Section 1 Which 3 of these areas does the Client Needs Assessment tool focus on to help gather the information needed to select the right QuickBooks Online subscription for a client? • • Client profile • • Credit score and ability to obtain funding • • Marketing objectives • • Needs assessment • • Features and solutions • • Depreciable assets • Which section in the New Client Checklist helps you understand your client's needs to determine the features and solutions required? • • Client Profile • • Features and Solutions • • Client Needs Assessment • • Onboarding Checklist
Which 2 features in QuickBooks Online can help a professional services company track profitability by client? • • Price rules • • Projects • • Customer statements • • Recurring transactions • • Profit and Loss by Customer report Question 2 Which 4 list types can be directly imported into QuickBooks Online from Excel? • • Recurring transactions • • Customers • • Products and services • • Classes • • Locations • • Vendors •
• Chart of accounts Question 2 What are the 3 primary ways to migrate client data to QuickBooks Online? • • Create Recurring transactions • • Convert data from existing QuickBooks Desktop file • • Enter data manually into the QuickBooks Online forms and check registers • • Use the Export Data tool • • Use the Import data tool Which 3 of these areas does the Client Needs Assessment tool focus on to help gather the information needed to select the right QuickBooks Online subscription for a client? • • Client profile • • Marketing objectives • • Needs assessment • • Features and solutions • • Depreciable assets •
• Credit score and ability to obtain funding Janice has been using QuickBooks Desktop to manage her business and is planning to switch to QuickBooks Online. What is the easiest way to migrate her data to QuickBooks Online? • • Use a third-party app to import her data • • Import her lists from an Excel spreadsheet • • Use the conversion tool to convert her existing QuickBooks Desktop data • • Manually enter her data Question 2 What are the 3 primary ways to migrate client data to QuickBooks Online? • • Enter data manually into the QuickBooks Online forms and check registers • • Use the Import data tool • • Convert data from existing QuickBooks Desktop file • • Use the Export Data tool • • Create Recurring transactions
Question 3 Brian just completed a Client Needs Assessment and his client confirmed that she will require profitability tracking, and needs to create budgets and purchase orders in her accounting solution. What is the minimum QuickBooks Online version suitable for Brian's client? • • QuickBooks Online Essentials • • QuickBooks Online Plus • • QuickBooks Self-Employed • • QuickBooks Online Simple Start • • QuickBooks Online Advanced Question 3 Which 2 QuickBooks subscription levels would support a client who needs to track how much inventory is in stock at any given time? • • Self-employed • • Simple Start • • Advanced • • Essentials • • Plus Question 4
You are adding a new client subscription through QuickBooks Online Accountant. Which billing option would you choose if you want Intuit to bill your client? • • Client billing • • ProAdvisor discount • • Accountant discount • • Direct discount Question 4 What are 3 benefits of the ProAdvisor Discount Program? • • Up to 30% off subscriptions for your clients • • Itemized billing of all firm-billed subscriptions • • Free upgrades for your clients • • Ability to add, remove, or change clients' subscriptions • • Ability to choose between monthly or annual billing • Question 4 What is one difference between ProAdvisor Discount and Direct Discount pricing, apart from who pays for the subscription? • • Ability to cancel
• • Ability to upgrade or downgrade • • Duration of discount • • Discount percentage Question 5 To determine the scope of a bookkeeping clean-up engagement, you are reviewing the Client Overview tab for a potential client. You notice that there is a large amount in the Opening Balance Equity account. Which 2 reasons could be causing this balance? • • An opening balance was entered when creating a new Other Current Asset account • • An opening balance was entered when setting up sales tax • • A reconciliation adjustment was posted when completing a bank reconciliation • • Transactions in the Banking Center were added without assigning an account to them • • An opening balance was entered when an inventory item was created • • Question 6 When using QuickBooks Online Accountant, Diane Doolittle opens a client’s QuickBooks Online company from her Client dashboard. Where can she see which apps are connected to the client’s account without signing out of the account?
• • Overview > Common Issues • • Overview > Company Setup • • Gear icon > Account and Settings > Billing and Subscriptions • • Left-hand navigation > Apps • • Gear icon > Account and Settings > Apps • • Question 6 Which 4 sections of the Overview screen can be used to perform a high-level review? • • Prep for taxes • • Banking Activity • • Transaction Volume • • Voided/deleted Transactions • • Outstanding Taxes •
• Client Mileage • • Company Setup • • Common Issues Question 7 Which 3 are benefits of using apps with QuickBooks Online? • • They can help to speed up the performance of QuickBooks Online • • They are all included free with your QuickBooks Online subscription • • They can provide a discount on QuickBooks Online • • They can solve industry-specific needs • • They can reduce time spent on data entry • • They can provide additional insight into various parts of a business • . Question 7 Which menu area allows you to search for apps by the problem or business process they address? • • Our featured collections • • Premium apps •
• Business processes • • Browse category Question 8 Where are 2 places you can search for apps that work with QuickBooks Online? Account and Settings > Apps www.apps.com The ProAdvisor tab in QuickBooks Online Accountant www.quickbooks-apps.com The Apps tab in QuickBooks Online Accountant www.intuit-apps.com Question 9 What resource is available to help scope out your clients' needs? • • Onboarding Checklist • • Document Checklist • • Subscription Checklist • • New Client Checklist Question 9 Where do you go to access QuickBooks Online training materials for your clients? • • Left-hand navigation > ProAdvisor > Benefits > Training • • Gear > Tools > Training Center > Client Training • • Gear > Subscription > ProAdvisor > Training •
• Left-hand navigation > Accounting > Training Question 9 How will QuickBooks notify you when subscribing to receive updates and resolutions on QuickBooks Online outages or slowdowns? • • In-product alert • • Phone call • • Text • Question 10 Where can you enable account numbers for the chart of accounts? • • + New > Account and Settings > Chart of Accounts > Enable Account numbers • • Lists > Chart of Accounts > Enable account numbers • • Accountant Tools > Customization options > Chart of Accounts > Enable account numbers • • Gear icon > Account and Settings > Advanced > Chart of Accounts > Enable account numbers Question 10 Susan has complained that there are too many accounts to choose from in her chart of accounts. What are 2 ways you can clean up her chart of accounts to reduce the number of accounts shown? • • Make sub-accounts
