QBO ProAdvisor Test Section 5

In the Reclassify transactions screen, which 3 elements of a transaction can be reclassified?

-Accounts -Locations -Classes

Which 2 options are benefits of using the Close books feature?

-It can prevent users from changing transactions in a closed period -It keeps track of any changes made after the closing date was set to closed period transactions

Which accountant-only tool enables you to categorize a couple of transactions or a large batch of transactions in only a few clicks?

-Reclassify transactions

To keep track of her team, Esther has requested that the status of each task be updated in the Month-end review tabs. What are the 3 status options?

-To Do -Waiting -Done

The first stage of the month-end process is reviewing transactions and recognizing any possible issues. Which are 2 open issues that you can view from the Transaction review tab?

-uncategorized transactions -transactions without payees -unapplied payments

Why might an Accountant user not see the Exceptions to Closing Date report in a QuickBooks Online company?

A closing date has not been set in the company

What are the correct steps to access and begin reclassifying transactions?

Accountant Tools > Reclassify transactions

What are the correct steps to begin the Write off invoices process?

Accountant Tools > Write off invoices

At year end, what 2 reports can be used to verify that all bank and credit card accounts on the balance sheet have been reconciled?

Balance Sheet Detail Reconciled Transaction Detail by Account

Sarah would like to create a new custom management report for her client. How would she accomplish this?

Copy an existing template under Management reports

Your client would like to display negative numbers in red on their Profit and Loss report. Where can you select this option for them?

Customize > General

Which 3 predefined management report templates will a client see in their company file?

Expenses performance Company overview Sales performance

Which of the options below does the month-end review process help with? Select all that apply.

Finding transactions with outstanding issues Dealing with unreconciled accounts Identifying discrepancies with accounts and starting balances Creating and sending management reports

Which 2 forms related to employees and contractors do you need to file at year end?

Form 1099 Form W-2

By default, all QuickBooks Online company files have tags turned on, but they can be turned off. Where would you go to disable this feature?

Gear icon > Account and settings > Sales tab > Sales form content > Tags

Which report shows the book (purchase or cost) value of inventory items with quantity on hand?

Inventory Valuation Summary (or Detail)

What feature in QuickBooks Online allows users to create custom charts to visualize financial data?

Performance Center

Which 2 tasks should be completed monthly as part of the month-end review process?

Reconciling accounts Resolving incomplete transactions

Where would you navigate in QuickBooks Online to generate a Balance Sheet report?

Reports > Business overview > Balance Sheet

Which of these are customizable labels that clients can assign to transactions of their choice?

Tags

When can an Accountant user use the Write off invoices tool?

When a customer has outstanding invoices that will not be paid

Which of the following statements are correct regarding management reports in QuickBooks Online? Select all that apply.

You can add as many reports as needed to the package You can't reorder the reports included in the package

IRS guidelines require specific information to substantiate deductible automobile expenses. Which 3 items are included in the substantiation requirements?

vehicle type, date placed in service, and total mileage (business, commuting, and other personal mileage).

Which report summarizes the amount of financial activity associated with each income or expense account for a specific period of time?

Profit and Loss

How can you find the Exceptions to Closing Date report?

Reports > For my accountant

Which report would you use to show top-selling and/or worst selling products?

Sales by Product/Service Summary

Which tool in the Accountant Tools helps you clean up uncollectible balances from customers?

Write off invoices