ProAdvisor Certification Prep

Which type of transactions cannot be tagged at this time within QuickBooks online?

Journal Entry

In classic view, where would you go to make negative numbers in a report appear in a red color?

The Customize button and then the General section

How could a client move funds from a savings account into a checking account?

By using the Transfer feature by selecting + New, then Transfer, and entering the details

Emma received six checks from her customers for outstanding invoices that will be deposited at the bank. What is the first step in QuickBooks Online that must be completed prior to recording the deposit?

+New > Receive Payment

When you're using QuickBooks online accountant where can you view apps that are connected to a client's QuickBooks Online?

Apps > Firm Apps

A client who pays for their QuickBooks Online subscription directly wants to upgrade their subscription level. Where in QuickBooks Online Accountant would you find the link to do this?

In the Subscriptions and billing section, on the Client-billed subscriptions tab

If a client is using Classic View for their reports, which 2 of the following reports can they filter by Customer Type?

Sales by Customer Type Detail Customer Contact List

Which of the following statements are true about how you can resolve these discrepancies? Select all that apply.

If you re-enter and rematch the Expense transaction, you'll need to mark it as reconciled to remove it from this report You can correct the amount of the check paid to Chin's Gas to match the value of the reconciled transaction You can re-enter and rematch the Expense transaction

Where would you go to enable account numbering in the chart of accounts?

The Advanced tab in Account and Settings

Which 2 of these common issues does the Pay down credit card feature help to resolve? Duplicate entries Payments categorized to the wrong account Payments being recorded as paid by check Payments being recorded as an expense on the balance sheet

Duplicate entries Payments categorized to the wrong account

A client wants to set up a monthly customer charge for a customer. The charge is a fixed fee, with payment due by the last Friday of the month. Which one of these options would be the best way for the client to achieve this?

A scheduled recurring invoice

What are the 3 ways to capture bills and receipts so that they can be matched to transactions and added to the bank feed?

Forwarding by email Uploading via the mobile app Uploading a file

When are 2 times you might use the Setup screen in the Books review feature?

When changing chart of account names When making adjustments to balance sheet account balances during the clean up process

What user type is appropriate for nonprofit companies that need to provide reporting access to their board members?

View Company Reports

For how many days in advance does the Cash flow tab project your clients' cash flow?

90

Where would you go to view a list of customer statements sent out in the current month?

Reports center > Statement List report

Which 3 of these areas does the New Client Checklist tool focus on to help gather the information needed to select the right QuickBooks Online subscription for a client?

QuickBooks Features and Solutions Client Profile Needs Assessment

Which statement is true when importing lists into QuickBooks online?

When importing lists, you can choose to overwrite customers with identical names.

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

When you need to record an ACH payment of a customer invoice To record the payment of a bill When a company doesn't record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts

Can users with the right permissions in a client-paid subscription add QuickBooks Online Payroll or QuickBooks Time to their QuickBooks Online company?

Yes, by going to the Billing & subscription section in Account and Settings

Which 2 of these statements are true about the Tasks center? You can export tasks in Excel and PDF format You can only use the Tasks center to monitor work inside QuickBooks Online You can set tasks to repeat at a specified frequency You can attach documents to tasks You can only assign tasks to users with custom roles

You can set tasks to repeat at a specified frequency You can attach documents to tasks

Your client needs a QuickBooks Online solution that includes tracking for: Sales Sales tax Inventory

Plus

Which 2 QuickBooks Online billing options include a discount on QuickBooks Time?

ProAdvisor discount Direct discount

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

What should you do before deleting a balance sheet account that has a non-zero balance?

Reclassify the balance

How would you create a new estimate in QuickBooks online?

+New > Estimate

Where do you select to see only cleared transactions?

4 (filter option)

In which tab of Account and Settings can you turn on Class tracking?

Advanced

What does QuickBooks do if you try to import a customer that already exists in the company?

It displays an error message

Which statement is true about the transfer feature?

The transfer feature can be used to move funds between two balance sheets accounts.

How many conditions can you apply to a single rule?

5

One of your retail clients has had a store for about 2 years and, due to demand, is hoping to open a second store. They've asked you how much money they can afford to spend. Which report would you suggest they use?

Balance Sheet report

When you're looking at a transaction journal, which component of a transaction includes the date, memos, accounts, class, and job?

Source

What 4 pieces of information does QuickBooks Online with Automated sales tax use to calculate sales tax on an invoice? The customer's payment terms The customer's sales tax status The quantity of the product or service still on hand The tax category for the product or service The location of the sale The state where the company's registered

The customer's sales tax status The tax category for the product or service The location of the sale The state where the company's registered

Which 3 statements are true about recording journal entries?