• • Merge duplicate accounts • • Make accounts inactive • • Export accounts • • Delete the chart of accounts Question 11 Which users will be able to see account numbers if they are enabled? • • Only the user who enabled will see the account numbers. • • Only the Primary admin will see the account numbers. • • All users will see the account numbers. • • Only Company admins will see the account numbers. Question 11 Which 4 statements regarding the chart of accounts are true? • • The Sales of Product Income account is a default account when inventory is turned on • • You should make an account inactive from the chart of accounts if it is not relevant to your business • • To add a new account, open the Chart of Accounts by selecting Accounting from the left navigation, then select New to open the Account window •
• If you add a new account, the detail type determines on which financial statement this account will show • • When you specify a sales price/rate when setting up Products and Services, you link them to the chart of accounts • • Uncategorized Income and Uncategorized Expense are default accounts for online banking activity Question 12 Before merging two sub-accounts, what do you need to check? • • Make sure that one account is inactive. • • Make sure that both accounts are inactive. • • Make sure the names are spelled the same. • • Make sure their account number is the same. Question 12 When would you recommend merging accounts to a client? • • When the client assigned the incorrect detail type to the account • • When the client wants to change an expense account to an asset account • • When the client sets up two accounts that are used for the same purpose • • When the client asks if they can put everything in one account Question 12 Which 2 accounts cannot be merged or made inactive?
• • Payroll Liabilities • • Uncategorized Expense • • Ask My Accountant • • Bank Accounts • • Retained Earnings Question 13 What is the maximum number of characters allowed in the account number field? • • 8 • • 7 • • 5 • • 10 Question 14 Where would you navigate within QuickBooks Online to show product/service column on sales forms? • • Gear icon > Settings > Sales > Products and services • • Gear icon > Account and Settings > Sales > Products and services • • Gear icon > Account and Settings > Sales > Sales form content > Products and services
• • Gear icon > Products and services > Find > Check box to show on form Question 14 Susan would like to assign a preferred vendor to one of her existing product items. Where would she navigate to assign a preferred vendor? • • Sales > Find Product or Service > Assign > Preferred vendor dropdown • • Expenses > Find Vendor > Edit > Preferred item dropdown • • Expenses > Vendors > Find Vendor > Assign under the Action column> Preferred item • • Sales > Products and services > Edit under the Action column > Preferred vendors dropdown • 14. If Billy Jo does not want to track the quantity on hand of the products she sells, what Product/Service type should she select when setting up the items she sells in QuickBooks Online? • • Sales • • Inventory • • Non-inventory • • Service • • • Question 15 In QuickBooks Online, the Products and Services list contains the items that will appear on your client's purchase and sales transactions.
What must each product/service item be mapped to? • • Product category • • Chart of accounts • • Preferred vendor • • Class Question 16 There are four item types to choose from in QuickBooks Online. (Select correct answers to match the pairs for the given prompts below)Reset Answers
This is a collection of products and services that are sold together, such as the installation of a product that includes both labor and materials
This includes services that are provided to customers, such as an emergency service call visit or other labor
These are products bought and sold where it isn't necessary to track quantities on hand, such as small parts used in the installation or delivery of a product
These are products that are bought and sold, and where it is necessary to track quantities on hand. You must subscribe to QuickBooks Online Plus or Advanced to use this feature
Question 17 Jane owns an online ecommerce business and would like to track the various types of credit cards she accepts. Which list should she edit? • • Credit Card Type • • Terms • • Payment Type • • Payment Methods Question 17 Timothy would like to add another term to the current list of terms within QuickBooks Online. Where would he go to add the additional term? • • Gear > Products and services > More > Terms > New • • Gear > All lists > Terms > New • • Gear > Payments > Terms > New
• • Gear > Account and settings > Sales Terms > New SECTION 2 Question 1 What are 2 ways to add a new customer to QuickBooks Online? • • Gear icon > Import data > Customers • • +New > Add Customer • • Sales > Customers > New customer • • Gear icon > All lists > Customer > New customer • • Sales > Overview > Shortcuts > New customer • Question 1 Which 4 of these tabs appear in the Customer information screen? • • Terms • • Attachments • • Projects •
• More info • • Language • • Address • • Notes • • Customer type Question 1 When importing customers for the first time, which of these file types can you use to import your customer list? • • DOC • • XLSX • • DOCX • • • TXT Question 7 Where does the client initiate the setup of QuickBooks Payments? • • + New > Sales Receipt • • Sales > All Sales > New transaction
• • Gear icon > Account and settings > Payments • • Gear icon > Account and settings > Sales Question 2 Which field is required when importing vendors? • • Vendor Name • • Address • • Tax ID • • Opening Balance • Question 2 What are 2 ways to add a new vendor to QuickBooks Online? • • Expenses > Overview > Shortcuts > New vendor • • Gear > All lists > Vendors > New vendor • • +New > Add Vendor • • Expenses > Vendors > New vendor •
• Gear > Import data > Vendors Question 3 Bertha Fox, one of your long-time clients, calls and asks how to track payments made to 1099 vendors. What must Bertha do to enable this in QuickBooks Online? • • Check Track payments for 1099 in the Vendor Information screen • • Check Track payments for 1099 in the Expenses tab of Account and Settings • • Ensure the Business ID No. has the appropriate number of dashes in the Vendor Information screen • • Check to make sure that the 1099 wizard is enabled in Account and Settings Question 3 What does QuickBooks Online automatically create to record the balance owed when adding a vendor with a non-zero opening balance? • • Journal entry • • Bill • • Expense • • Vendor cred Question 4 What connection method eliminates the need to provide a bank user name and password after the initial setup process?
