Proadvisor Flashcards
1
Q
Dan Cheng is another new client. Dan offers a virtual assistant/professional service, Cheng’s Master VA.
He started his business a year ago and grossed $60,000 in that year. Dan doesn’t yet use an accounting solution and has a shoebox full of handwritten notes and receipts. However, he’s excited to set up a solution that will provide detailed customer breakdown of his sales and customer history.
Based on what you already know of Dan, select three of the following Sales
and Accounts Receivable items you would mark with Yes in the Needs
Assessment tab of the checklist.
A
Estimates Custom invoices (accounts receivable tracking)* Sales receipts* Multicurrency Sales tax Price levels Progress Invoicing Statements*
2
Q
The Client Overview is a great way to see your client’s account at a glance.
What are the key benefits of this?
A
Concise subscription information*
Recent banking activity stats*
Early indications of banking errors
Outstanding task reminders
3
Q
Ideally Cindy needs a point-of-sale (POS)-based app. Which two categories
would you find (POS)-based apps under?
A
Manage customers*
Perform analytics
Run payroll
Sync data*
4
Q
Chris Grier, master electrician, has been finding it hard to remember how long he spent at each job on his busiest weeks. He’s asked you whether QuickBooks Online has a function that would help him track his hours regularly.
What app could you recommend to help him with this?
A
TSheets Time Tracking*
Expensify
Quotient
AutoEntry
5
Q
Managing inventory and avoiding out-of-stock situations is critical to the
success of this type of client. What type of client does this best describe?
A
Professional and field services
Retail and e-commerce*
Appointment-based
6
Q
How might you get lists and transactions into a new QuickBooks Online
company?
A
Import Excel files*
Convert QuickBooks Desktop files*
Direct conversion from other accounting packages
7
Q
You have a client who needs a QuickBooks Online solution that includes tracking for
sales and sales tax.
Which subscription level in QuickBooks Online could you recommend that
would provide these features?
A
Self-Employed, Essentials, or Simple Start
Any subscription level, including QuickBooks Self-Employed
Simple Start, Essentials, Plus, or Advanced*
8
Q
Each subscription level has its own limits. How many billable users can clients
with a QuickBooks Online Plus account have?
A
1
3
5*
25
9
Q
_________________ focuses on tracking business expenses and mileage for a
Schedule C entity. This subscription allows invoicing, but does not track accounts
receivable or sales tax. Therefore, this subscription might not meet the needs of, say, a
growing service-based or product-based business.
A
QuickBooks Self-Employed*
QuickBooks Online Accountant
QuickBooks Expenses
QuickBooks ProConnect Tax Online
10
Q
To be listed in the QuickBooks App Center, apps must ________________.
Which option correctly completes the sentence?
A
Meet strict requirements and undergo a testing process*
Offer a free subscription to ProAdvisors
Be developed by Intuit
11
Q
Wholesale billing has three key benefits. What are they?
A
Bundling all client subscriptions into one invoice* Easy tracking* Switch anytime* Direct client billing Faster client payments
12
Q
For these clients, time-tracking and job-costing are essential to ensure their profitability
because they must spread limited resources, including their time, across various jobs,
and are often working for clients for long periods out in the field.
Which 2 types of client does this best describe?
A
Nonprofits B2B wholesale business Contractor/field services* Retail and e-commerce Professional services*
13
Q
Moving data into QuickBooks Online is fast and efficient, but what are the 2
ways lists and transactions can be imported into a new QuickBooks Online
company?
A
Importing them via Excel files*
Converting QuickBooks Desktop files*
Importing data from other accounting packages
Via Microsoft Word tables
14
Q
You have a client who works for themselves as a taxi driver. Their business isn’t
complicated, they just need a cloud-based solution that helps them track expenses paid
by credit card and allows them to record their business miles versus their personal
miles.
They don’t need to track accounts receivable or sales tax.
Which QuickBooks Online subscription would you recommend?
A
QuickBooks Self-Employed* QuickBooks Online Advanced0 QuickBooks Online Essentials QuickBooks Online Plus None, their business isn’t suitable for QuickBooks Online
15
Q
Which 2 features of QuickBooks Online Advanced aren’t available to
QuickBooks Online Plus clients?
