QuickBooks Online Certification Section 4

Different customer statement types are available to suit different client situations. Heather wants to help her client send out a statement that reflects all unpaid invoices, unapplied payments, and Credit Memos. Which statement type should she choose?

Balance Forward Open Item Transaction Statement Client Open Balance

What is the additional percent fee when using QuickBooks Payments Instant Deposits?

2 1.5 1 2.5

When a QuickBooks Online user wants to automatically apply a Credit Memo transaction to a customer invoice, where must the Automatically Apply Credits checkbox be turned on?

Account and Settings > Sales > Products and Services Account and Settings > Expenses > Messages Account and Settings > Advanced > Automation Account and Settings > Advanced > Accounting

When using the Copy to Purchase Order feature from within an Estimate, where do you need to turn on Use Purchase orders?

Account and Settings > Products and Services Expenses > Purchase orders Account and Settings > Expenses > Purchase orders Vendors > Purchase order

Where can a client identify the instant deposit options for their QuickBooks Payments account?

Deposits tab Account and Settings Invoices tab Create Invoice screen Banking Center

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 find the Transfer link?

Gear icon + New Sales screen Banking screen

The Pay down credit card feature can be found in which area of QuickBooks Online?

Gear icon + New on the Left Navigation Bar Account and Settings Banking Center

Stacy accidentally added a new transaction to her bank register via the bank feed that should have been matched to an existing transaction. Where in the Banking Center should she go to find the transaction and correct the error?

Gear icon Filter For Review Categorized

1. Select the + New button from the Left Navigation Bar2. Select _______ in the Other column3. Select the credit card account that is being paid4. Select the ____________, if applicable5. Enter how much was paid6. Enter the date of payment7. Select the account the payment is being made from next to "What did you use to make the payment?"8. Select ______________ Which option completes the 3 missing steps to use the Pay down credit card feature?

Pay down credit card, account number, Submit payment Transfer, Payee, Schedule payment Pay down credit card, Payee, Save Transfer, account number, Save

One major benefit of using the Bank Feeds feature in QuickBooks Online is that as you _________________ or __________________ transactions in QuickBooks Online from the downloaded transactions from the bank, they are marked ___________________. This makes the end-of-period bank reconciliation more efficient. Which option correctly completes these statements?

Record, delete, reconciled Match, exclude, cleared Match, add, cleared Exclude, add, reconciled

What are 2 ways to access the vendor credit screen in QuickBooks Online?

Sales Center > New Invoice Gear icon > Vendor Credit Expenses Center > Import Transactions + New button > Vendor Credit Expenses Center > New Transaction > Vendor Credit

Which 3 statements are true about journal entries?

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

When might you use the Bank Deposit Transaction?

Your client wants to apply a customer payment to an open invoice Your client wants to record an SBA loan amount received Your client wants to record sales from her upcoming trade show and provide sales receipts Your clients wants to refund a customer