QUICKBOOKS CERTIFICATON
When would you recommend merging accounts to a client?
When duplicate accounts are created
What are 2 ways to access the vendor credit screen in QuickBooks Online?
+ New, and then Vendor credit. Alternatively, select New transaction from the Expenses center and then select Vendor credit
What's the maximum number of conditions that can be set for a bank rule?
5
Why might an Accountant user not see the Exceptions to Closing Date report in a QuickBooks Online company?
A closing date has not been set in the company
Which 3 conditions could lead to the beginning balance of a bank or credit card reconciliation being inaccurate?
A reconciled transaction was deleted A reconciled transaction's status was changed to not reconciled A reconciled transaction's amount was changed
As an accountant user, where can you access and begin reclassifying transactions?
Accountant Tools > Reclassify transactions
Which of the following year-end tools would you find in Accountant Tools in QuickBooks Online Accountant? Select all that apply.
Accountant Tools contains links to tools and reports, including tools to prep for taxes, write off invoices, and reclassify transactions.
Which 2 types of records does the Exceptions to Closing Date report show?
All changes to transactions dated on the closing date and made after the books were closed All changes to transactions dated before the closing date and made after the books were closed
Which common workflow error can cause duplicate expenses in QuickBooks Online?
Creating a bill to record a vendor expense, and creating a check to the vendor for the same expense
Your client would like to display negative numbers in red on their Profit and Loss report. Where can you select this option for them?
Customize > General
You are adding a new client subscription through QuickBooks Online Accountant. Which billing option would you choose if you want Intuit to bill your client?
Direct discount
Which access level would you give to a team user who needs to be able to modify, update, access firm information, update billing subscriptions, and access the firm's books?
FUll
From the For review tab in the Banking center, how can you exclude a bank transaction that is a duplicate?
Find transaction > Check box next to transaction > Select Exclude in banner
Which 2 of these tasks does the Books review center help with?
Finding transactions with outstanding issues Dealing with unreconciled accounts
Which of the options below does the Books review center help with? Select all that apply.
Finding transactions with outstanding issues Dealing with unreconciled accounts Identifying discrepancies with accounts and starting balances Creating and sending management reports
What are 2 ways to check a client's subscription level in QuickBooks Online Accountant?
From the Subscriptions and billing screen from the Gear icon By hovering over the qb icon in the Clients menu
Which 3 of the following statements are true about the Reclassify transactions tool?
It allows you to recategorize transactions in batches It allows you to change the payment account (bank or credit card) for expenses It allows you to change the class and/or location of transactions
Which 2 options are benefits of using the Close the books feature?
It can prevent users from changing transactions in a closed period It keeps track of any changes made after the closing date was set to closed period transactions
What are 3 benefits of the Pay down credit card feature?
It prevents miscategorization of credit card payment transactions It provides easy-to-understand language for non-accountant users It prevents common errors that affect the company's financial statements
How many times are customers able to make a payment via a payment link before it expires?
One time
Which 2 QuickBooks Online Payroll subscription levels include QuickBooks Time?
Premium Elite
If your client wants to enable Autopay for their Customer, which 3 setup steps are required?
Set up a scheduled, recurring invoice template in QuickBooks Online Enable Online payments on the recurring invoice template The recurring invoice is set to auto email the Customer
Which tab in the Books review menu allows you to view and adjust balances for balance sheet accounts?
The Final review tab prompts you to investigate unusual and unexpected balances and review the financial statements for accuracy.
Where in their QuickBooks Online can clients view requests you send them?
The My Accountant menu
Which statement is true about the Transfer feature?
The Transfer feature can be used to move funds between two balance sheet accounts
Where would you go to check the client's usage limits?
The Usage tab in Account and Settings of the client's company file
You've signed up a new client who has been using QuickBooks Online. Which 4 sections of the Overview screen can help you perform a high-level review of their books?
Transaction Volume Company Setup Common Issues Banking Activity
Nina is using Books review to complete a month-end close for a client. What are 3 workflow tabs in the Books review center?
