QuickBooks Online

Your boss wants to know if there are any overdue bills. What report would you run to give him this information? 1. Accounts Payable Aging report 2. Open Bills report 3. Bills by Due Date report 4. Overdue Bills report

1. Accounts Payable Aging report you can also click the Overdue box on the money bar on top of the vendor page. However, this is not a report you can print.

What are the steps for entering this sale in the correct order.

1. Click the +New icon. 2. Select the Sales Receipt. 3. Enter the sale and payment information. 4. Save the transaction.

The vendor that is used to provide all your office supplies has changed your payment terms. Assume the term is already in the Terms list. Put steps in order

1. Select Expenses from the left-hand navigation 2. Select the Vendors tab. 3. Click on the Name of the vendor you want to edit. 4. Select edit. 5. Change the term to the new term 6. Select Save and Close

You're setting up a new customer. How do you tell QuickBooks that this customer's invoices should be due 30 days after they're issued? 1. Set the customer's Terms to Net30. 2. Set the due date on the next invoice you enter for the customer. After that, QuickBooks will remember. 3. You have to set this on each invoice you enter for the customer. 4.Select the checkbox next to Due in 30 days.

1. Set the customer's Terms to Net30

What is the purpose of the Audit Log report? 1. To track any changes and deletions to transactions as well as track which user makes the change or deletion. 2. To prepare the books for an accounting firm's audit. 3. To help you perform a year-end audit. 4. To track attempts to access a restricted area.

1. To track any changes and deletions to transactions as well as track which user makes the change or deletion.

What is one reason to not use a bank deposit or journal entry screen to record sales? 1. The income from the sales will not show up in the bank account. 2. If you record sales through the bank deposit or journal entry screen, the sale will not appear on dales reports. 3. It is actually a good idea to record sales through bank deposits and journal entries. 4. The cash flow will be wrong.

2. If you record sales through the bank deposit or journal entry screen, the sale will not appear on sales reports.

The owner of the business asks you to set up QuickBooks to automatically email him a specific report on a regular basis (e.g., weekly or monthly). How would you do this? 1. Select Reports and click Recurring Reports. Select the line of the report on the list and click Edit. Then click "Set the email schedule for this group" and set the details for the email schedule. 2. Run the report you want to email. Click Save Customizations. Select Reports and go to Custom Reports. Select the line of the report on the list and click Edit. Set the email schedule in this window. 3. Select Reports and then navigate to the report for which you want to create an emailing schedule. Click the Email Schedule button. Enter the email address and the time schedule for the email, and then select save. 4. You can't do this automatically in QuickBooks.

2. Run the report you want to email. Click Save Customizations. Select Reports and go to Custom Reports. Select the line of the report on the list and click Edit. Set the email schedule in this window.

Which of the following statements is true regarding Undeposited Funds in QuickBooks? 1. Undeposited Funds is an account used to record unpaid invoices. 2. Undeposited Funds is an item type usually associated with NSF fees. 3. Undeposited Funds is an account used to record payments before you make a deposit. 4. Undeposited Funds is an account used to record payments before you make a deposit.

3 Undeposited Funds is an account used to record payments before you make a deposit.

Your boss wants to know what the balance is for total assets, liabilities, and equity. What financial report would you use to find this information? 1. Statement of Comprehensive Income 2. Profit and Loss 3. Balance Sheet 4. Cash Flow

3. Balance Sheet

What transaction should you enter if a customer returns a damaged product, or in the case of a service, complains so much you decide to write them a check for a refund? 1. Credit Memo 2. Vendor Credit 3. Refund Receipt 4. Check

3. Refund Receipt While the Check is the method of payment the transaction type is Refund Receipt.

Which form cannot be customized in QuickBooks? 1. Estimate 2. Invoice 3. Sales Receipt 4. Bill

4. Bill

From the list below, select the two ways you can upload receipts into QuickBooks Online. (choose two) 1. Upload a photo of your receipt from your computer. 2. Email the receipt to a custom email in QBO. 3. Download the receipt directly from the credit card company into QBO.

;1,2 1. Upload a photo of your receipt from your computer. 2. Email the receipt to a custom email in QBO.

What does the Apps tab on the left-hand navigation do in QuickBooks? 1. Allows you to open and use apps you are connected to. 2. Allows you to take applications from people who want to work for your company. 3. Allows you to search for new apps to use. 4. Allows you to add users to your QBO company.

;1,3 1. Allows you to open and use apps you are connected to. 3. Allows you to search for new apps to use.

