QuickBooks Online Plus Features Flashcards

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Questions and Answers

Which of the following are features of QuickBooks Online Plus? (Choose 3.)

QuickBooks Online Plus includes Custom fields for vendor records.

QuickBooks Online Plus includes project tracking. (correct)

QuickBooks Online Plus includes up to 5 users. (correct)

QuickBooks Online Plus allows you to customize user access with roles.

QuickBooks Online Plus includes inventory tracking. (correct)

How do you transfer the primary admin rights to a new user?

You must contact QuickBooks Online support to make the transfer.

Log in as the current primary admin, add the new user as an administrator. From the action drop-down, choose make primary admin. (correct)

Any user can be designated as the primary admin in the gear, account and settings, user setup.

You cannot transfer primary admin rights.

Which of the following best describes the capability of the class and location features?

Classes allow you to view the profitability of your transactions by city, and locations allow you to view the profitability of departments within your business.

Classes track the profitability of a specific customer, and locations show a summary of your business' profitability.

Classes track the profitability of departments within your business, and locations track the profitability of your transactions by city. (correct)

Classes help you manage profitability for your entire business, and locations limit profitability to one address.

Which of the following are TRUE about terms? (Choose all that apply)

You can add or change terms on the transaction window in the terms drop-down list. Signup and view all the answers

Which list(s) can you import in QuickBooks Online Plus through the import data screen? (Select all that apply)

Chart of Accounts Signup and view all the answers

Match each type of recurring transaction with the correct description.

Scheduled = QuickBooks Online does not record the transaction, but it appears on the recurring transaction list to use at any time. Reminder = QuickBooks automatically records the transactions. Unscheduled = QuickBooks displays the transaction on your dashboard, where you can select it to access a list from which you can post the transaction. Signup and view all the answers

Which three statements about journal entries are TRUE? (Choose 3.)

You must specify at least two accounts in a journal entry. Signup and view all the answers

Select all of the following that are TRUE of the display name field.

Display name is used to track balances for each entry. Signup and view all the answers

You can only access the QuickBooks Online apps from apps.intuit.com.

False Signup and view all the answers

You can use QuickBooks Online apps to track and integrate industry-specific information.

True Signup and view all the answers

You can only connect one QuickBooks Online app to your account at a time.

False Signup and view all the answers

QuickBooks Online apps help save time by automating data entry.

True Signup and view all the answers

Which of the following are TRUE regarding inventory? (Choose 3.)

Use the Open Purchase Order Detail report to see the inventory items that have been ordered and are waiting to be received. Signup and view all the answers

Study Notes

QuickBooks Online Plus Features

Supports up to 5 users.
Includes custom fields for vendor records.
Provides inventory tracking capabilities.
Offers project tracking functionality.
Customizable user access through roles.

Primary Admin Rights Transfer

Primary admin rights can be transferred by the current admin.
Add a new user as an administrator and select "make primary admin" from the action drop-down menu.
Contacting QuickBooks support is not necessary for this transfer.

Class and Location Features

Classes track profitability for specific departments within a business.
Locations allow analysis of profitability by city.
Helps in managing profitability insights efficiently.

Terms in QuickBooks

Terms can be assigned to customers and vendors easily from the edit window.
Default terms apply if no terms are assigned.
Early payment discounts can be calculated automatically by QuickBooks.
Terms can be modified within the transaction window.

Importing Data in QuickBooks Online Plus

Lists that can be imported include:
- Products and services
- Customer list
- Chart of accounts

Recurring Transactions in QuickBooks

Scheduled transactions appear on the recurring list but are not recorded automatically.
Reminder transactions are automatically logged by QuickBooks.
Unscheduled transactions are displayed on the dashboard for manual selection.

Journal Entries in QuickBooks

Requires at least two accounts to be specified.
Total debits must equal total credits.
Designed for recording transactions without a built-in transaction window.

Display Name Field

Used for tracking balances of entries.
Can be the same in customer and vendor lists.
Must be unique across entries.

QuickBooks Online Apps

Access to QuickBooks Online apps is not limited to apps.intuit.com.
Industry-specific tracking and integration is possible.
Multiple apps can connect simultaneously.
Apps help automate data entry, saving time.

Inventory Management in QuickBooks

Initial quantity on hand is required for inventory item setup.
Quantity on hand can be adjusted as needed.
Open Purchase Order Detail report tracks ordered items awaiting receipt.

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Description

Test your knowledge of the features of QuickBooks Online Plus with these flashcards. Identify the correct functionalities such as user access roles, inventory tracking, and project tracking. Perfect for students or professionals looking to enhance their understanding of QuickBooks.