A
Project tracking
Price rules
Custom user roles*
Advanced import and batch entry*
16
Q
What 2 billing options are available when a client is added through
QuickBooks Online Accountant?
A
Direct discount* ProAdvisor discount* Plus Discounts Pay As You Go Usage-Based Billing
17
Q
You want to access the QuickStart template of client onboarding tasks.
Where on the left-hand navigation of your QuickBooks Online Accountant firm
will you find it?
A
In the Apps area
In the Work area*
In the Team area
In the ProAdvisor area
18
Q
Craig decides to invest in some new equipment for his landscaping business.
He adds a new account called Power Tools, setting the Account Type to Fixed Assets:
Other Tools Equipment to keep track of how much he’s spending.
Now that Craig’s Power Tools account is set up, which financial statement will
it appear on?
A
Balance Sheet*
Profit and Loss
Statement of Cash Flows
Expenses by Vendor Summary
19
Q
Craig wants to add a new noninventory product for pesticides.
This is something he purchases from a vendor, but he doesn’t charge customers for it
directly. It’s just something he uses as part of his gardening service.
What account should he link it to in the Chart of Accounts?
A
Supplies (expenses)*
Pest-control services (income)
Office expenses (expenses)
Accounts payable
20
Q
Which of the following options are true regarding editing a Chart of Accounts?
A
You can’t make an account active once it has been made inactive
All transactions are deleted from an account if you make in inactive
Merging accounts isn’t possible for all account types*
COA account numbering can’t be undone
Transactions posted to accounts that are merged are also merged*
21
Q
If your client wanted to sell a combination of products and services, such as a computer
service, IT support for a year, and a pack of USB sticks (for example).
What type would you select from the list?
A
Noninventory
Bundle*
Inventory
Service
22
Q
Once you’ve imported Chris’s customer list, where will you find the customers
listed in his client file?
A
Under the Customers tab in the Sales Center*
By running an Accountant report
Under the Customers tab in the Expenses Center
23
Q
If an opening balance of $100 is recorded for a vendor you just added, QuickBooks
Online creates a journal entry.
Which 2 options from the list are features of this journal entry?
A
The journal entry will increase accounts payable*
The journal entry will decrease the Opening Balance Equity account*
Details about the bills will be recorded automatically
The journal entry will increase the Opening Balance Equity account
24
Q
Look at this statement and decide whether it’s true or false.
Once Chris has connected his QuickBooks Online account to his bank, his
bank activity is automatically added to his books.
A
True
False*
25
Which 2 options are true of setting up and editing a Chart of Accounts?
Merged accounts can’t be unmerged*
Deactivated accounts can be reactivated*
Merged accounts can be unmerged
Numbers in a QuickBooks Online Chart of Accounts can’t be changed
26
When would you recommend merging accounts to a client? Select 2 answers.
When the client asks if they can put everything in one account
If two accounts are being used for the same thing*
When a client has added more than one of the same exact accounts unnecessarily*
If there are too many accounts active in the Chart of Accounts
27
Here are the steps for one of the ways of importing a Products and Services list into
QuickBooks Online:
1. Go to the Sales Center and select the Products and Services tab
2. Select Import a file
3. Select Products and Services
4. Select Browse and find the Excel or CSV file and select Next
5. ______________________
6. Select Import
What would you do at Step 5?
Delete any pricing information for each item
Ensure the fields you want to import are mapped correctly*
Select + New Import data
Put any relevant items into bundles
28
A gift basket with a collection of beauty products is what type of Products and
Services in QuickBooks Online?
Service
Non-inventory
Bundle*
Inventory
29
Which statement is true about adding a new customer to an existing customer
list?
Go to Expense Center, Customer tab and select New Customer
Go to Sales Center, Customer tab and select New Customer*
Go to the Gear icon and select New Customer
Go to the + New menu and select New Customer
30
Which financial statement do the income and expense accounts map to on the
Chart of Accounts?
Accounts Receivable Aging Summary
Statement of Cash flows
Balance Sheet
Profit and Loss*
31
When setting up an onboarding workflow for a new client, which of the
following are default stages in the QuickBooks Online Client Onboarding Work
template?
