Questions and Answers
Which 2 QuickBooks Online billing options include a discount on QuickBooks Time? (Select all that apply)
Where would you go to enable account numbering in the chart of accounts?
The Advanced tab in Account and Settings
Which 2 of these might be the reason a client cannot convert an estimate to a purchase order? (Select all that apply)
Which feature in QuickBooks Online allows you to apply a refund to an existing or future bill?
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How could a client move funds from a savings account into a checking account?
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Which report would you suggest to a retail client to determine how much money they can afford to spend on opening a second store?
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Where in QuickBooks Online Accountant would you find the link to upgrade a client’s subscription level?
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Which 3 tasks should be completed to prepare the log for auto expense deductions at year-end? (Select all that apply)
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What's the minimum subscription level in QuickBooks Online that includes tracking for Sales, Sales tax, and Inventory?
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Can users with the right permissions in a client-paid subscription add QuickBooks Online Payroll or QuickBooks Time to their QuickBooks Online company?
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Which item type would you assign a gift basket with beauty products in QuickBooks Online?
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Which 3 of these can a Company admin user do in QuickBooks Online? (Select all that apply)
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Where would you go to view a list of customer statements sent out in the current month?
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What 4 pieces of information does QuickBooks Online use to calculate sales tax on an invoice? (Select all that apply)
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Which 3 of these statements are true about the 'Forward from email' option? (Select all that apply)
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Which 2 of these common issues does the Pay Down Credit Card feature help to resolve? (Select all that apply)
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What should you do if you notice a duplicate transaction in the bank feed?
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The Undeposited Funds account is meant to track payments received from customers that ______ been deposited to your client's bank account.
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The Undeposited Funds account is designed to make reconciliation ______.
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Which 3 statements about how QuickBooks Online applies bank rules are true? (Select all that apply)
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In which 4 of these situations would you use the Additional payments to deposit option? (Select all that apply)
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How would QuickBooks Online alert you to a discrepancy in the beginning balance when reconciling your clients' accounts?
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In classic view, where would you go to make negative numbers in a report appear in red?
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Where would you go to provide your client with a professional-looking downloadable report?
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What do you need to do to ensure the client receives an email notification about a new request for information?
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Which option would you select to display inactive clients in the Clients menu?
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In which 2 of these cases could you use the Reclassify transactions tool? (Select all that apply)
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Which 3 steps should you complete before you close a client's books? (Select all that apply)
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Study Notes
QuickBooks Online Billing and Discounts
- ProAdvisor discount and Direct discount provide cost savings for QuickBooks Time billing options.
Chart of Accounts Configuration
- To enable account numbering, access the Advanced tab in Account and Settings.
Estimate to Purchase Order Conversion Issues
- Clients using QuickBooks Online Simple Start or Essentials can't convert estimates to purchase orders.
- Purchase order conversion must be enabled for estimates.
Vendor Credit Feature
- Vendor credit allows users to apply refunds to existing or future bills in QuickBooks Online.
Fund Transfer Process
- Funds can be transferred from savings to checking accounts using the Transfer feature, accessible from + New.
Financial Reporting for Retail Clients
- Suggest using the Balance Sheet report to assess financial capability for a new store location.
Subscription Upgrade Process
- Clients can upgrade their QuickBooks Online subscription via the Subscriptions and billing section under the Client-billed subscriptions tab.
Preparing Mileage Logs
- For year-end auto expense deduction log preparation, check for vehicle changes, review recorded trips, and verify calculated mileage.
Recommended Subscription Level
- The Plus level is the minimum required for clients needing tracking for sales, sales tax, and inventory.
Adding Payroll or Time Features
- Users with permissions in a client-paid subscription can add QuickBooks Online Payroll or QuickBooks Time by accessing the Billing & subscription section.
Product Bundling
- Categorize a gift basket containing beauty products as a Bundle in QuickBooks Online.
Company Admin User Capabilities
- Company admins can manage subscriptions, existing users, and access other products like QuickBooks Payroll and Payments.
Customer Statement Reports
- View a list of customer statements sent in the current month through the Reports center and Statement List report.
Automated Sales Tax Calculation
- QuickBooks Online utilizes the customer's sales tax status, tax category, sale location, and company's registered state for sales tax calculations.
Email Forwarding for Bills and Receipts
- Multiple users can forward documents to a single custom email address with restrictions on access levels for actions.
Credit Card Payment Issues
- The Pay down credit card feature can resolve duplicate entries and incorrect payment categorizations.
Handling Duplicate Transactions
- Exclude duplicate transactions found in the bank feed for accurate accounting.
Undeposited Funds Account Purpose
- This account tracks customer payments that have not yet been deposited, aiding reconciliation by consolidating transactions.
Bank Rules in QuickBooks Online
- Reordering of bank rules affects their application order; only one rule is applied to each bank activity.
Handling Additional Payments
- Use the Additional payments to deposit option for various situations, such as refunds or direct income recording.
Reconciling Discrepancies
- QuickBooks Online alerts users to beginning balance discrepancies during account reconciliation through a notification.
Customizing Report Displays
- Negative numbers can be highlighted in red by adjusting settings in the Customize button under the General section.
Professional Reporting
- Generate comprehensive reports with cover pages and custom letters for potential investors via the Reports center’s Management reports tab.
Adding New Tags
- New tags can be added directly during invoice entry or through the Manage tags link.
Client Notification for Information Requests
- To ensure client notifications for new information requests, toggle the notify client slider to On during request creation.
Viewing Inactive Clients
- Show inactive clients in the Clients menu by selecting the Grid Gear Icon and choosing the include inactive clients option.
Reclassifying Transactions
- The Reclassify transactions tool allows for changing accounts for billable expenses and modifying classifications for various transaction types.
Closing Client Books
- Prior to closing, reconcile all accounts, substantiate balance sheet accounts, and review profit and loss accounts.
Summary of Bank Rules Application
- Bank rules application follows a first-fit system for activities, with reordering affecting rule priority and a limit of one rule per activity.
Tracking Invoice Amounts
- QuickBooks Online features can assist clients in tracking amounts to invoice at the end of each month.
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Description
Test your knowledge with these Quickbooks certification flashcards. This set covers key concepts, such as billing options and account structuring, essential for mastering Quickbooks Online. Enhance your understanding and prepare effectively for your certification.
