Quickbooks Section 4 (3rd pending Attempt)

Question 16 (2nd attempt) Which of these recurring transactions could be used if an accountant needs to set up a monthly recurring prepaid expense? A recurring journal entry A recurring invoice A recurring deposit A recurring bill

***P256 online training notes*** A recurring bill

Question 14 (3rd attempt) How does QuickBooks Online use smart learning in its reconciliation tool to help find any hidden transactions? It can identify transactions that were posted to the wrong account It can identify transactions where the transaction date is in a future period and the cleared date is in the statement period It can recognize if transactions have been excluded erroneously from bank feeds It automatically records bank fees and interest earned

It can identify transactions where the transaction date is in a future period and the cleared date is in the statement period

Question 15 (3rd attempt) Which users are able to undo a reconciliation? Company admin users only Primary admin user only Accountant users only All users

***P255 of online training notes*** Accountant users only

Question 14 (1st and 2nd attempt) Which report can be viewed to provide some guidance on how you can resolve transactions that are causing discrepancies when reconciling an account? Unreconciled report Adjustments report Issues report Reconciliation Discrepancy report

***P251-252*** Reconciliation Discrepancy report

Question 13 (2nd attempt) Which 3 statements are correct regarding reconciling a bank account in QuickBooks Online? Bank accounts can be reconciled only if they are connected through bank feeds Transactions added or matched in the Banking Center are automatically marked tentatively cleared** To begin the reconcile process, you need to enter the statement ending date and ending balance from the relevant bank statement** The primary admin can undo reconciliations To view the Bank statement, select History by account Reconciliations must only be run at period end to estimate tax owed

***Per practice*** 1) Transactions added or matched in the Banking Center are automatically marked tentatively cleared 2) To begin the reconcile process, you need to enter the statement ending date and ending balance from the relevant bank statement 3) To view the Bank statement, select History by account

Question 15 (1st and 2nd attempt) Undoing the reconciliation allows you to start over so that you can find the discrepancies. Where would you navigate to undo a prior reconciliation as an Accountant user? Banking > History by account > Down arrow > Undo My accountant > History by account > Down arrow > Undo Reconcile > History by account > Down arrow > Undo Reports > Reconciliation Report > Down arrow > Undo

P254 online training notes , per practice, and exam Reconcile > History by account > Down arrow > Undo

Question 16 (1st attempt) Which 2 of these options are benefits of using the Recurring transactions feature in QuickBooks Online? Recurring transactions can be disabled by the customer There is an option to include unbilled charges automatically on recurring invoices You can create recurring Bill payments to automate the accounts payable process*** You can use recurring Sales receipts with QuickBooks Payments You can make a Receive payment transaction recurring

P256-257 online training notes 1) You can create recurring Bill payments to automate the accounts payable process 1) You can use recurring Sales receipts with QuickBooks Payments 2) You can make a Receive payment transaction recurring

Question 12 (2nd attempt) Which 3 of these statements regarding bank rules are true? Bank rules can be copied, edited, or deleted Bank rules are only included in QuickBooks Online Advanced subscriptions Bank rules cannot automatically split transactions Bank rules can only be set up by an Accountant user in QuickBooks Online Bank rules can automatically add transactions to the register Bank rules can be prioritized

***P240-241 online training notes*** 1) Bank rules can be copied, edited, or deleted 2) Bank rules can automatically add transactions to the register 3) Bank rules can be prioritized

Question 13 (1st attempt) What is the default filter that is automatically applied when reconciling an account in the Reconciliation dashboard? Date Payee Reference number Amount Cleared status Memo

***P251 of raining notes** Cleared status

Question 11 (1st attempt) From the For review tab in the Banking Center, how would you exclude a bank transaction that is a duplicate? Find transaction > Check box next to transaction > Select Exclude in banner Find transaction > Select Update in banner > Exclude Find transaction > Select Exclude under Action column Find transaction > Edit > Save and exclude

***Per practice*** Find transaction > Check box next to transaction > Select Exclude in banner

Question 2 (1st attempt) What are 2 scenarios in which you would use a Bank deposit transaction? When your client wants to make a deposit to a vendor When your client wants to record an SBA loan amount received-2nd attempt answer When your client wants to record sales from her upcoming trade show and provide sales receipts--(Note: according to the notes p212, this is not a deposit because it is a sales receipt because it is an invoice) When your client wants to group customer payments into a single deposit transaction*** When your client wants to apply a customer payment to an open invoice

**P212 online training notes** When your client wants to record an SBA loan amount received When your client wants to group customer payments into a single deposit transaction

Question 1 (1st attempt) Vendor credits are designed to account for returns of products purchased on account. What are 2 ways to use a vendor credit in QuickBooks Online? Apply it to an invoice Apply it to a bill that has been paid Hold on to it and apply it to a future bill Apply it to a credit memo Apply it to an existing bill

***P211 of training notes and Web training *** 1) Hold on to it and apply it to a future bill*** 2) Apply it to an existing bill-****

Question 2 (2nd attempt) In which 3 cases would you use the "Add funds to this deposit" grid in a Bank deposit? You receive a tax refund from the IRS To record a Vendor credit When an employee reimburses the company To record the payment of a bill You need to record an ACH payment of a customer invoice When a company doesn't record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts

***P212-213 of training notes*** 1) You receive a tax refund from the IRS 2) When an employee reimburses the company 3) When a company doesn't record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts

Question 3 (1st attempt) (2nd attempt answer was correct) 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? Recurring transaction Estimate Sales receipt Invoice Transfer