Meet with new client and sign contract*
Gather new client data and documents*
Create new QuickBooks Online subscription*
Set up client’s company information*
Import lists*
Customize sales templates*
Run first reconciliation
32
The ________________ organizes financial transactions to allow you and your client to
analyze the business’s financial data, run financial reports, and prepare for taxes.
Which option completes the statement most accurately?
Customer list
Sales Center
Chart of Accounts*
Profit and Loss
33
Which 3 options are ways a client’s Chart of Accounts can be edited?
Changing names of default accounts*
Numbering each account*
Merging accounts*
Deleting an account permanently
34
Which Products and Services type is only available in Plus and Advanced
subscriptions levels?
Bundles
Non-inventory
Inventory*
Services
35
You want to add a new Product and Services entry to your client’s QuickBooks Online
company. They track their inventory outside of QuickBooks Online. The product is a
new honey based hand cream. Here are some steps for getting the job done.
1. Select the Gear icon, select Products and Services, then select New
2. _____________________________________________
3. In the Name field, type Honey-Bee Hand cream
4. Sale price/rate is $12.50
5. In the Income Account drop-down, select Sales
6. Select Save and close
Which option correctly fills in Step 2?
Select Bundle
Select Service
Select Non-Inventory
Select Inventory*
36
Where do you need to go to set up a preferred vendor on a client’s account for
a window-cleaning business?
Vendor details*
Products and Services information
Customer information
Chart of Accounts
37
Which are 2 ways you can add new customers to QuickBooks Online?
Importing a customer list*
Batch-importing customers via Accountant Tools
Defining the customer list in Accounts and Settings
Adding an individual customer via the Customers tab in the Sales Center*
38
1. Select Expenses in the Left Navigation Bar
2. Select the Vendors tab
3. _______________________
4. Select Import vendors
5. Browse for the file you want to upload
6. Select Next
If you’re importing a list of vendors from the Expenses Center, what would you
do at Step 3?
Select the Add vendors button
Select New transaction drop-down
Select the Export to Excel icon
Select the New vendor drop-down*
39
Once sales tax has been set up, what criteria does QuickBooks Online use to
calculate the sales tax owed on an invoice? (Select all that apply)
The state where you are registered to collect sales tax
The physical address of the client’s business*
The customer’s physical address*
The customer’s sales tax status*
The tax category for the product or service*
The physical address of the registered tax agency
40
Your client wants to review how much sales tax they paid last quarter. Where
will they find this information in the Tax Center?
Sales Tax Liability report
History*
Tax breakdown\Previously paid area
41
To set up a client with QuickBooks Payments via the setup wizard, you’ll need
to check or fill in information in three sections. What are the three sections?
```
Company owner information*
The owner’s most recent tax return
Company information*
Company bank details*
The owner’s passport details
```
42
Who can add and manage app subscriptions for clients? Select all that apply
Firm Primary Admin*
Full Access team user*
Basic team user
43
Which payroll option would you recommend so that Intuit’s penalty-free
guarantee protects you and/or your client?
QuickBooks Online Core Payroll
QuickBooks Online Premium Payroll
QuickBooks Online Elite Payroll*
44
You are about to raise an invoice on behalf of Carol Walker, a small store owner.
Walker’s Wonders is a confectionery store with a fun and vibrant logo.
The invoices for Walker’s Wonders use a standard template. As well as
adding the logo to the invoices, how else can you customize the invoice?
Select 3 options.
Set a background watermark
Add color to the highlighted areas*
Set the size and position of the logo*
Change the font style and size*
45
You have set up a new user and removed payroll access. They will still be able to see
some payroll entries, though these will be anonymized.
What can’t they see?
The Contractors tab in Workers
Transaction reports
The Employees tab in Workers*
The Bank Register
46
Which of the following statements are true regarding working with sales tax in
QuickBooks Online? Select 4 options.
