Section 4 QuickBooks Retake

How can a customer pay an emailed QuickBooks Online invoice via credit card?

Select Review and pay > Enter payment details > Pay

Creating a client request in QBO Accountant (Work Tab)

-you can add attachments by selecting the + add document link -the request appears in the client's QBO company in My Accountant -If you wish to notify your client of your request with a QBO generated email, select Notify Client

What are 2 ways to access the vendor credit screen in QuickBooks Online?

+ New button > Vendor Credit Expenses Center > New Transaction > Vendor Credit

The Pay down credit card feature can be found in which area of QuickBooks Online?

+ New on the Left Navigation Bar

Vendor credits are designed for returns of products purchased on account. What are 2 ways to use a vendor credit in QuickBooks Online?

- apply it to a credit memo - apply it to an existing unpaid bill

What are 3 benefits of the Pay down credit card feature?

1. It allows users to electronically pay their credit card balances from within QuickBooks Online 2. It prevents miscategorization of credit card payment transactions 3. It prevents common errors that affect the company's financial statements

Which 3 types of customer statements can QuickBooks Online generate?

1. Statements that show a balance forward with all activity for the date range selected 2. Statements that show invoices and their related payments for the date range selected 3. Statements that show just open transactions

Which 3 statements are true about journal entries?

1. Total debits must equal total credits 2. When posting to the accounts receivable account, you must specify a customer 3.You can post to multiple accounts receivable and/or accounts payable accounts in the same journal entry

Where can a client identify the instant deposit options for their QuickBooks Payments account?

Account and Settings

Where in the Banking Center should she go to find the transaction and correct the error?

Filter

Which feature helps streamline the ordering process once a customer approves an estimate?

Copy to purchase order from an estimate

You can download an itemized invoice for the QuickBooks Online subscription.. This statement can be downloaded in which file format

CSV PDF

Which two common client issues does the new Pay down credit card feature aim to resolve?

Duplicate entries Payments categorized to the wrong account

Which of these statements is true of estimates in QuickBooks Online?

Estimates are non-posting transactions Estimate data can be used to create a purchase order in QuickBooks Online Estimate data can be used to create an invoice in QuickBooks Online

how can you access the subscription and billing dashboard in QBOA?

Gear > (your Company) Subscription and billing

How can you check a client's usage?

Gear > accounts and settings >usage - billable users -Chart of Accounts - classes and locations

How would you search through team members to find the payroll specialists?

Go to TEAM in the Navigation section, type Payroll specialist in the search box

Why use credit memos?

It's not best practice to change transactions once they've been sent to a customer—it can cause confusion and isn't great recordkeeping. This is especially true when the original invoice is in a prior period, because making a change would cause the books to become out of balance with the tax return and change previously reported amounts.

To set up Instant Deposits, what must be done first?

Link a debit card to your account

One major benefit of using the Bank Feeds feature in QuickBooks Online is that as you _________________ or __________________ transactions in QuickBooks Online from the downloaded transactions from the bank, they are marked ___________________. This makes the end-of-period bank reconciliation more efficient. Which option correctly completes these statements?

Match, add, cleared

What are the three ways you can search for a team member?

Name title email

Different customer statement types are available to suit different client situations. Heather wants to help her client send out a statement that reflects all unpaid invoices, unapplied payments, and Credit Memos. Which statement type should she choose?

Open Item

What is the best practice sequence of steps to convert an estimate to a purchase order?

Open the estimate, select the down arrow next to Create Invoice, import estimate to purchase order

Select the + New button from the Left Navigation Bar2. Select _______ in the Other column3. Select the credit card account that is being paid4. Select the ____________, if applicable5. Enter how much was paid6. Enter the date of payment7. Select the account the payment is being made from next to "What did you use to make the payment?"8. Select ______________

Pay down credit card, Payee, Save

Which option completes the 3 missing steps to use the Pay down credit card feature?

Pay down credit card, Payee, Save

A client can use Instant Deposits up to _________ time(s) a day, not to exceed the ___________ per day limit. Which option completes this sentence?

You can use Instant Deposit up to 3 times daily, not exceeding the $2,000 limit.

In QBO Accountant, what area of data does the search box look in?

Your books section

Which statement about Journal Entries in QuickBooks Online is true?

Your client cannot create an Adjusting Journal Entry

When might you use the Bank Deposit Transaction?

Your client wants to record an SBA loan amount received

Which subscriptions allow for up to 25 billable users?

advanced

Which clients can change or downgrade their own subscription level

direct billing clients

How do you create a project?

left navagation bar > work >create project

How do you change the status of a project to done in QuickBooks Online Accountant? (work Tab)

select the project select done in the status drop-down

Which feature in QuickBooks Online can Liz use to easily provide this information to Kathryn?

statement

Which clients cannot change or downgrade their own subscription level

wholesale billing clients

how can you set up a recurring project for a client?

work tab create project "Repeat" frequency - can add task to it.

Which 2 statements are true about the Transfer feature?

The Transfer feature can be used to move funds between two balance sheet accounts You can add a memo to the transfer transaction

In which 3 cases would you use the "Add funds to this deposit" grid in a bank deposit?

When an employee reimburses the company When you receive a tax refund from the IRS When a company doesn't need to record sales details

Stacy accidentally added a new transaction to her bank register via the bank feed that should have been matched to an existing transaction. Where in the Banking Center should she go to find the transaction and correct the error?

categorized

Where can you see a list of all the transactions that have been matched or added to a bank register via the bank feed?

categorized