ACCT 323: QBO

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You need to track your company sales and expenses by department. Put the following steps in order for tracking transactions for departments in the correct order. Not all steps will be used.

1. Turn on Classes in the company settings. 2. Create your departments on the Class List. 3. On sales and expense transactions, select the class(es) associated with each transaction. 4. Run the Profit and Loss by Class report. 5. Turn on Departmental Tracking in company settings. 6. Click the Tracking button.

Use the dropdown menu to identify whether each of the following statements is true for Accrual Accounting or Cash Basis Accounting.

Accrual Accounting: - A company makes a sale and records the expected revenue as an Account Receivable transaction. - Provides a more accurate picture of the profitability of a company because it includes account receivables and payables. Cash Basis Accounting: - A company makes a sale, but revenue is not realized until the invoice is paid. - A company receives their utility bill but the expense is not recorded until the bill is paid.

Where do you click on the dashboard to temporarily hide the financial information?

Click on privacy switch

Select the area that should be checked or filled in in order to track 1099 vendors.

Click the Track payments for 1099 checkbox

Customer A pays you cash in the morning for work done that morning. Later in the day, customer B drops off a check for an unpaid invoice. You record the payments and take both checks to the bank on the same day. Place the following steps in order to show how you do this in QuickBooks assuming steps are completed right after the customer action occurs. Not all steps will be correct.

Correct: 1. Create a Sales Receipt for the work done for Customer A. 2. Click Receive payment next to Customer B and record the payment received. 3. Select Deposit form the <+New> icon and select the transactions for Customer A and Customer B. Incorrect: 4. Click Receive payment next to Customer A and record the payment received.

You have downloaded transactions from your bank account into QBO. Identify the tab that is being described in the Banking area.

Excluded: This is a transaction that you downloaded from a bank account but you do not want to record the transaction for some reason. For review: This is a transaction that has been downloaded from a bank account but needs to be evaluated before it can be posted. Categorized: This is a transaction that has been downloaded from a bank account and has been reviewed and posted.

You have downloaded transactions from your bank account into QBO. Identify the tab that is being described in the Banking area.

For each Money-In transaction described, identify the transaction. Not all choices will be used.

Invoice: Sale to a customer on account. Sales Receipt: A cash sale to a customer. Deposit: Money taken to the bank. Refund Receipt: Money returned to a customer. Extra unmatched category: Credit memo

For each Money-In transaction described, identify the transaction. Not all choices will be used.

Invoice: Sale to a customer on account. Sales Receipt: A cash sale to a customer. Deposit: Money taken to the bank. Refund Receipt: Money returned to a customer. Extra unmatched category: Credit memo

Complete each statement with the correct word for the actions that are possible after a receipt is uploaded into QuickBooks Online. Not all choices will be used.

Match: If QuickBooks finds an existing transactions in your books that is exactly the same as uploaded receipts or bills you should select to ____ it. Create: If QuickBooks can't find an existing transaction that matches your uploaded receipt and the transactions needs to be recorded, you can ____ a new transaction from your receipt or bill. Review: If QuickBooks finds more than one potential match to your uploaded receipt you should ____ the potential matches, then select the correct bill or expense.

Complete each statement with the correct word for the actions that are possible after a receipt is uploaded into QuickBooks Online. Not all choices will be used.

Arrange the money-out transaction workflow in the correct order.

Position 1: Order an item or service Position 2: Receive the item or service Position 3: Receive a bill for the item or service Position 4: Pay for the item or service

Arrange the steps to create a money-in transaction workflow in the correct order.

Position 1: Recording customers' transactions within QuickBooks Position 2: Creating an invoice Position 3: Recording the payment after it is received Position 4: Depositing the funds into an account

Joe mistakenly added a new vendor, Nuts and Bolts, when it was already on his vendor list. How should Joe merge the old and new versions of this vendor account? Arrange the steps in the correct order.

Position 1: Review the first vendor account Position 2: Review the second vendor account match the first to Position 3: Edit the display name and company name of the second account Position 4: Select Save Position 5: Confirm the two accounts should be merged. Position 6: Select Yes

Diamond Shores Utility never received the check John sent them for $175.00. John needs to void the transaction within his QuickBooks Online account before sending them a new check. Arrange the steps John should take to void the transaction in the correct order.

Position 1: Select Expense Position 2: Select the Diamond Shores bill for $175.00 Position 3: Select More Position 4: Select Void Position 5: Select Yes Position 6: Select the OK button

Kevin purchased a large order of 2x4s from Levi's Lumber. He returned 50 2x4s when he finished a project and was issued a vendor credit. Arrange the steps Kevin should take to record the vendor credit in the correct order.

Position 1: Select Expenses Position 2: Select Vendors Position 3: Select Levi's Lumber Position 4: Select New transaction Position 5: Select Vendor Credit Position 6: Select the Product/Service drop-down arrow Position 7: Select Framing Lumber 2x4 Position 8: Activate cursor in the Qty field Positon 9: Type: 50:00 Position 10: Select Save and close

Mark wants to customize the current company logo on the sales receipt template. He wants the logo as large as possible on the right side of the page. Arrange the steps Mark should take to customize the logo in the correct order.

Position 1: Select Make logo edits Position 2: Select Large Size Position 3: Select rightaligned Position 4: Select Save and close

Office Supply World sent an invoice for $27.00 along with the printer paper Susan received. Susan needs to enter this bill in QuickBooks and categorize it as Office Supplied and Software. Arrange the steps Susan should take in the correct order.

Position 1: Select New Position 2: Select Bill Position 3: Select the Vendor drop-down arrow Position 4: Select Office Supply World Position 5: Select the Category drop-down arrow Position 6: Select Office Supplies and Software Position 7: Activate cursor in the Description box Position 8: Type: Printer paper Position 9: Activate cursor in the Amount box Position 10: Type: 27.00 Position 11: Select Save and close

After a check from Fish World Tampa has been taken to the bank, Jill needs to make a bank deposit to move the funds from the Undeposited Funds QuickBooks account to her checking account. Jill would like to get $100.00 cash back and deposit the remaining $50. Arrange the steps Jill should take to make a bank deposit in the correct order.

Position 1: Select New Position 2: Select Bank deposit Position 3: Select the Fish World Tampa check box Position 4: Activate cursor in the Cash back amount field Position 5: Type: 100.00 Position 6: Select Save and close

Arrange the steps a user should take when setting an email schedule for a customized report in the correct order.

Position 1: Select Reports Position 2: Select Custom reports Position 3: Select Edit the report Position 4: Turn on the Set email schedule toggle Position 5: Set desired recurrences Position 6: Enter Email information Position 7: Select Save and close

Oliver has just uploaded a receipt to QuickBooks Online. He notices that the date on the uploaded receipt is 02/15/2021 when it should be 03/15/2021. Arrange the steps he should take to revise the date in the correct order.

Position 1: Select Review Position 2: Activate the cursor in the Payment date field Position 3: Type: 03/15/2021 Position 4: Select the Save and next drop-down arrow Position 5: Select Save and close

Anna needs to send an invoice to Awning Wholesalers for a billable expense she previously entered into QuickBooks. Arrange the steps Anna should take to send the invoice.

Position 1: Select Sales Position 2: Select All Sales Position 3: Select the billable expense Position 4: Select Create invoice Position 5: Review the invoice Position 6: Select Save and send

Mary is creating an invoice for a non-profit organization. Arrange the steps to create the invoice in the correct order.

Position 1: Select Sales Position 2: Select Invoices Position 3: Select Create invoice Position 4: Add a product or service to the product/service field Position 5: Clear the tax check box Position 6: Select Save and close

Aaron has just finished customizing a report. He wants to save the customized report and allow others to view it. Arrange the steps to save a customized report and share it with others in the correct order

Position 1: Select Save customization Position 2: Select the Share with drop-down arrow Position 3: Select All Position 4: Select Save

Chase wants to change his payment terms to Net 30. Arrange the steps he should take to change the payment terms in the correct order.

Position 1: Select Settings Position 2: Select Account and settings Position 3: Select Sales Position 4: Select Edit Sales form content Position 5: Select the Preferred invoice terms drop-down arrow Position 6: Select Net 30 Position 7: Select Save

Michael wants to make all of his banking account numbers visible in QuickBooks Online. Arrange the steps he should take in the correct order to make his account numbers visible.