• • OAuth • • FTP • • JSON • • Auth0 • • API • Question 4 Which 2 statements are true when creating an OAuth bank connection in QuickBooks Online? • • You must add all of a user's linked accounts to the bank feeds in QuickBooks Online • • Not all banks and financial institutions support the OAuth bank connection • • Most banks require the primary account holder to establish the OAuth connection to the bank • • You can only import 60 days of bank activity into QuickBooks Online •
• Most banks will require the primary account holder to re-establish the OAuth connection when they change their password Question 5 Where should you go to link to a new bank account in a client's QuickBooks Online company? • • Banking Center • • Accounting Center • • Account and Settings • • Payment Center Question 5 One of your clients was notified that their email was compromised and they need to update all of their banking passwords. Where should they go to update their bank info in QuickBooks Online? • • Gear icon > Account and settings > Advanced > Accounting > Update banking info • • Banking Center > Banking tab > Select account tile > Pencil icon > Edit sign-in info • • Gear icon > Account and settings > Company > Banking > Linked Accounts > Edit sign-in info • • Banking Center> Banking tab > Manage connections > Edit > Update password Question 6
When first setting up Sales tax for a client, what information will be prepopulated? • Tax ID number • • Business address • • Sales tax start date • Sales tax filing frequency Question 6 When the Sales Tax feature is enabled in QuickBooks Online, where must you record sales tax payments? Create Bill Pay Bills Sales Tax Center Create Check Question 6 In QuickBooks Online, what 4 data points do you need to set up sales tax for a client who only does business in their home state? • • When they started collecting sales tax for the agency • When their last tax period started • Whether they have any criminal convictions • How often they have to file a tax return • Their company address • Whether they travel to other countries Question 7 Which 2 are correct regarding setting up a QuickBooks Payments account for a client? • • Existing Intuit Merchant Services accounts can't be connected to a QuickBooks Online company •
• You can't connect an existing QuickBooks Payments account to a new QuickBooks Online company • • The Primary admin of the QuickBooks Online company should connect QuickBooks Payments • • The accountant should not be the primary owner of the client's QuickBooks Payments account • • Only the Primary admin of the QuickBooks Online company can connect QuickBooks Payments • Question 7 Where does the client initiate the setup of QuickBooks Payments? • • + New > Sales Receipt • • Sales > All Sales > New transaction • • Gear icon > Account and settings > Payments • • Gear icon > Account and settings > Sales Question 7 Which 4 methods allow clients to process digital payments from customers using QuickBooks Payments? • • Entering payments manually as a Sales receipt • • Entering payments manually as a Receive payment
• • Taking client payment via the Pay Now button on an emailed invoice • • Running a card through a card reader attached to a mobile device • • Sending a Sales receipt to a customer via email • • Entering payments manually as a Credit memo • • Taking client payment via cryptocurrency Question 8 Bill Pay powered by Melio allows you to fund payments to vendors using which 3 methods? • • Wire transfer • • Credit card • • ACH bank transfer • • Venmo • • PayPal • • Debit card • Question 8 Where would your client navigate to view the status of a bill payment that was paid using Melio? •
• Open bill payment > View online payment • • + New > Pay bills > View online payments • • Open bill Payment > More > View online payment • • + New > Payment status Question 9 When logged into QuickBooks Online Accountant, where can you view apps that are connected to a client's QuickBooks Online? • • Apps > Firm apps • • Apps > Find apps • • Apps > Client apps • • Apps > QuickBooks apps • Question 9 Which 2 team user roles have permission to view and search for apps using the Apps tab in QuickBooks Online Accountant? • • Primary Admin • • Basic • • Full Access • • Custom
Question 9 How can an Accountant user connect an app to a client's QuickBooks Online? • • Apps > Search app > Connect app • • Apps > Search app > Get app now • • Apps > Search app > Add app • • Apps > Search app > Install app Question 10 Which QuickBooks Time clock-in/clock-out option is specifically designed for businesses with on-site shift workers? • • Time Clock Kiosk • • Manual Time Card • • Crew tracking • • Time Clock Question 10 What are 2 ways to track time using QuickBooks Time? • • Scanning Time Card • • Time Clock Kiosk • • Importing Time Card
• • Manual Time Card • • Card Punch Question 10 Which 2 QuickBooks Online Payroll subscription levels include QuickBooks Time? • • Core • • Plus • • Premium • Elite • • Essentials Question 1 When downgrading a client’s subscription, what will be affected as a result of the downgrade? • • All discounts will be removed • • All accountant users will be removed and the Primary admin will need to re-invite all Accountant users • • All bank connections will need to be re-established • • All rules will be made inactive
Question 11 Which 3 of these features are benefits of QuickBooks Online Payroll Premium? • • • Geofencing • • Access to QuickBooks Time Premium • • Same-day direct deposit • • Payroll expert to handle setup • • Expert review • Personalized Human Resources advisor • Question 11 What are 2 features QuickBooks Time Elite has that Premium does not? • • Ability to approve time before processing payroll • • Ability to track time off • • Ability to set up a schedule for work that needs to be done • • Ability to use geofencing • • Ability to analyze project estimates verses actuals
Question 12 Which 3 options for customizing invoices can you access via the Custom form styles > Invoice template? • • Add a logo • • Change orientation • • Change invoice terms • • Print on letterhead • • Change invoice color schemes • • Change invoice fonts Question 12 Thomas would like his customers to see the full invoice details from within the email itself and have a PDF attached. Where would he navigate to make this change? Gear > Custom form styles > Edit template > Emails > How your invoice appears in emails Gear > Account and settings > Sales > Online Delivery > How your invoice appears in emails Gear > Custom form styles > Edit template > Delivery > How your invoice appears in emails Gear > Account and settings > Sales > Sales form content > How your invoice appears in emails Question 13 What user type is appropriate for nonprofit companies that need to provide reporting access to their board members? • • Full access user
