Section 1

The QuickBooks Online ecosystem gives you and your clients access to a wide range of (1.)__________ to help (2.)___________ their business and increase efficiencies. Which option completes this statement?

1. add-ons; 2. reduce overheads for ✅ 1. apps; 2. streamline 1. desktop programs; 2. increase 1. lab settings; 2. streamline

In QuickBooks Online, where do you go to see all a company's categories organized into account types?

Account and Settings Products and Services ❗️ Chart of Accounts Recurring Transactions

Below is a series of steps for accepting an invitation from the client to become their accountant user: 1. Open the email account you use for your Intuit ID 2. You will see an invite from the client company 3. Select the Accept button to accept the invitation 4. ________________________ and you'll see a Success! box 5. Select Continue What is the missing step?

Create a new username and password for the client company Create a new Intuit ID ✅ Enter your QuickBooks Online Accountant sign-in information Sign in to the client's QuickBooks Online company

Where do you enable account numbers for the QuickBooks Online Chart of accounts?

Gear > Account and Settings > Company > Chart of accounts > Enable Account Numbers ✅ Gear > Account and Settings > Advanced > Chart of accounts > Enable Account Numbers Left Navigation Bar > Accounting > Chart of accounts > Gear > Enable Account Numbers Left Navigation Bar > Accounting > Chart of accounts > New > Enable Account Numbers

When using QuickBooks Online Accountant, Diane Doolittle opens a client's QuickBooks Online company from her client dashboard. Where can she see which apps are connected to the client's account without logging out of the account?

Gear icon > Account and Settings > Billing and Subscriptions ✅ Client Overview > Company Setup Client Overview > Common Issues Left Navigation Bar > Apps

(Q12) When would you recommend merging accounts to a client? (Select all that apply)

If there are too many accounts active in the Chart of Accounts ❗️ When a client has added more than one of the exact same accounts unnecessarily When the client asks if they can put everything in one account ✅ If two accounts are being used for the same thing

Which subscription options, if any, include bank feeds, access from any device at any time, and integration with a wide range of apps?

Only QuickBooks Online Plus Only QuickBooks Self-Employed Only QuickBooks Self-Employed and QuickBooks Online Essentials ❗️ QuickBooks Online Simple Start, Essentials, Plus, and Advanced None of them

(Q14) In QuickBooks Online, the Products and Services list contains the items that will appear on your client's purchase and sales transactions. What must each product/service item be mapped to?

Product categories list ❗️ Chart of Accounts list Recurring Transactions list Company Settings

Once account numbers have been enabled, where can the numbers be assigned and edited?

Products and Services ✅ Chart of accounts Reports Account and settings

After Lynda's initial client assessment, she has noted that her client will require inventory management to avoid out-of-stock situations for their merchandise. What business industry type does this best describe?

Professional services Appointment-based services Contractor/Field Services ✅ Retail and e-commerce

Liz just completed a Client Needs Assessment and her client confirmed that he will require profitability tracking, and need to create budgets and purchase orders in his accounting solution. What is the minimum QuickBooks Online version suitable for Liz's client?

QuickBooks Self-Employed QuickBooks Online Simple Start QuickBooks Online Essentials ✅ QuickBooks Online Plus QuickBooks Online Advanced

(Q14) What are the 4 Product/Service types that can appear on your client's purchase and sales transactions?

Sales Tax ✅ Inventory ✅ Non-inventory ✅ Service ✅ Bundle Payroll Discount

The Work section in QuickBooks Online Accountant is a great starting point for planning your new client engagement. What are the first step(s) in the client onboarding workflow?

Training and mentoring Customizing the QuickBooks Online company Recommending the best QuickBooks Online solution ✅ Meeting with client and gathering information

You are adding a new client subscription through QuickBooks Online Accountant. Which billing option would you choose if you wanted Intuit to bill your client?

Wholesale billing Direct billing ✅ Direct discount Wholesale discount

Which 4 sections of the Overview screen can be used to perform a high-level review?

✅ Company setup Outstanding taxes ✅ Banking activity ✅ Common issues ✅ Transaction volume Client mileage

Samantha is working through the Client Needs Assessment process. Which 4 areas should she focus on to gather information for her client?

✅ Who is the client Why did the client start their business ✅ What services does the client need ✅ How will the client work be complete Which team member will do the work ✅ When does the client need their work completed

Which 2 statements are true regarding Intuit-approved QuickBooks Online apps?