Position 1: Select Settings Position 2: Select Account and settings Position 3: Select Advanced Position 4: Turn on the Enable account numbers toggle

Mike would like to add billable items to his customer invoices. Arrange the steps he should take to make expenses billable in the correct order.

Position 1: Select Settings Position 2: Select Account and settings Position 3: Select Expenses Position 4: Select Edit Bills and expenses Position 5: Turn on Make expenses and items billable Position 6: Select Save Position 7: Select Done

Becky wants to give a customer a discount on their purchase. Arrange the steps Becky should take to activate a customer discount in the correct order.

Position 1: Select Settings Position 2: Select Account and settings Position 3: Select Sales Position 4: Select Discounts PositiIon 5: Turn on Discount Position 6: Select Save

Sally created a Products and Services list in QuickBooks. She wants her inventory tracked so that she will know what items are in stock and be alerted when items need to be restocked. Arrange the steps Sally should take to turn on inventory tracking and alerts for low inventory in the correct order.

Position 1: Select Settings Position 2: Select Account and settings Position 3: Select Sales Position 4: Select Edit product and services Position 5: Turn on Track quantity and price/rate Position 6: Turn on Track inventory quantity on hand Position 7: Select Done

Position 1: Select Settings Position 2: Select Account and settings Position 3: Select Sales Position 4: Select Edit products and services Position 5: Turn on Track quantity and rate/price Position 6: Turn on Track inventory quantity on hand Position 7: Select Done

When paying with a bank feed transaction, arrange the steps in the correct order that a user should take to record the information in QuickBooks.

Position 1: Select Transactions Position 2: Select Banking Position 3: Select the desired bank feed transaction Position 4: Review the prefilled information Position 5: Input any additional information needed Position 6: Select Confirm

Select the area that should be checked or filled in in order to track 1099 vendors.

Privacy

Where do you click on the dashboard to temporarily hide the financial information?

Privacy switch - You need to toggle on the Privacy switch to temporarily hide the financial information on the dashboard.

Match each term with its definition.

Products: Tangible items that you can purchase (a case of tile, a box of screws, or lumber to frame a new house) Services: Intangible items (actions provided by someone such as a home inspector or plumber)

For each statement below, determine whether it is related to QuickBooks Payments or traditional Receive Payment

Quickbooks Payments: - These are automatically deposited in your bank account. - Your customer clicks a link on their invoice email to pay via credit card. Receive Payments: - You must deposit these in the bank - You receive a check from your customer.

For each statement below, determine whether it is related to QuickBooks Payments or traditional Receive Payment

Match each address type with its definition.

Shipping address: The address to which an order will be sent Billing address: The address associated with the customer's payment method

Add a new sub-customer, Susan Gallegos, to the customer list. Her phone number is (555) 555-2135. She has a home warranty through Wave Cove Homes. Save the customer.

Step 1: Activate the cursor in the First name field Step 2: Type: Susan Step 3: Activate the cursor in the Last name field Step 4: Type: Gallegos Step 5: Activate the cursor in the Phone number field Step 6: Type: (555) 555-2135 Step 7: Select the Is sub-customer check box Step 8: Select the Enter parent customer drop-down arrow Step 9: Select Wave Cove Homes Step 10: Select Save

You made a sale, and the customer paid the entire amount in cash. How do you enter this sale into QuickBooks Online? Put the steps for entering this sale in the correct order. Not all steps will be used.

Step 1: Click the + New icon. Step 2: Select the Sales Receipt. Step 3: Enter the sale and payment information. Step 4: Save the transaction.

Your computer retail store has decided to sell repair services. You must add this new list to QuickBooks Online. How do you add a new Services list to QuickBooks Online? Put the steps for adding a new list in the correct order.

Step 1: Click the settings icon Step 2: Select Products and Services Step 3: Click the New button. Step 4: Select Service. Step 5: Enter a service Name, Information (description), Rate, and Account to track income.

You need to change your company address in QuickBooks Online. Put the steps for changing the company address in the correct order. Not all steps will be used.

Step 1: Click the settings icon on the homepage. Step 2: Select Account and Settings.

Void the transaction paid to Nut and Bolts LLC for $15.00. Save the changes, and close the transaction.

Step 1: Select Expenses Step 2: In the first row, select View/Edit Step 3: Select More Step 4: Select Void Step 5: Select Save and close

Edit the vendor, Peggy's Paint, to have QuickBooks track them as a 1099 contractor. Save the changes.

Step 1: Select Expenses Step 2: Select Vendors Select 3: Select Peggy's Paint Select 4: Select Edit Select 5: Select the Track payments for 1099 check box Select 6: Select Save

Print a voucher check for the open bill to Hank's Hardware

Step 1: Select Expenses Step 2: Select Vendors Steps 3: In the Hank's Hardware row, select Make payment Step 4: Select Print check Step 5: Select Yes, I'm finished with setup Step 6: Select Preview and print Step 7: Select Print Step 8: Select the Yes, they all printed correctly option Step 9: Select Done

The vendor that is used to provide all your office supplies has changed your payment terms. Put the steps in order for how to change the payment terms for the vendor in QuickBooks Online. Assume the term is already in the Terms list. Not all steps will be used.

Step 1: Select Expenses from the left-hand navigation Step 2: Select the Vendors tab. Step 3: Click on the Name of the vendor you want to edit. Step 4: Select edit. Step 5: Change the term to the new term Step 6: Select Save and Close

Customize the MY SALES RECEIPT Template -2-8 template's email message not to include a PDF of the sales receipt, and change the second line to read: We appreciate your business. Save the changes.

Step 1: Select My SALES RECEIPT Template - 2-8 Step 2: Select Emails Step 3: Clear the PDF Attached check box Step 4: In the Message to customer field, double-click the double line of text Step 5: Type: your business. Step 6: Select Done

The Diamond Shores Construction company went to dinner with a potential client and paid for the meal with the company credit card. Create a new expense report with the new vendor, Ray's Steakhouse. Ensure the payment details reflect that a Mastercard was used to pay for the dinner.

Step 1: Select New Step 2: Select Expense Step 3: Select the Payee drop-down arrow Step 4: Select Add new Step 5: Type: Ray's Steakhouse Step 6: In the New Name window, select Save Step 7: Select the Payment account drop-down arrow Step 8: Select Master Card Step 9: Select the Payment method drop-down arrow Step 10: Select Credit Card

Sheds and More would like a refund for part of their purchase. They are returning 25 framing lumber 2x4s. Create a refund receipt using a check from the Business Checking account. Save the refund receipt.

Step 1: Select New Step 2: Select Refund receipt Step 3: Activate cursor in the Customer field Step 4: Type: she Step 5: Select Sheds and More Step 6: Select the Payment method drop-down arrow Step 7: Select Check Step 8: Select the Refund From drop-down arrow Step 9: Select Business Checking Step 10: Select the Product/Service field drop-down arrow Step 11: Select Framing Lumber 2x4 Step 12: Activate cursor in the Qty field Step 13: Type: 25 Step 14: Select Save and close

Create a vendor credit of $25.00 from Tony's Taco Truck and add it to the Meals & Entertainment category. Save the changes, and close the transaction.

Step 1: Select New Step 2: Select Vendor credit Step 3: Activate cursor in the Vendor field Step 4: Type: Tony's Taco Truck Step 5: Select the Category drop-down arrow Step 6: Select Meals & Entertainment Step 7: Activate cursor in the Amount field Step 8: Type: 25.00 Step 9: Select Save and close

Create a non-inventory item for Wood screws from Howie's Hardware and add it to the job supplies expense account. The cost of Wood screws is $65.00. Save the item.

Step 1: Select Non-inventory Step 2: Activate the cursor in the Name* field Step 3: Type: Wood screws Step 4: Clear the I sell this product/service to my customers check box Step 5: Activate the cursor in the Cost field Step 6: Type: 65.00 Step 7: Select the Expense account drop-down arrow Step 8: Select Job Supplies Step 9: Select the Preferred Vendor drop=down arrow Step 10: Select Howie's Hardware Step 11: Select Save and close

Create a new customer. The company name is Fish World, and the display name is Fish World Diamond Shores. Save the new customer.

