QuickBooks ProAdvisor

Accountant Tools> Reclassify transactions

When reviewing your client's accounts, you notice a mistake in an expense transaction. It looks like it's been categorized to the wrong expense account. Where would you go to see if any transactions had been miscategorized? Gear icon > Recurring transactions Accountant Tools > Voided/deleted transactions Accountant Tools > Reclassify transactions Expenses center > Modify transaction

2 & 3

When you set up your client's sales tax in QuickBooks Online, you've already recorded their physical address, the tax agency they pay sales tax to, and their reporting interval. What additional 2 pieces of information are used to calculate sales tax on an invoice? 1. The customer's payment terms 2. The customer's sales tax status 3. The tax category for the product or service 4. The quantity of the product or service still on hand

2

Where would you go in QuickBooks Online to make a sales tax agency inactive? 1. Accounts and settings > Sales > Products and services 2. Taxes Center > Sales tax > Sales tax settings 3. Taxes Center > Sales tax tab > View return 4. Taxes Center > Sales tax tab > Actions

1 & 2

Which 2 of these common issues does the Pay down credit card feature help to resolve? 1. Duplicate entries 2. Payments categorized to the wrong account 3. Payments being recorded as paid by check 4. Payments being recorded as an expense on the Balance Sheet

1 & 2

Which 2 of these statements about setting up and editing a chart of accounts are correct? 1. Account names can be edited 2. Deactivated accounts can be reactivated 3. Merged accounts can be unmerged 4. Account numbers in a QuickBooks Online account can't be turned off

1, 3, & 5

Which 3 of these steps should you complete before you close a client's books? 1. Reconcile all bank and credit card accounts 2. Set the status of all the client's projects to Completed 3. Substantiate all balance sheet accounts 4. Disconnect any bank feed links 5. Review the profit and loss accounts

2

Which of these statements about Vendor credits in QuickBooks Online is true? 1. Vendor credits cannot be applied to a bill that has already been received 2. Vendor credits post as a debit to decrease accounts payable 3. Vendor credits post as a debit to increase accounts payable 4. A Vendor credit can be linked to a cash refund, when the cash is deposited

For Review

Which tab in QuickBooks Online Banking shows the bank data that has not yet been accepted into QuickBooks Online? Matching Categorized For Review Bank Feed

5

For clients with a QuickBooks Online Plus account, what's the maximum number of billable users? 1 3 5 25

C

How would QuickBooks Online alert you of a discrepancy in the beginning balance when reconciling your clients' accounts? A) An error message will be displayed once the reconciliation has been completed B) The Account to be reconciled will be greyed out in Account to reconcile dropdown C) An alert will be displayed in the reconcile tab, stating that the account isn't ready to be reconciled yet, as the beginning balance is off

3

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? 1. In the Subscriptions and billing section, on the Accountant-billed subscriptions tab 2. In the Clients menu from the left-hand navigation, under the Actions column 3. In the Subscriptions and billing section, on the Client-billed subscriptions tab 4. In the Accountant Tools panel, under Quick Links

Configuring a QuickBooks Online company

A new client has been using an inconsistent structure and hierarchy in the chart of accounts. You've already customized all your other client's account numbering to provide a consistent way of working, but your new client doesn't have account numbering enabled. How would you enable the ability to add account numbers to the chart of accounts? 1. The Advanced tab in Account and Settings 2. The Enable account numbers slider from the Chart of Accounts screen 3. The Chart of accounts tab in Account and Settings 4. The Customization option from Accountant Tools

Using Transaction Types and Features in Quickbooks Online

In which 4 of these situations would you use a Deposit transaction? 1. When the client receives funds from loan proceeds or contributions of cash from owners 2. When the client receives a refund from a vendor and wants to record it directly against the expense account or to a Refunds Received Income account 3. When the client doesn't record income using sales transactions (invoices or sales receipts) and wants to record deposits directly to income accounts 4. When the client receives money from an employee to pay down a loan owed to the company 5. When the client receives a partial payment from a customer against an open invoice 6. When the client receives a deposit from a customer for future purchases

Header/Footer

In which section of the Customize report drawer can you add the date and time the report was prepared? General Filter Aging Header/Footer Check Answer Continue training

Banking and Tools

One of your clients has been using recurring transactions for some time, but has lost track of which transactions are set up as recurring. How would you advise your client to view all the current recurring transactions? 1. Select the Gear icon, then select Recurring transactions 2. Navigate to the Banking center, then select Rules, and select Recurring transactions 3. Navigate to the Banking center, then select Categorized, and filter by Recurring transactions

