Review

Your client has issued an estimate which was accepted by the client. When the work is done, your client issues an invoice. Which statement is true of recording this workflow in QuickBooks Online?

The only transaction that posts is the invoice, which increases accounts receivable

When would you use the Reclassify tool?

To clean up a transaction that has been posted as Unclassified, or if a transaction has been posted to the wrong account

What are the tabs within the Customer information window?

Address, notes, tax info, payment and billing, attachments

Onboarding New Clients Workflow

1. Meet with them and sign contract 2. Gather new client data and documents 3. Create new QuickBooks Online subscription 4. Set up client's company information 5. Import lists 6. Set up payroll 7. Customize sales templates 8. Connect apps 9. Connect QuickBook payments 10. Connect bank feeds 11. Set up repeating projects

What are the 3 ways you can edit a Chart of Accounts?

1. Number 2. Edit names 3. Delete account

How might you get lists and possibly transactions into a new QuickBooks Online company?

Import Excel files and covert QuickBooks desktop files

What is not a type of user permission you set for your clients?

payroll only

If you permanently delete a client QuickBooks Online Accountant,

you will no longer have access to their QuickBooks Online data.

How many subscriptions can you move in or out at one time?

50

A purchase order isn't a posting transaction, but once a purchase order is accepted by the vendor and when the product is delivered, the purchase order can be turned into a bill, increasing ___________ .

Accounts Receivable

How do you close the books?

1. Accountant tool 2. Close the books 3. Select the pencil icon 4. Check the box entitled Close the Books 5. Enter closing date 6. Select Allow changes after viewing a warning and entering a password 7. Enter and confirm password 8. Save

What are the three collapsible sections of the Overview tab?

1. Company setup 2. Common issues 3. Banking activity

When uploading a receipt using QuickBooks Online, what two actions can you use?

1. Drag and drop from the folder into the drop box in Receipts 2. Select the browse tab to upload the link in Receipts

When it comes to adding apps, what two types of account users can add apps?

1. Full access team user 2. Master Admin

If a client wanted to know who owed them money and also who their best customers were, which two reports should they run?

A/R Aging and Sales by Customer Summary

Which of the transactions listed here could be made into a recurring transaction? Select as many as are correct.

An expense to record monthly rental payments An employee's monthly payroll run An invoice for service charges

Where would you start your workflow when adding an app for a client that will be billed to you as their accountant?

Apps section of your Accountant file

When would you, as ProAdvisor, expect to use Prep for taxes?

At year end, when preparing a client's file for a tax specialist

Time-tracking and job-costing are essential to ensure the profitability to what type of clients?

professional and field services

______________transactions are used to record a purchase that is paid for later.

Bill

In which area of the Reports Center can you find default reports displaying income and expenses in year-over-year comparisons often using pie charts and bar graphs?

Business Overview

What is the best way via QuickBooks Online reports, to show clients different trends in their company books over time, like profit and loss across different periods?

By running reports customized to show a prior period for comparison

Where can you find the vendor credit link to begin recording a vendor credit?

By selecting the + New button

What is the definition of cash-base reporting?

Cash basis reports display income as of the date customer payment is received/recorded and expenses as of the date a vendor bill is paid

What organizes financial transactions to analyze financial data, run reports, and prepare for taxes?

Chart of Accounts

If you haven't already signed up for receipt forwarding, which link would you select in order to set this up?

register email

Which transactions and tools are posting transactions?

Credit memos and vendor credits

Where would you find the information in the Gear Icon to edit your clients' invoice?

Custom Form Styles

Where in the Sales Tax Center would you find the information you need to file a tax return for your client?

Customers

Why is it preferable to select Undeposited Fund, instead of a bank account, when recording each individual payment in QuickBooks Online?

It allows you to group the three payments into a singular deposit transaction, so the register matches the bank statement deposit account

What is statement is true about estimates in QuickBooks Online?

Estimates are non-posting transactions.

A client wishes to know how much they are spending on stock with specific vendors. What report would you run?

Expenses by Vendor Summary Report

These reports display income at the time it was received and expenses at the time they were paid. This is great when your clients need a quick overview of their cash flow.

cash based reporting

Which would be the best report to run if I client needed to know if he had enough cash to invest in a new truck of piece of machinery?

Inventory Valuation Summary

Which options are true of setting up and editing a Chart of Accounts?

Merged accounts cannot be unmerged, deactivated accounts can be reactivated

What subscription tracks mileage but does not track accounts receivable or sales tax?

QuickBooks Self-Employed

The Reports Center has 3 tabs. What are they?

Standard, Custom reports, and Management reports

A client's transaction has been duplicated in the bank feed. How would you respond?

The transaction will need to be excluded in the bank feeds because it will lead to errors in reconciliation

Reclassifying transactions in QuickBooks Online is straightforward—but when would you need to use this feature?

To review and correct transactions miscategorized to the client's general ledger accounts

Bank rules automate the data entry of bank feed activity. Which elements of bank feed activity can be automatically configured via a bank rule?

Transaction type Category Payee

Your client has received check payments from three of their customers and informed you that they have not deposited these checks into the bank yet. Into which account should you record these check payments?

Undeposited funds

What type of billing options are available for QuickBook Accountant Users?

Wholesale and direct billing

What is a collection of product and services?

a bundle

What is a service and product?

a bundle

Once satisfied that the bank feed transaction is associated with the correct QuickBooks Online Transaction, select

select Match in the Action column

What is most likely the purpose of reconciling a bank account?

to find differences and omissions between the QuickBooks Online register and the bank statement

How many native payroll offerings are available in QuickBooks Online?

two

How would you get the deposit transaction for a suggested match within bank feeds?

