QBO ProAdvisor Test Section 4 (87%)

Your client wants to transfer $500 from their checking account into a savings account to cover tax liabilities for sales made last month. Where should your client go to record a Transfer?

+ New > Transfer

Which users are able to undo a reconciliation?

-Accountant users only

Which 3 of these statements regarding bank rules are true?

-Bank rules can be prioritized -Bank rules can automatically add transactions to the register -Bank rules can be copied, edited, or deleted

To make receipt forwarding active, you'll need to enable a unique email address within the client's QuickBooks Online. Where would you navigate to enable this feature?

-Banking Center > Receipts > Forward from email

From the For review tab in the Banking Center, how would you exclude a bank transaction that is a duplicate?

-Find transaction > Check box next to transaction > Select Exclude in banner

Vendor credits are designed to account for returns of products purchased on account. What are 2 ways to use a vendor credit in QuickBooks Online?

-Hold on to it and apply it to a future bill -Apply it to an existing bill

Which 2 problems does the Pay down credit card workflow solve for clients?

-It uses language that non-accountants can understand -It ensures that payments to credit card accounts are categorized correctly

Which report can be viewed to provide some guidance on how you can resolve transactions that are causing discrepancies when reconciling an account?

-Reconciliation Discrepancy report

What are the 3 ways to capture bills and receipts so that they can be matched to transactions and added to the bank feed?

-Via the mobile app -Forwarding by email -File upload

Which 3 statements are true about recording journal entries?

-When posting to the accounts receivable account, you must specify a customer -Total debits must equal total credits -You can post to multiple accounts receivable and/or accounts payable accounts in the same journal entry

What are 2 scenarios in which you would use a Bank deposit transaction?

-When your client wants to group customer payments into a single deposit transaction -When your client wants to record an SBA loan amount received

Which option completes the 3 missing steps to use the Pay down credit card feature? Select the correct option from the dropdown.

1. Select the + New button from the left-hand navigation and select Paydown credit card in the Other column 2. Select the credit card account that is being paid 3. Select the Payee, if applicable 4. Enter the amount and the date of payment 5. Select the account the payment is being made from 6. Finally, select Save

Which of these recurring transactions could be used if an accountant needs to set up a monthly recurring prepaid expense?

A recurring bill

How many times are customers able to make a payment via a payment link before it expires?

One time

What is the default filter that is automatically applied when reconciling an account in the Reconciliation dashboard?

Reference number Memo Payee Amount Date -Cleared status

Brittany provides in-home hairstyling services to her clients and collects payment from them at the time of service. What type of transaction in QuickBooks Online allows her to record the sale and the payment on a single screen?

Sales receipt