QuickBooks Online: Transaction Management

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Questions and Answers

How can you filter the For Review tab to see all the transactions QuickBooks Online thinks it has found a good match for?

Click on the Gear icon, then select Show only matches
Select the All transactions drop-down, then Recognized (correct)
Select the All transactions drop-down, then Matched
Select the All transactions drop-down, then Included

MB has been using proper workflow for her sales process by creating invoices, receiving payments, and recording deposits using the transaction screens in QuickBooks Online. Most likely she will be able to _ downloaded deposits to __ transactions in the Banking Center.

Match, existing

Which option correctly explains the steps to enable email receipt forwarding in QuickBooks Online?

Banking > Receipts > Forward from email
Banking > Receipts > Turn on receipt forwarding
Gear icon > Account and Settings > Advanced > Automation > Turn on receipt forwarding
Gear icon > Account and Settings > Expenses > Receipts > Register your email to get started (correct)

The Receipt Capture feature in QuickBooks Online allows users to add receipts to QuickBooks using which 3 methods?

By forwarding an email to [youruniquename]@qbodocs.com from a registered email (A), By snapping a picture via the mobile app (B), By uploading a file via a browser (C) Signup and view all the answers

What are the correct steps to add a bill using the Receipt Capture feature?

Forward the email to [yourcompany]@qbodocs.com > Review > Set Document Type to Bill > Assign payee, payment date, account/category, description, amount, and memo > Select Save and Close (B) Signup and view all the answers

In which 2 situations might a transaction need to be excluded from bank feeds?

If the bank downloads the same transaction more than once (B), If the downloaded transaction was already recorded and reconciled in QuickBooks Online (D) Signup and view all the answers

Which 3 statements regarding bank rules are true?

You can automatically add transactions to the register using bank rules (A), Bank rules are only included in QuickBooks Online Plus or Advanced subscriptions (B), Bank rules can be prioritized (C) Signup and view all the answers

What are 3 important reasons to reconcile bank and credit card accounts at set dates?

To verify that previously reconciled transactions have not been changed since the last reconciliation (A), To verify that all transactions have been recorded for the period (C), To verify transactions have the correct date assigned to them (D) Signup and view all the answers

Which 2 statements are correct regarding reconciling a bank account in QuickBooks Online?

To successfully reconcile and run a reconciliation report, you need to enter the Statement Ending Date and Ending Balance (A), You can only undo a bank reconciliation via a link in Accountant Tools (B) Signup and view all the answers

How would you begin setting up a recurring transaction in QuickBooks Online?

Select the Gear icon > Recurring Transactions (A) Signup and view all the answers

What are the names of the three tabs listed across the top of the Reports Center?

Standard, Business overview, Custom reports (C) Signup and view all the answers

Which report accounting method shows an overview of the money received and spent for a specific period?

Cash basis (D) Signup and view all the answers

What report in QuickBooks Online will show whether a client was profitable for a specific period?

Profit and Loss (D) Signup and view all the answers

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Study Notes

Filtering Transactions

To see all transactions QuickBooks Online has identified as matches, select the "All transactions" drop-down menu and choose "Matched" or "Recognized".

Managing Deposits

If a user has followed proper invoicing and payment processes, they can "Match" downloaded deposits to "existing" transactions in the Banking Center.

Enabling Email Receipt Forwarding

To enable email receipt forwarding, navigate to: Gear icon > Account and Settings > Expenses > Receipts > Register your email.

Receipt Capture Methods

Receipts can be added using three methods:
- Forwarding an email to [youruniquename]@qbodocs.com from a registered email.
- Snapping a picture via the mobile app.
- Uploading a file through a browser.

Adding Bills via Email

To add a bill using the Receipt Capture feature, forward the email to [yourcompany]@qbodocs.com, review the receipt, set the Document Type to "Bill," assign details, and then save.

Excluding Transactions

Transactions might need to be excluded from bank feeds if:
- They have already been recorded and reconciled.
- They are downloaded multiple times.

Bank Rules

Bank rules features include:
- Prioritization of rules.
- Editing, copying, or deleting rules.
- Automatic addition of transactions to the register.

Importance of Reconciliation

Key reasons for reconciling bank and credit card accounts include:
- Verifying all transactions for the reporting period.
- Ensuring prior reconciled transactions remain unchanged.

Facts about Bank Account Reconciliation

Only undo bank reconciliations through Accountant Tools.
To complete reconciliation, the Statement Ending Date and Ending Balance are necessary.

Setting Up Recurring Transactions

Begin setting up recurring transactions by selecting "Create" followed by "Recurring Transactions."

Reports Center Tabs

The Reports Center features three main tabs: "Favorites," "Custom reports," and "Management reports."

Reporting Methods

The "Cash basis" reporting method provides an overview of all money received and spent within a specific period.

Profitability Reports

The "Profit and Loss" report details whether a client was profitable over a specific time.

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