Total debits must equal total credits. You can post to multiple accounts receivable and/or accounts payable accounts in the same journal entry. You can include products or services in a journal entry.

You need your client to send you a copy of a paper receipt so that you can match it to a gas expense in their QuickBooks Online. You create a client request and add a screenshot of the expense entry in QuickBooks Online to help your client identify which receipt they're looking for. What do you need to do to ensure the client receives an email notification to alert them about the new request for information?

When creating the request, move the Notify client slider to On

Your client records payments from customers in QuickBooks Online as they receive them throughout the day. They just deposited 4 checks at the bank. What's the next step they have to do to deposit those payments in QuickBooks Online?

+ New > Bank deposit

What are 2 features QuickBooks Time Elite has that Premium does not?

Ability to analyze project estimates verses actuals Ability to use geofencing

Which 3 of these can a Company admin user do in QuickBooks Online? Change their user level to Primary admin Add new Primary admin users Change the QuickBooks Online subscription Manage existing users Access the client's other products, such as QuickBooks Payroll and QuickBooks Payments

Access the client's other products, such as QuickBooks Payroll and QuickBooks Payments Change the QuickBooks Online subscription Manage existing users

Where is the toggle switch to turn off automatically applied credit memos?

Account and Settings > Advanced

What are the benefits of connecting bank and credit card accounts to QuickBooks Online? Select all that apply.

All connected bank and credit card transactions sync with QuickBooks Online All bank transactions can be checked, categorized, and approved to make sure they're correct It cuts down on the amount of data that needs to be entered manually, saving time

How would QuickBooks Online alert you to a discrepancy in the beginning balance when reconciling your clients' accounts?

An alert will be displayed in the reconcile tab, stating that the account isn't ready to be reconciled yet because the beginning balance is off

What are 2 ways to update the chart of accounts to suit the needs of your client?

Batch connect accounts to the Banking center Make unnecessary accounts inactive in batch

Which 3 billable charges can you invoice at a later date in QuickBooks Online? Delayed charges Billable stationery Estimates Billable expenses Billable time

Billable time Delayed charges Billable expenses

Before merging two sub-accounts, which 2 of these need to be true?

Both accounts are inactive The names are spelled the same

You need to add a gift basket with a collection of beauty products to your client's list of products and services. Which item type would you assign this to in QuickBooks Online?

Bundle

Which 3 of the actions below can be performed when using progress invoicing in QuickBooks Online? Copying line items directly from an estimate to a bill Copying line items directly from an estimate onto an invoice Editing individual invoice lines to change their amounts Calculating the percentages of line-items on an estimate to be invoiced on invoices Creating multiple estimates from the same estimate

Copying line items directly from an estimate to a bill Calculating the percentages of line-items on an estimate to be invoiced on invoices Editing individual invoice lines to change their amounts

What should you do to streamline the purchasing process once the customer approves an estimate?

Create invoice from the estimate

Which 3 of these are among the details in transactions imported by using the App transactions tab in QuickBooks Online?

Customer Name Quantity Currency

Which 4 list types can be directly imported into QuickBooks Online from Excel?

Customers Products and services Vendors Chart of accounts

What should you do if you notice a duplicate transaction in the bank feed?

Exclude the transaction

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

Expenses center > New Transaction> Vendor credit +New button> Vendor Credit

Thomas would like his customers to see the full invoice details from within the email itself and have a pdf attached.

Gear > Custom form styles

From here how can you access and create custom fields in QuickBooks online?

Gear icon > Account and Settings > Advanced > Customize

In QuickBooks Online, what 4 data points do you need to set up sales tax for a client who only does business in their home state?

How often they have to file a tax return When they started collecting sales tax for the agency Their company address When their last tax period started

Which 3 of the following statements are true about working with corporate credit cards in QuickBooks Online? If you are paying off the full amount of the credit card, an easy way to record the credit card payment is to use an expense transaction and split the payment between the different credit cards With corporate credit cards, one card is usually designated as the primary, or master card Individual cardholder accounts, including the primary/master card, are set up as subaccounts to the parent account The only method you can use to record a payment to a corporate credit card is to enter payments manually by creating an expense transaction

If you are paying off the full amount of the credit card, an easy way to record the credit card payment is to use an expense transaction and split the payment between the different credit cards Individual cardholder accounts, including the primary/master card, are set up as subaccounts to the parent account With corporate credit cards, one card is usually designated as the primary, or master card

Your client wants to add an additional tag to transactions on an invoice. However, the tag isn't on their existing list of tags. Which 2 of the following are ways to create a new tag? Open the Products and Services list and select Edit for the required product or service. Then select + New from the Tags dropdown On the invoice, start entering the tag name in the Tags field. Then select + Add from the pop-up Select the Manage tags link on the invoice, followed by Create tag. Then enter the tag name Select the Manage tags link in the Gear menu, followed by Create tag. Then enter the tag name

