Introduction to QuickBooks Online for Accountants IDI

In QuickBooks Online, ________ are something that our vendors send us. ________ are something we send our customers. Identify the correct option to complete this statement. 1. invoices; 2. Bills 1. invoices; 2. Receipts 1. receipts; 2. Bills 1. bills; 2. Invoices

1. bills; 2. Invoices

How many points does your firm need to reach the platinum tier of the ProAdvisor® program? 100 200 500 800 1600

800

On a windows-based PC, which shortcut would you use to see the list of shortcuts available in QuickBooks Online Accountant? [Ctrl] + [Alt] + [?] [Ctrl] + [Shift] + [?] [Ctrl] + [tab] + [?] [Ctrl] + [Alt] + [Enter]

A

The ________________ transaction is used to record a sale that was completed and paid for at the time of sale. Complete the statement correctly using one of the options below. A. Sales receipt B. Invoice C. Estimate

A

Your client wants to understand the difference between cash-basis and accrual-basis reporting. Which is the best definition of cash-basis reporting? A. 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 B. Cash-basis reports display income as of the invoice date and expenses as of the bill date C. Cash-basis reports include income from accounts receivable and expenses from accounts payable

A

Which of the following statements are true of the QuickBooks Online mobile app? A. It syncs with QuickBooks Online on the web: Any task completed in the app updates QuickBooks Online. B. The same security that protects your QuickBooks Online data on the web applies when you use the QuickBooks Online mobile app. C. QuickBooks Online mobile app costs $10 per month.

A & B

Which of the following are correct statements about a client's QuickBooks Online company? Select all that apply. A. A QuickBooks company is made up of lists and transactions B. There are multiple entry points for finding different lists and transactions C. As an accountant user, you have an additional drop-down menu in your client's company D. Settings and tools can be accessed from the Gear icon

A - D

Which of the following end-to-end accounting life cycle tasks would you generally complete on a yearly basis? (Select all that apply) A. Review past-due receivables B. Review your inventory C. Fill out IRS forms W-2 & 1099-MISC D. Review and approve year-end financial reports and tax returns E. Review sales tax and make payments

A - D

The dashboard give you lots of relevant information, including sales performance, expenses, and banking. You can even set the date range of the information displayed using the drop-down in the top right-hand corner of the panel. What information can you see on the dashboard? Select all of the options that are correct. A. Income and sales data B. Profit and loss figures C. Expenses D. Credit card balances E. Bank balances

A - E

Which of the following tasks should be performed weekly? Select all that apply. A. Record transactions B. Document and file receipts C. Review unpaid bills D. Prepare and send invoices E. Pay vendors, sign checks F. Review projected cash flow G. Balance your checkbook

A - F

Suzy is considering signing up to QuickBooks Online to manage her finances. She runs a small domestic cleaning firm and spends most of her time visiting prospective customers' homes or checking in on her team of cleaners. What benefits could QuickBooks Online bring her? Select the 4 options that apply. (Select all that apply) A. Easily submit her business annual income tax return B. Easily keep track of her finances from her mobile phone C. Easily gain business insights like cash flow, and profit and loss D. Easily and securely share information with her accountant E. Automatically track her mileage with her phone's GPS

A(?), B, C, & D

Which two of the following are methods of recording a received payment in QuickBooks Online? A. By selecting Receive payment in the + New menu B. By selecting the Receive payment link next to any outstanding invoice C. By creating a new, duplicate invoice and then selecting Receive payment

A, B

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 Merged accounts can be unmerged Numbers in a QuickBooks Online Chart of Accounts can't be changed

A, B

When you sign in to QuickBooks Online Accountant, whose books can you directly access and manage? Select all that apply. A. QuickBooks Online client's books B. QuickBooks Self-Employed client's books Your practice's own books C. QuickBooks Desktop client's book

A, B, & C

How do you earn points for your firm through the ProAdvisor program? Select all that apply. A. When you add a new Self-Employed client B. When you set up a new client with a QuickBooks Online subscription C. When you complete a tax return for a client D. When a member of your team passes the certification exam E. When your QuickBooks Online Accountant has signed up ten clients or more

