Section 4

3. 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?

Balance Forward ✅ Open Item Transaction Statement Client Open Balance

⭐️9. Which 2 problems does the Pay down credit card workflow solve for clients?

It helps clients stay on top of making payments on time ✅ It ensures that payments to credit card accounts are categorized correctly It provides a lower rate than most credit cards to qualified small businesses ✅ It uses language that non-accountants can understand

7. What is the additional percent fee when using QuickBooks Payments Instant Deposits?

2 1.5 ✅ 1 2.5

⭐️8. Which statement about Journal Entries in QuickBooks Online is true?

A journal entry cannot be used to account for depreciation of an asset Accountant users cannot create an Adjusting Journal Entry in QuickBooks Online ❗️Your client cannot create an Adjusting Journal Entry If the debits and credits don't balance, the difference will post to Opening Balance Equity

1. When using the Copy to Purchase Order feature from within an Estimate, where do you need to turn on Use Purchase orders?

Account and Settings > Products and Services Expenses > Purchase orders Account and Settings > Expenses > Purchase orders ✅ Vendors > Purchase order

2. When a QuickBooks Online user wants to automatically apply a Credit Memo transaction to a customer invoice, where must the Automatically Apply Credits checkbox be turned on?

Account and Settings > Sales > Products and Services Account and Settings > Expenses > Messages ✅ Account and Settings > Advanced > Automation Account and Settings > Advanced > Accounting

9. What are 2 benefits of the Pay down credit card feature?

It allows users to electronically pay their credit card balances from within QuickBooks Online ✅ It prevents miscategorization of credit card payment transactions It helps users identify which credit cards have interest rates that are too high ✅ It provides easy-to-understand language for non-accountant users

⭐️7. To set up Instant Deposits, what must be done first?

Complete an addition application ✅ Link a debit card to your account Enable the feature in Account and Settings Open a new "deposit-only" bank account and link to QuickBooks Online Notify your customers

⭐️6. Where can a client identify the instant deposit options for their QuickBooks Payments account?

Deposits tab ❗️Account and Settings Invoices tab Create Invoice screen Banking Center

⭐️(Q13). Where can you see a list of all the transactions that have been matched or added to a bank register via the bank feed?

For Review Reviewed ✅ Categorized Added and matched transactions

(Q13). Stacy accidentally added a new transaction to her bank register via the bank feed that should have been matched to an existing transaction. Where in the Banking Center should she go to find the transaction and correct the error?

Gear icon Filter For Review ❗️Categorized

11. 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?

Gear icon ✅ + New Sales screen Banking screen

2. Where can you initiate a Credit Memo in QuickBooks Online? (Choose 2)

Gear icon > Credit Memo ✅ Sales Center > All Sales > New Transaction > Credit Memo Sales Center > New Invoice, then toggle the Credit Memo button ✅ =+New button > Credit Memo Sales Center > All Sales > Import Transactions

12. 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?

Record, delete, reconciled Match, exclude, cleared ✅ Match, add, cleared Exclude, add, reconciled

1. What is the best practice sequence of steps to convert an estimate to a purchase order?

Open the estimate, select the down arrow next to Create Invoice, import estimate to purchase order ✅ Open the estimate, change estimate status to Accepted, select the down arrow next to Create Invoice, copy to purchase order Open the estimate, then select Create purchase order at the top right of the screen Left Navigation Bar > Expenses > down arrow next to New Transaction > Convert estimate to purchase order

⭐️10. 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, account number, Submit payment Transfer, Payee, Schedule payment ✅ Pay down credit card, Payee, Save Transfer, account number, Save

⭐️1. Which feature helps streamline the ordering process once a customer approves an estimate?

Price Rules ✅ Copy to purchase order from an estimate Automatic Purchase Orders Export Data

⭐️3. Liz's Liquor Depot wants to know the easiest way to let her customer, Kathryn's Kitchen, know which invoices are still unpaid on her customer account. Which feature in QuickBooks Online can Liz use to easily provide this information to Kathryn?

Projects Estimate ✅ Statement Sales Receipt

⭐️4. What are 2 ways to access the vendor credit screen in QuickBooks Online?

Sales Center > New Invoice Gear icon > Vendor Credit Expenses Center > Import Transactions ✅ + New button > Vendor Credit ✅ Expenses Center > New Transaction > Vendor Credit

6. How can a customer pay an emailed QuickBooks Online invoice via credit card?

Send a message via the message feature with their credit card number Select Review and pay > Apply for account > Pay Print off a form and then enter and send their credit card details and authorization ✅ Select Review and pay > Enter payment details > Pay

4. Vendor credits are designed for returns of products purchased on account. What are 2 ways to use a vendor credit in QuickBooks Online?

✅ Apply it to an existing unpaid bill Apply it to an invoice Apply it to a bill that has been paid ✅ Apply it to a future bill Apply it to a credit memo

⭐️5. When might you use the Bank Deposit Transaction?

Your client wants to apply a customer payment to an open invoice ❗️Your client wants to record an SBA loan amount received Your client wants to record sales from her upcoming trade show and provide sales receipts Your clients wants to refund a customer

⭐️12. Bank feeds will make suggestions based on transactions that you have previously __________ and __________.

matched, cleared ❗️categorized, added reconciled, added excluded, matched

7. A client can use Instant Deposits up to _________ time(s) a day, not to exceed the ___________ per day limit. Which option completes this sentence?

two, $5000 one, $2000 ✅ three, $2000 five, $5000 one, $3000

⭐️2. Which 3 types of customer statements can QuickBooks Online generate?

✅ Statements that show only credit card or online payments made between two specified dates ❓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 Statements that show only client-deleted transactions for the date range selected

11. Which 2 statements are true about the Transfer feature?

✅ The Transfer feature can be used to move funds between two balance sheet accounts The Transfer feature can be used to transfer funds between income and expense accounts You can add a customer to the transfer transaction ✅ You can add a memo to the transfer transaction

8. Which 3 statements are true about journal entries?

✅ Total debits must equal total credits You can post to Products and Services in a journal entry When posting to the accounts receivable account, you must specify a vendor ✅ When posting to the accounts receivable account, you must specify a customer ✅ You can post to multiple accounts receivable and/or accounts payable accounts in the same journal entry

5. In which 3 cases would you use the "Add funds to this deposit" grid in a bank deposit?

✅ When an employee reimburses the company ✅ When you receive a tax refund from the IRS When you need to record an ACH payment of a customer invoice ❗️When a company doesn't need to record sales details To record the payment of a vendor bill