Section 6 - All Questions (Review Answers)

Which tool in Accountant Tools helps you clean up uncollectible balances from customers?

write off invoices

Why might an Accountant user not see the Exceptions to Closing Date report in a QuickBooks Online company?

you have not set a closing date

Which report should Alicia run to find out which of her customers generated the most sales last month?

Sales by Customer Summary

Stacy wants to run reports that tell her which vendors provide the best prices on the products she sells. Which 2 vendor workflows in QuickBooks Online enable her to create reports with this data?

1. Create Bill with product/service items > Pay Bill 2. Create Expense with account/category detail

To keep track of her team, Esther has requested that the status of each task be updated in the Month-end review tab. What are the 3 status options?

1. To do 2. Waiting 3. Done

What are 2 limitations of the Reclassify Transactions tool? 1. You can't change the payment bank account when reclassifying expenses 2. You can't change the Classes when reclassifying expenses 3. You can't change the Locations when reclassifying expenses 4. You can't change the account for inventory adjustments 5. You can't change the Classes for deposit types

1. You can't change the payment bank account when reclassifying expenses (see a and b) 4. You can't change the account for inventory adjustments (see C) There are some limitations on what can be changed using the Reclassify Transactions tool: A) You can change the class and/or location for invoices, sales receipts, checks, or bills with items (products or services) on them. However, you can't change the accounts B) You can't change the payment account (bank or credit card) for expenses C) You can't change the account or class for inventory adjustments because they're connected to your inventory shrinkage and asset accounts D) You can change the expense account for billable expenses, but not the income account for the related income transactions You can only manage your payroll transactions in the Payroll menu

What area in QuickBooks Online is available to help Accountant users easily access functions and reports needed to close a period?

Accountant Tools

Where can you find the link to the Voided/Deleted Transactions tool?

Accountant Tools

Which 2 ways can the Exceptions to Closing Date report be accessed?

Accountant Tools > Accountant Reports > For My Accountant Reports menu > for my accountant

What are the correct steps to begin the Write off invoices process?

Accountant Tools > Write off invoices

Your client is asking how much they owe their vendors. What report will you suggest they review?

Accounts Payable Aging Summary

Which report should you run to list all customers who currently owe balances, and how old those balances are?

Accounts Receivable Aging Summary

Which QuickBooks Online report answers the common business question: "Who owes me money?"

Accounts Receivable Aging report

Kathryn is concerned about her cash flow and wants to know how much she has spent with each of her vendors last month. Which report in QuickBooks Online would provide that information? A. A/P Aging report B. Expenses by Vendor Summary C. Profit & Loss Report D. Balance Sheet

Expenses by Vendor Summary

What are 4 features of the Month-end review tool in QuickBooks Online Accountant?

Identifies incomplete expense transactions Includes customizable checklists to help accounting professionals stay on track when closing a client's books Shows number of unreconciled transactions for specific account balances Includes links to reports commonly reviewed at month end Allows transactions to be recategorized in batch by account, class, or location Allows invoices with sales tax to be written off Transfers balances automatically to ProConnect Tax Online once the month-end review is marked complete

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 It keeps track of any changes made to closed period transactions after the closing date was set It keeps track of any changes made to any transactions after the closing date It generates a Closing Date Detail report

_________ is designed to support the most common workflows and tasks to close a client's monthly books. It consists of the following three workflow tabs: 1,2,3

Month-end review, 1. Transactions review 2. Accountant reconciliation 3. Final review

In the Reclassify transaction screen, which 3 elements of a transaction can be reclassified?

Previous answer: Accounts, Customers, Classes customers/vendors, dates, class

Where would you go to review your client's expense account to see if any transactions had been miscategorized?

Reclassify Transactions in Accountant Tools

What are 4 options you can access via Accountant Tools?

Reclassify transactions Reconcile Close books Reports options

The first stage in the month-end process is reviewing transactions and recognizing any possible issues. What are the 2 open issues that can be viewed from the Transaction review tab?

Uncategorized transactions Transactions without payees *unapplied payments also would have been correct.

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) Vehicle type, the amount of days driven, and the total mileage (including business, commuting, vacation, and personal) Vehicle type, date placed in service, and total mileage (including business, commuting, and personal) Vehicle type, the amount of days driven, and the total mileage (including business, commuting, and personal)

Vehicle type, date placed in service, and total mileage (including business, commuting, and other personal) you do NOT need to list Vacation as it is part of the "personal" mileage and will not be a second item. Explanation: The Car and Truck worksheet is usually used to determine the deductible vehicle expenses. As per the guidelines, Date the vehicle was placed in service is entered in line 2. This relates to depreciation w.r.t such vehicle. Type of Vehicle is details are entered under line 3. Lines 4 to 7 are used for entering vehicle mileage. Line 8 is used to compute percentage of business use of such vehicle w.r.t total miles driven during the year. Herein, it's noteworthy that total number of miles would include miles driven for business purpose, commutation, and other use. Hence total mileage would include total miles driven including

Taking care of year-end payroll and contractor reports is a key task when preparing for year end. Which of these 2 forms do you need to send to prepare for year-end payroll and contractor reports?

W-2s for employees 1099s for contractors

When should an Accountant user use the Write Off tool?

When a client has outstanding invoices that will not be paid

You have set a closing date with a password. Can your client make changes and if so, how would you track any changes to transactions within the closed period?

Yes, but only if they know the password. Changes are flagged in an Exceptions to Closing Date report

Which 2 statements are true about the Month-end review feature?

You can see the status of your month-end review from your QuickBooks Online Accountant Client list You can change the status of the month-end review for a client directly from your QuickBooks Online Accountant Client list