Proadvisor

Question 1

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.

Answer 1

 Estimates
 Custom invoices (accounts receivable tracking)*
 Sales receipts*
 Multicurrency
 Sales tax
 Price levels
 Progress Invoicing
 Statements*

Question 2

The Client Overview is a great way to see your client’s account at a glance.

What are the key benefits of this?

Answer 2

 Concise subscription information*
 Recent banking activity stats*
 Early indications of banking errors
 Outstanding task reminders

Question 3

Ideally Cindy needs a point-of-sale (POS)-based app. Which two categories
would you find (POS)-based apps under?

Answer 3

 Manage customers*
 Perform analytics
 Run payroll
 Sync data*

Question 4

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?

Answer 4

 TSheets Time Tracking*
 Expensify
 Quotient
 AutoEntry

Question 5

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?

Answer 5

 Professional and field services
 Retail and e-commerce*
 Appointment-based

Question 6

How might you get lists and transactions into a new QuickBooks Online
company?

Answer 6

 Import Excel files*
 Convert QuickBooks Desktop files*
 Direct conversion from other accounting packages

Question 7

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?

Answer 7

 Self-Employed, Essentials, or Simple Start
 Any subscription level, including QuickBooks Self-Employed
 Simple Start, Essentials, Plus, or Advanced*

Question 8

Each subscription level has its own limits. How many billable users can clients
with a QuickBooks Online Plus account have?

Answer 8

 1
 3
 5*
 25

Question 9

_________________ 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.

Answer 9

 QuickBooks Self-Employed*
 QuickBooks Online Accountant
 QuickBooks Expenses
 QuickBooks ProConnect Tax Online

Question 10

To be listed in the QuickBooks App Center, apps must ________________.

Which option correctly completes the sentence?

Answer 10

 Meet strict requirements and undergo a testing process*
 Offer a free subscription to ProAdvisors
 Be developed by Intuit

Question 11

Wholesale billing has three key benefits. What are they?

Answer 11

 Bundling all client subscriptions into one invoice*
 Easy tracking*
 Switch anytime*
 Direct client billing
 Faster client payments

Question 12

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?

Answer 12

 Nonprofits
 B2B wholesale business
 Contractor/field services*
 Retail and e-commerce
 Professional services*

Question 13

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?

Answer 13

 Importing them via Excel files*
 Converting QuickBooks Desktop files*
 Importing data from other accounting packages
 Via Microsoft Word tables

Question 14

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?

Answer 14

 QuickBooks Self-Employed*
 QuickBooks Online Advanced0
 QuickBooks Online Essentials
 QuickBooks Online Plus
 None, their business isn’t suitable for QuickBooks Online

Question 15

Which 2 features of QuickBooks Online Advanced aren’t available to
QuickBooks Online Plus clients?

Answer 15

 Project tracking
 Price rules
 Custom user roles*
 Advanced import and batch entry*

Question 16

What 2 billing options are available when a client is added through
QuickBooks Online Accountant?

Answer 16

 Direct discount*
 ProAdvisor discount*
 Plus Discounts
 Pay As You Go
 Usage-Based Billing

Question 17

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?

Answer 17

 In the Apps area
 In the Work area*
 In the Team area
 In the ProAdvisor area

Question 18

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?

Answer 18

 Balance Sheet*
 Profit and Loss
 Statement of Cash Flows
 Expenses by Vendor Summary

Question 19

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?

Answer 19

 Supplies (expenses)*
 Pest-control services (income)
 Office expenses (expenses)
 Accounts payable

Question 20

Which of the following options are true regarding editing a Chart of Accounts?

Answer 20

 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*

Question 21

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?

Answer 21

 Noninventory
 Bundle*
 Inventory
 Service

Question 22

Once you’ve imported Chris’s customer list, where will you find the customers
listed in his client file?

Answer 22

 Under the Customers tab in the Sales Center*
 By running an Accountant report
 Under the Customers tab in the Expenses Center

Question 23

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?

Answer 23

 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

Question 24

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.

Answer 24

 True

 False*

Question 25

Which 2 options are true of setting up and editing a Chart of Accounts?

Answer 25

 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

Question 26

When would you recommend merging accounts to a client? Select 2 answers.