• • View only user • • Reports only user • • Standard user • • Company admin user Question 13 Which options would a client select in their Manage Users screen to give their worker access to create invoices, but not print checks in their QuickBooks Online company? • • Standard user > Custom > Invoicing • • Standard user > Limited > Customers • • Standard user > Full > Customer and Sales • • Standard user > Limited > Invoicing • • Question 14 How can you switch from Accountant view to Business view in QuickBooks Online? • • Gear icon > Switch to Business view • • Gear icon > Tools > Switch to Business view
• • Accountant Tools > Switch to Business view • • + New > Accountant > Switch to Business view Question 14 Which statement about switching between Accountant and Business view is true? • • You must select either Accountant or Business view when you create a new QuickBooks company • • Clients will not see the option to switch between Business and Accountant view • • Navigation labels may vary depending on whether you are in Business or Accountant view • • Switching to Accountant view will convert all transactions to journal entries Question 15 In the Overview tab of the Client List, what filter can be applied to only show clients assigned to a specific team member? • • Entity Type • • Industry • • Status • • Lead
Question 15 Denise would like for all of her leads to save their notes in the Client details screen. Who would have access to these notes? • • Assigned team members • • All team members • • Custom access team members • • Full access team members SECTION 3 Question 1 When downgrading a client’s subscription, what will be affected as a result of the downgrade? • • All discounts will be removed • • All rules will be made inactive • • All bank connections will need to be re-established • • All accountant users will be removed and the Primary admin will need to re-invite all Accountant users Question 1 Josie’s client is rapidly growing and needs to upgrade their current subscription level of QuickBooks Online. If Josie pays for the subscription, what steps will she take to upgrade her client?
• • Gear icon > Subscriptions and billing > Billing details > Edit • • Gear icon > Subscriptions and billing > Client-billed subscriptions > Subscription actions > Upgrade • • Gear icon > Company settings > Advanced > Upgrade • • Gear icon > Company settings > Payments > Upgrade • • Gear icon > Subscriptions and billing > Accountant-billed subscriptions tab > Subscription actions > Upgrade • • Question 2 What is the maximum number of accounts allowed within the chart of accounts in QuickBooks Online Plus? • • 150 • • 250 • • There’s no limit • • 500 •
Question 2 Xavier wants to download an itemized invoice for the QuickBooks Online subscriptions on his preferred pricing account for last month. The statement can be downloaded in which 2 file types? • • CSV • • XLXS • • DOC • • • JPEG Question 3 A lead bookkeeper in Teresa’s firm recently retired. How does Teresa update the lead for her client in QuickBooks Online? • • Clients > Filter > Edit leads > Select the new lead > Save • • Clients > Find Client > Select the client in Lead column > Select the new lead > Save • • Clients > Select client > Edit > Team Access > Select the new lead > Save • • Clients > Filter > Edit leads > Manage leads > Select the new lead > Save Question 3 What are the 3 types of user permissions you can choose from in QuickBooks Online when adding new team members to your firm? •
• Full access • • Custom access • • View-only access • • Edit access • • Basic access • • Lead access • Question 4 Which filter can be used to find a specific project when in the Work area? • • Due date • • Project name • • Template name • • Team member Question 4 What is the correct process for setting up a recurring project for the same client? • • In the Work Center, select Repeat from the Status dropdown • • Create a new project and use the Repeat slider to turn it on, then set the frequency and duration
• • You can't repeat projects, only tasks • • Create the project and save it. Re-open the project and select the duplicate button for the number of times you want it to recur Question 5 After finishing a project, how do you change the status in QuickBooks Online Accountant? • • Work > Pencil icon > Status dropdown > Done Work • • Work > Status dropdown > Done • • Work > Status dropdown > Completed Work • • Work > Pencil icon > Status dropdown > Completed Question 5 Which 2 status options can be selected when changing the status of a task? • • Blocked • • Completed • • In progress • • In preparation • • In review • • Not started
Question 5 Where do you go to change your Work notifications within QuickBooks Online Accountant? • • Workflows > Notifications > Work notifications • • Gear icon > Company settings > Advanced > Notifications > Work notifications • • Work > Manage team members > Notifications > Work notifications • • Gear icon > Company settings > Notifications > Work notifications • • Team > Your Name > Edit > Work notifications Question 5 How many tasks does QuickBooks Online allow you to assign to a project? • • 25 • • 15 • • There’s no limit • • 5 Question 6 Which 2 are QuickStart templates provided in the Work area for ProAdvisors to use when setting up a new project? • • Monthly bookkeeping
• • Quarterly bookkeeping • • Client meeting • • Quarterly taxes • • Monthly payroll • • Bi-weekly payroll Question 6 In which 2 ways can you create a customized template for a project? • • Download projects from the shared projects tab • • Duplicate a QuickStart template • • Add a template from QuickBooks Labs • • Create a template from scratch • • Import a template Question 7 Where would your client navigate within QuickBooks Online to see documents that you have shared with them? • • Accounting > Shared documents • • My accountant > Shared documents • • Gear icon > Shared documents
• • Dashboard > Getting things done > Shared documents Question 7 Which 2 statements about creating a client request in QuickBooks Online Accountant are true? • • A document request can be sent to a non-QuickBooks Online client • • The status of a document request can’t be updated • • A document request appears in the client's QuickBooks Online company in the Accounting menu • • A document request notification can be sent via email by selecting Notify client • • A document request appears in the client's QuickBooks Online company in the My Accountant menu Question 7 QuickBooks Online Accountant allows you to request information from your clients. Which 3 statements about the Client request functionality are correct? • • To update the status of a client request, select the request and then the Status dropdown • • You cannot add attachments to a client request • • You can send a client request to a non-QuickBooks Online client • • You can start the process by selecting Create client request on the Work screen • • You can check the Notify client box to send the client an email notification