The time of year influences the sales tax rate
The customer’s physical address influences the sales tax rate*
The customer’s sales tax status influences the sales tax rate*
Clients need to calculate the sales tax themselves if their client is not in the same
state
The sales tax rate is calculated based on the state where a client is registered to
collect sales tax*
The sales tax rate is based on the physical address of the client’s business*
47
When it comes to using apps with a QuickBooks Online Accountant firm’s
books, which two levels of account user can add apps? Select 2 answers.
Full access team user*
Primary Admin*
Basic team user
Custom team user
48
How many native payroll offerings are available in QuickBooks Online?
Two
Three*
Four
Five
49
Where would you find the link to begin customizing a client’s invoices, such as
adding a logo and changing the default colors?
In the Gear icon > Account and Settings
In the Gear icon > All Lists
In the Gear icon > Custom Form Styles*
In the + New icon > Custom Form Styles
50
```
Select the Gear icon
Select Manage Users
From the Users tab, select _________ and a pop-up window will appear with radio buttons to select
Select user type Custom user
Select Next
```
If you were adding a new user to a client’s QuickBooks Online file using the
process shown here, what would you select in the Users tab in step 3?
Add user*
New user
Set permission level
Delete user
51
Where in the Sales Tax Center would you find the information you need to file
a tax return for your client?
Penalties paid
Customer list
Sales tax settings*
View return
52
Which 2 statements are true of QuickBooks Payments?
Payments made via QuickBooks Payments are automatically recorded in QuickBooks Online*
Payments made via QuickBooks Payments are NOT automatically recorded in QuickBooks
Online
QuickBooks Payments can’t process credit-card payments
For a fee, QuickBooks Payments can be processed in 24 hours*
53
Where would you start your workflow when adding an app for a client as their
accountant?
In the Apps section of your client’s QuickBooks Online file
In the Apps section of your QuickBooks Online Accountant file*
In the Work Center of your QuickBooks Online Accountant file
In the Projects Center of your QuickBooks Online Accountant file
54
Your client wants to know which apps they have connected to their QuickBooks Online.
Where do you need to look in QuickBooks Online Accountant to answer this
query?
Select the client from the Client List to open the Client Detail Page > Bookkeeping > View
Connected Apps
Left Navigation Bar > Apps > Client Apps*
In the Connected Apps column on the Client List dashboard
Gear icon > Apps > Client Apps
55
Where would you go in QuickBooks Online to see the range of default and
additional lists that are available?
Sales Center, then Settings and All Lists
+ New button and All Lists
Gear icon and All Lists*
Sales Center, then Settings and Add Lists
56
Can clients see the notes in the client details screen?
Yes
No*
Only if you give them permission
57
You are working in the Billing details page, but you need to see an itemized version of
the invoice you are working with.
From the list below, what are your 2 options to view an itemized invoice?
```
Select Print
Select View PDF*
Select Export CSV*
Select Print preview
Email it to yourself
```
58
Which statement is true when a QuickBooks Online company file is
suspended for exceeding usage limits?
The client can still run payroll
The client can still upgrade to the next subscription level
You or the client must contact QuickBooks Online to have the file reactivated*
Sales transactions can still be added and managed
59
Your client has sent you their bank statement, as per your client request but,
unfortunately, they’ve done it for the wrong start date.
How can you ask them to redo it, as part of a tracked conversation?
Create a new client request
Edit the project and add a new task
Edit the client request and add a comment*
Send them an email from your company account
60
The Bookkeeping view on the Client List in QuickBooks Online Accountant allows you to
track progress of month-end tasks for clients.
Which 3 stages of the month-end review does it track?
```
Prep for Taxes
Transaction review*
Sale Tax estimates
Account reconciliation*
Final review*
```
61
Working in a large firm, you want to assign Alex Reedsmith as Lead accountant to the
client Rock Castle Construction.
1. Start in the Client List in QuickBooks Online Accountant
2. Select the Filter button
3. Select ___________
4. Go to the Rock Castle Construction client row and select the Lead drop-down
5. Choose Alex Reedsmith
6. Save the change
Which option completes the missing step?
Add Lead
Assign Leads
Edit Leads*
Action
62
Which 3 statements are true about the Work functionality in QuickBooks
Online Accountant? Select 3 options.
