Different Versions of Quickbooks
While preparing your client's books for year end, you find some transactions that may not have been appropriately recorded. 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 related income transactions to change the the class and or location for invoices, sales receipts checks or bills with items
QuickBooks Simple start
custom invoices, sales receipts product & service items estimates sales tax statements convert from QB desktop 0 Classes Locations 250 Charts of Accounts Unlimited Tags 40 Tag Groups 1 Billable User 2 Accountant 0 Reports 0 Time-Tracking Only
Statement of Cash Flows and Profit Loss Report
deciding whether you have enough profit and cash flow to take out a small business loan to cover the cost of the equipment
Transfer Functionality
moving funds from two balance sheet accounts 1:1 Transfer of funds no splits allowed There are no customers vendors employees or products and service items involved
The reason for not seeing the Exceptions to the closing date report in the reports center
no closing date
Sales by Products/Services
one of your e -commerce clients ordered far too many product sin the build up to the holiday season last winter this left them with too much stock in January and they had to offer discounts in order to shift the stock
what can you do to make sure thea pp is suitable before recommending it to your client
read the reviews of the app from customers and other ProAdvisor Test the app yourself beforehand request a demo of the app from the developer
Which 3 pieces of information can you get from the money bar at the top of their Customers page?
unbilled sales activity in the alst 365 days unpaid invoices in the last 365 days Payments received in the last 30 days
Your client wants to make it quick and easy for customers to make a one-off payment straight from their smartphone.
use the payment links tab in the soles center to send a payment link to the customer
Which of the following statements are correct regarding management reports in QuickBooks Online
you can add as many reports as needed to the package you cant reorder the reports included in the package
Your client has noticed a duplicate transaction in the bank feed. What advice would you give them?
you need to exclude the transaction if its a duplicate because it'll cause a bank balance and reports to be incorrect
Tasks before closing the books
Reconcile all bank and credit card accounts Substantiate all balance sheet accounts Review Profit and Loss accounts
3 steps should you complete before you close a client's books
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 a custom letter that they can send to potential investors.
Reports Center > Management Reports Tab
5 Stages month end review process
Set Up Transaction Review Account Reconciliation Wrap UP Final Review
Report Customization Options
General Filter Rows/Columns Header/Footer Aging
Your clients wants to review how much sales tax they paid last quarter
History
Where would you go to see if any transactions had been miscategorized?
Accountant Tools > Reclassify Transactions
QuickBooks Essential
Accounts payable custom fields recurring transactions multicurrency delayed charges time tracking time tracking only users billable hours 250 Chart of accounts unlimited tag groups 40 each group 3 Billable Users 2 accountants no limit time tracking
which usage limits can you see in the usage tab under account and settings
Billable Users, Classes and locations, Charts of Accounts, Tag groups
3 things for auto expense deductions at year end
Calculated Mileage Any Vehicle Changes All Trips have been reviewed
Client Overview Tab
Concise Subscription information Recent Banking Activity Stats Early indications of banking errors
Your client is confused about which types of transactions will affect the balances that appear on the Profit and Loss and Balance Sheet in QuickBooks Online.
Credit Memos, Vendor Credits
How many days of historical data are carried over from a bank account that is connected using OAuth
Depending on the financial institution between 30 days and 2 Years
Which options are true about the journal entry QuickBooks online creates if you add a new vendor with a non zero opening balance
Dr A/P CR Opening Balance equity account
QuickBooks Self Employed
Estimated taxes simple invoices separate personal and business expenses mileage tracking
Tagging Transactions
Expense Center-Manage Tags -Create Group
QuickBooks Online Plus / Advanced
Expenses by Customer Billable Expenditures Class Tracking Inventory Purchasing Multiple Store Locations 40 Classes 250 Accountants 5 Billable Users
Month End Review Process
Finding Transactions with Outstanding issues Dealing with unreconciled accounts Identifying discrepancies with accounts and starting balances Creating and sending management reports
Who can add and manage app subscriptions for clients
Firm Primary Admin, Full Access Team Users
where would you go in QuickBooks Online to manager user access
Gear Icon> Mange users
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.
In My Accountant in their QuickBooks online company Via Email, unless you uncheckered notify client
Where in QuickBooks Online Accountant would you find the link to do this
In the subscriptions and billing section, on the clietn billed subscriptions tab
Your client wants to add an additional tag to transactions on an invoice. However, the tag isn't on their existing list of tags.
On the invoice, start entering the ag 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 tag name
when a client sets up QuickBooks Payments the first time, what sections do they need to fil in
Personal Information, Business Information, Company Bank Details
when a client sets up QuickBooks payments the first time, what sections do they need to fill in
Personal Information, Business Information, Company Bank Details
You've just completed a meeting with a new client and have established that they need the following capabilities:- Keeping track of time worked on each client/project- Keeping track of expenses related to each client/project Which 2 subscription levels would provide these capabilities through QuickBooks Online?
Plus advanced
Discounts
QuickBooks Online 30% base subscription Quickbooks Online Payroll and time: 30% off base subscription and 15% off employee and contractor fees Quickbooks Time: 30% off base subscription and 15% off employee fees
For QuickBooksTime, Which subscription options can you choose from
Standalone vs Integrated Premium vs Elite
Year End Tools
The Prep for Taxes Tool Write off Invoices Tool Prep for Taxes
Reclassify Transactions Tool
To correct an insurance payment that has been miscategorized as an interest payment To reclassify a non item transaction incorrectly posting to uncategorized income
Once youve imported a customer list, where will you find the newly added customers in the client file
Under the customers tab in the Sales Customer
which of these can you select in the billing details tab to view an itemized invoice
View PDF, Download CSV
Where in the Taxes Center would you find the information you need to do this?
View Return
Clients Using Deposit Transactions
When the client receives funds from loan proceeds or contributions of cash from owners \When the client receives a refund from a vendor and wants to record it directly against the expense account or to a Refunds Received income account When the client doesn't record income using sales transactions (invoices or sales receipts) and wants to record deposits directly to income accounts When an employee reimburses the client's company, and the client needs to record the reimbursement against the Employee Loan receivable account When the client receives a tax refund. This screen is where you record it in the Tax Refunds account when the client receives money from an employee to pay down a loan owed to the company
Work Area
Where you can find the QuickStart OnBoarding template
For Review
Which tab in Quickbooks online banking shows the bank data that has not yet been accepted into Quickbooks online
A new client has asked you to review their QuickBooks Online company, which was set up by their previous bookkeeper. You start by looking at the Client Overview screen.
a balance of zero
Which 2 of these statements about setting up and editing a chart of accounts are correct?
account names can be edited deactivated accounts can be reviewed
as well as adding the logo to the invoices, how else can you customize an invoicde
add color, set the size position and the logo, change the font style and size
which 4 of the following expenses can you record using the expense transaction function in QuickBooks Online
bank account withdrawals, cash purchases, credit card purchases, bank fees