Step 1: Select Sales Step 2: Select Customers Step 3: Select New Customer Step 4: Activate the cursor in the Company field Step 5: Type: Fish World Step 6: Activate the cursor in the Display name as field Step 7: Type: Fish World Diamond Shores Step 8: Select Save

Corey wants to make recurring payments to WebWorld, Diamond Shores Construction's internet provider. The bill is due on the 15th of every month, and she wants the first payment to be made on March 15th, 2021. Beginning at the Expenses page, complete the steps Corey should take to set up this recurring transaction.

Step 1: Select Vendors Step 2: Double-click $125 next to WebWorld Step 3: Double-click Bill Step 4: Select Make recurring Step 5: Under Interval, select the numerical drop-down arrow Step 6: Select 15th Step 7: Select the Start date field Step 8: Select March 15th, 2021 Step 9: Select Save template

Add the category details to the expense report for a company meal purchased for the Chad West Housing project dinner. The company paid $233.18. Save the expense report with the added details.

Step 1: Select the Category drop-down arrow Step 2: Select Meals & Entertainment Step 3: Activate the cursor in the Description field Step 4: Type: Chad West Housing project dinner Step 5: Activate the cursor in the Amount field Step 6: Type 233.18 Step 7: Select Save and close

Kelly is creating a new bank rule for her company's monthly garbage bill. She wants to set the amount as $35. On the Create rule page, complete the steps of setting the amount to $35.

Step 1: Select the Description drop-down arrow Step 2: Select Amount Step 3: Activate the cursor in the Enter a value field Step 4: Type: 35.00

Marvin wants to customize his Purchases by Vendor Detail report. He wants to group the report by Product/Service, add SKU numbers, and eliminate the memos and descriptions column. For the Purchases by Vendors Detail report, complete the steps to customize the report in the way Marvin wants.

Step 1: Select the Group by drop-down arrow Step 2: Select Product/Service Step 3: Select Run report Step 4: On the Purchases by Vendor Detail report, select the Settings icon Step 5: Select Show More Step 6: Select the SKU check box Step 7: Clear the Memo/Description check box

Edit the invoice for Sheds and more to add a 25% discount. Save the invoice.

Step 1: Select the Sheds and more invoice Step 2: Select Edit invoice Step 3: Activate cursor in the Discount percent field Step 4: Type 0.25 Step 5: Select Save and close

For each statement about the chart of accounts, identify if the statement is True or False.

True: - Accounts numbers can be used, but do not have to be False: - Accounts with a type Fixed Assets would appear on the profit and loss report - All accounts must have a type. Detail types are optional

For each question below related to bank rules select either True or False for each statement.

True: - Bank rules can be edited - Bank rules help save time by automating the recording of recurring transactions downloaded from the bank account False: - Bank rules can be used for automating checks

Evaluate each of the following statements as they relate to billable expenses and determine if each statement is True or False.

True: - For an expense to appear on an invoice sidebar the expense must be marked billable False: - Billable expenses can be added to invoices and/or sales receipts - Checks, Bills, Bill Payments and Expenses are all able to be marked as Billable

For each statement below identify if the statement is True or False.

True: - You can enter a Check if the Vendor field is empty - You can enter an Expense if the payee field is empty False: - You can enter an Bill if the Vendor field is empty

For each statement below identify if the statement is True or False.

True: - You can enter a Check if the Vendor field is empty - You can enter an Expense if the payee field is empty False: - You can enter an Bill if the Vendor field is empty

For each statement below identify if the statement is True or False.

True: - You can enter a Sales Receipt if the Customer field is empty False: - You can enter an Invoice if the Customer field is empty - You can enter a Receive Payment if the customer field is empty

For each statement below identify if the statement is True or False.

True: - You can enter a Sales Receipt if the Customer field is empty False: - You can enter an Invoice if the Customer field is empty - You can enter a Receive Payment if the customer field is empty

Evaluate the following statements related to bills and paying bills and identify if the statement is True or False.

True: - You can pay bills using a check as the payment method False: - You have to pay a bill before you enter a bill - Entering a bill decreases accounts payable

For each statement about the chart of accounts, identify if the statement is True or False.

True: - Accounts number can be used, but do not have to be False: - All accounts must have a type. Detail types are optional -Accounts with a type "Fixed Assets" would appear on the profit and loss report

Evaluate each of the following statements as they relate to billable expenses and determine if each statement is True or False.

True: - For an expense to appear on an invoice sidebar the expense must be marked billable False: - Billable expenses can be added to invoiced and/or sales receipts - Checks, Bills, Bill Payments and Expenses are all able to be marked as Billable

For each statement below identify if the statement is True or False.

True: - You can enter a Sales Receipt if the Customer field is empty False: - You can enter an Invoice if the Customer field is empty - You can enter a Receive Payment if the customer field is empty

Evaluate the following statements related to bills and paying bills and identify if the statement is True or False.

True: - You can pay bills using a check as the payment method False: - You have to pay a bill before you enter a bill - Entering a bill decreases accounts payable

Match each QuickBooks option to its function

Void: Keeps a record of the transaction within QuickBooks Edit: Opens a transaction and allows a user to make changes Delete: Removes the transaction from QuickBooks

For each statement below money out transactions identify if the statement is true or false.

When you receive a check from your customer to pay an open invoice, you should select Check to record the amount. - No Vendor credits can be used to reduce the amount paid to a vendor. - Yes After entering a Bill you should select to Pay bills when it is time to pay the bill. - Yes Entering a Bill increases Accounts Payable. - Yes

For each statement below about recurring transactions identify if the statement is true or false.

Yes: - A scheduled recurring transaction will process automatically at the set interval of recurrence. No: - An unscheduled recurring transaction must have a set end date. - A remind recurring transaction will process automatically at the set interval of recurrence.

Review the information in the picture provided for the customer Dukes Basketball Camp. Based on the information provided identify if each statement below is True or False.

Yes: - An invoice dated September 10 of the current year will be due by September 25th of the current year. No: - If the terms for a customer are changed on Sept 10 of the current year all of the due dates on all open invoices dated before September 10th of the current year will be updated with new due dates. - When creating an invoice for Duke's basketball camp, the terms on the invoice can only be Net 15.

For each statement below select Yes if the statement is a benefit of connecting accounts to QBO and select No if the statement is not a benefit of connecting accounts to QBO.

Yes: - Connecting accounts can reduce data entry into QBO - Connecting accounts allows you create bank rules to automate the posting. No: - Not all accounts can be connected to QBO.

For each statement below identify if the statement is true or false related to the benefits of connecting QuickBooks Online to online bank accounts.

Yes: - Connecting to online bank accounts and downloading transactions allows you to apply banking rules to automatically categorize common transactions. No: - Connecting to online bank accounts and downloading transactions, increases the likelihood of not recording a transaction. - Connecting to online bank accounts and downloading transactions, increases the risk of manual data entry errors. - Connecting to online bank accounts and downloading transactions, increases the time spent on data entry.

For each statement about discounts select "Yes" if the statement is correct or "No" if the statement is not correct.

Yes: - Discounts can be a percentage rate - Discounts can be a dollar amount No: - Discounts are a list in QBO. - Discounts are applied to total after sales tax is added.

On a standard balance sheet or profit and loss report identify if you can customize the feature or report area described below. Select Yes if you can customize the feature or select No if you cannot customize this feature.

Yes: - Header - Accounting method - Display only non-zero columns No: - Font color for report title

For each statement below regarding sub-customers identify if the statement is true or false.

Yes: - If Bill with Parent option is selected on the sub-customer, you can see the activity of the sub-customer in the parent customer account. - Sub-customers could be used when one customer has multiple shipping locations where you ship product. No: - You must set up the sub-customer before the parent-customer - If Bill with Customer option is selected on the sub-customer, then payments received must be applied to the parent customer.

For each statement below regarding sub-customers identify if the statement is true or false.

For each type of account listed below select Yes if this an account that can be connected to QBO or No if the account cannot be connected to QBO.

Yes: - Saving Account - Checking Account - Credit Card Account - PayPal No: - Prepaid Phone Account

For each type of account listed below select Yes if this an account can be connected to QBO or No if the account cannot be connected to QBO.

Yes: - Savings Account - Checking Account - Credit Card Account - PayPal No: - Prepaid Phone Account

For each statement below identify if the statement is true or false related to the how to use and process bank feeds.