You can create projects and tasks for your clients and your firm*
You can use a QuickStart project template to run profitability reviews
You can create custom project templates that have a repeat schedule*
You can create projects and tasks for clients who don’t use QuickBooks Online*
You can’t add a repeat schedule to an existing project template
63
How do you change the status of a task?
Check a box marked Done
Use the drop-down on the task tile*
Right-click on the tile and select an option
The status can’t be changed except to delete the task
64
Your colleague needs to get a copy of a paper receipt from a client so that they can
match it up to an expense for gas that has been recorded in the client’s QuickBooks
Online company.
Which 3 statements are true when they use the Work functionality of
QuickBooks Online Accountant?
They can send a screenshot of the expense entry in QuickBooks Online to the client
by adding it to the request, to help them identify which receipt they are looking for*
They can’t add an attachment to the request, but the client can attach a photo of the
receipt when they respond
The request appears in the client’s QuickBooks Online company in My Accountant*
Requests are automatically emailed to the client unless Notify client is unchecked*
65
What can you do to ensure a note for a recurring task in your client's account isn't missed by your team?
Assign the note to all team members*
Make it a Pinned note
Flag the note in a different color
Set the note to Permanent
66
Where in the subscriptions and billing section of your QuickBooks Online
Accountant file would you find the link to upgrade or downgrade a client who
is part of your Wholesale billing agreement?
In the Settings section under the Actions column
In the Billing section under the Actions column
In the Advanced section under the Actions column
In the Your subscriptions section under the Actions column*
67
There are three levels of access that you can give a team user in your firm.
Which access level would they need to be able to modify, update, access firm
information, update billing subscriptions and access the firm’s books?
Full*
Basic
Custom
68
Look at the following initial steps for adding a new team member to your QuickBooks
Online Accountant account.
1. Sign in to QuickBooks Online Accountant
2. Select _________ in the account Left Navigation Bar
3. Select Add user
4. Enter the team member’s name, email address, and title
5. Select Next
6. Specify the level of access they need to the firm’s administration and books
7. Select Next
8. Specify which clients they should have access to
9. Select Save
Which option fills the gap in step 2?
```
Permissions
Workers
Access
Team*
Rights
```
69
How does the Work functionality in QuickBooks Online Accountant enable you
to increase organization and efficiency?
You can share your practice dashboard with your clients, so they can see what you’re working
on
Clients can message you in real time, so you can answer questions
Clients can allocate tasks and projects to you
You can set up projects and tasks to plan work for your firm for all of your clients*
70
Craig has received a bunch of checks from his customers, totaling $2500. He’s marking
the payments as Received in QuickBooks Online.
Which account should he record the payments to?
His bank checking account
Undeposited Funds*
His bank savings account
Accounts Receivable
71
Take a look at the following customer workflow:
1. Provide service
2. Invoice customer
3. ______________
4. Take money to the bank
5. __________________
What 2 steps in QuickBooks Online complete the customer workflow?
3) Create a check transaction 5) Create a bank deposit transaction
3) Receive payment 5) Create check transaction
3) Receive payment 5) Create a bank deposit transaction*
3) Receive payment 5) Create a sales receipt
72
Craig’s got another new order from a customer. He needs to buy some paving from his
vendor. He has 60 days to pay for it. Take a look at the vendor workflow:
1. Buys paving on credit
2. Vendor bills him
3. ______________
4. ______________
3) Makes payment 4) Vendor credit
3) Creates bill in QuickBooks Online 4) Makes payment*
3) Creates bill in QuickBooks Online 4) Vendor credit
3) Creates expense in QuickBooks Online 4) Makes payment
73
Which option best describes why an Undeposited Funds account needs to be
used for receiving multiple payments?
It’s used so that the QuickBooks Online Bank Register matches a monthly bank
statement*
It’s used so that the QuickBooks Payments can track each received payment
It’s used so that All tax is tracked in the Taxes Center
74
Which of these statements is true of estimates in QuickBooks Online?
Estimates are posting transactions
Estimates are non-posting transactions*
Estimate data can be used to create a purchase order in QuickBooks Online*
Estimate data can be used to create an invoice in QuickBooks Online*
75
Which of these options is true of using credit memos in QuickBooks Online?
