QuickBooks Online Exam
Which report can be viewed to provide some guidance on how you can resolve transactions that are causing discrepancies when reconciling an account?
Reconciliation Discrepancy report
What are 2 ways to use a vendor credit in QuickBooks Online?
Apply it to a credit memo Apply it to an existing bill
Which 2 options are benefits of using the Close books feature?
It can prevent users from accessing any information in a closed period It can prevent users from changing transactions in a closed period
Which 2 problems does the Pay down credit card workflow solve for clients?
It uses language that non-accountants can understand It ensures that payments to credit card accounts are categorized correctly
Which report would you use to show top-selling and/or worst selling products?
Sales by Product/Service Summary
Brittany provides in-home hairstyling services to her clients and collects payment from them at the time of service. What type of transaction in QuickBooks Online allows her to record the sale and the payment on a single screen?
Sales receipt
Which 4 of these tabs appear in the Customer information screen?
Notes Address Customer type Terms
What connection method eliminates the need to provide a bank user name and password after the initial setup process?
OAuth
Which 2 team user roles have permission to view and search for apps using the Apps tab in QuickBooks Online Accountant?
Primary Admin Full Access
Which report summarizes the amount of financial activity associated with each income or expense account for a specific period of time?
Profit and Loss
Which statement is true about the Transfer feature?
The Transfer feature can be used to move funds between two balance sheet accounts
Brian just completed a Client Needs Assessment and his client confirmed that she will require profitability tracking, and needs to create budgets and purchase orders in her accounting solution. What is the minimum QuickBooks Online version suitable for Brian's client?
QuickBooks Online Plus
In which tab in the Banking center do bills and receipts appear after they're added?
Receipts
What are the 3 types of user permissions you can choose from in QuickBooks Online when adding new team members to your firm?
View-only access Basic access Custom access
When can an Accountant user use the Write off invoices tool?
When a customer has outstanding invoices that will not be paid
At year end, what 2 reports can be used to verify that all bank and credit card accounts on the balance sheet have been reconciled?
Reconciled Transaction Detail by Account Balance Sheet Detail
Which users are able to undo a reconciliation?
Accountant users only
How can you find the Exceptions to Closing Date report?
Accounting > Close books
In the Reclassify transactions screen, which 3 elements of a transaction can be reclassified?
Accounts Locations Classes
Which users will be able to see account numbers if they are enabled?
All users will see the account numbers.
Which statement about switching between Accountant and Business view is true?
Navigation labels may vary depending on whether you are in Business or Accountant view
The Pay down credit card feature can be found in which area of QuickBooks Online?
+ New from the left-hand navigation
Jane has just recorded customer payments against open invoices and does not see the payments on the Bank Deposit screen. What field should she review on the Receive payment screen?
Deposit to
What are the 3 ways to capture bills and receipts so that they can be matched to transactions and added to the bank feed?
File upload Via the mobile app Sending it through direct mail
What is the maximum number of characters allowed in the account number field?
7
Which 2 statements about creating a client request in QuickBooks Online Accountant are true?
A document request appears in the client's QuickBooks Online company in the Accounting menu A document request notification can be sent via email by selecting Notify client
To determine the scope of a bookkeeping clean-up engagement, you are reviewing the Client Overview tab for a potential client. You notice that there is a large amount in the Opening Balance Equity account. Which 2 reasons could be causing this balance?
A reconciliation adjustment was posted when completing a bank reconciliation Transactions in the Banking Center were added without assigning an account to them
Which of these recurring transactions could be used if an accountant needs to set up a monthly recurring prepaid expense?
A recurring journal entry
What are the correct steps to begin the Write off invoices process?
Accountant Tools > Write off invoices
Which 2 user types can access the Performance Center in QuickBooks Online?
Accountant users in any subscription level of QuickBooks Online Accountant users in QuickBooks Online Plus or Advanced
What are 2 features QuickBooks Time Elite has that Premium does not?
Ability to analyze project estimates verses actuals Ability to use geofencing
What are 4 status types that can be assigned to an estimate in QuickBooks Online?
Accepted Closed Rejected Pending
A QuickBooks Online user wants Credit memos to automatically apply to open invoices.
Account and Settings > Advanced > Automation
Where are 2 places you can search for apps that work with QuickBooks Online?
Account and Settings > Apps www.quickbooks-apps.com
What are the correct steps to access and begin reclassifying transactions?
Account and Settings > Reclassify transactions
Which 3 of these statements regarding bank rules are true?
Bank rules can automatically add transactions to the register Bank rules can be copied, edited, or deleted Bank rules can be prioritized
Where can you see the number of tags and tag groups created?
Banking > Tags
Where should they go to update their bank info in QuickBooks Online?
Banking Center > Banking tab > Select account tile > Pencil icon > Edit sign-in info
What does QuickBooks Online automatically create to record the balance owed when adding a vendor with a non-zero opening balance?
Bill
Which menu area allows you to search for apps by the problem or business process they address?
Browse category
When first setting up Sales tax for a client, what information will be prepopulated?
Business address
When an excluded transaction is reinstated, which tab will it appear under?
For review
In QuickBooks Online, the Products and Services list contains the items that will appear on your client's purchase and sales transactions. What must each product/service item be mapped to?
Chart of accounts
What type of transaction is recorded when a customer pays via a payment link?
Deposit
What is the correct process for setting up a recurring project for the same client?
Create a new project and use the Repeat slider to turn it on, then set the frequency and duration
Which feature helps streamline the purchasing process once a customer approves an estimate?
Create invoice from purchase order
Which common workflow error can cause duplicate expenses in QuickBooks Online?