Sales by Product/Service Summary

One of your e-commerce clients ordered far too many products in the build-up to the holiday season last winter. This left her with too much stock in January and she had to offer discounts in order to reduce the stock. Which report could help your client avoid ordering too much stock? Profit and Loss Expenses by Vendor Summary Sales by Product/Service Summary Sales by Customer Summary

Reporting and Analytics

One of your retail clients has been trading for around 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? Profit and Loss report Balance Sheet report Expenses by Vendor Summary report Accounts Payable (A/P) report

1 & 2

While preparing your client's books for year end, you find some transactions that may not have been appropriately recorded. In which 2 of these cases could you use the Reclassify transactions tool? 1. To change the expense account for billable expenses, but not the income account for the related income transactions 2. To change the class and/or location for invoices, sales receipts, checks, or bills with items (products or services) on them 3. To change the account or class for inventory adjustments 4. To change the payment account (bank or credit card) for expenses

Setting up Quickbooks Online Features

You are onboarding a new client in QuickBooks Online. Which 3 questions should you ask your client to help you set up their sales tax correctly? 1. Do they do business in more than one state? 2. What agencies do they need to pay their sales tax to? 3. How much sales tax did they pay last year? 4. What is their filing frequency?

QB Self Employed

You have a client who works for themselves as a taxi driver. Their business isn't complicated; they just need a cloud-based solution that helps them track expenses paid by credit card and allows them to record their business miles versus their personal miles. They don't need to track accounts receivable or sales tax. Which QuickBooks Online subscription would you recommend? QuickBooks Self-Employed QuickBooks Online Essentials QuickBooks Online Plus QuickBooks Online Advanced

Bundle

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? Service Non-inventory Bundle Inventory

View Return

You need to file a sales tax return for one of your clients. Where in the Taxes Center would you find the information you need to do this? Penalties paid Customer list Sales tax settings View return

3

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. How do you ensure the client receives an email notification to alert them about the new request for information? 1. When the request is created, a task will be assigned to remind you to email the client 2. Once the request has been created, a pop-up will ask if you want to send an email to the client with the reference number of the request 3. When creating the request, ensure the Notify client slider is on

2

You recently set up a client to use Bill Pay by Melio, but they've called asking you how they can see the status of the bill payments they've added. What steps would you advise the client to take to view the status of a bill payment? 1. Navigate to the Expenses screen, open an existing bill payment transaction, select More, select View status 2. Navigate to the Expenses screen, open an existing bill payment transaction, select View online payment 3. Navigate to the Expenses screen, open an existing bill payment transaction, and in the Action column, select View status

Company Admin & Primary Admin

You want to add an app to your firm's books in QuickBooks Online Accountant. Which 2 levels of users can add apps to QuickBooks Online?

Reports Center> Management Reports tab

You want to provide your client with a professional-looking downloadable report that includes a cover page, table of contents, and a custom letter that they can send to potential investors. Where would you go to create such a report? Reports Center > Custom reports tab Accountant Tools > Reports options Reports Center > Performance Center Reports Center > Management reports tab

1

Your client has noticed a duplicate transaction in the bank feed. What advice would you give them? 1. You need to exclude the transaction if it's a duplicate because it'll cause the bank balance and reports to be incorrect 2. It's OK to have duplicate transactions in the bank feed because QuickBooks Online will ignore them during reconciliation 3. You can add an adjusting journal entry to offset the duplicated transaction 4. QuickBooks Online will automatically detect and delete the duplicate transaction

Plus

Your client needs a QuickBooks Online solution that includes tracking for: Sales Sales tax Inventory What is the minimum subscription level in QuickBooks Online you would recommend? Self-Employed Simple Start Plus Advanced

2

Your client needs to move some funds from a savings account into a checking account. How would you respond to your client? 1. Use the Bank deposit feature by selecting + New, then selecting Bank deposit, and entering the details 2. Use the Transfer feature by selecting + New, then selecting Transfer, and entering the details 3. Advise them that that kind of transaction can only be created and recorded by an accountant via the Accountant tools in QuickBooks Online Accountant

2 & 3

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? 1. Open the Products and services list and select Edit for the required product or service. Then select + New from the Tags dropdown 2. On the invoice, start entering the tag name in the Tags field, then select+ Add from the pop-up 3. Select the Manage tags link on the invoice, followed by Create tag. Then enter the tag name 4. Select the Manage tags link in the Gear menu, followed by Create tag. Then enter the tag name

3

Your client wants to make it quick and easy for customers to make a one-off payment straight from their smartphone. Which sales process would be best suited to this? 1. Create an invoice, enable Online Payments, then set the invoice link to expire after it's been used 2. Generate a QR code and save it as a PDF or JPEG file. Then create an invoice in QuickBooks Online and attach the file to the invoice 3. Use the Payment links tab in the Sales Center to send a payment link to the customer