QBO

Which 3 of these 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. Where would you go to create such a report?

Reports center>Management reports tab

Your client wants to make it quick and easy for customers to make one-off payment straight from their smartphone. Which sales process is best suited to this?

Use the payment links tab in the Sales Center to send a payment link to the customer

Which of these statements about vendor credits is true?

Vendor credits post as a debit to decrease accounts payable.

In which 4 of these situations would you use a Deposit transaction?

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 the client receives money from an employee to pay down a loan owed to the company.

Your client has noticed a duplicate transaction in the bank feed. What advice would you give them?

You need to exclude the transaction if it's a duplicate because it'll cause the bank balance and reports to be incorrect.

For clients with a QuickBooks Online Plus account, what's the maximum number of billable users?

5

A new client has asked you to review their QBO company, which was set up by their previous bookkeeper. You start by looking at the client overview screen. If QBO was set up correctly, what figure should you expect to see in the Opening Balance equity account balance?

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 reactivated

You are onboarding a new client in QBO. Which 3 questions should you ask your client to help you set up their sales tax correctly?

Do they do business in more than one state? What agencies do they need to pay their sales tax to? What is their filing frequency?

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 QBO?

Bundle

Your client has been using the QBO Mileage Tracker throughout the year. It's nearing year end and you are preparing the log for auto expense deduction. Which 3 things should you check for auto expense deductions at year end?

Calculated mileage Any vehicle changes That all trips have been reviewed

Which 2 of these are posting transactions?

Credit memos, vendor credits

Which tab in QBO Banking shows the bank data that has not yet been accepted into QBO?

For Review

You want to add an app to your firm's books in QBO Accountant. Which 2 levels of account user can add apps?

Full access team user, Firm Primary Admin

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?

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

One of your e-commerce clients ordered far too many products in the build-up to the holiday season last winder. This left her with too much stock in January and she had to offer discounts in order to reduce the stock. Which report could help you client avoid ordering too much stock?

Sales by Product/Service Summary

Where would you go in QBO to make a sales tag agency inactive?

Taxes Center>Sales Tax>Sales tax settings

When you set up your client's sales tax in QBO, you've already recorded their physical address, the tax agency they pay their sales tax to, and their reporting interval. What additional 2 pieces of information are used to calculate sales tax on an invoice?

The customer's sales tax status. The tax category for the product or service.

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 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 2 of these common issues does the Pay down credit card feature help to resolve?

Duplicate entries Payments categorized to the wrong account

In which section of the Customize report drawer can you add the date and time the report was prepared?

Header/Footer

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 QBO. You create a client request and add a screenshot of the expense entry in QBO to help your client identify which receipt they are looking for. Which are 2 places where your client can see this request?

In My Accountant in their QBO company. Via email, unless you unchecked notify client.

Your client needs a QBO solution that includes tracking for Sales, Sales Tax, and Inventory. What is the minimum subscription level in QBO you would recommend?

Plus