QBO Exam 1

What does the Apps tab on the left-hand navigation do in Quickbooks? List 2

- Allows you to open and use apps you are connected to. - Allows you to search for new apps to use.

The _____ address identifies where the invoice to a customer should be mailed. The _______ address identifies where the products sold to the customer should be delivered. - Staus - Billing - Shipping - Preference

- Billing - Shipping

You need to change your company address in QBO. (2 steps)

- Click on the gear icon on the home page. - Select Account and Settings

You made a sale, and the customer paid the entire amount in cash. How do you enter this sale into QBO? (4 steps)

- Click the new icon - Select the Sales Receipt - Ente the sale and payment information. - Save the transaction

You have downloaded transactions from your bank account into QBO. Identify the tab that is being described in the Banking area. - This is a transaction that you downloaded from a bank account but you do not want to record the transaction for some reason. - This is a transaction that has been downloaded from a bank account but needs to be evaluated before it can be posted. - This is a transaction that has been downloaded from a bank account and has been reviewed and posted. Options - Categorized - Excluded - For review

- Excluded - For review - Categorized

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

- False - False - True

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

- QB - QB - Traditional - Traditional

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. (6 steps)

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

Which two user types below would be able to write a check in QBO.

- Standard user with vendor access only. - Company admin

Select three statements that are correct about journal entries. - You should enter your name in the Name field on the journal entry form to identify who is creating the entry. - The accounts used on a journal entry come from the chart of accounts. - A journal entry must have a date. - Total debits must equal total credits on a journal entry. - A journal entry can only have two lines.

- The accounts used on a journal entry come from the chart of accounts. - A journal entry must have a date. - Total debits must equal total credits on a journal entry.

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

- True - False - False

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

- True - False - False

For each question below related to bank rules select either True or False for each statement. - Bank rules can be edited - Bank rules help save time by automating the recording of recurring transactions downloaded from the bank account - Bank rules can be used for automating checks

- True - True - False

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

- True - True - False

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

- Upload a photo of your receipt from your computer. - Email the receipt to a custom email in QBO.

Which two statements below are correct as it relates to the Close the Books feature. - The closing date is used to generate your monthly reports. - 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. - The closing date is set automatically on the first day of each month. - If a warning is used instead of a password the user is not stopped from making the change.

- 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. - If a warning is used instead of a password the user is not stopped from making the change.

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

- Yes - Yes - No

On a standard balance sheet or profit and loss report identify if you can customize the feature or report area described below. - Header - Accounting method - Display only non-zero columns - Font color for report title

- Yes - Yes - Yes - No

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 - Savings Account - Checking account - Credit Card Account - Prepaid Phone Account - PayPal

- Yes - Yes - Yes - No - Yes

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

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

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

-true -false -false

Which three statements are true about setting up a product or service in QBO? List 3

1. Products/Services allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss. 2. You cannot use one product/service to represent different services or goods. 3. To create an invoice, you can use either a product or a service.

Your boss wants to know if there are any overdue bills. What report would you run to give him this information?

Accounts Payable Aging report

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?

Balance Sheet

Which form cannot be customized in QB

Bill

How would you enter a transaction that won't be downloaded from an online bank account in which you paid for a service using a debit card?

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 QBO to provide fields to track the product. How do you set up a new product to be tracked by QB?

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

Which of the following statements are true regarding vendor credits? 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.

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. Vendor credit memos decrease what you owe to the vendor.

What is one reason to not use a bank deposit or journal entry screen to record sales?

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

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 the ma check for a refund?

Refund Receipt

The owner of the business asks you to set up QB to automatically email him a specific report on the regular basis (e.g. weekly or monthly). How would you do this?

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.

You're setting up a new customer. How do you tell QB that this customer's invoices should be due 30 days after they're issued?

Set the customer's Terms to Net30.

What is the purpose of the Audit Log report?

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

which of the following statements is true regarding Undeposited Funds in QB

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

You have a customer who will now also be a vendor. How do you handle this in QB?

Use a "V" at the end of the display name on the vendor record to differentiate the vendor record from the customer record.

When should you not delete a check?

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

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

You toggle the privacy switch