QuickBooks Exam 2
What two options in a QuickBooks online profit and loss report will quickly show a client how much income and expenses were incurred over the past two years?
-Compare another period -Report Period
*Where can you find the QuickStart template in QuickBooks online accountant to begin the client onboarding process?
-Work
*Which statement is true regarding the preferred vendor field in products and services items?
-You can create a new vendor from the product service information screen
Which report should you run to list all customers who currently owe balances and how old the balances are?
A/R Aging Summary
*Which three statements regarding bank rules are true?
Bank rules can be prioritized -Bank rules can be copied edited or delete -you can automatically add transactions to the register using bank rules
*If you want to add a new team member to your practice what types of user permissions can be set up?
Basic Custom Full access
*What are two ways to access the vendor credit screen in QuickBooks online?
Expenses center > new transaction > vendor credit + new bottom > vendor credit
*Which option explains how to enable email recipient forwarding in QuickBooks online?
select banking > receipts > register your email to get started
*What are three primary ways to get information into QuickBooks online?
-Convert data from existing QuickBooks desktop file -use the import data tool -enter data manually into the QuickBooks online forms and check registers
*What are two ways to create a credit memo in QuickBooks online?
-Sales center > all sales > new transaction > credit memo - + New button > credit memo
*What are two ways to begin setting up a recurring transactions in QuickBooks online?
-Select make recurring at the bottom of a transaction -select gear > recurring transaction
*Irene has previously recorded all credit card activity manually using the expense transaction screen and reconciled the account using the reconciliation tool. after connecting her credit card in the banking center, she doesn't see any matches for the transaction she previously entered and recorded.
-Select the reconcile transactions > batch actions > exclude selected
*What steps will take you to a client's QuickBooks online company from QuickBooks online accountant?
-Selecting the QB icon next to their name on the client list
Which of the following are futures of a client QuickBooks online company?
A QuickBooks company is made up of list and transactions -there are multiple entry points for finding different lists and transactions -as an accountant user you have an additional drop-down menu in your client's company -setting and tools can be accessed from the gear icon
The.... lists each customer with an open balance. It lists the open invoices in different columns based on whether they are current or how far is been overdue 30, 60 or 90+ days. *What kind of report is being described here?
A/R aging Summary Report
Displays the list of all attachments uploaded. From here you can add, edit, download, and export your attachments. You can also see all transactions linked to a particular attachment.
ATTACHMENTS
*When using a copy of the purchase order feature from within an estimate, use purchase orders must be turned on in which area?
Account and standings > expenses > purchase orders
*Which three are the reasons a bookkeeper might use the prep for taxes tool do ready their client's books for the tax return?
Ensure that all balance sheet accounts have been reconciled to a supporting document -Make notes to remind them of important details of an account balance -Make and approve adjusting journal entries to record accruals or depreciation
*Where can a master admin accountant user view the apps connected to a client's QuickBooks Online account from within QuickBooks online accountant?
In the connected apps column on the client list dashboard
*The search box in the client app screen allows you to search for apps by which two criteria?
Name of the app -name of the client
*What are the steps to create a new estimate in QuickBooks online?
Select sales > all sales > new transaction > estimate
*What are three ways to add receipts to QuickBooks online receipt capture?
Snap a picture via the mobile app -Forward a receipt to email from the registered email address -Upload a picture via a browser
Displays the list of terms that determine the due dates for payments from customers, or payments to vendors. Terms can also specify discounts for early payment. From here, you can add or edit terms.
TERMS
*Where can you go in the banking center to review downloaded bank feed transactions that have already been matched to existing transactions in QuickBooks online?
-Reviewed tab
Customize your sales form designs, set defaults, and manage multiple templates.
CUSTOM FORM STYLES
*What are two ways to add a customer to QuickBooks online?
Sales > customers > add new -New > add customers
*When should an accountant user use the write off tool?
--When a client has outstanding invoice that will not be paid
*In the reclassify transaction screen which two elements of a transaction can be reclassified?
-Accounts -Classes
On the prep for Texas screen has been reviewed and the data is ready to hand off to the tax preparer, which three tax options are available
-Create new return -Update an existing return -Export CSV file
*Where do you enable account numbers for the QuickBooks online chart of accounts?