On the invoice, start entering the tag name in the Tags field. Then select + Add from the pop-up Select the Manage tags link on the invoice, followed by Create tag. Then enter the tag name

Which 3 of these statements are true about the "Forward from email" option? Users can only include one bill or receipt in one email Multiple users can forward bills and receipts to the same custom email address There's only one custom email address per QuickBooks Online company that can be used to receive bills and receipts Only PDF-format bills and receipts can be forwarded Only company users with at least standard access with vendor permission can forward bills to the custom email address

Only company users with at least standard access with vendor permission can forward bills to the custom email address Multiple users can forward bills and receipts to the same custom email address There's only one custom email address per QuickBooks Online company that can be used to receive bills and receipts

How do you make a report available to be sent via email on a scheduled basis?

Select Save customization on the displayed report and save it as a custom report

Your client has made a tax payment on the relevant state's website. What should you do to record the payment for the client?

Select View return for the required tax return, then select Record Payment

A client messaged you saying that there might be something wrong with the bank feed of their checking account. What would be the first thing to do to see if the bank feed will refresh?

Select the Update button in the Banking center

Which 3 types of customer statements can QuickBooks online generate?

Statements that show a balance forward and then all activity between two specified dates Statements that show only open transactions Statements that show sales transactions and payments between two specified dates

If you think sales tax isn't being calculated correctly, which 2 of these should you verify?

That the correct tax category is selected That the tax is being calculated on the correct address

While preparing your client's books for year end, you find some transactions that may not have been recorded appropriately. In which 2 of these cases could you use the Reclassify transactions tool? To change the expense account for billable expenses, but not the income account for the related income transactions To change the class and/or location for invoices, sales receipts, checks, or bills with items (products or services) on them To change the account or class for inventory adjustments To change the payment account (bank or credit card) for expenses

To change the expense account for billable expenses, but not the income account for the related income transactions To change the class and/or location for invoices, sales receipts, checks, or bills with items (products or services) on them

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

Transaction Volume Common Issues Company Setup Banking Activity

Which feature in QuickBooks Online allows you to apply a refund to an existing or future bill?

Vendor credit

Which option would you select to display inactive clients in the Clients menu?

The Grid Gear icon and select the Include inactive clients option

Where should a client initiate the setup of QuickBooks Payments?

The Payments tab in Account and Settings

A client has created an estimate in QuickBooks online plus. They've selected Copy to purchase order. Why might a certain product/service item from the estimate not appear on that purchase order?

The product/service item doesn't have "I purchased this product/service from a vendor" checked

If you want to remove a customer in QuickBooks online what must you select from the action column?

Make inactive

Where would your client navigate to view the status of a bill payment?

Open bill payment > More > View online payment

Where in the bank feed can you match or add transactions?

The For review tab

Which words correctly complete this statement about working with inventory in QuickBooks Online? Select the correct option from the dropdown. Recording the purchase of an inventory item Select answer the Inventory Asset account on the balance sheet by the quantity multiplied by the cost, and Select answer the Quantity on Hand units for that item.

Increases Also Increases

Which 2 problems does the pay down credit card workflow solve for clients?

It uses language that non-accountants can understand It ensures that payments to credit card accounts are categorized correctly.

Your client has been using the QuickBooks Online Mileage Tracker throughout the year. It's nearing year end and you're preparing the log for auto expense deduction. Which 3 of the tasks below should be completed to prepare the log for auto expense deductions at year end?

Look for vehicle changes (bought or sold) View all the recorded trips, ensuring none are left unreviewed Check the calculated mileage

Which 2 of these steps do you need to take before creating a Project estimate that includes both estimated revenue and costs?

Map each product and service item to be used on an estimate to an income and an expense account Enable the Estimate feature in Account and Settings Enable and configure the Projects feature in Account and Settings Reset the quantity on hand value for each product and service item to be used on an estimate Set up an Estimate Inventory account in the chart of accounts

For which of the following should you use the Transfer function in QuickBooks Online?

Moving money from a savings account to a checking account

There are four item types to choose from in QuickBooks online: This includes services that are provided to customers, such as an emergency service call visit or other labor. This is a collection of products and services that are sold together, such as the installation of a product that includes both labor and materials. These are products that are bought and sold, and where it is necessary to track quantities on hand. These are products bought and sold where it isn't necessary to track quantities on hand, such as small parts used int he installation or delivery of a product.

Service Bundle Inventory (in QuickBooks Online Plus and Advance Only) Non-inventory

Which 3 of the following statements are true about Spreadsheet Sync?