A, B, & D

Which of the following statements are true of the QuickBooks Online Dashboard? Select all the correct options from the list. A. You can see deposits and information on unpaid and overdue invoices B. You can select a card to go to the Sales or Expenses Center C. You can run reports from the Dashboard D. You start off in Dashboard when you enter a client account

A, B, & D

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 Unsent bills

A, B, C

Which 3 tabs appear in the Reports Center in QuickBooks Online? Standard Custom reports Management reports Tax reports Accountant reports

A, B, C

Which of the following benefits will you gain by becoming a ProAdvisor? Select all that apply. A. Discounts on software and apps B. Access to training and support C. Access to marketing resources D. Your firm will be listed in the Find-a-ProAdvisor directory

A, B, C, & D

There 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 Host webinars through your linked accounts to best advise your clients when they need help.

A, B, C, D

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

A, B, C, D

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

A, B, C, D

Which of the following items can you access from the Your Practice area? A. A list of client companies B. Your Team and a list of practice members C. ProAdvisor tips D. The Work space E. The Apps space F. Chart of Accounts

A, B, C, D, E

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 Purchases that will be paid for in the future Credit card purchases

A, B, C, E

How do you think Craig can benefit from connecting his bank and credit card accounts to QuickBooks Online? Select all that apply. 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. All of his bank and credit card transactions will be categorized into his QuickBooks Online automatically so he doesn't have to do anything. It will save him time because it will cut down on the amount of data he needs to enter

A, B, D

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 Uses web print dialog boxes to print Allows you to open all clients in a single window Provides access to the QuickBooks Online dashboard and client files

A, B, E The desktop app allows you to stay permanently logged in with access to your client files and dashboards while your data refreshes automatically. Remember that the desktop app prints using local print dialog boxes, and that you can open multiple windows to switch easily between client accounts.

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. A. You can add a new customer without leaving the process B. You can only create receipts of up to $1000 C. You can use + New to get to the Sales Receipt screen D. Sales receipts are only used when the customer pays in cash

A, C

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 matched rather than added The transaction has been input twice accidentally There is a technical error in QuickBooks Online

A, C

Which of the following statements about accessing expense activity in the Expenses Center of QuickBooks Online are correct? Select all that apply. You can access a list of overdue bills via the orange section of the money bar in the Vendors tab You can access a list of overdue bills via the orange section of the money bar in the Expenses 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

A, C, D

Your QuickBooks Online client spends a lot of time away from their office and you're sure they would benefit from the Mobile app. Identify 3 things they can do via the Mobile app from the list below. A. Email invoices B. Manage the Chart of Accounts C. Receive payments D. Track mileage

A, C, D

Craig has a new landscaping vendor that has agreed to provide for 60 days of credit before payment becomes due. Choose Net 60 from the Terms drop-down Enter 60 days in the payments terms drop down Enter 60 days payment terms to the landscaping product and service Check the Buy on Credit box

A. Choose Net 60 from the Terms drop-down Using the drop-down box to set Net 60 as the payment term for the vendor ensures that the term appears in any correspondence with that vendor. This will save time and ensure accurate documentation.

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 Go to the Expenses tab and look at the value of Open Bills in the Money Bar Go to the + New button and select Pay Bills

A. Go to the Vendors tab and look at the value of Open Bills in the Money Bar The Money Bar in the Vendors tab is the perfect place to view money outstanding at a glance.

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 Pay now, unpaid Pay later, paid Pay later, unpaid

A. Pay now, paid A check is a type of pay now purchase transaction. The expense is recorded as incurred and the payment is recorded as paid.

Where would you go to find the following accountant-only features? Prep for taxes, Reclassify Transactions, Voided/Deleted Transactions, and Write Off Invoice Reports Banking + New button Accountant Tools

Accountant Tools

Where in the Expenses Center can you instantly create a bill or take another action, such as making a payment? Filter option Vendors tab Action link

Action link

Because QuickBooks Online is ________________, files are synced in real time, so you can work with your clients from anywhere, from any connected device. Which of the following correctly completes the statement? A. Installed on your PC B. In the cloud C. A Windows app D. Fully encrypted

