Quickbooks Certification Section 5

What might an Accountant user not see the Exceptions to Closing Date report in a QBO company?

A closing date has not been set in the company

The main area of QuickBooks Online Accountant is where you can view and manage your clients. It has three tabs:

Overview, Bookkeeping and Payroll—and opens at the Bookkeeping tab by default.

How does Teresa update the lead for the client from the Clients menu in QBO Accountant?

Select the filter option and then select edit leads

Who would have access to these notes?

Team members assigned to the client

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

W-2 and 1099

The Subscriptions and billing screen organizes the clients into 4 different tabs. What are the tabs?

1. Accountant-billed 2. Client-billed 3. Billing details 4. Revenue share

In which 2 ways can you create a customized template for a project in the Work menu in Quickbooks online accountant?

1. Create a template from scratch 2. add templates from QB labs

What 4 things can be done in the Wrap up tab of Books review in QBO Accountant.

1. Create an additional to do checklist 2. Close the books 3. Prepare reports 4. Send report packages

What are 2 ways to check a clients subscription level in QBO accountant?

1. Hovering over the qb icon in the Cients menu 2. From the subscriptions and billing screen from the Gear icon

Which 2 statements are true about the Opening Balance Adjustment are of the Setup tab in the Books review of Quickbooks Online Accountant?

1. It can be used to verify the beginning balances from a prior period haven't changed since the last time the tool was used. 2. It can be used to enter beginning balances in a new category.

What should you and your clients consider when setting a closing date?

1. It's best to create or update a closing date when your client is fairly certain that all the day-to-day transactions for that period have been entered 2. The closed period also applies to nonposting transactions, such as estimates and purchase orders 3. Reconciliations can be conducted in closed periods without having to enter a password

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

1. Keeps track of any changes made after the closing date was set to closed period transactions. 2. Can prevent users from changing transaction in a closed period

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

1. Recording beginning balances in a new QBO company 2. Making adjustments to balance sheet account balances during the clean up process

How can I make a client inactive or deleted them?

1. To make a client inactive, select the down arrow next to the client from the Actions column and select the Make inactive option. 2. You can reactivate clients by selecting Make active from the Actions column.

Which 3 of these can you do from the Teams menu in QBO accountant?

1. Track users Proadvisor certifications and their expiration dates 2. See the users status of team members 3. Add a new accountant user

What 3 fields can be found in the reclassify transaction screen?

1. Transaction type 2. Account 3. Date range

What are 2 limitations of the reclassify transaction tool?

1. You can't change the payment bank account when reclassifying expenses 2. You can't change the account for inventory adjustments

Which tab in the books review allows you to view and adjust balances for balance sheet accounts?

Account Reconcilation

As an accountant user, where can you access and begin reclassying transactions?

Accountant tools>reclassify trnactions

When downgrading a client's subscription, what will be affected as a result of the downgrade?

All discounts will be removed

What do you do if you want to change the accountant users that have access to the client's file?

Open the Edit client screen, scroll down to the Team access section and select or unselect the users.

What are the 3 types of user permissions you can choose from in QBO accountant when adding new team members to your firm?

Custom, Basic, Full access

If Josie pays for the subscription what steps will she take from her QBO accountant to upgrade client?

Gear icon>subscriptiongbilling>accountant billed subscriptions>subcriptions action >upgrade

What should you do if you don't see the Setup tab in the Books review screen?

Select cleanup from the drop down net to the Books review heading

What is one way to communicate with your clients from QBO accountant?

My accountant > Requests> Create client request

Who can set a closing date password

Only the primary admin or a company admin (including an accountant user) can set, change, or remove a closing date—or change the password.

Which accountant only tool enables you to categorize a large batch of transactions in only a few clicks for any subscription level?

Reclassify transactions

Where would you go to review your client expense account to see if any transactions have been miscategorized?

Reclassify transactions from Accountant Tools

How can you find the Exceptions to closing date reports?

Reports>for my accountant

What are the 5 main tabs of Books review?

Setup, Transaction review, Account recon, Final review, Wrap-up. The Books review center has five main tabs that take you through performing a periodic cleanup, solving issues, reconciling accounts, reviewing financial statements, finding problems with accounts and starting balances, and even creating report packages.

What can you edit in a clients menu?

You can edit the client's contact information, manage your team's access to the client, and review the client's subscription.

How do I add a new client?

To add a new client, select Add client from the top right of the Clients menu.

How can I change the lead assigned to the client?

To manage the lead accountant assigned to the client, select the Filter icon and then Edit leads.

What are 3 workflow tabs in the Books review center?

Transactions review, Account reconciliation, Final review

What are 2 open issues that you can view from the Transactions review tab?

Unapplied payments & Undeposited funds

How can I edits a clients details?

You can edit a client's details by selecting the Edit client option from the Actions column. Alternatively, select the client from the list and then select Edit client from there.

If you set a closing date with a password can a client's office manager with standard access make changes to transactions? If so, how would you track any changes they make in the closed period?

Yes, but only if they know the password. Changes are flagged in the Exceptions to Closing Date report

Notes in a client menu about a client are only accessible to who?

You and any team members assigned to that client. Notes can also be made private so only the team member who created them can view them.

What statement is true about the Additional items in Books review?

You can create a checklist of any task you want, along with hyperlinks, if available

What do I see when I select a client from the list in client menu? When you select a client's business name from the Client List.

You'll see any notes created by you and/or your team members—and you can add new notes as required. You can also view and share documents by going to the Shared Documents tab.