Answer 26

 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

Question 27

Here are the steps for one of the ways of importing a Products and Services list into
QuickBooks Online:
1. Go to theSales Centerand select theProducts and Services tab
2. SelectImport a file
3. SelectProducts and Services
4. SelectBrowseand find the Excel or CSV file and selectNext
5. ______________________
6. SelectImport

What would you do at Step 5?

Answer 27

 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

Question 28

A gift basket with a collection of beauty products is what type of Products and
Services in QuickBooks Online?

Answer 28

 Service
 Non-inventory
 Bundle*
 Inventory

Question 29

Which statement is true about adding a new customer to an existing customer
list?

Answer 29

 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

Question 30

Which financial statement do the income and expense accounts map to on the
Chart of Accounts?

Answer 30

 Accounts Receivable Aging Summary
 Statement of Cash flows
 Balance Sheet
 Profit and Loss*

Question 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?

Answer 31

 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

Question 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?

Answer 32

 Customer list
 Sales Center
 Chart of Accounts*
 Profit and Loss

Question 33

Which 3 options are ways a client’s Chart of Accounts can be edited?

Answer 33

 Changing names of default accounts*
 Numbering each account*
 Merging accounts*
 Deleting an account permanently

Question 34

Which Products and Services type is only available in Plus and Advanced
subscriptions levels?

Answer 34

 Bundles
 Non-inventory
 Inventory*
 Services

Question 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 theGearicon, selectProducts and Services, then selectNew
2. _____________________________________________
3. In theNamefield, typeHoney-Bee Hand cream
4. Sale price/rate is$12.50
5. In theIncome Accountdrop-down, selectSales
6. SelectSave and close
   Which option correctly fills in Step 2?

Answer 35

 Select Bundle
 Select Service
 Select Non-Inventory
 Select Inventory*

Question 36

Where do you need to go to set up a preferred vendor on a client’s account for
a window-cleaning business?

Answer 36

 Vendor details*
 Products and Services information
 Customer information
 Chart of Accounts

Question 37

Which are 2 ways you can add new customers to QuickBooks Online?

Answer 37

 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*

Question 38

1. SelectExpensesin theLeft Navigation Bar
2. Select theVendorstab
3. _______________________
4. SelectImport vendors
5. Browse for the file you want to upload
6. SelectNext

If you’re importing a list of vendors from the Expenses Center, what would you
do at Step 3?

Answer 38

 Select the Add vendors button
 Select New transaction drop-down
 Select the Export to Excel icon
 Select the New vendor drop-down*

Question 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)

Answer 39

 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

Question 40

Your client wants to review how much sales tax they paid last quarter. Where
will they find this information in the Tax Center?

Answer 40

 Sales Tax Liability report
 History*
 Tax breakdown\Previously paid area

Question 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?

Answer 41

 Company owner information*
 The owner’s most recent tax return
 Company information*
 Company bank details*
 The owner’s passport details

Question 42

Who can add and manage app subscriptions for clients? Select all that apply

Answer 42

 Firm Primary Admin*
 Full Access team user*
 Basic team user

Question 43

Which payroll option would you recommend so that Intuit’s penalty-free
guarantee protects you and/or your client?

Answer 43

 QuickBooks Online Core Payroll
 QuickBooks Online Premium Payroll
 QuickBooks Online Elite Payroll*

Question 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.

Answer 44

 Set a background watermark
 Add color to the highlighted areas*
 Set the size and position of the logo*
 Change the font style and size*

Question 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?

Answer 45

 The Contractors tab in Workers
 Transaction reports
 The Employees tab in Workers*
 The Bank Register

Question 46

Which of the following statements are true regarding working with sales tax in
QuickBooks Online? Select 4 options.

Answer 46

 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*

Question 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.

Answer 47

 Full access team user*
 Primary Admin*
 Basic team user
 Custom team user

Question 48

How many native payroll offerings are available in QuickBooks Online?

Answer 48

 Two
 Three*
 Four
 Five

Question 49

Where would you find the link to begin customizing a client’s invoices, such as
adding a logo and changing the default colors?

Answer 49

 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

Question 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?

Answer 50

 Add user*
 New user
 Set permission level
 Delete user

Question 51

Where in the Sales Tax Center would you find the information you need to file
a tax return for your client?

Answer 51

 Penalties paid
 Customer list
 Sales tax settings*
 View return

Question 52

Which 2 statements are true of QuickBooks Payments?

Answer 52

 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*

Question 53

Where would you start your workflow when adding an app for a client as their
accountant?