Which of the following statements are true regarding vendor credits? (choose two) 1. If an inventory item is entered in the product/service field of the item details section of the vendor credit, the inventory quantity on hand balance would decrease. 2. If an inventory item is entered in the product/service field of the item details section of the vendor credit, the inventory quantity on hand balance would increase. 3. Vendor credit memos increase what you owe to the vendor 4. Vendor credit memos decrease what you owe to the vendor.

;1,4 1. If an inventory item is entered in the product/service field of the item details section of the vendor credit, the inventory quantity on hand balance would decrease 4. Vendor credit memos decrease what you owe to the vendor.

You need to create a recurring invoice. Select two statements that are true about creating a recurring invoice. (choose two) 1. You can set a recurring invoice to run for a fixed number of times. 2. Recurring invoices automatically generate past due statements. 3. If the recurring invoice is a reminder, the invoice will generate automatically. 4. To create the recurring invoice, open or create the invoice, and then click Make recurring.

;1,4 1. You can set a recurring invoice to run for a fixed number of times. 4. To create the recurring invoice, open or create the invoice, and then click Make recurring.

Select three statements that are correct about journal entries. (choose three) 1. You should enter your name in the Name Field on the journal entry form to identify who is creating the entry. 2. The accounts used on a journal entry come from the charts of accounts. 3. A journal entry must have a date. 4. Total debits must equal total credits on a journal entry. 5. A journal entry can only have two lines.

;2,3,4 2. The accounts used on a journal entry come from the charts of accounts. 3. A journal entry must have a date. 4. Total debits must equal total credits on a journal entry. A journal entry must have a date Total debits must equal total credits on a journal entry. The accounts used on a journal entry come from a chart of accounts.

Which two statements below are correct as it relates to the Close the Books feature. (choose two) 1. The closing date is used to generate your monthly reports. 2. When setting a closing date you can choose to warn users or require a password for any transactions that are attempted to be edited, deleted or added prior to the closing date. 3. The closing date is set automatically on the first day of each month. 4. If a warning is used instead of a password the user is not stopped from making the change.

;2,4 2. When setting a closing date you can choose to warn users or require a password for any transactions that are attempted to be edited, deleted or added prior to the closing date. 4. If a warning is used instead of a password the user is not stopped from making the change.

Which three statements are true about setting up a product or service in QuickBooks Online? 1. To create an invoice, you can use a product but not a service. 2. You can use one product/service to represent different services or goods. 3. You cannot use one product/service to represent different services or goods. 4. Products/Services allow you to track your sales in more detail without cluttering your Charts of Accounts or Profit & Loss. 5. To create an invoice, you can use either a product or a service.

;2,4,5 2. You can use one product/service to represent different services or goods. 4. Products/Services allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss. 5. To create an invoice, you can use either a product or a service.

Which two user types below would be able to write a check in QuickBooks Online? (choose two) 1. Time Tracking 2. Reports 3. Company Admin 4. Standard user with vendor access only.

;3,4 3. Company Admin 4. Standard user with vendor access only.

How would you enter a transaction that wont be downloaded from an online bank account in which you paid for a service using a debit card? 1. Click on the +New icon and select Debit Card. Then fill out the debit card charge and save the transaction. 2. Click on the +New icon and select Expense. Fill out the expense and use Debit Card as the payment method. 3. Click on the +New icon and select Bill. Enter a bill for the transaction. Then go back to the +New icon and select Pay Bills 4. Click on the +New icon and select Deposit. Fill out the deposit form and save the transaction.

Click on the +New icon and select Expense. Fill out the expense and use Debit Card as the payment method.

You are setting up a new product you will frequently need to purchase for your company. You want QuickBooks Online to provide fields to track the product. How do you set up a new product to be tracked by QuickBooks? 1. Type a comment in the note box explaining this purchase is from a supplier. 2. Enable the box, "Vendor Purchase." 3. Type a comment in the note box reminding yourself to add this product/service to inventory. 4. Enable the box, "I purchase this product/service from a supplier."

Enable the box, "I purchase this product/service from a supplier."

Bank Rules True or False Bank rules can only be used for automating checks

False explanation: Bank rules can only be used for transactions downloaded into QBO from a financial institution.