Yes: - The first download after setting up the bank fees will include 90 days for transactions unless excluded. - If you want to keep a downloaded transaction from going into your company expenses you should exclude the transaction. No: - After a transaction is downloaded from the bank feed into QuickBooks Online, QuickBooks will suggest the bank reconciliation discrepancy account if it does find an applicable bank rule or matching transaction.

For each transaction below select Yes if it would be a good candidate to apply a bank rule to or No if it would not be a good candidate to apply a bank rule to.

Yes: - Utility expense - Monthly rent expense payments - Purchases of fuel for your work trucks No: - Hourly payroll worker paychecks

For each transaction below select Yes if it would be a good candidate to apply a bank rule to or No if it would not be a good candidate to apply a bank rule to.

Yes: - Utility expense - Monthly rent expense payments - Purchases of fuel for your work trucks No: - Hourly payroll worker paychecks

For each statement below about report delivery, identify if this something you can do with a report by selecting Yes. If this is not something you can do with a report, select No.

Yes: - You can export a QuickBooks report to Excel. - You can export a QuickBooks report as a PDF. - You can email a QuickBooks report. No: - You can import a report from Excel into QuickBooks (as long as you exported the report from QuickBooks originally).

For each statement below money out transactions identify if the statement is true or false.

Yes: -Vendor credits can be used to reduce the amount paid to a vendor. - After entering a Bill you should select to Pay bills when it is time to pay the bill. - Entering a Bill increases Accounts Payable. No: - When you receive a check from your customer to pay an open invoice, you should select Check to record the amount.

Review the information in the picture provided for the customer Dukes Basketball Camp. Based on the information provided identify if each statement below is True or False.

For each statement about discounts select "Yes" if the statement is correct or "No" if the statement is not correct.

Yes: - Discounts can be a percentage rate - Discounts can be a dollar amount No: - Discounts are a list in QBO. - Discounts are applied to total after sales tax is added.

Yes: - Header - Accounting method - Display only non-zero columns No: - Font color for report title

For each statement below about report delivery, identify if this something you can do with a report by selecting Yes. If this is not something you can do with a report, select No.

Refer to the image. What is the Vendor Credit amount associated with Levi's Lumber? a. $217.50 b. $25 c. $796.62 d. None of the above

a. $217.50

Your boss wants to know if there are any overdue bills. What report would you run to give him this information? a. Accounts Payable Aging report b. Open Bill repot c. Bills by Due Date report d. Overdue Bills report

a. Accounts Payable Aging report

Where in QuickBooks can you find out the status of what you owe to a vendor, and when it's due? a. Accounts Payable Aging report or the Vendor Balance Detail report b. The money bar at the top of the Vendor center c. Open Purchase Orders list d. Cash Flow report

a. Accounts Payable Aging report or the Vendor Balance Detail report

What should you select your checking account as the payment account on an Expense form? a. All of the answers are correct b. When you are entering a debit card transaction c. When you are entering a payment made online directly from your bank account d. When you are entering a wire transfer directly from your checking account

a. All of the answers are correct

What does the Apps tab on the left-hand navigation do in QuickBooks? (Choose 2) a. Allows you to open and use apps you are connected to. b. Allows you to take applications from people who want to work for your company. c. Allows you to search for new apps to use. d. Allows you to add users to your QBO company.

a. Allows you to open and use apps you are connected to. c. Allows you to search for new apps to use.

Which four aspects of a company's invoices can users see in the Invoices box on the Business overview tab? a. Amount deposited b. Amount unpaid within the past year c. Amount of bad debts d. Amount paid within the past 30 days e. Amount overdue

a. Amount deposited b. Amount unpaid within the past year d. Amount paid within the past 30 days e. Amount overdue

What are the three main categories of a balance sheet? a. Assets b. Profit c. Income d. Equity e. Liabilities

a. Assets d. Equity e. Liabilities

Which payment type creates a digital link with a bank account? a. Bank feed transaction b. Debit Card c. Check d. Credit Card

a. Bank feed transaction

What information is found in the header of a sales form? Choose three answers. a. Business name b. Data c. Phone number d. Customer name e. Email address

a. Business name c. Phone number e. Email address

When merging two vendor accounts, what alerts QuickBooks to merge the accounts? a. Changing the display names to match b. Matching the company names c. Selecting Merge these accounts d. Choosing to make one account inactive

a. Changing the display names to match

How would you enter a transaction that won't be downloaded from an online bank account in which you paid for a service using a debit card? a. Click on the new icon and select Expense. Fill out the expense and use Debit card as the payment method. b. Click on the new icon and select Bill. Enter a bill for the transaction. Then go back to the +New Icon and select Pay Bills c. Click on the new icon and select Deposit. Fill out the deposit form and save the transaction. d. Click on the new icon and select Debit Card. Then fill out the debit card charge and save the transaction

a. Click on the new icon and select Expense. Fill out the expense and use Debit card as the payment method.

How would you enter a transaction that won't be downloaded from an online bank account in which you paid for a service using a debit card? a. Click on the new icon and select Expense. Fill out the expense and use Debit card as the payment method. b. Click on the new icon and select Bill. Enter a bill for the transaction. Then go back to the +New Icon and select Pay Bills. c. Click on the new icon and select Deposit. Fill out the deposit form and save the transaction. d. Click on the new icon and select Debit Card. Then fill out the debit card charge and save the transaction.

a. Click on the new icon and select Expense. Fill out the expense and use Debit card as the payment method.

What information is found in the header of a sales form? Choose three answers. a. Email address b. Customer name c. Date d. Phone number e. Business name

a. Email address d. Phone number e. Business name

For the list below, select the two ways you can upload receipts into QuickBooks Online. (Choose 2) a. Email the receipt to a custom email in QBO b. Upload a photo of your receipt from your computer. c. Download the receipt directly from the credit card company into QBO.

a. Email the receipt to a custom email in QBO b. Upload a photo of your receipt from your computer.

You are setting up a new product you will frequently need to purchase for your company. You want QuickBooks Online to provide fields to track the product. How do you set up a new product to be tracked by QuickBooks? a. Enable the box, "I purchase the product/service from a supplier." b. Type a comment in the note box reminding yourself to add this product/service to inventory c. Type a comment in the note box explaining this purchase is from a supplier. d. Enable the box. "Vendor purchase."

a. Enable the box, "I purchase the product/service from a supplier."

You are setting up a new product you will frequently need to purchase for your company. You want QuickBooks Online to provide fields to track the product. How do you set up a new product to be tracked by QuickBooks? a. Enable the box, "I purchase the product/service from a supplier." b. Type a comment in the note box reminding yourself to add this product/service to inventory. c. Type a comment in the note box explaining this purchase is from a supplier. d. Enable the box. "Vendor purchase."

a. Enable the box, "I purchase the product/service from a supplier."

When distributing a customized report, users can export the file to _______. Choose two answers. a. Excel b. Email c. PDF d. Notes

a. Excel c. PDF

Refer to the image. What project is the least profitable? a. Fish World Tampa b. Total Fitness Fanatic Gym c. Bathroom Flooring Project d. Catherine Cook

a. Fish World Tampa

Which of the following statements are true regarding vendor credits? (Choose 2) a. If an inventory item is entered in the product/service field of the item details section of the vendor credit, the inventory quantity on hand balance would decrease. b. Vendor credit memos decrease what you owe to the vendor. c. If an inventory item is entered in the product/service field of the item details section of the vendor credit, the inventory quantity on hand balance would increase. d. Vendor credit memos increase what you owe to the vendor.

a. If an inventory item is entered in the product/service field of the item details section of the vendor credit, the inventory quantity on hand balance would decrease. b. Vendor credit memos decrease what you owe to the vendor.

When setting up a new inventory item what accounts have to be defined? a. Inventory asset account b. Checking account c. Income account d. Expense account e. Payment account

a. Inventory asset account c. Income account d. Expense account

Which statements about inventory are true? Choose two answers. a. Inventory products are tracked as assets on the balance sheet b. Inventory products are tracked as current costs c. Inventory products are recorded on the Profit and Loss statement. d. Inventory products will not be recorded on the balance sheet until they have been sold.

a. Inventory products are tracked as assets on the balance sheet d. Inventory products will not be recorded on the balance sheet until they have been sold.