Creating a bill to record a vendor expense, and creating a check to the vendor for the same expense
Bill Pay powered by Melio allows you to fund payments to vendors using which 3 methods?
Credit card Debit card ACH bank transfer
Which 4 list types can be directly imported into QuickBooks Online from Excel?
Customers Products and services Vendors Chart of accounts
Your client would like to display negative numbers in red on their Profit and Loss report. Where can you select this option for them?
Customize > General
What is one difference between ProAdvisor Discount and Direct Discount pricing, apart from who pays for the subscription?
Duration of discount
How will QuickBooks notify you when subscribing to receive updates and resolutions on QuickBooks Online outages or slowdowns?
What are 2 ways to add a new vendor to QuickBooks Online?
Expenses > Vendors > New vendor Gear > Import data > Vendors
Which 3 predefined management report templates will a client see in their company file?
Expenses performance Sales performance Company overview
Which 3 of these areas does the Client Needs Assessment tool focus on to help gather the information needed to select the right QuickBooks Online subscription for a client?
Features and solutions Client profile Needs assessment
Thomas would like his customers to see the full invoice details from within the email itself and have a PDF attached. Where would he navigate to make this change?
Gear > Account and settings > Sales > Online Delivery > How your invoice appears in emails
Timothy would like to add another term to the current list of terms within QuickBooks Online. Where would he go to add the additional term?
Gear > Account and settings > Sales Terms > New
Heather just received a customer payment and selected Undeposited Funds as the Deposit to account. Later that day she created a deposit transaction to group all the payments taken to the bank. Where can she view what has been deposited?
Gear > All Sales > View Deposits
Where can you enable account numbers for the chart of accounts?
Gear icon > Account and Settings > Advanced > Chart of Accounts > Enable account numbers
Where would you navigate within QuickBooks Online to show product/service column on sales forms?
Gear icon > Account and Settings > Sales > Products and services
Josie's client is rapidly growing and needs to upgrade their current subscription level of QuickBooks Online. If Josie pays for the subscription, what steps will she take to upgrade her client?
Gear icon > Subscriptions and billing > Accountant-billed subscriptions tab > Subscription actions > Upgrade
In the Overview tab of the Client List, what filter can be applied to only show clients assigned to a specific team member?
Lead
Before merging two sub-accounts, what do you need to check?
Make sure the names are spelled the same.
Which 2 are QuickStart templates provided in the Work area for ProAdvisors to use when setting up a new project?
Monthly bookkeeping Client meeting
Which statement about adjusting journal entries in QuickBooks Online is true?
Only Accountant users and the Primary admin of the account can create adjusting journal entries
Which 2 are correct regarding setting up a QuickBooks Payments account for a client?
Only the Primary admin of the QuickBooks Online company can connect QuickBooks Payments The Primary admin of the QuickBooks Online company should connect QuickBooks Payments
What is the best practice sequence of steps to convert an estimate to a purchase order?
Open estimate > down arrow next to Create invoice > Copy to purchase order
When using QuickBooks Online Accountant, Diane Doolittle opens a client's QuickBooks Online company from her Client dashboard. Where can she see which apps are connected to the client's account without signing out of the account?
Overview > Company Setup
Xavier wants to download an itemized invoice for the QuickBooks Online subscriptions on his preferred pricing account for last month. The statement can be downloaded in which 2 file types?
PDF CSV
Which options would a client select in their Manage Users screen to give their worker access to create invoices, but not print checks in their QuickBooks Online company?
Standard user > Limited > Invoicing
Which 3 types of customer statements can QuickBooks Online generate?
Statements that show just open transactions Statements that show a balance forward and then all activity between two specified dates Statements that show invoices created between two specified dates and their related payments
There are four item types to choose from in QuickBooks Online.
This includes services that are provided to customers, such as an emergency service call visit or other labor : Service These are products that are bought and sold, and where it is necessary to track quantities on hand. You must subscribe to QuickBooks Online Plus or Advanced to use this feature Inventory (in QuickBooks Online Plus and Advanced only) These are products bought and sold where it isn't necessary to track quantities on hand, such as small parts used in the installation or delivery of a product Non-inventory This is a collection of products and services that are sold together, such as the installation of a product that includes both labor and materials Bundle
Which QuickBooks Time clock-in/clock-out option is specifically designed for businesses with on-site shift workers?
Time Clock Kiosk
To keep track of her team, Esther has requested that the status of each task be updated in the Month-end review tabs. What are the 3 status options?
To Do Waiting Done
What are 2 tools you can use to identify possible issues in a QuickBooks Online Company?
Transaction Journal report Voided/deleted transactions tool
Which 3 statements are correct regarding reconciling a bank account in QuickBooks Online?
Transactions added or matched in the Banking Center are automatically marked tentatively cleared The primary admin can undo reconciliations To begin the reconcile process, you need to enter the statement ending date and ending balance from the relevant bank statement
The first stage of the month-end process is reviewing transactions and recognizing any possible issues. Which are 2 open issues that you can view from the Transaction review tab?
Unapplied payments Transactions posted to the wrong period
IRS guidelines require specific information to substantiate deductible automobile expenses. Which 3 items are included in the substantiation requirements?
Vehicle type, date placed in service, and total mileage (including business, commuting, vacation, and personal)
What are 2 scenarios in which you would use a Bank deposit transaction?
When your client wants to group customer payments into a single deposit transaction When your client wants to record an SBA loan amount received
After finishing a project, how do you change the status in QuickBooks Online Accountant?
Work > Pencil icon > Status dropdown > Done Work
