Section 5

⭐️4. The Receipt Capture feature in QuickBooks Online allows users to add receipts to QuickBooks using which 3 methods?

✅ By forwarding an email to [yourcustominfo]@qbodocs.com from a registered email By forwarding an email to [email protected] from a registered email ✅ By snapping a picture via the mobile app By snapping a picture via a browser ✅ By uploading a file via a browser By texting to [email protected]

11. Reports can provide valuable insights into which 3 areas?

✅ Financial position of a client's business Information about prospective customers ✅ Results of company operations for a specific time period ✅ Statistical information about a client's products and services Future tax rate changes

6. In which 2 situations might a transaction need to be excluded from bank feeds?

✅ If the downloaded transaction was already recorded and reconciled in QuickBooks Online ✅ If the bank downloads the same transaction more than once If the posting date and actual payment date don't match in the bank feed If the bank description doesn't match the payee name

4. What are 3 ways to add receipts to QuickBooks Online using the Receipt Capture feature?

✅ Snap a picture via the mobile app ✅ Forward a receipt via email to [yourcustominfo]@qbodocs.com from a registered email address Use the Receipt Capture widget in Google Chrome ✅ Upload via a browser Download the Receipt Capture app for Windows

11. Which report lists each costumer with a open balance, and places invoices in different columns based on whether they are current or have been overdue 30, 60, or 90+ days?

✅ Accounts Receivable Aging Summary report Accounts Receivable Payable Summary report Accounts Payable Aging Summary report Accounts Receivable Taxation Summary report

10. Which of the transactions listed here could be made into a recurring transaction? (Select all that apply)

✅ An expense A customer payment ✅ An invoice An Adjusting Journal Entry

7. Which 3 statements regarding bank rules are true?

✅ Bank rules can be prioritized Bank rules are only included in QuickBooks Online Plus or Advanced subscriptions ✅ Bank rules can be copied, edited, or deleted Only an Accountant user can set up bank rules in QuickBooks Online There is an additional fee to use bank rules in QuickBooks Online ✅ You can automatically add transactions to the register using bank rulers

2. MB has been using proper workflow for her sales process by creating invoices, receiving payments, and recording deposits using the transaction screens in QuickBooks Online. Most likely she will be able to ___________ downloaded deposits to ____________ transactions in the Banking Center. Which option correctly completes the sentence?

Add, new Add, existing ✅ Match, existing Match, new

(Q13). What report in QuickBooks Online will show whether a client was profitable for a specific period?

Balance Sheet Accounts Receivable Aging ✅ Profit and Loss Trial Balance

⭐️11. Heather is looking for a summary of her customers' open balances. Under which report category heading will she find the report she needs?

Business overview ✅ Who owes you Sales and customers For my accountant

⭐️(Q13). When reviewing a Profit and Loss report in QuickBooks Online, which report option will quickly show a client income and expenses incurred over the past two years?

Collapse / expand Compare another period > Year-to-date (YTD) ❗️ Compare another period > Previous year (PY) Group by Sort

2. Which 2 recommendations regarding Bank Feed best practice workflows are correct?

Complete Add transactions first, then move on to Match transactions ✅ Complete Match transactions first, then move on to Add transactions Match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, or Deposits, but not open invoices ❗️ Match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, Deposits, or open invoices Exclude the downloaded transaction from the For Review tab if QuickBooks Online doesn't immediately find a match

11. What are the names of the three tabs listed across the top of the Reports Center?

Favorites, Custom reports, Management reports Business overview, Favorites, Custom reports Standard, Business overview, Custom reports ✅ Standard, Custom reports, Management reports

1. How can you view all downloaded banking transactions for which QuickBooks Online thinks it has found a potential match?

For review > Filter the Bank Register ❗️ For review > Filter for Recognized transactions For review > Filter for Rule applied For review > Filter for Matched transactions For review > Filter for Transferred transactions

⭐️5. Mariette would like to add a bill that she just received via email to her QuickBooks Online company. What are the correct steps to add the bill using the Receipt Capture feature?

Forward the email to [yourcompany]@qbodocs.com > Review > Set Document Type to Bill > Assign payee, payment date, account/category, description, amount, and memo > Select Save and Close Forward the email to [yourcompany]@qbodocs.com > Review > Set Document Type to Bill > Assign payee, payment date, account/category, description, amount, and memo > Select Save and Next > Create bill ✅ Forward the email to [yourcompany]@qbodocs.com > Review > Set Document Type to Bill > Assign payee, bank/credit account, payment date, account/category, description, amount, and memo > Select Save and Next > Create bill Forward the email to [yourcompany]@qbodocs.com > Review > Set Document Type to Receipt > Assign payee, payment date, account/category, description, amount, and memo > Select Save and Next > Add Expense

3. Laura and Bryce both want to be able to forward receipts to QuickBooks Online to take advantage of the Receipt Capture feature. Where would they go to enable an additional email account for the same QuickBooks Online company?

Gear > Tools > Manage Receipt Capture emails Banking > Receipts > Manage Senders ✅ Banking > Receipts > Manage Receipt Capture emails Gear > Account and Settings > Advanced > Manage Senders

⭐️3. Which option correctly explains the steps to enable email receipt forwarding in QuickBooks Online?