What statements about inventory products are true? Choose two answers. a. Inventory products are tracked on assets on the balance sheet b. Inventory products are tracked as current costs c. Inventory products are recorded on the Profit and Loss statement d. Inventory products will not be recorded on the balance sheet until they have been sold

a. Inventory products are tracked on assets on the balance sheet d. Inventory products will not be recorded on the balance sheet until they have been sold

You made an invoice you entered last month has changed significantly, but you didn't make the change. How can you find out who changed it and what they change? a. Look at the Audit Log report. b. While the invoice is open, click More > Show Prior State. c. You cannot get this information. d. Look at the Journal of Changes report

a. Look at the Audit Log report.

Refer to the image. Kate is reviewing a receipt she uploaded. The receipt is for supplies her company purchased for a project, and the client will be paying for the supplies. Which option should she select to have the customer pay for the charges? a. Make expenses and items billable b. Payee c. Bank/Credit account d. Additional fields

a. Make expenses and items billable

Select two benefits of using QuickBooks Online. a. QBO is in the cloud and can be accessed from anywhere as long as you have an internet connection. b. Companies can easily invite their outside accountant to access the QBO company file remotely. c. The need to install software on computers is eliminated. d. Users must purchase a new version of the software each year.

a. QBO is in the cloud and can be accessed from anywhere as long as you have an internet connection. b. Companies can easily invite their outside accountant to access the QBO company file remotely.

What are two purposes of setting up recurring transactions? a. Reducing errors b. Saving money c. Saving time d. Reducing labor costs

a. Reducing errors c. Saving time

What transaction should you enter if a customer returns a damaged product, or in case of a service, complains so much you decide to write them a check for a refund? a. Refund Receipt b. Check c. Credit Memo d. Vendor Credit

a. Refund Receipt

Rich wants to set up a recurring payment to his company's electricity provider. The bill is due once a month, but the amount varies from month to month. On the Recurring Invoice page, what type of recurring transaction should Rich choose? a. Reminder b. Scheduled c. Unscheduled d. Notification

a. Reminder

Fish World Tampa sent a check for their invoice. Select two ways to mark this payment as received. a. Select New and then Receive payment. Under Outstanding Transactions, select Fish World Tampa. Enter the payment amount and method. Deposit into the Undeposited Funds account. Select Save and close. b. Select New and then Bank deposit. Select the Fish World Tampa check box. Select Business Checking. Confirm deposit amount. Select Save and close. c. Select New and then Invoices. Select Fish World Tampa from the Customer List. Select Receive Payment. Enter the payment amount and method. Deposit into the Undeposited Funds account. Select Save and close. d. Select Sales and then Customers. From the Customers list, locate Fish World Tampa. Select Receive Payment. Enter the payment amount and method. Deposit into the Undeposited Funds account. Select Save and close.

a. Select New and then Receive payment. Under Outstanding Transactions, select Fish World Tampa. Enter the payment amount and method. Deposit into the Undeposited Funds account. Select Save and close. d. Select Sales and then Customers. From the Customers list, locate Fish World Tampa. Select Receive Payment. Enter the payment amount and method. Deposit into the Undeposited Funds account. Select Save and close.

A money-in transaction workflow involves recording customers' transactions within QuickBooks, creating an invoice, recording the payment once received, and depositing the funds into an account. a. TRUE b. FALSE

a. TRUE

After recording a bill, the user's inventory will automatically be updated in QuickBooks. a. TRUE b. FALSE

a. TRUE

QuickBooks will not let a user create more than one list item with the same display name. a. TRUE b. FALSE

a. TRUE

Refer to the image. Steve has imported a transaction to QuickBooks Online. He wants to record this transaction in the correct account. Which button should he select to choose in which account this transaction is recorded? a. The Category drop-down arrow b. Tags c. The Class drop-down arrow d. Go to bank register

a. The Category drop-down arrow

Select three statements that are correct about journal entries. (Choose 3) a. The accounts used on a journal entry come from the chart of accounts. b. A journal entry can only have two lines. c. A journal entry must have a date. d. You should enter your name in the Name field on the journal entry form to identify who is creating the entry. e. Total debits must equal total credits on a journal entry.

a. The accounts used on a journal entry come from the chart of accounts. c. A journal entry must have a date. e. Total debits must equal total credits on a journal entry.

Select three statements that are correct about journal entries. (Choose 3) a. The accounts used on a journal entry come from the chart of accounts. b. You should enter your name in the Name field on the journal entry form to identify who is creating the entry. c. Total debits must equal total credits on a journal entry. d. A journal entry can only have two lines. e. A journal entry must have a date.

a. The accounts used on a journal entry come from the chart of accounts. c. Total debits must equal total credits on a journal entry. e. A journal entry must have a date.

Why do companies use customer discounts? Choose two answers. a. To boost sales b. To reduce inventory on hand c. To increase the cost to customers d. To cultivate a loyal relationship

a. To boost sales d. To cultivate a loyal relationship

In which situations is expense tracking useful? Choose two answers. a. To compare different projects and their profitability b. To see whether a project is making a profit c. To see what customers still need to be charged for d. To see what supplies are needed for a project

a. To compare different projects and their profitability b. To see whether a project is making a profit

Why would a vendor issue a vendor credit? Choose three answers. a. To lower the balance of a bill b. To pay for suppliers c. To balance their books d. To refund a purchase e. To be used toward a future purchase f. To charge for billing expenses

a. To lower the balance of a bill d. To refund a purchase e. To be used toward a future purchase

What is the purpose of the Audit Log report? a. To track any changes and deletions to transactions as well as track which user makes the change or deletion. b. To prepare the books for an accounting firm's audit. c. To help you perform a year-end audit. d. To track attempts to access a restricted area.

a. To track any changes and deletions to transactions as well as track which user makes the change or deletion.

A parent company is responsible for the payment of a project. a. True b. False

a. True

After recording a bill, the user's inventory will automatically be updated in QuickBooks. a. True b. False

a. True

It is possible to specify a preferred payment method from the Payment and billing page. a. True b. False

a. True

Using credit cards and bank transfers makes bookkeeping simpler because QuickBooks automatically matches payments with invoices and reconciles them with bank statements. a. True b. False

a. True

When setting an email schedule for a customized report, a user can choose to send the email weekly. a. True b. False

a. True

When setting up a tax-exempt customer, a reason for exemption is needed. a. True b. False

a. True

Brock wants to create new bank rules to manage his company's recurring bills. He wants the transactions to be reviewed by an employee before they are processed. Which step should he complete on the Create rule page when setting up the bank rules for the company's bills? a. Turn off the Automatically confirm transactions this rule applies to toggle b. Select the Class drop-down, then select Manual transaction for each rule c. Add a tag to the rules, tagging them as a manual transactions d. Add a memo to each rule to let employees know that they are manual transactions

a. Turn off the Automatically confirm transactions this rule applies to toggle

You have a customer who will now also be a vendor. How do you handle this In QuickBooks? a. Use a "V" at the end of the display name on the vendor record to differentiate the vendor record from the customer record. b. Make sure the vendor flag is on. c. Select "also use as vendor" option on the customer record. d. As long as the address is different, you don't need to do anything.

a. Use a "V" at the end of the display name on the vendor record to differentiate the vendor record from the customer record.

A company uses QuickBooks, they need another program or app to manage all the interactions they have with their customers (this is usually called a customer relationship management or CRM application). They don't want to enter every customer twice (once into QuickBooks and once into the CRM application). What do you suggest they do? a. Use the Apps tab in QuickBooks to find a CRM app. b. Track their CRM in QuickBooks. c. Look for a CRM app that produces financial statements. Use that app to record the company's sales while continuing to track expenses in QuickBooks. d. Use the Export to Excel function within QuickBooks to export the customer periodically. Then import them into the CRM application.

a. Use the Apps tab in QuickBooks to find a CRM app.

Which three items are found on a Expenses by Vendor Summary? a. Utility bills b. Job supplies that are inventory items c. Company lunch expenses d. Inventory purchases e. Job supplies that are not inventory items

a. Utility bills c. Company lunch expenses e. Job supplies that are not inventory items

You need to create a recurring invoice. Select two statements that are true about creating a recurring invoice. (Choose 2) a. You can set a recurring invoice to run for a fixed number of times. b. Recurring invoices automatically generate past due statements. c. If the recurring invoice is a reminder, the invoice will generate automatically. d. To create the recurring invoice, open or create the invoice, then click Make recurring.

a. You can set a recurring invoice to run for a fixed number of times. d. To create the recurring invoice, open or create the invoice, then click Make recurring.

