QBD Questions

Which of the following might indicate that a client has been paying sales taxes with regular checks coded to an Expense Account, instead of using the Pay Sales Tax window?

A large balance in the Sales Tax Payable account

QuickBooks Desktop now provides 401(k) management services for those subscribed to:

Assisted Payroll for QuickBooks Desktop

A client gives you a handwritten record of paychecks. You use the After-the-Fact payroll window to enter them. You notice a discrepancy in Medicare tax between what the paper records and what appears in the After-the-Fact Payroll window. What would you adjust to correct the discrepancy?

Federal Withholding

Which of the following is included n the Working Trial Balance?

Final Adjusted Ending Balances

The QuickBooks Statement Writer lets you create which of the following using live QuickBooks Desktop Data?

Financial statements, variance calculations, and support documents

If a company does not renew their annual QuickBooks subscription and they are on version year 2023's maintenance release 3 or newer, what happens to the data?

For one year they can have view-only access and download their data to Excel or PDF format

If you want your client to send you a portable file, the easiest way to do this is to:

Go to File > Send Company File > Portable Company File

You are using File Manager at your office for virtually organizing your many clients' files. You want to group the files into the types of services you provide, i.e. payroll, corporate taxes, etc. What method in File Manager offers this?

Groups, Add/Edit Groups

A client Entered an incorrect Opening Balance date during the Easy Step Interview. What is the suggested way to correct this mistake?

Open the account register for each affected balance sheet account and change the beginning balance entry date

A Sales Tax Group lets yo udo which of the following?

Pay different parts of the same tax to multiple tax agencies

Which of the following allows you to group employees who have the same pay frequency?

Payroll Schedules

Intuit Enhance Payroll is ideal for the small business that wants to do which of the following?

Perform all their own payroll tasks in-house

What action do you need to take before you can memorize a report template?

Prepare the report with all the customizations you require.

What is the purpose of a Report Group?

Processing multiple reports at the same time

Which of the following is an example of a transaction report?

Profit & Loss Detail

At your office, you prepared several adjusting journal entries in a copy of the client's file. You have fowarded these adjustments in an email using the Send General Journal Entries feature. What file type will these Journal Entries be in when attached to an email?

QBJ

A client sends an Accountant's Copy file created in QuickBooks Desktop Pro 2020. In which of the following can you make accountant's changes to be sent back to the client?

QuickBooks Desktop Accountant or Enterprise Accountant 2020 or 2021

Which of the following editions can be used to create an Accountant's Copy file?

QuickBooks Desktop Pro

Which statement is true concerning how QuickBooks Desktop Pro and QuickBooks Desktop Premier calculate the value of inventory?

QuickBooks Desktop Supports the average cost method

Which of the following is available only in Intuit QuickBooks Desktop Accountant and Enterprise?

QuickBooks Statement Writer

You want to create GAAP compliant financial statements from QuickBooks Desktop Accountant. Which of the following tools would you use to create the statements?

QuickBooks Statement Writer

Which of the following might you do for a client who has never reconciled the checking account?

Reconcile as of the last day of the last fiscal year, treating the entire history of the bank account to that point as one big statement

What report would you run if the beginning balance in QuickBooks didn't match the beginning balance on a statement for an account you wished to reconcile?

Reconciliation Discrepancy

What happens when specifying a bank account n the Receive Payments window?

Reconciling that bank account can be more difficult because each payment appears as a separate deposit in the Reconciliation window

If a client is on a cash basis, how should you enter beginning Accounts Receivable? Assume that you are using the "Forms" method to enter the opening balances.

Record all open invoices on the original date using the original item

Instead of using the Pay Scheduled Liabilities window, a client paid insurance deducted from paychecks by writing a regular check and listed the Insurance Liability account as the expense. How can you correct this mistake?

Record an adjustment in Adjust Payroll Liabilities and select "Do not affect accounts"

Where can you find all the job costing reports in one place?

Reports > Jobs, Time & Mileage

Which of the following functions does the Layout Designer allow?

Resize data fields on a form

You create a journal entry using classes. The debit side of the transaction uses Class A, the credit side uses Class B. What "Problem" can this cause in your Balance Sheet by Class report?

Unbalanced Classes

You have unlocked the Accountant ToolBox at your QuickBooks Desktop Pro client site and are ready to clean up many duplicated vendor records. How many vendor records can be merged at one time using Merge Vendors, a Client Data Review tool?

4

What is required to use a Node card reader (contactless credit card payment device), with a QuickBooks Desktop Company file?

A QuickBooks Payments subscription

Which type of business might use statement charges to bill customers?

A janitorial business that charges a routine monthly service fee

You run a Balance Sheet along with an Inventory Valuation Summary report and find that the ending balances do not match. What could be causing the problem?

