QBO Exam- Section 1
How would QuickBooks Online alert you of a discrepancy in the beginning balance when reconciling your clients' accounts?
An alert will be displayed in the reconcile tab, stating that the account isn't ready to be reconciled yet, as the beginning balance is off.
Which 2 levels of users can add apps to QuickBooks Online?
Company Admin Primary Admin
Which 3 of these steps should you complete before you close a client's books?
Reconcile all bank and credit card accounts. Substantiate all balance sheet accounts. Review the profit and loss accounts.
Which report could help your client avoid ordering too much stock?
Sales by Product/Service Summary
For clients with a QuickBooks Online Plus account, what's the maximum number of billable users?
5
Which 3 questions should you ask your client to help you set up their sales tax correctly?
Do they do business in more than one state? What agencies do they need to pay their sales tax to? What is their filing frequency?
Which 2 of these common issues does the Pay down credit card feature help to resolve?
Duplicate entries. Payments categorized to the wrong account.
Your client needs a QuickBooks Online solution that includes tracking for: Sales Sales tax Inventory What is the minimum subscription level in QuickBooks Online you would recommend?
Plus
You want to provide your client with a professional-looking downloadable report that includes a cover page, table of contents, and a custom letter that they can send to potential investors. Where would you go to create such a report?
Reports Center > Management reports tab
What additional 2 pieces of information are used to calculate sales tax on an invoice?
The customer's sales tax status The tax category for the product or service
Your client wants to make it quick and easy for customers to make a one-off payment straight from their smartphone. Which sales process would be best suited to this?
Use the Payment links tab in the Sales Center to send a payment link to the customer
Which of these statements about Vendor credits in QuickBooks Online is true?
Vendor credits post as a debit to decrease accounts payable
You need to add a gift basket with a collection of beauty products to your client's list of Products and Services. Which item type would you assign this to in QuickBooks Online?
Bundle
In which section of the Customize report drawer can you add the date and time the report was prepared?
Header/ Footer
Which 2 of these statements about setting up and editing a chart of accounts are correct?
Account names can be edited. Deactivated accounts can be reactivated.
Which 3 of the tasks below should be completed to prepare the log for auto expense deductions at year end?
Check the calculated mileage. Look for vehicle changes (bought or sold). Ensure no trips are left unreviewed.
Which tab in QuickBooks Online Banking shows the bank data that has not yet been accepted into QuickBooks Online?
For review
Which 2 of the following are ways to create a new tag?
On the invoice, start entering the tag name in the Tags field, then select+ Add from the pop-up. Select the Manage tags link on the invoice, followed by Create tag. Then enter the tag name.
Where would you go in QuickBooks Online to make a sales tax agency inactive?
Taxes Center > Sales tax > Sales tax settings
While preparing your client's books for year end, you find some transactions that may not have been appropriately recorded. In which 2 of these cases could you use the Reclassify transactions tool?
To change the expense account for billable expenses, but not the income account for the related income transactions. To change the class and/or location for invoices, sales receipts, checks, or bills with items (products or services) on them.
How do you ensure the client receives an email notification to alert them about the new request for information?
When creating the request, ensure the Notify client slider is on
Your client has noticed a duplicate transaction in the bank feed. What advice would you give them?
You need to exclude the transaction if it's a duplicate because it'll cause the bank balance and reports to be incorrect.