When are 2 times you might use the Setup screen in the Books review feature? -
ANSWER When changing chart of account names
When making adjustments to balance sheet account balances during the clean up
process
Your client wants to know if their future revenues and expenses will support them in
adding a new product line. You are recommending that they set a budget.
For which 3 of the following accounts can they set a budget?
Petty Cash
Sales Income
Cost of Goods Sold
Travel Expense
Accumulated Depreciation
Inventory - ANSWER
Your client needs a QuickBooks Online solution that includes tracking for:
Sales
Sales tax
Inventory - ANSWER Plus
Can users with the right permissions in a client-paid subscription add QuickBooks
Online Payroll or QuickBooks Time to their QuickBooks Online company? -
ANSWER Yes, by going to the Billing & subscription section in Account and Settings
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? - ANSWER Bundle
Which 3 of these can a Company admin user do in QuickBooks Online?
Change their user level to Primary admin
Add new Primary admin users
Change the QuickBooks Online subscription
Manage existing users
Access the client's other products, such as QuickBooks Payroll and QuickBooks
Payments - ANSWER Access the client's other products, such as QuickBooks
Payroll and QuickBooks Payments
Change the QuickBooks Online subscription
Manage existing users
Where would you go to view a list of customer statements sent out in the current
month? - ANSWER Reports center > Statement List report
What 4 pieces of information does QuickBooks Online with Automated sales tax use
to calculate sales tax on an invoice?
The customer's payment terms
The customer's sales tax status
,The quantity of the product or service still on hand
The tax category for the product or service
The location of the sale
The state where the company's registered - ANSWER 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?
Users can only include one bill or receipt in one email
Multiple users can forward bills and receipts to the same custom email address
There's only one custom email address per QuickBooks Online company that can be
used to receive bills and receipts
Only PDF-format bills and receipts can be forwarded
Only company users with at least standard access with vendor permission can
forward bills to the custom email address - ANSWER 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
There's only one custom email address per QuickBooks Online company that can be
used to receive bills and receipts
Which 2 of these common issues does the Pay down credit card feature help to
resolve?
Duplicate entries
Payments categorized to the wrong account
Payments being recorded as paid by check
Payments being recorded as an expense on the balance sheet - ANSWER
Duplicate entries
Payments categorized to the wrong account
What should you do if you notice a duplicate transaction in the bank feed? -
ANSWER Exclude the transaction
What is the Undeposited Funds account (also called Payments to deposit)?Select
the correct option from the dropdown.
The Undeposited Funds (or Payments to deposit) account is meant to be a
Select answer
holding account that tracks payments received from customers that
Select answer
been deposited to your client's bank account. Its main purpose is to make
reconciliation easier by
Select answer
. - ANSWER Temporary
Have Not
Combining Multiple Transactions into a single record
,Which 3 statements about how QuickBooks Online applies bank rules are true?
Only one rule is applied per bank activity
Credit rules are applied before debit rules
The first rule that fits a bank activity is the one applied
All rules are applied to each bank activity
Reordering the rules list allows you to control which rule to apply - ANSWER
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
The client receives a partial payment from a customer against an open invoice
The client receives a deposit from a customer for future purchases - ANSWER 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
How would QuickBooks Online alert you to a discrepancy in the beginning balance
when reconciling your clients' accounts? - ANSWER 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
In classic view, where would you go to make negative numbers in a report appear in
a red color? - ANSWER The Customize button and then the General section
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? - ANSWER Reports center >
Management reports 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?
Open the Products and Services list and select Edit for the required product or
service. Then select + New from the Tags dropdown
, 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
Select the Manage tags link in the Gear menu, followed by Create tag. Then enter
the tag name - ANSWER 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
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? - ANSWER When creating the request,
move the Notify client slider to On
Which option would you select to display inactive clients in the Clients menu? -
ANSWER The Grid Gear icon and select the Include inactive clients option
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
To change the account or class for inventory adjustments
To change the payment account (bank or credit card) for expenses - ANSWER 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
Which 3 of these steps should you complete before you close a client's books?
Reconcile all bank and credit card accounts
Set the status of all the client's projects to Completed
Substantiate all balance sheet accounts
Disconnect any bank feed links
Review the profit and loss accounts - ANSWER Reconcile all bank and credit card
accounts
Substantiate all balance sheet accounts
Review the profit and loss accounts
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