QuickBooks

How can you find out how much Craig owes his vendors?

Go to the Vendors tab and look at the value of Open Bills in the Money Bar

Your client Craig needs a new account added to his Chart of Accounts. The steps are listed below. To begin, select Accounting to see a list of Craig's existing accounts Select _______________ Using the drop-down list, set Account Type Set the Detail Type Give the account a name Save and Close What's the missing step?

Green button

Complete the following sentence: A check is a type of _________ purchase transaction. The expense is recorded as incurred and the payment is recorded as _________.

Pay now, paid

You need to enter a new expense into QuickBooks Online. Which of these would be starting points? Select all that apply.

The New transaction button on the Expenses Center screen The link in the + New menu

Complex accrual-basis business

Customer makes sales inquiry Create estimate of total charges Customer accepts estimate Create progress invoice for 50% of the total charges (invoice 1) Customer pays invoice 1 Receive payment and deposit to Undeposited Funds in QuickBooks Online Pay money into bank Create Deposit Transaction in QuickBooks Online Match bank deposit to the bank feed in QuickBooks Online As part of the progress invoice, create second invoice (remaining 50% of estimate) Estimate is closed ($0) Customer pays invoice 2 Receive payment and deposit to Undeposited Funds in QuickBooks Online Pay money into bank Create Deposit Transaction in QuickBooks Online Match bank deposit to the bank feed in QuickBooks Online

Complete the following statement: The QuickBooks Online ____________ is a platform that you and your clients can use to build the perfect solution, by adding ___________ that bring additional functionality.

1. ecosystem; 2. apps

Craig's got another new order from a customer. He needs to buy some paving from his vendor. He has 60 days to pay for it. Take a look at the vendor workflow: Buys paving on credit Vendor bills him ______________ ______________

3) Creates bill in QuickBooks Online 4) Makes payment

Which of the following are correct statements about a client's QuickBooks Online company? Select all that apply.

A QuickBooks company is made up of lists and transactions There are multiple entry points for finding different lists and transactions As an accountant user, you have an additional drop-down menu in your client's company Settings and tools can be accessed from the Gear icon

Which of the following are key features of QuickBooks Online Accountant?

Access and manage client files Securely share client documents Manage team access Track all work and clients in one place and streamline tasks Check answer

Where would you go to find the following accountant-only features? Prep for taxes, Reclassify Transactions, Voided/Deleted Transactions, and Write Off Invoice

Accountant Tools

Which of the following statements about the QuickBooks Online desktop app are true? Select all that apply.

Allows you to stay permanently signed in without retyping your password Data refreshes automatically Provides access to the QuickBooks Online dashboard and client files

The expense transaction function in QuickBooks Online is used to record what kinds of expenses? Select all that apply.

Bank account withdrawals Cash purchases Bank fees CC payments

Once you are satisfied that the _____________ is associated with the correct QuickBooks Online transaction, select Match in the Action column.

Bank feed transaction

Go to the _________ and select For review Go through the list and find the transaction for Pye's Cakes Select Match

Banking Center

Using the Sales Center, how can you quickly find the overdue invoices in a company's accounts?

By going to the Money Bar

Your client wants to understand the difference between cash-basis and accrual-basis reporting. 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

Where can you see a list of banking transactions that have been accepted into QuickBooks Online?

Categorized

Craig has a new landscaping vendor that has agreed to provide for 60 days of credit before payment becomes due. What is the best way to enter the vendor information in QuickBooks Online so that the terms are applied by default?

Choose Net 60 from the Terms drop-down

Accrual-basis expenses

Craig charges items he purchases on behalf of a client, such as a fountain or new pump for a pond he maintains, back to the client as part of their bill. He should use an accounts payable vendor workflow for these items.

"Transaction forms that reduce the amount owed on a customer's account and record the return of goods"

Credit memo

The lifecycle can be broken down into a manageable timeline:

Daily: Manage the books by running small tasks Monthly: Analyze and balance the books Quarterly: Evaluate and maintain finances Annually: Finalize books and report taxes

What information can you see on the dashboard? Select all of the options that are correct.

Income and sales data Profit and loss figures Expenses Credit card balances Bank balances

Craig calls with a problem. He can see a duplicate transaction for some materials he bought at Hicks Hardware.

Instead of matching the transaction from his bank feed, he selected the Add option

Which of the following statements are true of the QuickBooks Online mobile app? (Select all that apply.)

It syncs with QuickBooks Online on the web: Any task completed in the app updates QuickBooks Online. The same security that protects your QuickBooks Online data on the web applies when you use the QuickBooks Online mobile app.

Which is the best definition of an invoice from the options below?

It's what you send a customer when work has been done and payment is due

Which of the following items can you access from the Your Practice area?(Select all that apply)

List of Client Companies, Team section, Work space, Apps, & ProAdvisor

Which two statements about setting up and editing a Chart of Accounts are correct?

Merged accounts can't be unmerged Deactivated accounts can be reactivated

Where can Craig record this information so it appears automatically on new invoices?

Payments and billing

Simple accrual-basis business

Provide service Invoice customer Receive payment and deposit it to Undeposited Funds in QuickBooks Online Pay money into the bank Create Deposit Transaction in QuickBooks Online Match the bank deposit to the bank feed in QuickBooks Online

Which vendor transaction form is being described here?

