QuickBooks Online Cert - Accountant Tools
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Questions and Answers

Which 2 subscription levels would provide capabilities to keep track of time worked and expenses for each client/project through QuickBooks Online?

  • Plus (correct)
  • Essentials
  • Advanced (correct)
  • Simple Start

Which of these tasks should you complete before closing the books? (Select all that apply)

  • Reconcile all bank and credit card accounts (correct)
  • Review Profit and Loss accounts (correct)
  • Update QuickBooks Online
  • Close the Audit Log
  • Substantiate all balance sheet accounts (correct)

What would be the reason for not seeing the Exceptions to Closing Date report in the Reports Center?

  • There are no changes to be viewed in the Exceptions to Closing Date report
  • Your version of QuickBooks Online does not have that report
  • You have not set a closing date (correct)

Which of the following year-end tools would you find in Accountant Tools in QuickBooks Online Accountant? (Select all that apply)

<p>The Prep for taxes tool (A), The Reclassify transactions tool (B), The Write off invoices tool (C)</p> Signup and view all the answers

When can you use the Reclassify transactions tool? (Select all that apply)

<p>To correct an insurance payment that has been miscategorized as an interest payment (A), To reclassify a non-item transaction incorrectly posting to uncategorized income (C)</p> Signup and view all the answers

Which of the options below does the month-end review process help with? (Select all that apply)

<p>Dealing with unreconciled accounts (A), Finding transactions with outstanding issues (B), Creating and sending management reports (C), Identifying discrepancies with accounts and starting balances (D)</p> Signup and view all the answers

Which of these are the stages of the month-end review process? (Select all that apply)

<p>Setup (A), Wrap-up (B), Account reconciliation (C), Transaction review (D), Final review (F)</p> Signup and view all the answers

Which of these are true about journal entries in QuickBooks Online? (Select all that apply)

<p>You can't use Products and Services items in a journal entry (A), Total debits must equal total credits in order to save the journal entry (C)</p> Signup and view all the answers

Which of the following is not an improper workflow?

<p>When recording a check paid by a customer, going to the Customers column and selecting Receive payment (B)</p> Signup and view all the answers

Which of these does the Work feature in QuickBooks Online Accountant allow you to do? (Select all that apply)

<p>Filter tasks by client, team member, or project type (B), Set up repeating projects for the same client that will occur on a regular basis (D)</p> Signup and view all the answers

For QuickBooks Time, which subscription options can you choose from? (Select all that apply)

<p>Premium vs Elite (C), Standalone vs integrated (D)</p> Signup and view all the answers

What can you do to make sure the app is suitable before recommending it to your client? (Select all that apply)

<p>Read the reviews of the app from customers and other ProAdvisors (A), Request a demo of the app from the developer (C), Test the app yourself beforehand (D)</p> Signup and view all the answers

Study Notes

QuickBooks Online Subscription Levels

  • Plus and Advanced provide capabilities to track time and expenses on client/projects.
  • Plus is the minimum required subscription for these features.

Closing the Books Checklist

  • Essential tasks to complete before closing books include:
    • Reconcile all bank and credit card accounts.
    • Substantiate all balance sheet accounts.
    • Review Profit and Loss accounts.

Exceptions to Closing Date Report

  • Cannot view the report if a closing date has not been set.

Accountant Tools for Year-End

  • Tools available in Accountant Tools:
    • Write off invoices tool.
    • Reclassify transactions tool.
    • Prep for taxes tool.

Reclassify Transactions Tool

  • Can be used to correct miscategorized transactions or reclassify non-item transactions.
  • Cannot be used for payroll transactions due to restrictions.

Month-End Review Process

  • Helps with:
    • Identifying transactions with outstanding issues.
    • Reconciliating accounts.
    • Identifying discrepancies in accounts and starting balances.
    • Creating and sending management reports.

Stages of Month-End Review

  • Components include:
    • Transaction review.
    • Account reconciliation.
    • Wrap-up.
    • Final review.
    • Setup.

Journal Entries in QuickBooks Online

  • Key points include:
    • Products and Services items cannot be used in journal entries.
    • Total debits must equal total credits.

Proper Workflow for Recording Payments

  • Correct method for recording is through the + New button and selecting Check.
  • Other methods are deemed improper workflows.

Work Feature in QuickBooks Online Accountant

  • Allows for:
    • Setting up repeating projects for clients.
    • Filtering tasks by client, team member, or project type.

QuickBooks Time Subscription Options

  • Options include:
    • Standalone vs integrated subscriptions.
    • Premium vs Elite options.

Evaluating an App for Client Recommendation

  • Ensure the app's suitability by:
    • Reading reviews from users and ProAdvisors.
    • Testing the app yourself.
    • Requesting a demo from the developer.

ProAdvisor Preferred Pricing

  • Discount available for clients on QuickBooks Online subscriptions can be up to 20%.

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Description

Test your knowledge of QuickBooks Online's features aimed at accountants. This flashcard quiz focuses on the subscription levels that allow tracking of time and expenses for clients and projects. Challenge yourself to see how well you understand the capabilities of various QuickBooks plans.

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