-Gear > account and setting > advance chart of accounts > select enable account numbers
On the dashboard what information can you see displayed? select all the options that are Correct.
-Income and sales data -profit and loss figures -expenses -credit card balances -bank balances.
*What are the four product service types that can appear on your client's purchase and sales transactions?
-Inventory -not inventory -service - bundle
*Which Two statements are correct about using the client details and dashboard screens of QuickBooks online accountant and working with a client company files?
-Notes will automatically be pinned unless you uncheck the pin box -you can import QuickBooks online prep for Taxes data in the pro connect tax online to prepare tax returns via the client dashboard
*Which two statements are true of wholesale billing for quick books online?
-Practice gets billed at wholesale prices for QuickBooks online subscriptions -the client will be required to enter the credit card information when they login to the newly created subscription forms and check registers
Some of the tools are available elsewhere as some can only be found here for example trial balance, voided deleted transactions, and write off invoices.
-The Accountant Toolbox
*Which reasons could not be causing this balance?
-The clients have added transactions in the banking center without assigning an account to them.
*Where would you go to add a new vendor or find the link to import a vendor into QuickBooks online? Choose the most viable method from the options below although other mentors may be available?
-The new vendor button in the vendors type of the expenses screen.
*What are three important reasons to reconcile bank and credit card accounts at set dates?
-To verify transactions, have the correct date assigned to them -to verify that an account balance is within its credit limit -to verify that all transactions have been recorded for the period
*In QuickBooks online accountant, what area of data does the search box look in?
-Your Books
*Which statement about journal entries in QuickBooks online is true?
-Your client can't create an adjusting entry journal
*You can find the link to the voided deleted transactions tool by selecting the....
Accountant toolbox
*What two options could you use to navigate from a client QuickBooks online company dashboard to the exceptions to the closing date report?
Accountant toolbox > accounting reports > for my accountant -Reports center via the left navigation > for my accountant
Displays your accounts. Balance sheet accounts track your assets and liabilities, and income and expense accounts categorize your transactions. From here, you can add or edit accounts.
CHART OF ACCOUNTS
Sort, track, and report the information that matters to you. Now with enhanced custom fields, you can add more detailed info about your customers, vendors, and transactions.
CUSTOM FIELDS
Stacy wants to be able to run reports in QuickBooks online that will tell her which vendors provide the best prices on the products she sells. *Which to Vendor workflows will enable her to create a report with his data?
Create bill with product/service items > pay bills -Create expense with product / service items
*What are the steps when using the cells with payment customer workflow?
Create invoice > receive payment deposit to the deposit funds account > create bank deposit
Displays Cash, Check, and any other ways you categorize payments you receive from customers. That way, you can print deposit slips when you deposit the payments you have received.
PAYMENT METHODS
A means of classifying items that you sell to customers. Provide a way for you to quickly organize what you sell, and save you time when completing sales transaction forms.
PRODUCT CATEGORIES
Displays the products and services you sell. From here, you can edit information about a product or service, such as its description, or the rate you charge.
PRODUCTS AND SERVICES
Displays a list of transactions that have been saved for reuse. From here, you can schedule transactions to occur either automatically or with reminders. You can also save unscheduled transactions to use at any time.
RECURRING TRANSACTIONS
*The client wants to transfer $500 from the checking account in the savings account to cover tax liabilities for sales made last month
Selecting create client request on the work screen begins the process -check and then notify client checkbox mean the client will be sent an email -to update the status of the request and let the request then the status drop down
*When would you recommend merging accounts to a client?
When a client has added more than one of the same exact accounts unnecessarily -if two accounts are being used for the same thing
*When should you use add other funds to the deposit grid in a deposit transaction? Identify three correct options?
When an employee reimburses the company -you receive a tax refund from the IRS -when a company does not record income using sales transactions and wants to record deposits directly to income accounts
*Which two statements regarding bank feed best practice workflows are correct?
You should complete match transactions first then move on to add transactions. -you should match downloaded bank fee transactions to invoice payments, sales receipts, or deposits, but not open invoices.
*A client is using the sales on account workflow, instead of receiving payment against the invoice to add a new deposit categorized one income account* what two problems will this cause?
their account receivable balance will not be accurate -the income account will show duplicate income