Gear icon > Account and Settings > Expenses > Receipts > Register your email to get started Gear icon > Account and Settings > Advanced > Automation > Turn on receipt forwarding Banking > Receipts > Turn on receipt forwarding ✅ Banking > Receipts > Forward from email

12. Which report accounting method shows an overview of the money received and spent for a specific period?

Hybrid basis Accrual basis Modified basis ✅ Cash basis

9. QuickBooks Online uses machine learning in its reconciliation tool to help find any hidden transactions. How does QuickBooks Online use machine learning in its reconciliation tool to help find any hidden transactions?

It can identify transactions that were posted to the wrong account ❓It can identify transactions where the transaction date is in a future period and the cleared date is in the statement period It will recognize if transactions have been excluded erroneously from bank feeds It will automatically record bank fees and interest earned

12. Which 2 options are benefits of using the Close Books feature?

It can prevent users from accessing any information in a closed period ✅ It can prevent users from changing transactions in a closed period ❓ It keeps track of any changes made to closed period transactions after the closing date was set It keeps track of any changes made to any transactions after the closing date It generates a Closing Date Detail report

3. Which subscription level(s) in QuickBooks Online include the Receipt Capture feature?

Plus and Advanced Advanced only Essentials, Plus, and Advanced ✅ All subscription levels include the Receipt Capture feature

11. Your client is a relatively new QuickBooks Online company; they've entered transactions but have never customized any reports. Where can you find the Transaction List by Date report?

Reports > Standard > Business Overview Reports > Standard > Smart Reporting Reports > Custom Reports Reports > Management Reports ✅ Reports > Standard > For my Accountant

⭐️2. You are reviewing your client's bank feed. She has several expense transactions for the local gas station that are correctly categorized. 1. Go to the For Review tab in the Banking Center 2. Select the multiple gas transactions 3. _____________________________ What step completes the process for adding all of these transactions to the bank feed at the same time?

Select Add ✅ Select Accept Select Exclude Select Update

⭐️10. How would you begin setting up a recurring transaction in QuickBooks Online?

Select Create > Recurring Transactions ✅ Select the Gear icon > Recurring Transactions Select Accountant Tools > Recurring Transactions Select the Gear icon > Account and Settings > Advanced > Enable Recurring Transactions

⭐️1. How can you filter the For Review tab to see all the transactions QuickBooks Online thinks it has found a good match for?

Select the All transactions drop-down, then Matched ✅ Select the All transactions drop-down, then Recognized Click on the Gear icon, then select Show only matches Select the All transactions drop-down, then Included

6. Erin previously recorded all of her credit card activity manually using the Expense transaction screen. She then reconciled the account using the Reconcile tool. Now she has connected her credit card in the Banking Center but doesn't see matches for any of the transactions she previously entered and reconciled. What should she do?

Select the reconciled transactions > Add Select the reconciled transactions > Update ✅ Select the reconciled transactions > Exclude Select the reconciled transactions > Delete

4. Which 4 statements are correct regarding the QuickBooks Online Receipt Capture feature?

✅ The Receipt Capture feature uses Optical Character Recognition (OCR) technology to read and transform receipt data to QuickBooks Online ✅ If QuickBooks Online finds an expense already entered in QuickBooks Online, it will suggest that you match the receipt to the existing transaction ✅ You can snap a picture of a receipt, then review, match, or add it directly from the QuickBooks Mobile app QuickBooks Online will fill in the fields it can for the expense using the OCR data ✅ You can assign a payee, account, payment date, category, description, amount, and memo to the expense transaction in the Review screen You can only have one sender email registered to forward receipts in each company

⭐️7. QuickBooks Online allows the creation of bank rules. In which 3 situations would they be useful?

✅ To automatically split a transaction ✅ To automatically assign a transaction type ✅ To automatically assign a payee to the transaction To automatically delete a transaction To automatically record a monthly journal entry

5. Which 3 statements are true about the Receipt Capture feature in QuickBooks Online?

✅ You can match receipts to existing transactions ✅ You can create new transactions from imported receipts You can create bills or invoice transactions ✅ You can create bills or expense transactions You can import receipts using the AirDrop feature on your iOS device Receipts captured via the mobile app do not need to be reviewed in the browser version

⭐️8. What are 3 important reasons to reconcile bank and credit card accounts at set dates?

❓ To verify transactions have the correct date assigned to them To verify that an account balance is within its credit limit ✅ To verify that all transactions have been recorded for the period ❗️To verify that previously reconciled transactions have not been changed since the last reconciliation To verify that the bank has not lost its connection to QuickBooks Online

⭐️9. Which 2 statements are correct regarding reconciling a bank account in QuickBooks Online?

❓ You can only undo a bank reconciliation via a link in Accountant Tools ✅ To successfully reconcile and run a reconciliation report, you need to enter the Statement Ending Date and Ending Balance from the relevant bank statement Reconciliations must only be run at period end to estimate tax owed To see the Reconciliation report, select View report after you've successfully reconciled the account

(SK)3. Which 2 conditions must be met in order to use receipt forwarding in QuickBooks Online?

❓At least one user must be registered for receipt forwarding You must have an active QuickBooks Online Payments account Receipt Capture must be enabled in Account and Settings You must have the QuickBooks Mobile app installed on your mobile device ❗️ Receipts must forwarded to [yourcustominfo]@qbodocs.com from a registered email address

⭐️12. Which is the best definition of cash-basis reporting?

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