✅ You or your client can add apps to the client's account They must be developed by Intuit They must be free of charge ✅ They must be available via the Apps screen in QuickBooks Online Accountant or apps.com

To determine the scope of a bookkeeping clean-up engagement, you are reviewing the Client Overview tab for a potential client. You notice that there is a large amount in the Opening Balance Equity account. Which 3 reasons could be causing this balance?

✅The client added transactions in the Banking Center without assigning an account to them ❗️Opening balance for an inventory item was entered during the setup process The client entered an Opening Balance when creating an Other Current Asset account Opening balances were included when importing customers using the Import data tool ❗️The client forced a bank reconciliation when the difference was not zero

You have just engaged a new client who has been in business for over a year and using Excel to track her monthly business activity. Which 2 actions can help this client quickly transfer her data into her new QuickBooks Online company?

❗️ Use Upload from file tool in the Banking Center to upload banking activity Select Transfer under the + New menu Select Migrate Data in the Account and Settings menu ❗️ Import her existing data from Excel lists using the Import Data tool

(Q10) Where can you find the QuickStart template in QuickBooks Online Accountant to begin the client onboarding process?

Your Practice ✅ Work Your Books Dashboard

What are the 5 main account types in the Chart of Accounts?

✅ Assets ✅ Liabilities Bundle ✅ Income ✅ Expenses Price rules ✅ Equity Payroll

(Q14) If Mariette does not want to track the quantity on hand of the products she sells, what Product/Service type should she select when setting up the items she sells in QuickBooks Online?

Inventory ❗️ Non-inventory Sales Service

Johanna's Jams and Jellies is looking to be set up on QuickBooks Online. Johanna wants to be able to set up specific roles for the 15 different users in her company, including providing access to her CPA, outsourced CFO, and an outside integration specialist and ProAdvisor. Which version(s) of QuickBooks Online would allow her to accomplish this?

QuickBooks Online Plus or Advanced QuickBooks Online Essentials, Plus, or Advanced ✅ QuickBooks Online Advanced QuickBooks Online Simple Start, Essentials, Plus, or Advanced

You have a client who needs a QuickBooks Online solution that includes tracking for sales and sales tax. Which subscription level in QuickBooks Online would you recommend?

Self-Employed, Essentials, or Simple Start ✅ Simple Start, Essentials, Plus, or Advanced Any subscription level, including QuickBooks Self-Employed

Which 2 features of QuickBooks Online Advanced aren't available to QuickBooks Online Plus clients?

✅ Unlimited accounts and classes Advanced Price rules ✅ Advanced import and batch entry Project tracking

What are the 3 primary ways to migrate client data to QuickBooks Online?

✅ Use the Import Data tool ✅ Convert data from existing QuickBooks Desktop file Use the Attachments tool ✅ Enter data manually into the QuickBooks Online forms and check registers Use the Export Data tool

Which of the following organization structure would most benefit from QuickBooks Online Advanced?

✅ Organizations with between 10 and 100 employees and more than 5 users needing access Organizations with between 5 and 10 employees and three users needing access Micro-businesses with fewer than 5 employees and 2 users needing access Organizations using a one-user license copy of QuickBooks Desktop Enterprise

Which 2 statements about Wholesale billing in QuickBooks Online are true?

✅ The practice gets billed at wholesale prices for QuickBooks Online subscriptions ✅ The practice gets billed directly and determines the amount to bill the client The client gets billed directly, but the practice determines the price The client gets billed directly when they're signed up for a wholesale discount account

Which 4 statements regarding the Chart of Accounts are true?

✅ To add a new account, open the Chart of Accounts by selecting Accounting from the Left Navigation Bar, then selecting New to open the Account window The Sales of Product Income account is a default account when inventory is turned on Uncategorized Income and Uncategorized Expense are default accounts for online banking activity ✅ If you add a new account, the detail type determines which financial statement this account will appear on ❗️ When you specify a sales price/rate when setting up Products and Services, you link them to the Chart of Accounts ❓ You should inactivate an account from the Chart of Accounts if it is not relevant to your business

You've just taken on a new client, a small business owner, who was managing their books with spreadsheets. What's the recommended first step to begin working with this client in QuickBooks Online?

Ask the client to sign up to QuickBooks Online on QuickBooks.com Create a QuickBooks Online account for the client and manually email their Intuit ID and password to them ❗️ Select Add client in QuickBooks Online Accountant Add the client in QuickBooks Online