The company that just hired you uses QuickBooks Online. You notice there are many duplicate entries on lists, such as the same customer or account entered twice with sightly different spellings. You've decided to merge the duplicates. Which three statements are true about merging list entries? (Choose three) a. You cannot merge a customer with a vendor entry. b. You can only merge names from the same Type. c. You can merge an income account with an expense account. d. You cannot merge expenses and items.

a. You cannot merge a customer with a vendor entry. b. You can only merge names from the same Type. d. You cannot merge expenses and items.

The _____ is the address associated with the customer's payment method. a. billing address b. logical address c. shipping address d. return address

a. billing address

When recording a debit transaction as an expense, a user would select ____ as the payment method. a. check b. cash c. credit card d. debit card

a. check

What type of transaction is entered automatically into QuickBooks? a. A quick transaction b. A bank feed transaction c. A receipt transaction d. An expense transaction

b. A bank feed transaction

What organizations would be considered tax-exempt? Choose two answers. a. A bank b. A charity c. A bakery d. A school

b. A charity d. A school

There is an outstanding accounts receivable balance in an account from a company that has gone out of business. What should be used to write off the bad debt? a. A refund receipt b. A credit memo c. A sales receipt d. A 25% discount

b. A credit memo

What organizations would be considered tax-exempt? Choose 2 answers. a. A bank b. A school c. A bakery d. A charity

b. A school d. A charity

Which two accounts of the following accounts would most likely appear on the Balance Sheet report? a. Depreciation Expense b. Accounts Receivable c. Checking d. Gross Profit e. Cost of Goods Sold

b. Accounts Receivable c. Checking

Which two accounts of the following accounts would most likely appear on the Balance Sheet report? a. Depreciation Expense b. Accounts Receivable c. Checking d. Gross Profit e. Cost of Goods Sold

b. Accounts Receivable c. Checking

Which three statements regarding journal entries are true? a. Journal entries should only be created by an accountant b. An accountant may ask a user to create a journal entry if something does not balance in the company's books or if there has been an erroneous transaction c. Journal entries should be used often d. Adding a description to a journal entry is not required e. A journal entry is a record of transaction and the accounts being affected by the transactions

b. An accountant may ask a user to create a journal entry if something does not balance in the company's books or if there has been an erroneous transaction d. Adding a description to a journal entry is not required e. A journal entry is a record of transaction and the accounts being affected by the transactions

What is the difference between an invoice and a Sales Receipt? a. An invoice keeps track of future sales. A sales receipt records sales in the current accounting period. b. An invoice records a sale and how much your customer owes. A Sales Receipt records a sale and the payment you receive (it doesn't track any amount as owed). c. An invoice records a sale and how much your customer owes. A Sales Receipt records the customer payment and can be used as a receipt when they pay their invoice. d. An invoice can be used to record customer and vendor transactions. A Sales Receipt only records customer sales.

b. An invoice records a sale and how much your customer owes. A Sales Receipt records a sale and the payment you receive (it doesn't track any amount as owed).

Which online payment options automatically deposits payments into a bank account? Choose two answers. a. Cash b. Bank transfers c. Cards d. Checks

b. Bank transfers c. Cards

Which payment method is not an instant payment? a. Credit card b. Check c. Bank transfer d. Debit card

b. Check

Which two user types below would be able to write a check in QuickBooks Online. (Choose 2) a. Reports b. Company admin c. Standard user with vendor access only. d. Time tracking

b. Company admin c. Standard user with vendor access only.

Select 2 ways to identify unbilled billable expenses. a. Run the report Open invoices b. Create a new invoice and any unbillable expenses will appear on the sidebar c. Run the report Unbilled changes d. Create a new expense and any unbilled billable expenses will appear on the sidebar

b. Create a new invoice and any unbillable expenses will appear on the sidebar c. Run the report Unbilled changes

What transaction should you enter if a customer returns a damaged product that they have not yet paid for. a. Vendor Credit b. Credit Memo c. Refund Receipt d. Check

b. Credit Memo

Refer to the image. Which of these statements accurately describes Diamond Shores Construction's A/P Aging Summary report? a. Diamond Shores Construction has four overdue bill balances of $78.75, $217.50, $20.00 and $25.00. b. Diamond Shores Construction has three overdue bill balances of $78.75, $217.50, and $20.00. c. Three customers have an overdue balance of $78.75, $217.50, and $20.00. d. Four customers have an overdue balance of $78.75, $217.50, $20.00, and $25.00.

b. Diamond Shores Construction has three overdue bill balances of $78.75, $217.50, and $20.00.

What are three main categories of a profit and loss statement? a. Assets b. Expenses c. Retained Earnings d. Cost of Goods Sold e. Income

b. Expenses d. Cost of Goods Sold e. Income

It is possible to have more than one customer, vendor, or employee with the same display name. a. TRUE b. FALSE

b. FALSE

QuickBooks will create a 1099 form for every vendor on the vendor list. a. TRUE b. FALSE

b. FALSE

A user can change the date range in the Invoices box in the Business overview tab. a. True b. False

b. False

It is possible to change the color and font options in an email. a. True b. False

b. False

Non-inventory products are recorded on the Profit and Loss statement after they are sold. a. True b. False

b. False

QuickBooks Online can only be linked to checking accounts. a. True b. False

b. False

Transactions that have already been reconciled can be deleted. a. True b. False

b. False

Which two statements below are correct as it relates to the Close the Books feature. (Choose 2) a. The closing date is set automatically on the first day of each month. b. If a warning is used instead of a password the user is not stopped from making the change. c. The closing date is used to generate your monthly reports. d. When setting a closing date you can choose to warn users or require a password for any transactions that are attempted to be edited, deleted or added prior to the closing date.

b. If a warning is used instead of a password the user is not stopped from making the change. d. When setting a closing date you can choose to warn users or require a password for any transactions that are attempted to be edited, deleted or added prior to the closing date.

You notice an invoice you entered last month has changed significantly, but you didn't make the change. How can you find out who changed it and what they changed? a. You cannot get this information. b. Look at the Audit Log report. c. Look at the Journal of Changes report. d. While the invoice is open. click More > Show Prior State.

b. Look at the Audit Log report.

Select two statements below that are correct as it relates to merging vendors. a. When merging Vendor A into vendor B all the transactions for Vendor A will be permanently deleted from the record. b. Merging of vendors cannot be undone. c. To merge vendor A into Vendor B you should edit the display name of vendor B to match vendor A. d. To merge vendor A into Vendor B you should edit the display name of vendor A to match vendor B.

b. Merging of vendors cannot be undone. d. To merge vendor A into Vendor B you should edit the display name of vendor A to match vendor B

b. Merging of vendors cannot be undone. d. To merge vendor A into Vendor B you should edit the display name of vendor A to match vendor B.

What information can be customized in the email form? Choose three answers a. Color and font b. Message to customer c. Full details or summarized details d. Subject line and greeting d. Layout

b. Message to customer c. Full details or summarized details d. Subject line and greeting

All of the fields below are fields that can be edited when changing the email sent to the customer with their invoice except which two? a. The message in the email. b. Priority c. If the invoice is attached as a PDF. d. Greeting e. Subject Line f. From Address

b. Priority f. From Address

Which three statements are true about setting up a product or service in QuickBooks Online? (Choose three) a. To create an invoice, you can use a product but not a service. b. Products/Services allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss. c. To create an invoice, you can use either a product or a service. d. You cannot use one product/service to represent different services or goods. e. You can use one product/service to represent different services or goods.

b. Products/Services allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss. c. To create an invoice, you can use either a product or a service. e. You can use one product/service to represent different services or goods.

