Quickbooks Online Certification
What are two reasons you would use the Apps tab on the left-hand navigation?
1. Search for new apps you may want to use for QuickBooks. 2. Open and use apps QuickBooks is already connected to.
What is the difference between an Invoice and a Sales Receipt?
An invoice records a sale and also how much your customer owes, a sales receipt records a sales and the payment you have received immediately.
How do you differentiate a customer who is also a vendor?
Add a V at the end of the display name on the vendor.
Which of the following reports are only available to Accountant users?
Adjusting Journal Entries
How can discounts be applied on a sales transaction.
As a dollar amount and as a percentage.
Checking and Accounts Receivable are usually on which Report? Profit and Loss or Balance Sheet?
Balance Sheet
Which report would reflect total assets, liabilities and equity, Profit and Loss or Balance Sheet?
Balance Sheet
Which of the following is information found in the Client Details screen?
Current account balances
What transaction should you enter if a customer returns a damaged product, or in the case of service, complains so much you decide to write them a check for a refund?
Refund Receipt
Where can you add a new Customer to your Customer List in QuickBooks Online?
The Customer Center > New Customer
What is a benefit of recording expenditures on bills using product / service items instead of accounts?
Use of Purchase reports
Which of the following would not result in a balance in Opening Balance Equity?
When adding an income account, the opening balance field was filled in
The difference between what you pay for an inventory product and the amount you sell it for is:
Gross Profit
How is undeposited funds used?
It is used as an account to record payments before you make a deposit.
Why is setting a closing date and a password strongly recommended?
It prevents making changes to a closed period
Under which settings tab do you enable inventory tracking?
Sales
When a customer pays you immediately when making a purchase or for a service provided, do you record on a sales receipt or sales invoice.
Sales Receipt
When setting up a new customer. How do you set up QuickBooks that the customer invoices should be due 10 days after they're issued?
Set the customer's terms to Net10
Which of the following is not a feature of Online Invoices?
Shows total balance for customer for all open invoices
Which of the following steps are needed to track inventory?
Sign up for Quickbooks Online Plus: Go to Account and Settings>Sales>Products and services>Track inventory quantity on hand
Which of the following is an advantage of saving Custom Reports?
The ability to add the custom reports to a group and have them automatically emailed
Which is not a file type that can be imported into the Banking Center?
When you set up a product or service what are the first 5 steps:
1. Click gear icon 2. Select Product and Services 3. Click the New Button 4. Select either Product or Service 5. Enter the Product or Service Name, Description, Cost, and Account to track the income.
If your company moves and you need to change your company address what are the first two steps you complete?
1. Click the gear icon on the home page. 2. Select Account and Settings
Which fields cannot be edited when changing the email sent to the customer with an email attached.
1. From Address 2. Priority
What three accounts must be defined when setting up a new inventory items?
1. Income Account 2. Expense Account 3. Inventory Asset Account
What two reports can you run to identify unbilled billable expenses?
1. Run the Open Invoices report 2. Run the Unbilled Charges report
What report should you rung to show overdue bills?
Accounts Payable Aging Report
What are the steps to track your company by department?
1. Turn on classes in company settings 2. Create the list for your departments on class list 3. On sales and expense transactions, select the classes associated with each transaction.
Your company uses Quickbooks online. You notice there are alot of duplicate entries on lists, like the same customer or accounts with slight variations. What are three things you can or cannot do when merging list entries?
1. You cannot merge expenses and items 2. You cannot merge a customer with a vendor entry 3. You can only merge names from the same type.
For how many consecutive days can you re-import QuickBooks Desktop data into QuickBooks Online form the date the QuickBooks Online Company is created?
180
You use QuickBooks Online Simple Start. How many accountant users can your invite?
2
How many regular (not accountant Users) can access a QuickBooks Essential subscription at one time?
3
How many days of transactions will be included when first connecting a bank account n QuickBooks?
90 Days unless excluded
How is a Credit Memo different from a Refund Receipt?
A Credit Memo affects Accounts Receivable
Which of the following best describes the functionality of the top navigation bar in QuickBooks Online?
A place to easily access tools for entering transactions
Which imported Bank Feed transaction will not be included in the Recognized tab?
A transaction that has multiple possible matches in QuickBooks
Where would you find the Audit Log in the Reports Center?
All Reports > Business Overview
One of the major advantages of all subscription levels of QuickBooks Online have over the desktop version is:
All the data is hosted, backed up and secured by Intuit's servers
What does the projects center do in QBO?
Allows you to track income and expenses by project or job for customers or clients
What is one option for creating a new QuickBooks Online Accountant firm?
Be invited as the accountant user from a QuickBooks Online company
When are discounts applied on a sales, before or after sales tax?
Before sales tax.
Which form cannot be customized in QuickBooks?
Bill
All of the following types of transactions can be made recurring, except which of the following?
Bill Payment
Choose the statement that best describes QuickBooks Online's functionality related to sales forms and products and services:
Charges to a customer on a sales form post to the account mapped to the product / service item's income account field
Where must journal entry accounts come from?