B

Craig has received several checks from his customers, totaling $2500. He's marking the payments as Received in QuickBooks Online. Which account should he record the payments to? A. His checking account B. Undeposited Funds C. His savings account D. Accounts Receivable

B

In QuickBooks Online Accountant, what can the + New button be used for? A. It's used to access client accounts B. It's used to access a range of workflows for customers, vendors and employees C. It's used to access ProAdvisor tips

B

Let's see if we can help Craig by showing him some important information about money his customers owe him. Using the Sales Center, how can you quickly find the overdue invoices in a company's accounts? A. Via the Products and Services tab B. By going to the Money Bar C. By going to the Grid Gear icon

B

Which is the best definition of an invoice from the options below? A. An invoice is what you send a customer when they pay you B. It's what you send a customer when work has been done and payment is due C. It's a legal document you send when payment is overdue

B

Your client wants to know if they can manage their expenses using the mobile app. What do you tell them? A. No. The mobile app is for viewing information only—they can't add expenses B. Yes. They can add expenses on the mobile app and it will automatically sync them with QuickBooks Online C. Yes. They can record expenses on the mobile app, but need to manually import them to QuickBooks Online when they are back in the office

B

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 ______________ ______________ What are the missing steps? A. 3) Makes payment 4) Vendor credit B. 3) Creates bill in QuickBooks Online 4) Makes payment C. 3) Creates expense in QuickBooks Online 4) Makes payment D. 3) Makes payment 4) Creates expense in QuickBooks Online

B When you create the bill in QuickBooks Online, it will show up in Accounts Payable, so Craig knows there's a bill becoming due. But he can manage his cash flow by keeping the money in the bank for up to 60 days until it's time to pay the vendor.

From the list below, identify 3 pieces of information you can find on the QuickBooks Online client's Dashboard. A. Estimated taxes B. Profit & loss C. Payroll due dates D. Overdue invoices E. Connected bank balances

B, D, & E

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? Cash-based reporting Accrual-basis reporting Management reporting Year-end reporting

B.

When would you use a bill purchase form like the one we've just filled in for Craig? When a vendor wants payment immediately When a vendor will need payment but not yet Neither of the above

B. When a vendor will need payment but not yet Craig or you would need to record bills when a request for payment isn't to be paid right now, like when terms are offered by a vendor. It's a way of recording the purchase to a date or period that is different than the payment date.

Craig decides to invest in some new equipment for his landscaping business. He adds a new account called Power Tools, setting the Account Type to Fixed Assets: Other Tools Equipment to keep track of how much he's spending. Now that Craig's Power Tools account is set up, which financial statement will it appear on? Balance Sheet Profit and Loss Statement of Cash Flows Expenses by Vendor Summary

Balance Sheet That's right. The Power Tools account will appear on the Balance Sheet because it is an asset.

Once you are satisfied that the _____________ is associated with the correct QuickBooks Online transaction, select Match in the Action column. Which option from the list correctly completes the description of how to match an expense or payment to a transaction in QuickBooks Online? Non-posting transaction Bank feed transaction Non-banking transaction Journal entry

Bank feed transaction

Go to the _________ and select For review Go through the list and find the transaction for Pye's Cakes. Select Match. What's the missing step here? Banking Center Reports Center Sales Center

Banking center

"Transaction forms that reduce the amount owed on a customer's account and record the return of goods" Which transaction type is being described above? A. Invoice B. Estimate C. Credit memo D. Sales receipt E. Refund receipt

C

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. A. 1. database; 2. apps B. 1. ecosystem; 2. databases C. 1. ecosystem; 2. apps D. 1. cloud; 2. tools

C

How can your clients quickly see how many overdue invoices each of their customers has? A. By selecting the Overdue area of the money bar in the All Sales List B. By selecting the Overdue area of the money bar in the Invoices List C. By selecting the Overdue area of the money bar in the Customer List D. By asking you to run an Accountant report

C

Take a look at the following customer workflow: Provide service Invoice customer ______________ Take money to the bank __________________ Which 2 steps in QuickBooks Online complete the customer workflow? A. 3) Create a check transaction 5) Create a bank deposit transaction B. 3) Receive payment 5) Create check transaction C. 3) Receive payment 5) Create a bank deposit transaction D. 3) Receive payment 5) Create a sales receipt