Question 8 Jane has just recorded customer payments against open invoices and does not see the payments on the Bank Deposit screen. What field should she review on the Receive payment screen? • • Bank account • • Payment method • • Payment account • • Deposit to Question 8 Emma received six checks from her customers for outstanding invoices that will be deposited at the bank. What is the first step in QuickBooks Online that must be completed prior to recording the deposit? • • + New > Invoice • • + New > Receive payment • • + New > Make deposit • • + New > Journal entry Question 8 Look at these two sentences about undeposited funds. Which option correctly completes these two sentences? Select the correct option from the dropdown. Reset Answers
By posting to Undeposited Funds, you can create a single bank deposit for multiple payments, making it easy • the "Deposit to" account is Checking • to match your bank register with your bank statement • the "Deposit to" account is Uncategorized Asset • the "Deposit to" account is Uncategorized Funds • the "Deposit to" account is Undeposited Funds . When receiving a payment, make sure • the "Deposit to" account is Checking • to match your bank register with your bank statement • the "Deposit to" account is Uncategorized Asset • the "Deposit to" account is Uncategorized Funds • the "Deposit to" account is Undeposited Funds Question 9 Which common workflow error can cause duplicate expenses in QuickBooks Online? • • Creating a bill to record a vendor expense, and creating a check to the vendor for the same expense • • Matching a downloaded bank feed transaction to a vendor bill • • Creating an estimate to record a vendor expense, and creating a check to pay the vendor for the same expense
• • Creating a bill to record a vendor expense, and using Pay Bills to pay the vendor for the same expense Question 10 Heather just received a customer payment and selected Undeposited Funds as the Deposit to account. Later that day she created a deposit transaction to group all the payments taken to the bank. Where can she view what has been deposited? • • Banking > View Deposits • • Sales Center > Invoices > select Deposited on the money bar • • Sales Center > All Sales > select Paid on the money bar • • Gear > All Sales > View Deposits • Question 10 Which user has access to the Voided/deleted transactions tool? • • Primary admin user • • Standard user • • Accountant user • • Company admin user Question 10 Which Accountant tool in QuickBooks Online helps identify transactions that may have been removed accidentally from the company file?
• • Voided/deleted transactions • • Reconcile • • Reclassify transactions • • Close books • Question 11 What are 2 tools you can use to identify possible issues in a QuickBooks Online Company? • • Import data tool • • Account and Settings • • Voided/deleted transactions tool • • Journal entry • • Transaction Journal report Question 12 Which feature helps streamline the purchasing process once a customer approves an estimate? • • Price Rules • • Create invoice from purchase order • • Create invoice from estimate
• • Create purchase order from an estimate Question 12 What are the steps to create a new estimate in QuickBooks Online? • • Sales > Invoices > Create invoice dropdown > Create estimate • • Sales > Customers > New Customer • • Sales > Overview > Shortcuts > New Estimate • • Sales > All Sales > New Transaction > Estimate Question 13 What are 4 status types that can be assigned to an estimate in QuickBooks Online? • • New • • Deleted • • Rejected • • Closed • • Transferred • • Pending • • Accepted
Question 14 How can you convert an estimate to an invoice? • • Sales > Customers > Estimate > Start invoice in the Action column • • Gear icon > Estimate > Create invoice from estimate • • + New > Create invoice from estimate • • Sales > Customers > Select Estimate > Open transactions > Select make invoice option at the bottom Question 14 What is the best practice sequence of steps to convert an estimate to a purchase order? • • Open purchase order > Copy from estimate • • Open estimate > down arrow next to Create invoice > Import estimate to purchase order • • Open estimate > down arrow next to Create invoice > Copy to purchase order • • Expenses Center > down arrow next to New transaction > Convert estimate to purchase order •
Question 14 When using the Copy to purchase order feature from within an estimate, where do you need to turn on the Use purchase orders setting? • • Expenses > Purchase orders • • Vendors > Use purchase order • • Account and Settings > Expenses > Purchase orders • • Account and Settings > Products and Services Question 15 What are 2 ways to start a Credit memo in QuickBooks Online? • • + New > Credit memo • • Sales > New Invoice > toggle the Credit Memo button • • Sales > All Sales > New Transaction > Credit Memo • • Sales > Overview > Shortcuts > New credit memo • • Gear icon > Credit memo • Question 15 A QuickBooks Online user wants Credit memos to automatically apply to open invoices. Where must the Automatically apply credits setting be turned on? Account and Settings > Advanced > Accounting Account and Settings > Sales > Automation
Account and Settings > Advanced > Automation Account and Settings > Sales > Products and Services Question 16 Which 3 types of customer statements can QuickBooks Online generate? • • Statements that show a balance forward and then all activity between two specified dates • • Statements that just show sales receipts • • Statements that show only credit card or online payments made between two specified dates • • Statements that show just open transactions • • Statements that show invoices created between two specified dates and their related payments Question 16 Liz's Liquor Depot wants to know the easiest way to let her customer know which invoices are still unpaid on their account. Which feature in QuickBooks Online can Liz use to easily provide this information to the customer? • • Unpaid Invoices report • • Statement • • Reminders • • Projects
Question 16 Different customer statement types are available to suit different client situations. Heather wants to help her client send out a statement that reflects all unpaid invoices, unapplied payments, and Credit memos. Which statement type should she choose? • • Transaction Statement • • Open Item • • Customer Open Balance • • Balance Forward SECTION 4 Question 1 What are 2 ways to access the vendor credit screen in QuickBooks Online? • • Gear icon > Vendor Credit • • Expenses > Overview > Shortcuts > New Vendor Credit • • Workflows > Expenses > Vendor Credit • • + New > Vendor Credit •