Spreadsheet Sync only works with Excel Office 365 Spreadsheet Sync lets clients build reports using QuickBooks Online data that refresh with the latest transaction data from the company file Clients can create and edit transactions in Spreadsheet Sync and then post them back into their QuickBooks Online company file Multiple team member can be concurrently logged into Spreadsheet Sync for the same company

Projects help clients organize all the transactions that make up a customer project and track profitability. To which other transaction categorization feature is Projects most similar?

Sub-customer

Where can you enable account numbers for an existing chart of accounts in QuickBooks Online?

The Advanced tab in Account and Settings

In which 4 of these situations would you use the Additional payments to deposit on a Deposit transaction? The client receives a refund from a tax agency and needs to record it to reduce the Tax Liability or Expense account The client receives a refund from a vendor and wants to record it directly against the associated expense 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 funds from loan proceeds or contributions of cash from owners The client receives a partial payment from a customer against an open invoice The client receives a deposit from a customer for future purchases

The client receives a refund from a tax agency and needs to record it to reduce the Tax Liability or Expense account The client receives a refund from a vendor and wants to record it directly against the associated expense 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 funds from loan proceeds or contributions of cash from owners

Your client Amy creates three rules that appear in this order in her Rules list. There are no other rules. Rule 1Assigns all purchases at MotoZpares to an Auto Supplies expense accountRule 2Assigns all purchases at Office Depot to an Office Supplies expense accountRule 3Assigns all purchases over $500 to Fixed Assets When Amy's colleague spends $750 on a trailer at MotoZpares, the purchase is assigned to Auto Supplies. What can Amy change so that the same purchase goes to Fixed Assets instead and MotoZpares purchases of $500 or less are still assigned to Auto Supplies?

Move Rule 3 up to the position of Rule 1

Which 3 of these steps should you complete before you close a client's books? Reconcile all bank and credit card accounts Set the status of all the client's projects to Completed Substantiate all balance sheet accounts Disconnect any bank feed links Review the profit and loss accounts

Reconcile all bank and credit card accounts Substantiate all balance sheet accounts Review the profit and loss accounts

You want to provide your client with a professional-looking downloadable report that includes a cover page, table of contents, and custom letter that they can send to potential investors. Where would you go to create such a report?

Reports center > Management reports tab

What is the Undeposited Funds account (also called Payments to deposit)?Select the correct option from the dropdown. The Undeposited Funds (or Payments to deposit) account is meant to be a Select answer holding account that tracks payments received from customers that Select answer been deposited to your client's bank account. Its main purpose is to make reconciliation easier by Select answer .

Temporary Have Not Combining Multiple Transactions into a single record

What are 3 reasons why QuickBooks Online might not suggest a match for a bank transaction? The transaction is posted to the wrong account The transaction is outside the date range in which QuickBooks Online searches The amount of the transaction posted in QuickBooks Online is greater or less than the amount that cleared the bank The transaction was entered automatically by a Rule The transaction was entered automatically by a third-party app

The transaction is posted to the wrong account The transaction is outside the date range in which QuickBooks Online searches The amount of the transaction posted in QuickBooks Online is greater or less than the amount that cleared the bank

Clients can deactivate custom roles from the Roles tab in the Manage users screen. What would be a reason for not being able to deactivate a custom role?

There are still users assigned to that role

What are 3 benefits of using apps with QuickBooks online?

They can provide additional insight into various parts of a business They can solve industry-specific needs They can reduce time spent on data entry

A client tells you they can't convert an estimate to a purchase order. Which 2 of these might be the reason?

They use QuickBooks Online Simple Start or Essentials They haven't enabled purchase orders in Account and Settings

From here, which 3 methods can you use to create Customer statements?

To create a statement for one or more customers, select Statement from the dropdown next to New customer, then choose the required customers. To create a statement for multiple customers, select each checkbox on the left, then select Create statements from the batch actions dropdown. To create a statement for one customer, open the Customer details screen, then select Statement from New transaction dropdown.

Which 2 of these situations could cause payments for services to an applicable payee not to appear in the 1099 Wizard for submission to the IRS? Total payment made to the applicable payee aren't at or above the $600 threshold level They live in another state The Track payments box for 1099 isn't checked on their Vendor Details screen

Total payment made to the applicable payee aren't at or above the $600 threshold level The Track payments box for 1099 isn't checked on their Vendor Details screen

Which of these are true about journal entries in QuickBooks Online? Select all that apply.

You can't use product and service items in a journal entry Total debits must equal total credits

Which 2 statements are true about using a product or service on a purchase form?

You must select I purchase this product/service from a vendor You must be using QuickBooks Online Plus or Advanced

In which of these situations would you use the Add funds to this deposit grid? Select all that apply.

Your client receives a tax refund from the IRS Your client receives a cashback payment from a vendor for ordering in bulk