C

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? A. They shouldn't worry. As long as they keep 75% of their receipts, it's fine B. They should keep a separate wallet for their business expense receipts C. 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 D. They should take a photo of the receipt on their mobile phone and sync with QuickBooks Online when they are back in the office

C

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

C, D

Where can you see a list of banking transactions that have been accepted into QuickBooks Online? For review Categorized Excluded Recognized

Categorized

Craig adds another new customer, Cool Cars. He has agreed to payment terms of 60 days. Where can Craig record this information so it appears automatically on new invoices? A. Notes B. Tax info C. Attachments D. Payments and billing

D

How much does it cost to add access to the QuickBooks Online Mobile app? A. 10% more B. 15% more C. 20% more D. Nothing, it's free

D

Which Intuit product allows you to manage your clients and your practice all in one place? A. Intuit ProConnect B. QuickBooks Online C. QuickBooks Self-Employed D. QuickBooks Online Accountant

D.

Which of the following features is only available to QuickBooks Online Accountant team members? A. Dashboard B. Overview C. The + New button D. My Accountant

D?

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 Entry Details Transaction

Deposit

Which area of the Expense Center gives a list of all recent purchase transactions? Expenses Vendors Products & Services Customers

Expenses

Craig calls with a problem. He can see a duplicate transaction for some materials he bought at Hicks Hardware. What might have caused this? Instead of adding the transaction from his bank feed, he matched it to an existing transaction Instead of matching the transaction from his bank feed, he selected the Add option He added the transaction from his bank feed twice There's no way this could have happened. QuickBooks Online will check it's a unique entry

Instead of matching the transaction from his bank feed, he selected the Add option By adding the transaction from his bank feed instead of matching it to an existing transaction, he created an identical transaction for the same amount. ProAdvisor advice:- Always Match first and check all bank and credit card transactions to make sure the transaction is not hidden someplace else- Once this has been confirmed, Add is the second option

Where on the Expenses Center would you need to select to enter a new cash expense? The Vendors tab New transaction The Batch actions drop-down The Gear icon on the far right, above Action

New transaction

When adding a new vendor, which of the fields should almost always be left blank? Company Address Website address Opening balance Account number Cost rate Terms

Opening balance

"Transaction form used to request and track vendor purchases." Which vendor transaction form is being described here? Expense Purchase order Vendor credit Bill

Purchase order

Pedro is a bookkeeper who has taken on some new clients. He now supports a mixture of small businesses and self-employed freelancers. Which product will help him manage all his clients in one place? QuickBooks Online Accountant QuickBooks Online QuickBooks Self-Employed

QuickBooks Online Accountant

_________________ 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. Which QuickBooks subscription is being described? QuickBooks Online Accountant QuickBooks Expenses QuickBooks Self-Employed QuickBooks ProConnect Tax Online

QuickBooks Self-Employed

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 Simple Start Essentials Plus

Self-Employed Many solopreneurs and freelancers are self-employed, so QuickBooks Self-Employed is likely to be the subscription they choose.

A client enters bills into QuickBooks Online when they are received and processes and records the bill payments when they become due. Which one of the answers below describes the workflow this client is using? Simple vendor expense workflow Accounts payable vendor workflow Transactional vendor workflow Next

Simple vendor expense workflow (?)

Craig wants to add a new non-inventory product for pesticides. This is something he purchases from a vendor, but he doesn't charge customers for it directly. It's just something he uses as part of his gardening service. What account should he link the product to in the Chart of Accounts? Supplies (expenses) Pest-control services (income) Office expenses (expenses) Accounts payable

Supplies (expenses) Because this is something he purchases, he needs to link it to an expense account. This ensures that it appears as an expense in the Profit and Loss report.

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? The + New button The green New button The Gear icon

The green New button

Your firm has received an invite to be the accountant for a client who already has a QuickBooks Online account. Where will you find the Accept Invite button? Within the invitation email sent to your inbox With the client Dashboard Via a text message sent to your phone On your QuickBooks Online Accountant dashboard

Within the invitation email sent to your inbox You can accept the invitation directly from the email. This will be sent to the email address that your firm's QuickBooks Online Accountant is registered with.