QuickBooks Online Certification Section 5
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
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
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 rules
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
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
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
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
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
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
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
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
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
The Receipt Capture feature in QuickBooks Online allows users to add receipts to QuickBooks using which 3 methods?
By forwarding an email to [youruniquename]@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]