William wants to view inventory costs for his company for inventory items received by vendors. Which report would he view to find this information? a. Expenses by Vendor Summary b. Purchases by Vendor Detail c. Accounts Payable (A/P) Aging Summary d. Accounts Receivable (A/R) Aging Summary

b. Purchases by Vendor Detail

Mason is reviewing her company's A/R Aging Summary report. She noticed that a few customers are in the 31-60 column. What should she do? a. Write the debt off as bad debt b. Reach out to them about their payment c. Send them a second invoice d. Send the customers to collections

b. Reach out to them about their payment

The owner of the business asks you to set up QuickBooks to automatically email him a specific report on a regular basis (e.g.,weekly or monthly). How would you do this? a. Select Reports and click Recurring Reports. Select the line of the report on the list and click Edit. Then click "Set the email schedule for this group" and set the details for the email schedule. b. Run the report you want to email. Click Save Customizations. Select Reports and go to Custom Reports. Select the line of the report on the list and click Edit. Set the email schedule in this window. c. Select Reports and then navigate to the report for which you want to create an emailing schedule. Click the Email Schedule button, Enter the email address and the time schedule for the email, and then select save. d. You can't do this automatically in QuickBooks.

b. Run the report you want to email. Click Save Customizations. Select Reports and go to Custom Reports. Select the line of the report on the list and click Edit. Set the email schedule in this window.

A user can change their preferred payment terms in the _____ section of the Sales settings. a. Products and services b. Sales form content c. Customize d. Late fees

b. Sales form content

What steps should a user take to rearrange the columns on a report? a. Select Customize, select Change columns, then remember the columns b. Select Customize, select Change columns, then drag the column titles to rearrange them c. Select Settings on the report, then drag the column titles to rearrange them d. Select Settings on the report, then renumber the column titles

b. Select Customize, select Change columns, then drag the column titles to rearrange them

You're setting up a new customer. How do you tell QuickBooks that this customer's invoice should be due 30 days after they're issued? a. Select the checkbox next to Due in 30 days. b. Set the customer's Terms to Net30. c. Set the due date on the next invoice you enter for the customer. After that, QuickBooks will remember. d. You have to set this on each invoice you enter for the customer

b. Set the customer's Terms to Net30.

You're setting up a new customer. How do you tell QuickBooks that this customer's invoice should be due 30 days after they're issued?a. Select the checkbox next to Due in 30 days. b. Set the customer's Terms to Net30. c. Set the due date on the next invoice you enter for the customer. After that, QuickBooks will remember. d. You have to set this on each invoice you enter for the customer

b. Set the customer's Terms to Net30.

Which are considered services? Choose two answers. a. A box of screws b. Tile installation c. Framing lumber d. A home inspection e. A case of tiles

b. Tile installation d. A home inspection

For which two purposes is a Sales by Customer Summary used? a. To see which transaction types are most commonly used to record customer sales b. To see a list of customers who made purchases during a specific reporting period c. To see the total sales amount earned during a specific reporting period from a customer or project d. To see the products and services sold during a specific reporting period

b. To see a list of customers who made purchases during a specific reporting period c. To see the total sales amount earned during a specific reporting period from a customer or project

The _____ account is a temporary account QuickBooks used to hold payments (cash or check) before they are deposited into a bank account. a. Holding b. Undeposited Funds c. Savings d. Checking

b. Undeposited Funds

Barb wants to set up a recurring invoice for a customer. This customer wants to purchase a product from Barb's company regularly, but not on set dates and not in set amounts. What type of recurring transactions should Barb choose? a. Scheduled b. Unscheduled c. Notification d. Reminder

b. Unscheduled

Andrew is deciding on a rule name for a new bank rule he is creating. Which three rule names would he be able to use? a. WebWorld's Internet Bill b. WebWorld-Internet Bill c. Internet Bill d. Internet Bill 1 e. *Internet Bill*

b. WebWorld-Internet Bill c. Internet Bill d. Internet Bill 1

When viewing all sales transactions, users can determine which two items? a. Which expenses are outstanding b. Which invoices need to be sent c. Which payments need to be received d. Which projects need to be completed

b. Which invoices need to be sent c. Which payments need to be received

You need to create a recurring invoice. Select two statements that are true about creating a recurring invoice. (Choose 2) a. If the recurring invoice is a reminder, the invoice will generate automatically. b. You can set a recurring invoice to a fixed number of times. c. Recurring invoices automatically generate past statements. d. To create the recurring invoice, open or create the invoice, then click Make recurring.

b. You can set a recurring invoice to a fixed number of times. d. To create the recurring invoice, open or create the invoice, then click Make recurring.

The _____ can be the same on multiple list items. a. print on check name b. company name c. vendor name d. display name

b. company name

A ____ can be issued to reduce the amount of money a customer owes. a. refund receipt. b. credit memo c. 25% discount d. sales receipt

b. credit memo

b.Products/Services allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss. c. To create an invoice, you can use either a product or a service. e. You can use one product/service to represent different services or goods.

Select the correct choice from the dropdown to complete each sentence. The ____ address identifies where the invoice to a customer should be mailed. The ____ address identifies where the products sold to the customer should be delivered.

billing shipping

Select the correct choices from the dropdown to complete each sentence. - The ____ address identifies where the invoice to a customer should be mailed. - The ____ address identifies where the product sold to the customer should be delivered.

billing shipping

Vendors who have been paid more than ____ within the year must be sent a 1099 form for their taxes. a. $1000 b. $500 c. $600 d. $750

c. $600

Your boss wants to know if there are any overdue bills. What report would you run to give him this information? a. Open Bills report b. Overdue Bills report c. Accounts Payable Aging report d. Bills by Due Date report

c. Accounts Payable Aging report

What is a sub-customer? a. An individual or company that is responsible for keeping the project organized b. Someone responsible for the payment of a project c. An individual or company that is connected to a parent d. A tax-exempt organization

c. An individual or company that is connected to a parent

Your boss wants to know what the balance is for total assets, liabilities and equity. What financial report would you use to find this information? a. Statement of Comprehensive Income b. Profit and Loss c. Balance Sheet d. Cash Flow

c. Balance Sheet

You're working in QuickBooks at a coffee shop for a few hours and don't want to share all of your company's financial details with everyone there. How can you fix this? a. There is not a way to exclude this type of information from your data. b. When logging in to your QuickBooks data, check the box next to Private mode. c. Click the Private mode switch on the dashboard to prevent sensitive financial information from being displayed in this window. d. From the company menu settings, select the option to Hide Financial Details.

c. Click the Private mode switch on the dashboard to prevent sensitive financial information from being displayed in this window.

Your new employer would like to invoice her customer for job materials that she has to buy to complete a project. Currently her expense forms look like this: a. Click the settings icon next to the company name. Click "Custom Form Styles." Edit the expense form. Select "Track Expenses and Items as billable." b. There is not a way to do this in QuickBooks Online. c. Click the settings icon next to the company name. Click Account and Settings/Company Settings. Click the Expenses tab. Select "Track Expenses and Items as billable." d. Click the Credit menu plus icon and select Expense. On the Expense form, click Customize at the bottom of the form. Select "Track Expenses and Items as billable."

c. Click the settings icon next to the company name. Click Account and Settings/Company Settings. Click the Expenses tab. Select "Track Expenses and Items as billable."

Mary wants to bring her company's transaction information from the company's checking account to QuickBooks Online. Which two methods could she use to do this? a. Type the transaction information into an Excel file, then upload the Excel file b. Upload the company's bank statements c. Download a CSV, QFX, QBO, OFX, or TXT file from the company's bank d. Connect QuickBooks Online to the company's bank

c. Download a CSV, QFX, QBO, OFX, or TXT file from the company's bank d. Connect QuickBooks Online to the company's bank

You are setting up a new product you will frequently need to purchase for your company. You want QuickBooks Online to provide fields to track the product. How do you set up a new product to be tracked by QuickBooks? a. Type a comment in the note box explaining this purchase is from a supplier. b. Type a comment in the note box reminding yourself to add this product/service to inventory. c. Enable the box, "I purchased this product/service from a supplier." d. Enable the box, "Vendor purchase."

c. Enable the box, "I purchased this product/service from a supplier."

Net income = Income - Cost of goods sold - _________. a. Equity b. Assets c. Expenses d. Liability

c. Expenses

What is one reason to not use a bank deposit or journal entry screen to record sales? a. The cash flow report will be wrong. b. The income from the sales will not show up in the bank account. c. If you record sales through the bank deposit or journal entry screen, the sale will not appear on the sales reports. d. It is actually a good idea to record sales through bank deposits and journal entries

c. If you record sales through the bank deposit or journal entry screen, the sale will not appear on the sales reports.