• Expenses Center > New Transaction > Vendor Credit Question 1 Vendor credits are designed to account for returns of products purchased on account. What are 2 ways to use a vendor credit in QuickBooks Online? • • Apply it to an existing bill • • Apply it to a credit memo • • Apply it to a bill that has been paid • • Hold on to it and apply it to a future bill • • Apply it to an invoice Question 2 What are 2 scenarios in which you would use a Bank deposit transaction? • • When your client wants to record sales from her upcoming trade show and provide sales receipts • • When your client wants to group customer payments into a single deposit transaction • • When your client wants to record an SBA loan amount received • • When your client wants to apply a customer payment to an open invoice • • When your client wants to make a deposit to a vendor Question 2
In which 3 cases would you use the "Add funds to this deposit" grid in a Bank deposit? • • You need to record an ACH payment of a customer invoice • • To record a Vendor credit • • To record the payment of a bill • • When an employee reimburses the company • • When a company doesn’t record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts • • You receive a tax refund from the IRS • Question 3 Brittany provides in-home hairstyling services to her clients and collects payment from them at the time of service. What type of transaction in QuickBooks Online allows her to record the sale and the payment on a single screen? • • Invoice • • Recurring transaction • • Estimate • • Sales receipt • • Transfer
Question 4 Which 2 statements are true about payment links in QuickBooks Online? • • Payment links can only be used when a client has an active QuickBooks Payments account • • Payment links can be used anytime a client wants to sell a product to a customer • • Payment links never expire and can be used repeatedly with different customers • • You can use payment links to send a request for payment on an existing invoice • • Payment links allow customers to pay via PayPal or Venmo • Question 4 How many times are customers able to make a payment via a payment link before it expires? • • Five times • • Two times • • It never expires • • One time Question 4 What type of transaction is recorded when a customer pays via a payment link? • • Journal entry •
• Invoice • • Deposit • • Sales receipt • Question 5 Which 3 statements are true about recording journal entries? • • When you want to invoice a client for a line on the journal entry • • When posting to the accounts receivable account, you must specify a vendor • • Total debits must equal total credits • • When posting to the accounts receivable account, you must specify a customer • • You can post journal entries in bulk • • You can post to multiple accounts receivable and/or accounts payable accounts in the same journal entry • • You can post to Products and Services in a journal entry Question 5 Which statement about adjusting journal entries in QuickBooks Online is true? • • Only the lead accountant can create adjusting journal entries • • Only Accountant users can create adjusting journal entries
• • Only Accountant users and the Primary admin of the account can create adjusting journal entries • • Only Company admin users can create adjusting journal entries Question 6 What are 3 benefits of the Pay down credit card feature? • • It prevents common errors that affect the company's financial statements • • It allows users to electronically pay their credit card balances from within QuickBooks • • It compares your client's credit card balances side-by-side • • It prevents mis-categorization of credit card payment transactions • • It helps users identify which credit cards have interest rates that are too high • • It provides easy-to-understand language for non-accountant users Question 6 Which 2 problems does the Pay down credit card workflow solve for clients? • • It provides a lower rate than most credit cards to qualified small businesses • • It provides a higher credit limit than most small business can get • • It helps clients stay on top of making payments on time • • It uses language that non-accountants can understand
• • It ensures that payments to credit card accounts are categorized correctly Question 7 The Pay down credit card feature can be found in which area of QuickBooks Online? Answer: +New > Paydown Credit card • + New in the Banking Center • • Account and Settings • • + New from the left-hand navigation • • Gear icon Question 7 Which option completes the 3 missing steps to use the Pay down credit card feature? Select the correct option from the dropdown.Reset Answers 1. Select the + New button from the left-hand navigation and select Paydown credit card in the Other column 2. Select the credit card account that is being paid 3. Select the Payee , if applicable 4. Enter the amount and the date of payment 5. Select the account the payment is being made from 6. Finally, select Save
Question 8 Which statement is true about the Transfer feature? • • You can use a transfer to pay bills directly • • The Transfer feature can be used to transfer funds between income and expense accounts • • The Transfer feature can be used to move funds between two balance sheet accounts • • You can add a customer to the transfer transaction Question 8 Your client wants to transfer $500 from their checking account into a savings account to cover tax liabilities for sales made last month. Where should your client go to record a Transfer? • • Accounting > Transfer • • + New > Transfer • • Dashboard > Transfer • • Gear icon > Transfer Question 9 What are the 3 ways to capture bills and receipts so that they can be matched to transactions and added to the bank feed? • • File upload •
• Via text message • • Via the mobile app • • Via fax • • Forwarding by email • • Sending it through direct mail Question 10 To make receipt forwarding active, you'll need to enable a unique email address within the client's QuickBooks Online. Where would you navigate to enable this feature? Banking Center > Receipts > Forward from email Banking Center > Banking > Forward from email Gear icon > Advanced > Automation > Forward from email Gear icon > Company settings > Expenses > Forward from email Question 10 In which tab in the Banking Center do bills and receipts appear after they are added? • • App transactions • • Tags • • Banking • • Receipts • • Rules
Question 11 When an excluded transaction is reinstated, which tab will it appear under? • • Updated • • Categorized • • For review • • Excluded • • Edited Question 11 From the For review tab in the Banking Center, how would you exclude a bank transaction that is a duplicate? • • Find transaction > Check box next to transaction > Select Exclude in banner • • Find transaction > Select Update in banner > Exclude • • Find transaction > Select Exclude under Action column • • Find transaction > Edit > Save and exclude • Question 12 Which 3 of these statements regarding bank rules are true?