Transaction review, Account reconciliation, Final review
Which 3 are transaction types you can assign in a rule for money-out transactions?
if the rule applies to money-out transactions, the options are: Expense Transfer Check Credit card payment
To make receipt forwarding active, you'll need to enable a unique email address within the client's QuickBooks Online. Where would you navigate to enable this feature?
Banking center > Receipts > Forward from email
Which report summarizes the amount of financial activity associated with each income or expense account for a specific period of time?
Profit and Loss
Which list records can be updated with new information via importing?
when importing a products and services list, you or your client can choose to overwrite and update items already
Which 3 statements regarding bank rules are true?
Bank rules can be prioritized Bank rules can be copied, edited, or deleted Bank rules can automatically add transactions to the register
Which 4 list types can be directly imported into QuickBooks Online from Excel?
Chart of accounts Customers Vendors Products and services
Which section in the New Client Checklist helps you understand your client's needs to determine the features and solutions required?
Client Needs Assessment
In what 3 ways can a Payments link be delivered to a customer?
Clients can send a Payments link to the customer via email From the client's mobile phone, a Payments link can be sent as a text message The client can issue a QR code so the customer can scan and pay from their mobile device
In which 3 cases would you use the Add funds to this deposit grid in a bank deposit?
Her are some cases when clients would use deposit transactions: The client receives funds from loan proceeds or contributions of cash from owners The client receives a refund from a vendor and wants to record it directly against the expense account or to a Refunds Received income account The client doesn't record income using sales transactions (invoices or sales receipts) and wants to record deposits directly to income accounts The client receives a refund from a tax agency and needs to record it to reduce the Tax Liability or Expense account An employee reimburses the client's company, and the client needs to record the reimbursement against the Employee Loan receivable account
Which 2 statements are true regarding using bank rules in QuickBooks Online?
Rules apply to unaccepted transactions only QuickBooks Online only applies one rule per bank activity, and it uses the following logic when determining which rule to apply:
Which report shows the book (purchase or cost) value of inventory items with quantity on hand?
Inventory Valuation Summary (or Detail)
Which statement about adjusting journal entries in QuickBooks Online is true?
Only Accountant users can create adjusting journal entries
Heather wants to help her client send out a statement that reflects all unpaid invoices, unapplied payments, and unapplied credit memos. Which statement type should she choose?
Open Item With the Open Item statement, your client can show a list of all open and/or unpaid invoices. It's great if a client wants to provide detail of all unpaid invoices, unapplied payments, and credit memos to their customers.
What are 2 ways to start a Credit memo in QuickBooks Online?
Select +New, then Credit memo Alternatively, your client can create a credit memo through the Sales center by selecting All Sales, then New transaction and Credit Memo
You're recording mileage at year end and you want to download your client's trips from QuickBooks Online to a CSV file. In the Mileage center, where should you go to do this?
Select Download Trips from the down arrow next to Add trip
You have a client whose business uses accrual-basis invoicing and accounts receivable workflow. They use the Banking screen to enter a deposit for a payment check, which they post manually to an income account. Which 2 of these problems will this cause?
They'll create duplicate expenses The transaction will generate duplicate income
What are 2 tools you can use to identify possible issues in a QuickBooks Online Company?
Transaction Journal report Voided/deleted transactions tool
Which option on the left-hand navigation would you select to locate the Client onboarding template?
Work The Work area is where you can find the Client onboarding template. Use it to build an onboarding process that's customized to your client's needs. Remember that you'll need to create a new project and base it on the Client onboarding template.
What is one way to communicate with your client from QuickBooks Online Accountant?
Work > Create client request
What are the 5 stages of the books review process in the Books review center in QuickBooks Online?
Wrap-up,Transaction review,Account reconciliation,Final review,Setup
Which 2 of these are true about the Work menu in QuickBooks Online Accountant?