When setting up a new inventory item what accounts have to be defined? a. Checking account b. Payment account c. Income account d. Inventory asset account e. Expense account

c. Income account d. Inventory asset account e. Expense account

Which feature is customizable in the content section of a sales receipt template? a. Font and font size b. Company logo c. Label spacing d. Color scheme

c. Label spacing

QuickBooks Online allows you to connect directly to which of the following financial accounts to download activity into QBO? a. You state tax authority. b. The IRS. c. Most major US banks and credit card processors. d. All of the above.

c. Most major US banks and credit card processors.

Amanda has just imported transactions from her company's bank. What is the next step she should take? a. Label the transactions b. Select Save c. Review and approve the transactions d. Let other accountants at the company know that the transactions have been imported

c. Review and approve the transactions

The owner of the business asks you to set up QuickBooks to automatically email him a specific report on a regular basis (e.g., weekly or monthly). How would you do this? a. Select Reports and click Recurring Reports, Select the line of the report on the list and click Edit. Then click "Set the email schedule for this group" and set the details for the email schedule. b. Select Reports and then navigate to the report for which you want to create an emailing schedule. Click the Email Schedule button. Enter the email address and the time schedule for the email, and then select save. c. Run the report you want to email. Click Save Customizations. Select Reports and go to Custom Reports. Select the line of the report on the list and click Edit. Set the email schedule for this window. d. You can't do this automatically in QuickBooks.

c. Run the report you want to email. Click Save Customizations. Select Reports and go to Custom Reports. Select the line of the report on the list and click Edit. Set the email schedule for this window.

Refer to the image. Which customer has a credit according to the A/R Aging Summary report? a. Jack Johnson b. Sheds and More c. Sally Smith d. Tim Turner

c. Sally Smith

Tim is on his company's QuickBooks Online homepage. Which of these methods would be the simplest way for Tim to make a new invoice? a. Select Sales, select Invoices, then select Create Invoice b. Select the Business overview tab, then select Add invoice c. Select the Get things done tab, then select Add invoice d. Select Settings, select Account and settings, select Invoices, then select Create Invoice

c. Select the Get things done tab, then select Add invoice

Ryan has just uploaded a receipt to QuickBooks Online. What step should he take next? a. Select Modify and make sure all the information taken from the receipt is correct b. Update the transaction information to reflect the new receipt c. Select the Review button and make sure all information taken from the receipt is correct d. Let the company's accountant know that there is a new receipt

c. Select the Review button and make sure all information taken from the receipt is correct

Why are banking account numbers not displayed by default in QuickBooks Online? a. To prevent accounting errors b. To ensure employees use the correct accounts by having an account name rather than a number c. To prevent others nearby from seeing banking information d. To prevent employees from seeing a company's banking information

c. To prevent others nearby from seeing banking information

What is the purpose of the Audit Log report? a. To help you perform a year-end audit. b. To prepare the books for an accounting firm's audit. c. To track any changes and deletions to transactions as well as track which user makes the change or deletion. d. To track attempts to access a restricted area.

c. To track any changes and deletions to transactions as well as track which user makes the change or deletion.

You mailed a check to your monthly rent. The check was lost in the mail and was never cashed. What should you do with the check in QuickBooks? a. Delete the check. b. Change the amount of the check to zero. c. Void the check. d. Make a Journal Entry to reverse the check.

c. Void the check.

Which types of checks are available for a user through the QuickBooks Online Print checks setup page? a. Speciality b. Basic c. Voucher d. Standard

c. Voucher d. Standard

A transaction that is entered manually into QuickBooks is called a(n) ____ transaction. a. quick b. bank feed c. expense d. receipt

c. expense

QuickBooks automatically deposits payments within ____ of receiving them. a. 4-5 days b. 3-4 days c. 1-2 days d. 2-3 days

d. 2-3 days

What is a money-out transaction? a. A purchase made for a project b. An expense paid by a vendor c. A billable expense on a customer invoice d. A transaction for which a user is paying

d. A transaction for which a user is paying

Mary has a new customer that would like custom payment terms of 45 days. What payment terms should Mary choose when setting up the new vendor information? a. Net 15 b. Net 60 c. Net 30 d. Add new e. Due on receipt

d. Add new

Your boss wants to know what balance is for total assets, liabilities and equity. What financial report would you use to find this information? a. Profit and Loss b. Statement of Comprehensive Income c. Cash Flow d. Balance Sheet

d. Balance Sheet

To add a receipt to QuickBooks Online from your computer, what options do you select from the left-hand navigation to begin the process? a. Accounting b. Expenses c. You cannot upload receipts into QuickBooks Online. d. Banking e. Taxes

d. Banking

Which form cannot be customized in QuickBooks? a. Estimate b. Invoice c. Sales Receipt d. Bill

d. Bill

Which payment option has a fee included? a. Bank transfer b. Debit card c. Check d. Credit card

d. Credit card

What could be a warning sign for embezzlement if found in the Audit Log? a. Logging in late at night b. Deleting vendor credits c. Voiding transactions d. Deleting a check

d. Deleting a check

Assets - Liabilities = ________. a. Net income b. Profit c. Retained earnings d. Equity

d. Equity

Which filter option is not available when locating a specific transaction in the Audit Log? a. Events b. Date c. User d. Location

d. Location

Dave is creating an invoice to send to Fish World and would like the payment to be due in 30 days. Which terms should Dave select before sending the invoice? a. Net 15 b. Due on receipt c. Net 60 d. Net 30

d. Net 30

When entering a journal entry, what happens if the debits don't equal the credits? a. QuickBooks sends the difference to an adjustment account. b. QuickBooks asks you what to do with the unequal amount. c. Nothing. QuickBooks records the transaction as is. d. QuickBooks will not allow you to record the transaction.

d. QuickBooks will not allow you to record the transaction.

After printing a batch of checks, Jon realized check number 230 was incorrect. Which option should Jon choose to reprint the check? a. Reprint check number: 230 b. No, keep all checks in the Print Checks list c. Yes, they all printed correctly d. Some checks need reprinting, start with check: 230

d. Some checks need reprinting, start with check: 230

How do you track Accounts Payable (A/P) in QuickBooks? a. Step 1: Record a Journal Entry to Accounts Payable. Step 2: Write a check to pay your vendor/supplier. b. Step 1: Enter an Expense. Step 2: Pay the Expense. c. Enter a check for the Expense. d. Step 1: Enter a Bill. Step 2: Pay the Bill in the Pay Bills window.

d. Step 1: Enter a Bill. Step 2: Pay the Bill in the Pay Bills window.

Which of the following statements is true regarding Undeposited Funds in QuickBooks? a. Undeposited Funds is an item type usually associated with NSF fees. b. Undeposited Funds is an item type usually associated with bad debt. c. Undeposited Funds is an account used to record unpaid invoices. d. Undeposited Funds is an account used to record payments before you make a deposit.

d. Undeposited Funds is an account used to record payments before you make a deposit.

What information would you see on a standard accounts payable aging summary or accounts payable aging detail report? Select 2 items a. Checks written to vendors. b. The balance in your checking account. c. Customers who owe you money. d. Vendors who you owe money to. e. Due dates for bills

d. Vendors who you owe money to. e. Due dates for bills

What do the payment terms in a contract tell a customer? a. Where to pay the bill b. The preferred method of payment c. The preferred delivery method d. When the bill is due

d. When the bill is due

When should you not delete a check? a. You accidentally recorded the same check (with the same check number) twice. b. You recorded a check but have not printed it yet. c. You printed a check on blank paper but now realize you don't want to record the check. d. You printed a check and the check number has been used.

d. You printed a check and the check number has been used.

Merging vendor accounts is ____. a. situational b. required c. temporary d. permanent

d. permanent

Invoices are issued to customers to ____. a. request inventory b. record a direct sale c. credit the customer d. request a payment

d. request a payment

In the Bank Accounts box on the Get things done tab, a user can see if there are any ________ that need to be reviewed. a. sales b. invoices c. reports d. transactions

d. transactions

All the fields below are fields that can be edited when changing the email sent to the customer with their invoice except which two? a. The message in the email. b. If the invoice is attached as a PDF. c. Greeting d. Subject line e. Priority f. From Address

e. Priority f. From Address

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