QBO

To correct the sales tax liability on an invoice converted from QuickBooks Desktop, you should create a zero dollar sales receipt in QuickBooks Online. To do this, you'll need to set up some new items in the Products and Services list. Which of the following items should you add?

A service type item to record sales tax adjustment A service type item to post the sales tax to the Sales Tax Payable subaccount of the relevant tax agency A bundle containing the new sales tax adjustment item on two rows: one row with a +1 quantity and the other with a -1 quantity

In which 3 ways can you customize a client's chart of accounts?

Changing names of default accounts Numbering each account Deleting an account permanently

Which of the following statements are true about setting up QuickBooks Payments? Select all that apply.

Clients can connect their QuickBooks Payments to an existing QuickBooks Payments account Clients can get discounted per-transaction rates if they sign up for QuickBooks Payments through their ProAdvisor

Shruti created an estimate for a client's project, but the Estimates vs. Actuals tile (and report) don't show the estimated costs and income detailed in the estimate. How can Shruti make sure the Estimates vs. Actuals tile (and report) reflect the estimated costs and income? Select all that apply.

Create an invoice Change the status of the estimate to Accepted or Closed

In what ways can you add new projects to the Projects center in QuickBooks Online? Select all that apply.

Create new projects in the Projects center Convert sub-customers to projects from the Customer tab in the Sales center Convert sub-customers to projects in the Projects center Batch-import them into the Customer tab in the Sales center, then convert them to projects

Which product/service type is only available to clients with QuickBooks Online Plus or Advanced?

Inventory

If you're importing an existing products and services list, which 2 of these are reasons why you should use the sample file from QuickBooks Online to populate and import your client's data?

It saves you from having to create a new file from scratch The first row of the sample file contains the right column headings, which ensures that data maps to the correct fields during the importing process

If you want to import a list, why is it a good idea to download the sample template from QuickBooks Online and base your data file on it? Select all that apply.

It saves you from having to create a new template from scratch The first row of the template contains the correct column headers, which ensures that data maps to the proper fields during the importing process

When is the best time to convert a QuickBooks Desktop company file in which payroll is enabled and in use?

Just after running payroll in QuickBooks Desktop

From here, where would you go to assign a customer type to a customer?

Open the dropdown in the Action column and select Assign customer type

Below is a list of inventory features that are available in QuickBooks Desktop. Which of these features are also available in QuickBooks Online Plus and Advanced? Select all that apply.

Partial purchase orders Setting and maintaining inventory re-order points

Which of these is NOT a user type that you can set up for your clients?

Payroll only

What 3 billing options can you offer clients when you sign them up to QuickBooks Online through QuickBooks Online Accountant?

ProAdvisor discount Direct discount Revenue share

Which of the following could lead to a discrepancy between the Profit and Loss report and the Sales by Product/Service report? Select all that apply.

Purchase transactions posting to an income account Journal entries posting to an income account Products and services posting to non-income accounts

Which of these statements about QuickBooks Online Accountant and QuickBooks Online are true? Select all that apply.

QuickBooks Online Accountant is a portal to your clients' QuickBooks Online files QuickBooks Online Accountant includes features that accountants can use to manage their own practice and books

What is the minimum QuickBooks Online subscription level for a client who needs to manage inventory?

QuickBooks Online Plus

What's the best way to set up a new QuickBooks Online subscription for a client and add them to your firm?

Sign the client up via QuickBooks Online Accountant

For each business function in the first column, what happens when you choose an option from the Yes/No column?

The Client Profile tab automatically updates to include the recommended QuickBooks Online feature and subscription level for this function

Where would you go to enable access to instant deposits?

The Deposits tab in the Sales center

You're creating a new QuickBooks Online file for a client, and you need to enter several outstanding checks and deposits, plus a few open accounts receivable (A/R) and accounts payable (A/P) transactions. What dates and amounts should you enter for each transaction?

The dates and amounts from the client's original file

Which 3 of these accounts can't be merged in the chart of accounts?

Uncategorized Asset Opening Balance Equity Retained Earnings

Which of the following statements about importing lists into QuickBooks Online are true? Select all that apply.

When importing a chart of accounts, the account type and detail type must match QuickBooks Online's predefined options for each field Lists must be imported one at a time