• • Bank rules cannot automatically split transactions • • Bank rules can be copied, edited, or deleted • • Bank rules can automatically add transactions to the register • • Bank rules can only be set up by an Accountant user in QuickBooks Online • • Bank rules are only included in QuickBooks Online Advanced subscriptions • • Bank rules can be prioritized • Question 12 Where will the current transactions appear if Auto-add was not selected when creating a bank rule? • • Categorized tab • • Rules tab • • For review tab • • Pending tab Question 13 Which 3 statements are correct regarding reconciling a bank account in QuickBooks Online? • • Bank accounts can be reconciled only if they are connected through bank feeds •
• To view the Bank statement, select History by account • • Reconciliations must only be run at period end to estimate tax owed • • The primary admin can undo reconciliations • • To begin the reconcile process, you need to enter the statement ending date and ending balance from the relevant bank statement • • Transactions added or matched in the Banking Center are automatically marked tentatively cleared Question 13 What is the default filter that is automatically applied when reconciling an account in the Reconciliation dashboard? • • Payee • • Memo • • Cleared status • • Reference number • • Amount • • Date
Question 14 Which report can be viewed to provide some guidance on how you can resolve transactions that are causing discrepancies when reconciling an account? • • Unreconciled report • • Reconciliation Discrepancy report • • Adjustments report • • Issues report Question 14 How does QuickBooks Online use smart learning in its reconciliation tool to help find any hidden transactions? • • It can identify transactions where the transaction date is in a future period and the cleared date is in the statement period • • It can recognize if transactions have been excluded erroneously from bank feeds • • It automatically records bank fees and interest earned • • It can identify transactions that were posted to the wrong account Question 15 Which users are able to undo a reconciliation? • • Accountant users only
• • All users • • Primary admin user only • • Company admin users only Question 15 Undoing the reconciliation allows you to start over so that you can find the discrepancies. Where would you navigate to undo a prior reconciliation as an Accountant user? • • Reports > Reconciliation Report > Down arrow > Undo • • Reconcile > History by account > Down arrow > Undo • • Banking > History by account > Down arrow > Undo • • My accountant > History by account > Down arrow > Undo Question 16 What are 2 ways to begin setting up a recurring transaction in QuickBooks Online? + New > Recurring transaction Gear > Recurring transactions Accountant Tools > Recurring transactions Gear > Account and settings > Advanced > Enable recurring transactions Select the Make recurring option at the bottom of the desired transaction Question 16 Which 2 of these options are benefits of using the Recurring transactions feature in QuickBooks Online? • • You can use recurring Sales receipts with QuickBooks Payments •
• Recurring transactions can be disabled by the customer • • There is an option to include unbilled charges automatically on recurring invoices • • You can make a Receive payment transaction recurring • • You can create recurring Bill payments to automate the accounts payable process Question 16 Which of these recurring transactions could be used if an accountant needs to set up a monthly recurring prepaid expense? • • A recurring invoice • • A recurring deposit • • A recurring journal entry • • A recurring bill SECTION 5 Question 1 How many ungrouped tags can be created in QuickBooks Online Plus? • • 400 • • Unlimited • • 500 •
• 300 Question 1 Which of these are customizable labels that clients can assign to transactions of their choice? • • Pins • • Groups • • Points • • Tags • Question 1 By default, all QuickBooks Online company files have tags turned on, but they can be turned off. Where would you go to disable this feature? • • Banking > Tags > Settings > Disable • • Gear icon > Account and settings > Expenses tab > Bills and expenses > Tags • • Gear icon > Account and settings > Sales tab > Sales form content > Tags • • Sales > Tags > Settings > Disable Question 1 Which type of transaction cannot be tagged at this time within QuickBooks Online? • • Purchase order
• • Invoice • • Journal entry • • Delayed credit • • Bank deposit • Question 1 Where can you see the number of tags and tag groups created? • • Gear icon > Account and settings > Expenses > Bills and expenses > Tags • • Gear icon > Account and settings > Sales > Sales form content > Tags • • Sales > Tags • • Banking > Tags Question 1 Where would you add a new tag on an invoice that was already created? Sales > Receive payment > Select payment > Edit > Enter and add new tag Gear icon > Sales > Tags > Edit > Enter and add new tag Sales > Invoices > Select invoice > Edit > Enter and add new tag + New > Invoice > Enter and add new tag • Question 2 Which report summarizes the amount of financial activity associated with each income or expense account for a specific period of time?