Use credit memos when refunding cash directly to the customer
Use a credit memo to credit a customer’s accounts receivable balance so that the
credit can be applied to the next invoice*
There is no way to automatically apply credits to the next invoice
Credit memos are not essential when customers paid in cash
76
Which of the following statements are true of Vendor Credits in QuickBooks
Online?
Vendor Credits cannot be applied to a bill that has already been received
Vendor Credits post as a debit to decrease accounts payable*
Vendor Credits post as a debit to increase accounts payable
A Vendor Credit can be linked to a cash refund, when the cash is deposited
77
Which of the following would be a suitable situation for recording a new
deposit transaction like we’ve just seen?
You need to record a payment from a customer but it’s not a check
You receive a tax refund from the IRS and need to record it*
You receive a cash back payment from a vendor for ordering in bulk*
78
Before a client sets up a recurring monthly charge for a credit card or ACH,
Visa and Mastercard, what does your client need to do to make the process
compliant?
Get the customer to sign an authorization form*
Take a photo of the customer’s payment card
Get authorization from the customer’s bank
79
When would you use an adjusting journal entry?
To account for depreciation of an asset, like a company car or van over several
years*
To record a late payment of an invoice outside the 30-day payment terms
To account for a loan payment due in the next financial year*
80
Which two common client issues does the new Pay down credit card feature
aim 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
81
One weekend your client gets three separate payment checks from three separate
customers for work they’ve invoiced for.
Why is it preferable to select Undeposited Funds, instead of a bank account,
when recording each individual payment in QuickBooks Online?
Because the tax liability of each payment will be more accurate if each check is
added individually to the Undeposited Funds account
Because using Undeposited Funds will duplicate income
Because using Undeposited Funds will record income immediately
Because it allows you to group the three payments into a singular deposit
transaction, so the register matches the bank statement deposit amount when it actually
comes through the bank*
82
Which statement is true of Estimates in QuickBooks Online?
Estimates are non-posting transactions*
Estimates data cannot be copied across to create a purchase order in QuickBooks
Online
Estimate data cannot be used to create an invoice in QuickBooks Online
83
Which of the transactions and tools in the list are posting transactions? Select
2 options.
Purchase orders
Estimates
Credit Memos*
Vendor Credits*
84
When would you use a deposit transaction? Select 4 options.
To group together payments posted to Undeposited Funds*
When funds are received, but they’re not related to the core business*
When the company doesn’t use invoices or sales receipts, and records deposits
directly to income accounts*
For refunds and employee repayments received*
When an invoice isn’t paid in full
85
Your client wants to transfer $500 from their checking account into a savings
account to cover tax liabilities for sales made that month. Where should they
start the process?
Navigate to the + New button then find the Transfer link*
Navigate to the Gear icon then find the Transfer link
Navigate to the Sales screen then find the Transfer link
Navigate to the Banking screen then find the Transfer link
86
Your client has signed up for Instant Deposits. Where will the money be
deposited?
To the account linked to their QuickBooks Payments account
To their linked PayPal account
To their linked debit card*
87
You’re coaching your client on the new functionality for recording a payment to a credit
card.
Where do they go to create the transaction?
+ New, Pay down credit card*
Gear icon, Pay down credit card
+ New, Vendor Credit
+ New, Pay bill
88
______________ transactions are used to record a purchase that is paid for later.
Which word completes the statement above?
Expense*
Bill
Estimate
Vendor credit
89
Your client has received check payments from three of their customers and informed
you that they have not deposited these checks into the bank yet.
Into which account should you record these checks, when using the receive
payments form?
Checking account
Undeposited Funds*
Savings account
Accounts receivable
90
You have a client whose business uses accrual-basis invoicing and accounts receivable
workflow. They use the Banking screen to enter a deposit for a payment check, which
they post manually to an income account.
What problems will this cause?
Their accounts receivable balance will not be accurate due to an unapplied payment*
They’ll create duplicate expenses
The transaction will generate duplicate income*
The income will not be recorded
91
Your client has issued an estimate which was accepted by the client. When the work is
done, your client issues an invoice.
