vendor and post the payment to the accounts payable (A/P) account, applying it later when the bill arrives - answer Which 3 of the following statements are true about working with corporate credit cards in QuickBooks Online? 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 With corporate credit cards, one card is usually designated as the primary, or master card Individual cardholder accounts, including the primary/master card, are set up as subaccounts to the parent account 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 - 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 - 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? - answer How do you make a report available to be sent via email on a scheduled basis?
- answer Select Save customization on the displayed report and save it as a custom report
The Track payments box for 1099 isn't checked on their Vendor Details screen
- answer Total payment made to the applicable payee aren't at or above the $600 threshold level The Track payments box for 1099 isn't checked on their Vendor Details screen Which 2 of these statements are true about the Tasks center? You can export tasks in Excel and PDF format You can only use the Tasks center to monitor work inside QuickBooks Online You can set tasks to repeat at a specified frequency You can attach documents to tasks You can only assign tasks to users with custom roles - answer You can set tasks to repeat at a specified frequency You can attach documents to tasks Which 3 of the following statements are true about Spreadsheet Sync? - answer Spreadsheet Sync only works with Excel Office 365 Spreadsheet Sync lets clients build reports using QuickBooks Online data that refresh with the latest transaction data from the company file 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? - 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? - answer There are still users assigned to that role Which 2 QuickBooks Online billing options include a discount on QuickBooks Time? - answer ProAdvisor discount Direct discount Where would you go to enable account numbering in the chart of accounts? - 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? - answer They use QuickBooks Online Simple Start or Essentials They haven't enabled purchase orders in Account and Settings
How many conditions can you apply to a single rule? - answer 5 Your client Amy creates three rules that appear in this order in her Rules list. There are no other rules. Rule 1Assigns all purchases at MotoZpares to an Auto Supplies expense accountRule 2Assigns all purchases at Office Depot to an Office Supplies expense accountRule 3Assigns all purchases over $500 to Fixed Assets When Amy's colleague spends $750 on a trailer at MotoZpares, the purchase is assigned to Auto Supplies. What can Amy change so that the same purchase goes to Fixed Assets instead and MotoZpares purchases of $500 or less are still assigned to Auto Supplies? - answer Move Rule 3 up to the position of Rule 1 Your client records payments from customers in QuickBooks Online as they receive them throughout the day. They just deposited 4 checks at the bank. What's the next step they have to do to deposit those payments in QuickBooks Online? - answer + New > Bank deposit A client wants to set up a monthly customer charge for a customer. The charge is a fixed fee, with payment due by the last Friday of the month. Which one of these options would be the best way for the client to achieve this? - answer A scheduled recurring invoice In which of these situations would you use the Add funds to this deposit grid? Select all that apply. - answer Your client receives a tax refund from the IRS Your client receives a cashback payment from a vendor for ordering in bulk
Which of these are true about journal entries in QuickBooks Online? Select all that apply. - answer You can't use product and service items in a journal entry Total debits must equal total credits For which of the following should you use the Transfer function in QuickBooks Online? - answer Moving money from a savings account to a checking account Where do you select to see only cleared transactions? - answer 4 (filter option) Which of the following statements are true about how you can resolve these discrepancies? Select all that apply. - answer If you re-enter and rematch the Expense transaction, you'll need to mark it as reconciled to remove it from this report You can correct the amount of the check paid to Chin's Gas to match the value of the reconciled transaction You can re-enter and rematch the Expense transaction What are the benefits of connecting bank and credit card accounts to QuickBooks Online? Select all that apply. - answer All connected bank and credit card transactions sync with QuickBooks Online All bank transactions can be checked, categorized, and approved to make sure they're correct
Before merging two sub-accounts, which 2 of these need to be true? - answer Both accounts are inactive The names are spelled the same Where can you enable account numbers for an existing chart of accounts in QuickBooks Online? - answer The Advanced tab in Account and Settings Which statement is true when importing lists into QuickBooks online? - answer When importing lists, you can choose to overwrite customers with identical names. What does QuickBooks do if you try to import a customer that already exists in the company? - answer It displays an error message Which 4 list types can be directly imported into QuickBooks Online from Excel? - answer Customers Products and services Vendors Chart of accounts Which 2 statements are true about using a product or service on a purchase form? - answer You must select I purchase this product/service from a vendor You must be using QuickBooks Online Plus or Advanced There are four item types to choose from in QuickBooks online:
This includes services that are provided to customers, such as an emergency service call visit or other labor. This is a collection of products and services that are sold together, such as the installation of a product that includes both labor and materials. These are products that are bought and sold, and where it is necessary to track quantities on hand. These are products bought and sold where it isn't necessary to track quantities on hand, such as small parts used int he installation or delivery of a product. - answer Service Bundle Inventory (in QuickBooks Online Plus and Advance Only) Non-inventory If you want to remove a customer in QuickBooks online what must you select from the action column? - answer Make inactive If a client is using Classic View for their reports, which 2 of the following reports can they filter by Customer Type? - answer Sales by Customer Type Detail Customer Contact List Which 3 of these are among the details in transactions imported by using the App transactions tab in QuickBooks Online? - answer Customer Name Quantity Currency
