QuickBooks Pro

Which 2 of these common issues does the Pay down credit card feature help to resolve?

Duplicate entries Payments categorized to the wrong account

What should you do if you notice a duplicate transaction in the bank feed?

Exclude the transaction

How would QuickBooks Online alert you to a discrepancy in the beginning balance when reconciling your clients' accounts?

An alert will be displayed in the reconcile tab, stating that the account isn't ready to be reconciled yet because the beginning balance is off

Your client has been using the QuickBooks Online Mileage Tracker throughout the year. It's nearing year end and you're preparing the log for auto expense deduction. Which 3 of the tasks below should be completed to prepare the log for auto expense deductions at year end?

Look for vehicle change (bought or sold) Check the calculated mileage View all the recorded trips, ensuring none are left unreviewed

Which 3 of these can a Company admin user do in QuickBooks Online?

Manage existing users Change the QuickBooks Online subscription Access the client's other products, such as QuickBooks Payroll and QuickBooks Payments

Your client needs a QuickBooks Online solution that includes tracking for: Sales Sales tax Inventory What's the minimum subscription level in QuickBooks Online you'd recommend?

Plus

A new client has been using an inconsistent structure and hierarchy in the chart of accounts. You've already customized all your other clients' account numbering to provide a consistent way of working, but your new client doesn't have account numbering enabled. Where would you go to enable account numbering in the chart of accounts?

The Advanced tab in Account and Settings

What is the Undeposited Funds account (also called Payments to deposit)?

The Undeposited Funds (or Payments to deposit) account is meant to be a temporary holding account that tracks payments received from customers that have not been deposited to your client's bank account. Its main purpose is to make reconciliation easier by combining multiple transactions into a single record.

While preparing your client's books for year end, you find some transactions that may not have been recorded appropriately. In which 2 of these cases could you use the Reclassify transactions tool?

To change the expense account for billable expenses, but not the income account for the related income transactions To change the class and/or location for invoices, sales receipts, checks, or bills with items (products or services) on them

In classic view, where would you go to make negative numbers in a report appear in a red color?

1: The Customize button and then the General section

Which option would you select to display inactive clients in the Clients menu?

4: The Grid Gear icon and select the Include inactive clients option

One of your retail clients has had a store for about 2 years and, due to demand, is hoping to open a second store. They've asked you how much money they can afford to spend. Which report would you suggest they use?

Balance Sheet

You need to add a gift basket with a collection of beauty products to your client's list of products and services. Which item type would you assign this to in QuickBooks Online?

Bundle

How could a client move funds from a savings account into a checking account?

By using the Transfer feature by selecting + New, then Transfer, and entering the details

A client who pays for their QuickBooks Online subscription directly wants to upgrade their subscription level. Where in QuickBooks Online Accountant would you find the link to do this?

In the Subscriptions and billing section, on the Client-billed subscriptions tab

Your client wants to add an additional tag to transactions on an invoice. However, the tag isn't on their existing list of tags. Which 2 of the following are ways to create a new tag?

On the invoice, start entering the tag name in the Tags field. Then select + Add from the pop-up Select the Manage tags link on the invoice, followed by Create tag. Then enter the tag name

Which 3 statements about how QuickBooks Online applies bank rules are true?

Only one rule is applied per bank activity The first rule that fits a bank activity is the one applied Reordering the rules list allows you to control which rule to apply

Which 3 of these steps should you complete before you close a client's books?

Reconcile all bank and credit card accounts Substantiate all balance sheet accounts Review the profit and loss accounts

You want to provide your client with a professional-looking downloadable report that includes a cover page, table of contents, and custom letter that they can send to potential investors. Where would you go to create such a report?

Reports center > Management reports tab

Where would you go to view a list of customer statements sent out in the current month?

Reports center > Statement List report

In which 4 of these situations would you use the Additional payments to deposit on a Deposit transaction?

The client receives a refund from a tax agency and needs to record it to reduce the Tax Liability or Expense account The client receives a refund from a vendor and wants to record it directly against the associated expense account The client doesn't record income using sales transactions (invoices or sales receipts) and wants to record deposits directly to income accounts The client receives funds from loan proceeds or contributions of cash from owners

What 4 pieces of information does QuickBooks Online with Automated sales tax use to calculate sales tax on an invoice?

The customer's sales tax status The tax category for the product or service The location of the sale The state where the company's registered

Which 3 of these statements are true about the "Forward from email" option?

There's only one custom email address per QuickBooks Online company that can be used to receive bills and receipts Only company users with at least standard access with vendor permission can forward bills to the custom email address Multiple users can forward bills and receipts to the same custom email address

A client tells you they can't convert an estimate to a purchase order. Which 2 of these might be the reason?

They haven't enabled purchase orders in Account and Settings They use QuickBooks Online Simple Start or Essentials

Which feature in QuickBooks Online allows you to apply a refund to an existing or future bill?

Vendor credit

You need your client to send you a copy of a paper receipt so that you can match it to a gas expense in their QuickBooks Online. You create a client request and add a screenshot of the expense entry in QuickBooks Online to help your client identify which receipt they're looking for. What do you need to do to ensure the client receives an email notification to alert them about the new request for information?

When creating the request, move the Notify client slider to On

Can users with the right permissions in a client-paid subscription add QuickBooks Online Payroll or QuickBooks Time to their QuickBooks Online company?

Yes, by going to the Billing & subscription section in Account and Settings

Which 2 QuickBooks Online billing options include a discount on QuickBooks Time?

ProAdvisor Discount and Direct Discount