Which statement is true of recording this workflow in QuickBooks Online?
The only posting transaction in this workflow is the invoice, which increases accounts receivable*
The only posting transaction in this workflow is the estimate, which increases accounts
receivable
The estimate and the invoice are posting transactions
The estimate and the invoice are nonposting transactions.
92
A purchase order isn’t a posting transaction, but once a purchase order is accepted by
the vendor and when the product is delivered, the purchase order can be turned into a
bill, increasing ___________ .
Which option completes the statement?
Accounts receivable
Accounts payable*
Checking
Undeposited Funds
93
Which 2 of these statements are true of using Credit Memos in QuickBooks
Online?
In the Advanced tab of Account and Settings, you can select a checkbox that will automatically
apply credits to the next customer invoice*
You should use a Credit Memo when issuing a cash refund
To create a Credit Memo, begin by selecting the + New button then Credit Memo*
94
Where can you find the vendor credit link to begin recording a vendor credit?
By selecting the + New button*
By selecting the Gear icon
By selecting Vendor credit in Accountant Tools
By selecting More at the bottom of the vendor bill
95
In addition to grouping existing customer payments into one deposit, what
else can bank Deposit Transactions be used for?
Refunds from vendors*
Payments to vendors
To record sales taxes directly to expense account
To record deposits directly to income accounts*
96
In QuickBooks Online, clients can invoice customers using online invoicing and utilize
QuickBooks Payments, so customers can pay by credit card via the invoice.
What does the customer need to do to begin the process when they get the
invoice?
They call the client with their credit card number
They select the Pay Now button and can enter their payment details*
They send a message via the message feature with their credit card number
They need to select a link on the invoice and apply for QuickBooks Payments, so they can pay
97
Your client is running out of cash to run payroll this month. You think Instant Deposits
could help.
How can you find out their available balance?
Go to Banking, Deposits and look at the amount ready for an Instant Deposit
Go to Sales, Deposits and look at the amount ready for an Instant Deposit
Go to Accountant Tools and select Available balance
Go to + New and select Deposits*
98
How do you think Craig can benefit from connecting his bank and credit card
accounts to QuickBooks Online?
All of his bank and credit card transactions will be synced into QuickBooks Online
without him having to enter them*
He can check, categorize, and approve each bank transaction to make sure it’s
correct so he has full control*
All of his bank and credit card transactions will be categorized into his QuickBooks
Online automatically without him needing to do anything
It will save him time because it will cut down on the amount of data he needs to
enter*
99
Where can you see a list of banking transactions that have been accepted into
QuickBooks Online?
For Review
Categorized*
Excluded
Recognized
100
Craig calls with a problem. He can see a duplicate transaction for some job materials he
bought at Hicks Hardware.
What might have caused this?
Instead of adding the transaction from his bank feed, he matched it
Instead of matching the transaction from his bank feed, he added it*
He added the transaction twice from his bank feed
There’s no way this could have happened. QuickBooks Online will check it’s a
unique entry
101
Your client has taken a photo of a receipt for a new expense via the mobile app. They
haven’t yet entered the transaction into QuickBooks Online.
What is the next step in the receipt capture process?
Go to the For Review tab in Receipts*
Go to the For Review tab in the bank feed
Manually enter the transaction in the bank feed
102
Which is the best example of when you might need to exclude some
transactions from a bank feed?
Your bank mistakenly imports transactions more than once when first set up
You have transactions that are personal expenses which you don’t want to include
in your accounts*
103
If a transaction meets the criteria of multiple rules, which rule will be applied?
The newest rule to be set up
The one listed first*
Multiple rules will be applied
The one most frequently used
104
Which of these recurring transactions could be used if Craig needed to set up
a monthly recurring customer charge including payment?
A recurring sales receipt*
A recurring purchase order for a vendor with no quantities
A recurring journal entry for depreciation
105
Which tab in QuickBooks Online Banking shows the bank data that has not
yet been accepted into QuickBooks Online?
Matching
Categorized
For Review*
Bank Feed
106
Once satisfied that the _____________ is associated with the correct QuickBooks
Online transaction, select Match in the Action column.