For each statement below select Yes if the statement is a benefit of connecting accounts to QBO and select No if the statement is not a benefit of connecting accounts to QBO. 1. Connecting accounts can reduce data entry into QBO. 2. Connecting accounts allows you to create bank rules to automate the posting. 3. Not all accounts can be connected to QBO

Is a benefit: 1. Connecting accounts can reduce data entry into QBO. 2. Connecting accounts allows you to create bank rules to automate the posting. Is not a benefit: 3. Not all accounts can be connected to QBO

For each statement below, determine whether it is related to QuickBooks Payments or traditional Receive Payments. 1. These are automatically deposited in your bank account. 2. Your customer clicks a link on their invoice email to pay via credit card. 3. You must deposit these in a bank. 4. You receive a check from a customer

Quickbooks Payments: 1. These are automatically deposited in your bank account. (explanation: QuickBooks Payments will deposit any amount paid via this method to the bank account of record) 2. Your customer clicks a link on their invoice email to pay via credit card. (explanation: QuickBooks Payments allows you to send a link to your customer so they can pay via credit card.) 3. You must deposit these in a bank. (explanation: When you receive a check from your customer you need to deposit them in a bank.) 4. You receive a check from a customer (explanation: When you receive a check from your customer you use the Receive Payment process to record the payment.)

Bank Rules True or False Bank Rules can be edited

True

Bank Rules True or False Bank rules help save time by automating the recording of recurring transactions downloaded from the bank account

True

For each statement about the charts of accounts, identify if the statement is True or False. 1. Accounts numbers can be used, but do not have to be 2. All accounts must have a type. Detail types are optional 3. Accounts with a type "Fixed Assets" would appear on the profit and loss report

True: Accounts numbers can be used, but do not have to be False: All accounts must have a type. Detail types are optional Accounts with a type "Fixed Assets" would appear on the profit and loss report

For each statement below identify if the statement is True or False. 1. You can enter a Check if the Vendor field is empty 2. You can enter an Expense if the payee field is empty 3. You can enter a Bill if the Vendor field is empty

True: You can enter a Check if the Vendor field is empty You can enter a Expense if the payee field is empty False: You can enter a Bill if the Vendor field is empty

Evaluate each of the following statements as they relate to the billable expenses and determine if each statement is True or False. 1. For an expense to appear on an invoice sidebar the expense must be marked billable 2. Billable expenses can be added to invoices and/or sales receipts 3. Checks, Bills, Bill Payments, and Expenses are all able to be marked as Billable.

True: 1. For an expense to appear on an invoice sidebar the expense must be marked billable False: 2. Billable expenses can be added to invoices and/or sales receipts (explanation: Billable expenses can only be added to invoices.) 3. Checks, Bills, Bill Payments, and Expenses are all able to be marked as Billable. (explanation: All items listed except Bill Payments can be marked as billable.)

For each statement below identify if the statement is True or False. 1. You can enter a Sales Receipt if the Customer field is empty 2. You can enter an Invoice if the Customer field is empty 3. You can enter a Receive Payment if the customer field is empty

True: You can enter a Sales Receipt if the Customer field is empty. False: You can enter an Invoice if the Customer field is empty. You can enter a Receive Payment if the customer field is empty.

Evaluate the following statements related to bills and paying bills and identify if the statement is True or False. 1. You can pay bills using a check as the payment method 2. Entering a Bill decreases accounts payable 3. You have to pay a bill before you enter a bill

True: You can pay bills using a check as the payment method False: Entering a Bill decreases accounts payable You have to pay a Bill before you enter a bill

For each type of account listed below select Yes if this an account that can be connected to QBO or No if the account cannot be connected to QBO. 1. Savings Account 2. Checking Account 3. Credit Card Account 4. PayPal 5. Prepaid Phone Account

Yes: 1. Savings Account 2. Checking Account 3. Credit Card Account 4. PayPal No: 5. Prepaid Phone Account

On a standard balance sheet or profit and loss report identify if you can customize the feature or report area described below. Select Yes if you can customize the feature or select No if you cannot customize this feature. 1. Header 2. Accounting Method 3. Display only non-zero columns 4. font color for reporting title

Yes: Header Accounting Method Display only non-zero columns No: Font color for reporting title

Where do you click on the dashboard to temporarily hide the financial information?

You need to toggle on the privacy switch to temporarily hide the financial information on the dashboard.

When should you NOT delete a check? 1. You printed a check and the check number has been used. 2. You accidentally recorded the same check (with the same check number) twice. 3. You recorded a check but have not printed it yet. 4. You printed a check on a blank paper but now realize you don't want to record the check

You printed a check and the check number has been used.