QuickBooks Section 4 - Attempt 4/11/2021
Your client wants to transfer $500 from their checking account into a savings account to cover tax liabilities for sales made last month. Where should your client go to find the Transfer link?
+ New
What are 2 ways to access the vendor credit screen in QuickBooks Online?
+ New button > Vendor Credit Expenses Center > New Transaction > Vendor Credit
Which 2 problems does the Pay down credit card workflow solve for clients?
It ensures that payments to credit card accounts are categorized correctly It uses language that non-accountants can understand
Where can you see a list of all the transactions that have been matched or added to a bank register via the bank feed?
Categorized
Which feature helps streamline the ordering process once a customer approves an estimate?
Copy to purchase order from an estimate
To set up Instant Deposits, what must be done first?
Link a debit card to your account
One major benefit of using the Bank Feeds feature in QuickBooks Online is that as you _________________ or __________________ transactions in QuickBooks Online from the downloaded transactions from the bank, they are marked ___________________. This makes the end-of-period bank reconciliation more efficient. Which option correctly completes these statements?
Match, add, cleared
Different customer statement types are available to suit different client situations. Heather wants to help her client send out a statement that reflects all unpaid invoices, unapplied payments, and Credit Memos. Which statement type should she choose?
Open Item
1. Select the + New button from the Left Navigation Bar 2. Select _______ in the Other column 3. Select the credit card account that is being paid 4. Select the ____________, if applicable 5. Enter how much was paid 6. Enter the date of payment 7. Select the account the payment is being made from next to "What did you use to make the payment?" 8. Select ______________ Which option completes the 3 missing steps to use the Pay down credit card feature?
Pay down credit card, Payee, Save
How can a customer pay an emailed QuickBooks Online invoice via credit card?
Select Review and pay > Enter payment details > Pay
Which 3 types of customer statements can QuickBooks Online generate?
Statements that show a balance forward with all activity for the date range selected Statements that show invoices and their related payments for the date range selected Statements that show just open transactions
In which 3 cases would you use the "Add funds to this deposit" grid in a bank deposit?
When a company doesn't need to record sales details When an employee reimburses the company When you receive a tax refund from the IRS
Which statement about Journal Entries in QuickBooks Online is true?
Your client cannot create an Adjusting Journal Entry