***P214 of online training notes***(1st attempt) (2nd attempt answer was correct) P214 of online training notes Sales receipt (2nd attempt answer)

Question 5 (2nd attempt) Which 3 statements are true about recording journal entries? You can post to multiple accounts receivable and/or accounts payable accounts in the same journal entry When posting to the accounts receivable account, you must specify a customer When posting to the accounts receivable account, you must specify a vendor Total debits must equal total credits You can post to Products and Services in a journal entry When you want to invoice a client for a line on the journal entry You can post journal entries in bulk

***P219 online training notes*** 1) You can post to multiple accounts receivable and/or accounts payable accounts in the same journal entry 2) When posting to the accounts receivable account, you must specify a customer 3) Total debits must equal total credits***

Question 5 (1st attempt) Which statement about adjusting journal entries in QuickBooks Online is true? Only Accountant users can create adjusting journal entries Only Company admin users can create adjusting journal entries Only Accountant users and the Primary admin of the account can create adjusting journal entries Only the lead accountant can create adjusting journal entries

***P220 online training notes*** Only Accountant users can create adjusting journal entries

Question 6 (1st attempt) Which 2 problems does the Pay down credit card workflow solve for clients? It ensures that payments to credit card accounts are categorized correctly It provides a lower rate than most credit cards to qualified small businesses It uses language that non-accountants can understand It provides a higher credit limit than most small business can get It helps clients stay on top of making payments on time

***P223 online training notes*** 1) It ensures that payments to credit card accounts are categorized correctly 2) It uses language that non-accountants can understand

Question 6 (2nd attempt) What are 3 benefits of the Pay down credit card feature? It prevents common errors that affect the company's financial statements It prevents mis-categorization of credit card payment transactions It provides easy-to-understand language for non-accountant users It allows users to electronically pay their credit card balances from within QuickBooks It compares your client's credit card balances side-by-side It helps users identify which credit cards have interest rates that are too high

***P223 online training notes*** 1) It prevents common errors that affect the company's financial statements 2) It prevents mis-categorization of credit card payment transactions 3) It allows users to electronically pay their credit card balances from within QuickBooks

Question 7 (2nd attempt) Which option completes the 3 missing steps to use the Pay down credit card feature? Select the correct option from the dropdown. Reset Answers 1. Select the + New button from the left-hand navigation and select ******pay down credit card****** in the Other column 2. Select the credit card account that is being paid 3. Select the ******payee***** , if applicable 4. Enter the amount and the date of payment 5. Select the account the payment is being made from 6. Finally, select *****save*****

***P223-224 of online training notes *** ******pay down credit card****** ******payee***** *****save****

Question 8 (2nd attempt) Which statement is true about the Transfer feature? You can add a customer to the transfer transaction The Transfer feature can be used to transfer funds between income and expense accounts You can use a transfer to pay bills directly The Transfer feature can be used to move funds between two balance sheet accounts

***P225-226 of training notes*** The Transfer feature can be used to move funds between two balance sheet accounts

Question 8 (1st attempt) Your client wants to transfer $500 from their checking account into a savings account to cover tax liabilities for sales made last month. Where should your client go to record a Transfer? Gear icon > Transfer + New > Transfer Accounting > Transfer Dashboard > Transfer

***P226 of training notes**Per practice*** + New > Transfer

Question 9 (1st and 2nd attempt) 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 Sending it through direct mail Via fax Forwarding by email Via the mobile app Via text message

***P227-230 online training notes** 1) File upload** 2) Forwarding by email** 3) Via the mobile app**

Question 1 (2nd attempt) What are 2 ways to access the vendor credit screen in QuickBooks Online? Gear icon > Vendor Credit Expenses > Overview > Shortcuts > New Vendor Credit + New > Vendor Credit Workflows > Expenses > Vendor Credit Expenses Center > New Transaction > Vendor Credit

***P 211 online training notes*** 2nd attempt-did not get correct in the last test. 1) + New > Vendor Credit 2) Expenses Center > New Transaction > Vendor Credit

Question 10 (2nd attempt) To make receipt forwarding active, you'll need to enable a unique email address within the client's QuickBooks Online. Where would you navigate to enable this feature? Gear icon > Company settings > Expenses > Manage forwarding email Banking center > Receipts > Manage forwarding email Gear icon > Advanced > Automation > Manage forwarding email Banking center > Banking > Manage forwarding email

***Per practice*** Banking center > Receipts > Manage forwarding email

Question 12 Where will the current transactions appear if Auto-add was not selected when creating a bank rule? Pending tab Rules tab For review tab Categorized tab

***Per practice*** For review tab

Question 10 (1st attempt) In which tab in the Banking center do bills and receipts appear after they're added? Receipts Banking Tags Rules App transactions

***Per practice*** Receipts

Question 7 (1st attempt) The Pay down credit card feature can be found in which area of QuickBooks Online? Account and Settings + New in the Banking Center + New from the left-hand navigation Gear icon

***Per system practice ** + New from the left-hand navigation

Question 4 Which 2 statements are true about payment links in QuickBooks Online? Payment links allow customers to pay via PayPal or Venmo Payment links never expire and can be used repeatedly with different customers Payment links can be used anytime a client wants to sell a product to a customer Payment links can only be used when a client has an active QuickBooks Payments account You can use payment links to send a request for payment on an existing invoice

**P217 online training notes** 1) Payment links can be used anytime a client wants to sell a product to a customer 2) You can use payment links to send a request for payment on an existing invoice