• • Balance Sheet • • Audit Log • • Profit and Loss • • Trial Balance Question 2 Where would you navigate in QuickBooks Online to generate a Balance Sheet report? • • Reports > Business overview > Balance Sheet • • Reports > For My Accountant > Balance Sheet • • Reports > Financial statements > Balance Sheet • • Reports > What you owe > Balance Sheet Question 3 Which 2 of these datasets can be visualized using custom charts in the Performance Center? • • Accounts receivable • • Return on assets • • Inventory turnover • • Expenses
• Debt to Equity • Question 3 Which 2 user types can access the Performance Center in QuickBooks Online? • • Accountant users in any subscription level of QuickBooks Online • • Client users in QuickBooks Online Plus and Advanced subscriptions • • Client users in QuickBooks Online Advanced • • Client users in any subscription level of QuickBooks Online • • Reports-only users in any subscription level of QuickBooks Online • • Accountant users in QuickBooks Online Plus or Advanced Question 3 Where can Fathom Smart reporting be accessed within QuickBooks Online Advanced? • • Accounting > Apps > Fathom > Launch Smart reporting • • Reports > Management reports > Fathom > Smart reporting • • Gear icon > Fathom > Launch Smart reporting • • Reports > Smart reporting
Question 3 What feature in QuickBooks Online allows users to create custom charts to visualize financial data? • • Overview • • Business overview • • Cash flow • • Performance Center • • Management reports Question 4 Which report would you use to show top-selling and/or worst selling products? • • Product/Service List • • Sales by Product/Service Summary • • Transaction List by Tag Group • • Sales by Customer Summary Question 4 Which report shows the book (purchase or cost) value of inventory items with quantity on hand? • • Product/Service List
• • Inventory Valuation Summary (or Detail) • • Sales by Product/Service Summary • • Transaction List by Inventory Item Question 5 Which feature in QuickBooks Online reports allows you to customize section headings on the Profit and Loss and Balance Sheet reports? • • Display columns by • • Filter • • Accounting method • • Edit titles • • Add notes • Question 5 Your client would like to display negative numbers in red on their Profit and Loss report. Where can you select this option for them? • • Customize > Filter • • Customize > Edit titles • • Customize > Rows/Columns • • Customize > General
• • Customize > Header/Footer • Question 6 Sarah would like to create a new custom management report for her client. How would she accomplish this? • • Copy an existing template under Custom reports and save to Management reports • • Create a new template under Management reports • • Create a new template under Custom reports and save to Management reports • • Copy an existing template under Management reports Question 6 Which 3 predefined management report templates will a client see in their company file? • • Expenses performance • • Sales performance • • Expanded company financials • • Company overview • • Financial statements • • Basic company financials Question 7
Which 2 tasks should be completed monthly as part of the month-end review process? • • Completing and filing IRS Forms W-2 and 1099 • • Filing estimated taxes • • Reconciling accounts • • Managing receipts and bills • • Resolving incomplete transactions Question 7 The first stage of the month-end process is reviewing transactions and recognizing any possible issues. Which are 2 open issues that you can view from the Transaction review tab? • • Reclassified transactions • • Unapplied payments • • Transactions posted to the wrong period • • Undeposited funds • • Transactions without accounts
Question 8 To keep track of her team, Esther has requested that the status of each task be updated in the Month-end review tabs. What are the 3 status options? Pending Stuck To do Complete Done Not started Waiting Open Question 9 What are 2 limitations of the Reclassify transactions tool? • • You cannot change the location when reclassifying expense transactions • • You cannot change the class on deposit transactions • • You cannot change the payment bank account when reclassifying expense transactions • • You cannot change the class when reclassifying expense transactions • • You cannot change the account for inventory adjustments Question 9 In the Reclassify transactions screen, which 3 elements of a transaction can be reclassified? • • Tags • • Product/Service • • Locations
• • Customers • • Dates • • Accounts • • Classes • Question 10 Where would you go to review your client’s expense account to see if any transactions have been miscategorized? • • Reclassify transactions from Accountant Tools • • Reclassify transactions in the Banking Center • • Reclassify transactions from + New • • Reclassify transactions from the Gear icon • • Voided/deleted transactions from Accountant Tools • Question 10 What are the correct steps to access and begin reclassifying transactions? Accounting > Reclassify transactions Account and Settings > Reclassify transactions + New > Reclassify transactions
My accountant > Reclassify transactions Accountant Tools > Reclassify transactions Question 10 Which accountant-only tool enables you to categorize a couple of transactions or a large batch of transactions in only a few clicks? • • Prep for taxes • • Month-end review • • Write off invoices • • Recurring transactions • • Reclassify transactions • Question 11 When can an Accountant user use the Write off invoices tool? • • When a customer has outstanding invoices that will not be paid • • When a user wants to write off sales tax on an invoice • • When a customer has overpaid • • When a user wants to categorize several transactions quickly • • When you wish to remove a duplicate invoice
Question 12 What are the correct steps to begin the Write off invoices process? • • Gear icon > Tools > Write off invoices • • Gear icon > Account and settings > Write off invoices • • Sales > Invoices > Write off invoices • • Accountant Tools > Write off invoices . Question 12 Which tool in the Accountant Tools helps you clean up uncollectible balances from customers? Reclassify transactions Write off invoices Reconcile Clean up uncollectible balances Voided/deleted transactions Question 13 Which 2 forms related to employees and contractors do you need to file at year end? • • Form I-9 • • Form W-3 • • Form 1029 • • Form W-2
• • Form 1099 Question 13 At year end, what 2 reports can be used to verify that all bank and credit card accounts on the balance sheet have been reconciled? • • Balance Sheet Detail • • Reconciled Transaction Detail by Account • • Reconciliation Report • • Reconciliation Discrepancy Report • • Reconciliation Audit Log Question 14 IRS guidelines require specific vehicle information to substantiate deductible automobile expenses. Which 3 items are included in the substantiation requirements? • • Mileage • • Vehicle type • • Drivers • • Date placed in service • • Vehicle service record • • Whether the vehicle is gas, electric, or hybrid-powered
• Question 14 IRS guidelines require specific information to substantiate deductible automobile expenses. Which 3 items are included in the substantiation requirements? • • 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, vacation, and personal) • • Vehicle 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) Question 15 Which 2 options are benefits of using the Close books feature? • • It keeps track of any changes made to any transactions dated after the closing date • • It can prevent users from changing transactions in a closed period • • It can prevent users from accessing any information in a closed period • • It keeps track of any changes made after the closing date was set to closed period transactions • • It keeps unauthorized users from accessing the QuickBooks Company
Question 15 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, they can change even without the password. Changes are flagged in the Exceptions to Closing Date report • • Yes, but only if they know the password. Changes are flagged in the Exceptions to Closing Date report • • No. Even if your client knows the password, they can’t change transactions on or before the closing date. Only the accountant can track changes • • Yes, but only if they know the password. There is no way to track changes Question 16 Why might an Accountant user not see the Exceptions to Closing Date report in a QuickBooks Online company? • • The Audit Log is not enabled • • A closing date has not been set in the company • • The Exceptions to Closing Date report is not available in a Simple Start subscription • • The Accountant user does not have the required permissions to view the report •
Question 16 How can you find the Exceptions to Closing Date report? • • Business Overview > Common issues • • Accounting > Close books • • My Accountant > Management Reports > Business Overview • • Gear icon > Tools > Audit log • • Reports > For my accountant
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When an excluded transaction is reinstated, which tab will it appear under?
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