A journal entry was posted to the Inventory Asset account

You want to work efficiently at your office reviewing your clients' data files. You regularly use several of the Client Data Review tools. Using the Accountant Center, how can you manage the tools displayed?

Accountant Center, Customize

Your client is using QuickBooks Desktop Pro and has multiple bank and credit card accounts. What accountant specific tool can you use to review the reconciled status of these multiple accounts?

Accountant ToolBox, Accountant Center

QuickBooks Desktop improved the report generating performance for which report(s)?

Accounts Receivable Aging Summary and Accounts Receivable Aging Detail

You want to customize a report. Assuming that you are using the reporting capabilities within an editions of QuickBooks Desktop (i.e., not using Excel or QuickBooks Statement Writer), which of the following techniques is possible in QuickBooks?

Add column that performs calculations based on other columns of the report

What is the importance of the "When Do You Owe Sales Tax" preference?

Allows you to adhere to your state's tax rules regarding reporting and remitting sales tax

Which of the following is an example of a QuickBooks Desktop summary financial report?

Balance Sheet Standard

You have a new QuickBooks Desktop client. Prior to using QuickBooks, they recorded their checks in an excel spreadsheet. what tool can you use to add these checks into the new file you are creating in an efficient manner?

Batch Enter Transactions

Which of the following situations is true regarding generating state and federal payroll tax returns when using Enhance Payroll?

Before the form is submitted, it is automatically checked for errors, and you can drill down the spot to fix them.

When looking for changes to transactions from prior years, which of the following does the Audit Trail report help you find?

Changes to transactions, including voids and deletions

After reviewing your client's file you determined that all year they assigned a particular vendor's payments to an incorrect account. What Client Data Review tool can you use to correct these transactions efficiently?

Client Data Review, Reclassify Transactions

You would like to send a selection of payroll reports to your client that includes Employee Journals, YTD comparisons and more. What report option would produce these reports?

Client Ready Payroll Reports

Your Client has a customer who is also a vendor. They want to offset what they owe the vendor against what the customer owes them. According to the method detailed in the Guide, what is the first step in this process?

Create a bank account called Barter clearing Account

Which of the following describes a transaction that you would enter in the Enter Credit Card Charges window?

Credit card purchase from a vendor

Which of the following best represents the recommended "flow" used in QuickBooks for receiving payment sand making deposits?

Customer Payment to Undeposited Funds to Bank Account

What is new in the Payment Links feature for all currently supported versions of QuickBooks Desktop?

Dashboard provides insight to the current status of prior payment links

Which report provides line-by-line detail of a client's deposits?

Deposit Detail

Where do you turn on the preference for Progress Invoicing?

Edit > Preferences > Jobs & Estimates

What information do you need on hand before you can complete setting up payroll in QuickBooks?

Employee info and YTD tax payments only

What is the first step when setting up payroll?

Enter employee information

Which of the following can be done in an Accountant's Copy file?

Enter or add most types of transactions in a prior period

During the EasyStep Interview, QuickBooks asks for the last bank statement balance before the Start Date. Which of the these actions can be followed to record the book balance?

Enter outstanding checks and deposits with the original transaction dates using the Opening Balance Equity account

While in the Fixed Asset List, which of the following functions can you perform?

Enter purchase price, new/used condition, and acquisition dates

You're about to start entering Year-To-Date Payroll information when setting up QuickBooks Payroll. You want to enter each employee's pay history in one place. Where do you begin this process?

Enter the Payroll Setup process and follow the steps to Payroll History

You want to see the line "See Accompanying Notes" at the bottom of the Profit & Loss statement. How would you do this in QuickBooks desktop (without using Microsoft Excel or the QuickBooks Statement Writer)?

Enter the text as the "Extra Footer Line" under the Header/Footer tab of the Modify Report window

Your client's accounting records are not complete until you enter the transactions between the start date and the current date. If you choose to enter individual transactions, what is the last step in the process?

Entering Payroll transactions

Exporting reports to Excel and updating an existing worksheet lets you preserve which of the following with the press of one button?

Existing, already formatted worksheets

We would like to change a column header in a QuickBooks Desktop report. To do so we...?

Export the report to Excel and change the column header in Excel

Which of the following users have the most permissions in common with the Administrator?

External Accountant

Where do you assign tax form lines for QuickBooks Desktop accounts?

In the tax software (TurboTax, ProSeries, or Lacerte)

A CPA runs a payroll service statewide, and many of his payroll clients use QuickBooks Desktop Pro. His clients require a full service payroll solution (i.e. the CPA handles everything and sends the client completed payroll checks), but some of his clients like to input their own hours and have the CPA handle the taxes only. Which Intuit payroll solution will allow him to service all of his clients and set the level of access in payroll for each client to remotely work on payroll, regardless of how they prefer to have their payroll handled?

Intuit Online Payroll for Accounting Professionals

What is true about Client data Review?