Purchase order

Which Intuit product allows you to manage your clients and your practice all in one place?

QB Accountant

Which of the following statements about paying bills in QuickBooks Online are correct? Select all that apply.

QuickBooks Online flags any bill that's overdue You can make a payment directly from the Action column in the Expenses Center You can make a payment directly from the vendor list through the quick link in the Action column You can pay bills by selecting the + New button

focuses on tracking business expenses and mileage for a Schedule C entity. This subscription allows invoicing, but does not track accounts receivable or sales tax.

QuickBooks Self-Employed

Which of the following tasks should be performed weekly?

Record transactions Document and file receipts Review unpaid bills Prepare and send invoices Pay vendors, sign checks Review projected cash flow

The ________________ transaction is used to record a sale that was completed and paid for at the time of sale.

Sales receipt

Dianne runs a small bookkeeping practice. She has specifically decided to target service-based solopreneurs and freelancers with no current need to track accounts receivable, accounts payable, or payroll. What subscription level would most of Dianne's clients likely need?

Self-Employed

Which 3 tabs appear in the Reports Center in QuickBooks Online?

Standard Custom reports Management reports

You check the bank feed for one of your clients and spot a duplicate transaction. What's happening here? Please select all that apply.

The transaction has been added rather than matched The transaction has been input twice accidentally

The Expenses Center Vendors tab features a dynamic money bar. Which of the options below are features of the money bar? Select all of the correct options.

Unbilled Activity Unpaid Activity Recently Paid Activity

Your client wants to know if they can manage their expenses using the mobile app. What do you tell them?

Yes. They can add expenses on the mobile app and it will automatically sync them with QuickBooks Online

On a windows-based PC, which shortcut would you use to see the list of shortcuts available in QuickBooks Online Accountant

[Ctrl] + [Alt] + [?]

Craig has received several checks from his customers, totaling $2500. He's marking the payments as Received in QuickBooks Online.

Undeposited Funds

These reports display the incurred date as the date the invoice was created, or the expenses were purchased, regardless of when payment occurred. What type of reporting is being described here?

Accrual-basis reporting

Where in the Expenses Center can you instantly create a bill or take another action, such as making a payment?

Action link

Simple cash-basis business

Make sale (receive cash, an ACH transfer or a check for services rendered or a product sold) Create sales receipts and record them to Undeposited Funds. Receipts are placed into a drawer or cash register Pay money into the bank Create a Deposit Transaction in QuickBooks Online Match the bank deposit to the bank feed in QuickBooks Online

Take a look at the following customer workflow: Provide service Invoice customer ______________ Take money to the bank __________________

3) Receive payment 5) Create a bank deposit transaction

How many points does your firm need to reach the platinum tier of the ProAdvisor® program?

800

How do you think Craig can benefit from connecting his bank and credit card accounts to QuickBooks Online?

All of his bank and credit card transactions will sync with QuickBooks Online so he doesn't have to enter them He can check, categorize, and approve each bank transaction to make sure it's correct so he has full control It will save him time because it will cut down on the amount of data he needs to enter

Which two of the following are methods of recording a received payment in QuickBooks Online?

By selecting Receive payment in the + New menu By selecting the Receive payment link next to any outstanding invoice

How can your clients quickly see how many overdue invoices each of their customers has?

By selecting the Overdue area of the money bar in the Customer List

Open the For review tab Find the row with the suggested match Select the row to expand it Select the blue _____________ link to view the transaction How would you get to the deposit transaction to find a suggested match within bank feeds?

Deposit

here are four key advantages to setting up your client in QuickBooks Online through QuickBooks Online Accountant. What are they?

Ensure they're signed up to the subscription level that best fits their needs Take advantage of discounts like Wholesale billing Access their books right away, using your own sign-in credentials, without waiting for an invitation Assign team members in your firm access to work on their books. Multiple users can be signed in at the same time

Cash-basis expenses

Most items that Craig needs to run his business are cash-basis expenses. These are items that aren't directly rechargeable to his customers, like the fuel in his truck or the electricity to run his office. Craig has three options for recording these expenses. Each uses a simple vendor expense workflow.

Your client complains they have too many expense receipts to keep track of and they keep losing them. Which of these is the best advice?

They should take a photo of the receipt on their mobile phone and attach it to an expense transaction via the QuickBooks Online mobile app

Which of the following statements about accessing expense activity in the Expenses Center of QuickBooks Online are correct?

You can access a list of overdue bills via the orange section of the money bar in the Vendors tab You can see the total expenses paid in the last 30 days in the Money Bar You can access a list of all recent purchase transactions by selecting the Expenses tab

Which of the following are accurate descriptions of the process of creating a sales receipt in QuickBooks Online? Select all of the options that are true.

You can add a new customer without leaving the process You can use + New to get to the Sales Receipt screen

Which of the following statements are true of the QuickBooks Online Dashboard? Select all the correct options from the list.

You can see deposits and information on unpaid and overdue invoices You can select a card to go to the Sales or Expenses Center You start off in Dashboard when you enter a client account