1. For Review tab 2. Find the suggested match 3. Expand 4. Select the blue deposit link to view the transaction

How do you import a Product and Services list in QuickBooks Online?

1. Go to the Sales Center and select the Product and Services Tab 2. Select Import a file 3. Select Products and Services 4. Select Browse then find the Excel or CSV file then select Next 5. Ensure the fields you wanted imported are mapped out correctly 6. Select Import

When would you recommend merging an account to a client?

1. If two accounts are being used for the same thing 2. When a customer has added one or more of the exact same account unnecessarily

How to navigate to Exceptions to Closing Date report?

1. Reports, For My Accountant 2. Accountant toolbox, Accountant Reports, For My Accountant

These three statement are true about bank rules:

1. Rules can be prioritized over other rules 2. Rules can be set up to split transactions 3. You can create bank rules to automatically add transactions in the register

Which statements are true regarding sales tax?

1. The sales tax rate is based on the state where the client is registered to collect sales tax 2. The physical address of the client's business 3. The customer's physical address 4. The customer's sales tax status

What 3 statements are true about Work Functionality in QuickBooks Online Accountant?

1. You can create Projects and Tasks for your clients and your firm 2. You can create custom project templates that have a repeat schedule 3. You can create projects and tasks for client who do not use QuickBooks Online

What two features are available to Advanced Users that are not available to those with Plus?

1. advanced customer user permission 2. import invoices

Reports, a snapshot of how you are doing financially, provides you with these valuable insights:

1. financial position of the business 2. result of company operations for a specific period of time 3. statistical information about their products and services

What are 2 ways that lists and transactions can be imported to QuickBooks Online?

1. importing them via Excel files 2. converting QuickBooks desktop files

When would you use a deposit transaction?

1. to group together payments posted to Undeposited Funds 2. when funds are received, but they are not related to the core business 3. when the company does not use invoices and sales receipts and records deposits directly to income accounts 4. for refund and employee repayments received

How many billable users with Plus have?

5

Where would you go to check if a client has registered for downloading receipts via email?

Banking, Receipts tab, and Manage senders link

Which tab in QuickBooks Online Banking shows the bank data that has not been accepted in QuickBooks Online?

For Review

Where do you go in QuickBooks Online to find the default and extra lists that are available?

Gear icon All Lists

How would you begin to reclassify client transactions in QuickBooks Online?

Go to Reclassify transactions in the Accountant Toolbox

How would you add a customer to an existing customer list?

Go to Sales Center, Customer tab, and select New Customer

A reconciliation report can be used by selecting the

History by account on the Reconcile screen

Why might bank feed activity need to be excluded?

If it's a duplicate of an already-downloaded bank feed activity

How do you add an Accountant?

My Accountant Tab

Where do you start the Transfer process?

Navigate the + New button and then find the Transfer link

When adding information to a Receipt in the Banking Center, what information can you add to the transaction if the ORC has not already found the information yet?

Payee, Bank/credit account, Payment date, Account/category, Description, Amount, Memo/notes

A key year-end task is making sure the balance sheet is reconciled. What should match payroll taxes calculated for the period and paid in the next period?

Payroll liability accounts

What is a type of user that you can NOT set for your clients?

Payroll only

What type of clients manage inventory and avoiding out-of-stock situations?

Retail and e-commerce

How do you find the invoices you need to write off?

Select Age or To Date and optionally Balance due less than a certain amount then select Refresh

How do you set up a reoccurring transaction?

Select the Gear icon, select Reoccurring Transactions, select New, select Expense as the new Transaction Type from the drop-down list

What subscription would you use to track miles and expenses?

Self-Employed

Your client wants to be proactive and save for their quarterly taxes ahead of time. They want to save a fixed amount each month into a savings account.

Setting up a regular online payment

What subscription level of QuickBooks Online includes tracking for sales and sales tax?

Simple Start, Essentials, Plus, and Advanced

Your client calls you because they can see duplicate transactions in QuickBooks Online for some stationery they bought using their checking account bank card.

They created an expense transaction at the time of purchase and then added the transaction again when reviewing their bank feed.

What does the customer need to do to begin the process when they get the invoice?

They select the Pay Now button and can enter their payment details

What type of transaction should be used to record cash payments at the time of the sale?

a sales receipt

What type of reporting displays the incurred date as the bill date?

accrual-basis accounting

On the main Prep for taxes screen, when you select Make an adjustment, what kind of journal entry is being created?

adjusting journal entry

The QuickBooks Online ecosystem provides a variety of

apps to their customers and clients to streamline their business and increase efficiency

When should you make an adjusting journal entry?

at the end of an accounting period, before the financial statements are produced

What are the three benefits of wholesale billing?

bundling all clients subscription into one invoice, easy tracking, and switch anytime

In QuickBook Accountant name 3 ways you can search for team members:

by name, job title, or email

When you match an entry in the bank feed, it _____________________ the transaction.

clears

Where do email notifications for work tasks need to be enabled?

in each team member's QuickBooks Online Accountant Company settings

Where do you find the link to reclassify a transaction?

in the Accountant toolbox

Where would you find the link to begin customizing a client's invoices, such as adding a logo or changing the default colors?

in the Gear icon menu

In order to be recommended in the App Center, apps must?

meet strict requirements and undergo a testing process

How would the accountant user undo a reconciliation?

on the Reconciliation history screen, select the down arrow next to Review Report and select Undo