Which option correctly completes the description of how to match an expense
or payment?
Nonposting transaction
Bank feed transaction*
Nonbanking transaction
Journal entry
107
Your client has noticed a transaction that is duplicated in the bank feed and is asking for
your advice.
Which option would be the best answer?
The transaction will need to be excluded if it’s a duplicate in the bank feed because
it will lead to errors in reconciliation*
It’s fine to have duplicate transactions in the bank feed as they will be ignored during
reconciliation
We can add an Adjusting Journal Entry to offset the duplicated transaction
QuickBooks Online will automatically detect and delete the duplicate transaction
108
You need to help your client set up a new recurring expense transaction.
Which are the correct steps to begin the process in QuickBooks Online?
Select the + New button, select Recurring transactions, select New, and choose
Expense as the new Transaction Type from the drop-down
Select the Gear icon, select Recurring transactions, select New, choose Expense as
the new Transaction Type from the drop-down*
Select Accountant Tools, select Recurring transactions, select New, and choose
Expense as the new Transaction Type from the drop-down
Select Accountant Tools, select Edit Transactions, select New, and choose Expense
as the new Transaction Type from the drop-down
109
Your client has called to say that they have been emailing their receipts to the email
address chris.grier@qbodocs.com but that their receipts aren’t loading.
Where would you go to check whether the email address is registered for this
service?
Banking, Receipts tab, Manage senders link*
Banking, Banking tab, File upload
Banking, Receipts tab, Give feedback button
Banking, Rules tab, New rule button
110
Look at the process below for how an accountant user would undo a reconciliation:
1. Select Accountant Tools
2. Select Reconcile
3. Select ____________
4. Use the View report drop-down to choose Undo
What’s the missing step?
Summary
Show me around
The Chart of Accounts tab
History by account*
111
The _______ tab shows the bank feed items that have not yet been accepted into
QuickBooks Online.
Which option correctly completes the sentence?
In QuickBooks Online
For Matching
For Review*
For Reconciliation
112
Craig thinks he has matched one of his transactions in the bank feed incorrectly. He’s
not sure where to go in order to unmatch it.
Where in QuickBooks Online Banking would you go in order to start this
process?
For Review
Reviewed*
Excluded
Recognized
113
Your client Cindy, at Cindy’s Bee-uty bar wants to be able to forward her receipts and
bills to QuickBooks Online.
Which email address should you register for her to be able to do this?
Cindy@Bee-uty.com
Bee-uty@qbodocs.com*
Bee-uty@qboreceipts.com
Bee-uty@bills&receipts.com
114
Which statements are true of working with uploaded receipts in the Receipts
Center in QuickBooks Online?
Data from an uploaded receipt can’t be edited
Select Match when you’re ready to match the receipt with an existing record in QuickBooks
Online*
When added, QuickBooks Online automatically includes the image of the receipt with the
transaction*
Uploaded receipts can be viewed in the For Review tab in the Receipts Center*
115
Your client has snapped a bill on the mobile app, but the category is wrong.
Which action should you select to correct it in the Receipts Center?
Match
Add
Review*
Exclude
116
Why might bank feed activity need to be excluded?
If it’s a match
If it’s an expense
If it’s a duplicate of an already downloaded bank feed activity*
117
Bank rules automate the data entry of bank feed activity.
| Which bank feed elements can be automatically configured via a bank rule?
```
Customer
Category*
Date
Payee
Transaction type*
Billable status
```
118
Following a successful reconciliation, a pop-up screen appears congratulating you.
Which option should you select to look at the detail of the reconciled account
in QuickBooks Online?
Edit the beginning date to see how this affects the reconciliation
Run the reconciliation again
Select View report to run a reconciliation report*
Edit the beginning balance to see how this affects the reconciliation
119
Which 3 statements are true about QuickBooks Online’s Performance Center?
Once you create a chart, it stays in Performance Center indefinitely, updated every
4 hours*
You can add up to 15 custom charts to Performance Center
You access Performance Center from the Reports menu in the left-hand navigation*
When you first create a custom chart it uses real-time data, so is 100% accurate*