You can add as many tasks to a project as needed You can assign tasks to your team members, clients, and all your clients' employees
Which 3 of these would you need to consider before downgrading a client's QuickBooks Online subscription?
Your client may lose some features of QuickBooks Online with the downgrade Downgrading affects the discounts on the client's current plan Changing a plan might affect some third-party apps connected to QuickBooks Online
Which report displays the business's Profit and Loss in picture form?
Business Overview
Which statement is true about making a client inactive in the Clients menu in QuickBooks Online Accountant?
Making a client inactive doesn't affect their subscription
When importing customers for the first time, which of these file types can you use to import your customer list?
QuickBooks Online can import lists saved as Excel or CSV files.
Where would you go to review your client's expense account to see if any transactions have been miscategorized?
Reclassify transactions from Accountant Tools
How can you record the mileage expense for a company at year-end in QuickBooks Online?
Select Mileage in the left navigation bar
Which of these does the Work menu in QuickBooks Online Accountant allow you to do? Select all that apply.
Set up repeating projects for the same client that will occur on a regular basis Filter tasks by client, team member, or project type The Work menu allows you to set up repeated projects and filter all tasks by client, team member, or project type.
Denise would like for all of her leads to save their notes in the Client details screen. Who would have access to these notes?
Team members assigned to the client
Which 3 statements are correct regarding reconciling a bank account in QuickBooks Online?
Transactions added or matched in the Banking center are automatically marked tentatively cleared To begin the reconcile process, you need to enter the statement ending date and ending balance from the relevant bank statement To view the reconciliation report, select History by account
In which of these scenarios would a scheduled recurring transaction be the best automation option?
When invoices are sent monthly to a customer for fixed amounts and descriptions (and for any unbilled charges as well)
Which 2 management report templates will be seen by default when accessing a client's books via QuickBooks Online Accountant?
Basic company financials Expanded company financials
What are the 3 types of user permissions you can choose from in QuickBooks Online Accountant when adding new team members to your firm?
Full access users, by default, can view and make changes to all areas of your firm, including team users, your subscription levels, and your books and clients Basic access gives user view-only access to your firm information, but no access to team and subscription billing, and no access to the firm's books or clients Custom access allows you to customize the permissions the user has to your company, books, and clients
Where can you enable account numbers for the chart of accounts?
The Advanced tab in Account and Settings
What 2 formats can be used for exporting management report packages in QuickBooks Online?
Management reports tab of the Reports center, they can export it as a .pdf or .docx file.
What are 2 ways to update the chart of accounts to suit the needs of your client?
Merge duplicate accounts Make unnecessary accounts inactive in batch
If a client doesn't want to track the quantity on hand of the products they sell, what Product/Service type should they select when setting up the items in QuickBooks Online?
Non-inventory These are items that are bought and sold, and whose quantities on hand are not tracked. Your clients may use this item type for small parts used in the installation or delivery of a product.
Brian just completed a Client Needs Assessment and his client confirmed that she will require profitability tracking, and needs to create budgets and purchase orders in her accounting solution. What is the minimum QuickBooks Online version suitable for Brian's client?
QuickBooks Online Plus
Which 2 batch actions can be performed in the Customer center in QuickBooks Online?
Make inactive Assign a customer type
Which 2 actions can be performed on a vendor in the Vendor center in QuickBooks Online?
Make inactive Send payment link
Which 2 of these tools and reports would you use to identify errors in clients' workflows?
The Voided/deleted transactions tool The Transaction journal report
What should you do if you don't see the Setup tab in the Books review screen inside QuickBooks Online Accountant?
If you don't see it, select the Monthly ▼ dropdown, then Cleanup.
Which 4 transaction types can be made into recurring templates?
here's a list of transaction types that you can use a recurring transaction to record: Bill Non-posting charge (delayed charge) Check Non-posting credit (delayed credit) Credit card credit Credit memo Deposit Estimate Expense Invoice Journal entry Refund Sales receipt Transfer Vendor credit Purchase order