Answer 53

 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

Question 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?

Answer 54

 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

Question 55

Where would you go in QuickBooks Online to see the range of default and
additional lists that are available?

Answer 55

 Sales Center, then Settings and All Lists
 + New button and All Lists
 Gear icon and All Lists*
 Sales Center, then Settings and Add Lists

Question 56

Can clients see the notes in the client details screen?

Answer 56

 Yes
 No*
 Only if you give them permission

Question 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?

Answer 57

 Select Print
 Select View PDF*
 Select Export CSV*
 Select Print preview
 Email it to yourself

Question 58

Which statement is true when a QuickBooks Online company file is
suspended for exceeding usage limits?

Answer 58

 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

Question 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?

Answer 59

 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

Question 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?

Answer 60

 Prep for Taxes
 Transaction review*
 Sale Tax estimates
 Account reconciliation*
 Final review*

Question 61

Working in a large firm, you want to assign Alex Reedsmith as Lead accountant to the
client Rock Castle Construction.

1. Start in theClient Listin QuickBooks Online Accountant
2. Select theFilterbutton
3. Select___________
4. Go to theRock Castle Constructionclient row and select theLeaddrop-down
5. ChooseAlex Reedsmith
6. Savethe change

Which option completes the missing step?

Answer 61

 Add Lead
 Assign Leads
 Edit Leads*
 Action

Question 62

Which 3 statements are true about the Work functionality in QuickBooks
Online Accountant? Select 3 options.

Answer 62

 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

Question 63

How do you change the status of a task?

Answer 63

 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

Question 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?

Answer 64

 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*

Question 65

What can you do to ensure a note for a recurring task in your client’s account isn’t missed by your team?

Answer 65

 Assign the note to all team members*
 Make it a Pinned note
 Flag the note in a different color
 Set the note to Permanent

Question 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?

Answer 66

 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*

Question 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?

Answer 67

 Full*
 Basic
 Custom

Question 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 accountLeft Navigation Bar
3. SelectAdd user
4. Enter the team member’s name, email address, and title
5. SelectNext
6. Specify the level of access they need to the firm’s administration and books
7. SelectNext
8. Specify which clients they should have access to
9. SelectSave

Which option fills the gap in step 2?

Answer 68

 Permissions
 Workers
 Access
 Team*
 Rights

Question 69

How does the Work functionality in QuickBooks Online Accountant enable you
to increase organization and efficiency?

Answer 69

 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*

Question 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?

Answer 70

 His bank checking account
 Undeposited Funds*
 His bank savings account
 Accounts Receivable

Question 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?

Answer 71

 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

Question 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. ______________

Answer 72

 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

Question 73

Which option best describes why an Undeposited Funds account needs to be
used for receiving multiple payments?

Answer 73

 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

Question 74

Which of these statements is true of estimates in QuickBooks Online?

Answer 74

 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*

Question 75

Which of these options is true of using credit memos in QuickBooks Online?

Answer 75

 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

Question 76

Which of the following statements are true of Vendor Credits in QuickBooks
Online?

Answer 76

 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

Question 77

Which of the following would be a suitable situation for recording a new
deposit transaction like we’ve just seen?

Answer 77

 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*

Question 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?

Answer 78

 Get the customer to sign an authorization form*
 Take a photo of the customer’s payment card
 Get authorization from the customer’s bank

Question 79

When would you use an adjusting journal entry?

Answer 79

 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*

Question 80

Which two common client issues does the new Pay down credit card feature
aim to resolve?

Answer 80

 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

Question 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?

Answer 81

 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*

Question 82

Which statement is true of Estimates in QuickBooks Online?

Answer 82

 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

Question 83

Which of the transactions and tools in the list are posting transactions? Select
2 options.

Answer 83

 Purchase orders
 Estimates
 Credit Memos*
 Vendor Credits*

Question 84

When would you use a deposit transaction? Select 4 options.

Answer 84

 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

Question 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?

Answer 85

 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

Question 86

Your client has signed up for Instant Deposits. Where will the money be
deposited?

Answer 86

 To the account linked to their QuickBooks Payments account
 To their linked PayPal account
 To their linked debit card*

Question 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?

Answer 87

 + New, Pay down credit card*
 Gear icon, Pay down credit card
 + New, Vendor Credit
 + New, Pay bill

Question 88

______________ transactions are used to record a purchase that is paid for later.
Which word completes the statement above?