It can reclassify transactions in a batch

What is true about the Balance Sheet by Class report?

It is possible to have transactions with balanced debits and credits but also with unbalanced classes in QuickBooks Desktop

You are instructing your client to track the purchase of fixed assets in their QuickBooks file. To what list do you request that they add the Fixed Asset purchase?

Items List

What is the best method to enter opening balances for partners' equity accounts?

Journal Entries

Which of the following can lead to an unbalanced Balance Sheet by Class report?

Journal entries that do not balance by class

To use the Write Off invoices window while reviewing a client's file at your office using your QuickBooks Accountant software you will need to do which of the following?

Launch from the Accountant menu or formal Client Data Review

What is the purpose of the Total in the Adjust Quantity/Value window?

Lets you enter a new value for an inventory item to correct errors or record a loss.

What programs does the QuickBooks Statement Writer use to help you prepare GAAP-compliant financial statements?

Microsoft Excel and Word

What reports are available when using Mileage Tracker?

Mileage by Job Summary and Detail Mileage by Vendor Summary and Detail *A and B

Which report lists taxable and non-taxable sales separated by sales tax item grouped by vendor?

Sales Tax Revenue Summary

On a Profit & Loss statement, you wish to show only line items with transactions for the period. How can you do this?

Select the Advanced Option titled Display Rows > Active

You memorize a fantastic new report today, but you can't remember what you named it or where it is in the Memorized Report list. How can you find it easily?

Select the Recent tab in the Report Center

If you want to be able to compare estimated cost against actual costs including labor for Customers or Jobs, what information do you need on the Timesheet?

Service Items and Customer: Job

Which of the following is true?

The Working Trial Balance cannot be exported to Excel

Which of the following statements is true?

The accountant can make any changes desired for any date in the Accountant's Copy before sending the changes back to the client

Your client prints a Balance Sheet report as of today's date and notices that the checking accounting balance in the register does not match the balance shown in today's balance sheet. What might cause this?

The client entered bank transactions dated past the date on the Balance Sheet report

Emailed pay stubs are password-protected. What password must employees enter to open their emailed pay stubs?

The first four letters of their last name and last for of their Social Security number

There are two methods of tracking vendor deposits described in the Supplemental Guide training. What is the primary difference between them?

The first method shows the deposit as a credit in the vendor's account. The second method shows the deposit as an asset

Two methods where shown for tracking deposits and prepayments from customers. What was the primary difference between the two methods?

The first method shows the deposits as a negative receivable. The second method shows the deposits as a current liability.

What does the Beginning Balance in the Begin Reconciliation window represent?

The sum of all previously reconciled transactions in the account

Which of the following is true about the QuickBooks Statement Writer?

There is an Excel add-in that creates a live link between Excel and QuickBooks data

Which of the best definition of Payroll items?

They are used to track increases or decreases to amounts on paychecks or for company expenses related to payroll

Which statement(s) is/are accurate about QuickBooks Time?

Time Keepers can track time using Android or Apple mobile devices Administrators can monitor, edit, or add time using a web portal Time is integrated in QuickBooks Desktop timesheets

Which QuickBooks report summarizes how much time your company spent on various jobs, with a list of the type of work performed for each customer or job?

Time by Job Summary

Which statement represents requirements for accessing the Accountant ToolBox in a QuickBooks Enterprise for Contractors data file?

Unlock ToolBox, then login in as External Accountant or Admin user

How should an accrual basis reporting company record a bad debt?

Use a credit memo with an item pointing to Bad Debt Expense

Which QuickBooks Company file users can view the Cash flow hub?

User with cash flow hub rights

What happens when you set a closing date and accompanying password in QuickBooks?

Users who have access to change transactions and who know the closing date password can make changes to transactions dated on or before the closing date.

Which of the following utilities would you run if you suspected that a data file has lost integrity?

Verify Data

What is the suggested method for voiding and re-issuing a paycheck?

Void a new check with the same check number. Then, change the number of the original check to the new check number or print the check.

I want to find entries that were voided or deleted. What report offers that information?

Voided/Deleted Transaction Detail

Which of the following reports provides account debit and credit details for deleted transactions, allowing you to view transactions that are no longer in your general ledger?

Voided/Deleted Transaction Detail

What does "Direct connect banking connections" mean?

You are able to download banking or credit card transactions directly from a QuickBooks menu

Which of the following is a limitation when using journal entries to enter opening balances?

You can specify only on A/R or A/P line in each journal entry

What might cause amounts to display in the Unclassified Column on a Balance Sheet by Class report?

You forgot to enter a class

Which of the following is an indication that a transaction contains unclassified amounts?

You see an amount in the unclassified column on the Balance Sheet by Class.

What can you do with the QuickBooks Cash flow hub?

view historical trends manage which accounts display see bank feed balances for connected accounts