Chart of Accounts
If you are using Bank Feeds in QuickBooks Online, what must you do in the Reconcile screen in order to hide transactions you have matched or added in a subsequent period?
Check the box "Hide transactions after statement ending date"
How do you remove duplicate Bank Feed transactions that have not been added to the register?
Check the box to the left of the duplicate transactions in the For Review tab in the Banking Center and then Exclude from the Batch Actions drop down menu
Do you select checking or credit card when entering a debit card transaction?
Checking account
Which of the following lists can not be accessed from the Left Navigation Pane?
Classes
What are the first 2 steps you take after making a sales and the customer pays the entire balance in cash?
Click the new icon, select sales receipt
Where can you find a visual representation of some of the company's key financial indicators?
Company Snapshot
Which of the following transactions can be recorded using the Expense feature?
Credit Card Expense
What transaction should you enter if a customer returns a damaged product that they have not yet paid for?
Credit Memo
Which of the following cannot be imported using the import data tool in QuickBooks Online?
Employees
What is a reason to not use a bank deposit or journal entry screen to record sales?
If you record sales through the bank deposit or journal entry screen, the sale will not appear on sales reports.
When you use Products/Services how does it help your Chart of Accounts?
It allows you to track your sells without cluttering your Chart of Accounts or Profit and Loss.
How does connecting a bank account help in QuickBooks?
It decreases the likelihood of not recording a transaction and manual entry errors. It helps you apply banking rules to categorize common transactions and decreases time on data entry.
How does entering a bill affect Accounts Payable
It increases Accounts Payable
Which of the following can be made Recurring in QuickBooks Online?
Journal Entry
The Sales Center is found in the _________________________ in QuickBooks Online.
Left Navigation Pane
What are some common expenses you might want to apply a bank rule to:
Monthly rent and utilities expenses and common expense like fuel.
What is a benefit of Quickbooks Online vs Quickbooks Desktop as far as access?
Online access data anytime, anywhere
Which of the below is NOT an advantage of recording a transaction as a purchase versus an expense?
Only transactions posted as a purchase record activity directly to the general ledger and can be found on a Financial Report, such as the Profit & Loss report
After entering a bill and you want to pay the bill what do you select to pay the bill?
Pay Bills
Which of the following cannot be initiated using the Quick Create menu?
Pay Employees
Which of the following is a feature of QuickBooks Online Payroll?
Pay employees by direct deposit or print paychecks
What may cause income and Accounts Receivable to be overstated?
Payments are not being received and deposits are posting to income
An employee requests a breakdown of all the taxes and deductions withheld from their paycheck year to date. Which common payroll report would you run to find this information?
Payroll Details Report
What report would you run to reflect the companies income or losses
Profit and Loss Report
Which transactions are non-posting transaction when it comes to purchases?
Purchase Order Billable Expenses
Where can you find the Transfer function of QuickBooks Online?
Quick Create
Where do you enter time tracking activities in QuickBooks Online?
Quick Create
What happens if total debits don't equal total credits in QuickBooks?
QuickBooks won't let you record the transaction.
What steps must you complete to handle a bank feed transaction that belongs to a transaction that has been reconciled using the Reconcile Tool?
Select the transaction in the New Transactions tab > Batch actions > Exclude Selected
Which of the following settings is found in the Expense setting screen of the Company Settings?
Specify custom fields for Purchase Orders
What types of users can write a check in Quickbooks Online?
Standard user with vendor access and Company Admin
How do you create a recurring invoice in QuickBooks Online?
Start from existing transaction and create a template by clicking Make Recurring
If you do not use sales form or a product/service item, what account does the item charge post to?
The income account you selected from the dropdown field
How do Vendor credit memos affect what you owe the vendor:
The vendor credit memo decreases what you owe the vendor.
Which of the following statements regarding App subscriptions for QuickBooks Online is accurate?
To add an app, from QBO, click Apps link on left-side menu, search for app, and try it free
The Bill screen is best used for which of the following tasks?
To record bills to be paid later
You wish to start using payroll in QuickBooks Online. What is your first step?
Turn on payroll in QuickBooks Online by selecting Employees > Turn on Payroll
You have received a shoebox full of receipts from a customer to enter into QuickBooks Online. They are not sorted in any way, and they include check stubs from different bank accounts, receipts for cash expenditures, and credit card slips from different cards. Of the following options, which is the most efficient way to get them entered into QuickBooks Online?
Use the Expense function and specify the bank, cash or credit card account in each transaction
Basic access grants which of the following permissions to team users?
View-only access to firm information
What should you do if you printed a check and the number has been used?
Void the check - Don't delete it
How do you get multiple screens to display over multiple display monitors when working in the QuickBooks Online Apps?
Windows menu > Menu items open new windows
Do total debits equal total debits on journal entries alway match?
Yes
What two steps can you choose when using the Close the Books feature?
You can either warn users or require a password for any transactions that are attempted to be edited, deleted or added prior to the closing date.