Answer 88

 Expense*
 Bill
 Estimate
 Vendor credit

Question 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?

Answer 89

 Checking account
 Undeposited Funds*
 Savings account
 Accounts receivable

Question 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?

Answer 90

 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

Question 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?

Answer 91

 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.

Question 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?

Answer 92

 Accounts receivable
 Accounts payable*
 Checking
 Undeposited Funds

Question 93

Which 2 of these statements are true of using Credit Memos in QuickBooks
Online?

Answer 93

 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*

Question 94

Where can you find the vendor credit link to begin recording a vendor credit?

Answer 94

 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

Question 95

In addition to grouping existing customer payments into one deposit, what
else can bank Deposit Transactions be used for?

Answer 95

 Refunds from vendors*
 Payments to vendors
 To record sales taxes directly to expense account
 To record deposits directly to income accounts*

Question 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?

Answer 96

 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

Question 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?

Answer 97

 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*

Question 98

How do you think Craig can benefit from connecting his bank and credit card
accounts to QuickBooks Online?

Answer 98

 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*

Question 99

Where can you see a list of banking transactions that have been accepted into
QuickBooks Online?

Answer 99

 For Review
 Categorized*
 Excluded
 Recognized

Question 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?

Answer 100

 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

Question 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?

Answer 101

 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

Question 102

Which is the best example of when you might need to exclude some
transactions from a bank feed?

Answer 102

 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*

Question 103

If a transaction meets the criteria of multiple rules, which rule will be applied?

Answer 103

 The newest rule to be set up
 The one listed first*
 Multiple rules will be applied
 The one most frequently used

Question 104

Which of these recurring transactions could be used if Craig needed to set up
a monthly recurring customer charge including payment?

Answer 104

 A recurring sales receipt*
 A recurring purchase order for a vendor with no quantities
 A recurring journal entry for depreciation

Question 105

Which tab in QuickBooks Online Banking shows the bank data that has not
yet been accepted into QuickBooks Online?

Answer 105

 Matching
 Categorized
 For Review*
 Bank Feed

Question 106

Once satisfied that the _____________ is associated with the correct QuickBooks
Online transaction, selectMatchin the Action column.

Which option correctly completes the description of how to match an expense
or payment?

Answer 106

 Nonposting transaction
 Bank feed transaction*
 Nonbanking transaction
 Journal entry

Question 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?

Answer 107

 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

Question 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?

Answer 108

 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

Question 109

Your client has called to say that they have been emailing their receipts to the email
addresschris.grier@qbodocs.combut that their receipts aren’t loading.

Where would you go to check whether the email address is registered for this
service?

Answer 109

 Banking, Receipts tab, Manage senders link*
 Banking, Banking tab, File upload
 Banking, Receipts tab, Give feedback button
 Banking, Rules tab, New rule button

Question 110

Look at the process below for how an accountant user would undo a reconciliation:

1. SelectAccountant Tools
2. SelectReconcile
3. Select____________
4. Use theView reportdrop-down to chooseUndo

What’s the missing step?

Answer 110

 Summary
 Show me around
 The Chart of Accounts tab
 History by account*

Question 111

The _______ tab shows the bank feed items that have not yet been accepted into
QuickBooks Online.
Which option correctly completes the sentence?

Answer 111

 In QuickBooks Online
 For Matching
 For Review*
 For Reconciliation

Question 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?

Answer 112

 For Review
 Reviewed*
 Excluded
 Recognized

Question 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?

Answer 113

 Cindy@Bee-uty.com
 Bee-uty@qbodocs.com*
 Bee-uty@qboreceipts.com
 Bee-uty@bills&receipts.com

Question 114

Which statements are true of working with uploaded receipts in the Receipts
Center in QuickBooks Online?

Answer 114

 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*

Question 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?

Answer 115

 Match
 Add
 Review*
 Exclude

Question 116

Why might bank feed activity need to be excluded?

Answer 116

 If it’s a match
 If it’s an expense
 If it’s a duplicate of an already downloaded bank feed activity*

Question 117

Bank rules automate the data entry of bank feed activity.

Which bank feed elements can be automatically configured via a bank rule?

Answer 117

 Customer
 Category*
 Date
 Payee
 Transaction type*
 Billable status

Question 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?

Answer 118

 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

Question 119

Which 3 statements are true about QuickBooks Online’s Performance Center?

Answer 119

 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*