QuickBooks Online Accountant Guide, Exams of Nursing

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QUICKBOOK CERTIFICATION EXAM

2024 WITH ACTUAL CORRECT

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Which of the following is not an app that is offered by Intuit as an add-on product?

QuickBooks Enterprise Solutions

The QuickBooks Online __________________ allows developers to connect their apps to QuickBooks and send data back and forth between them.

Open API platform

How do you log in to QuickBooks Online Accountant?

Enter your Intuit ID at qbo.intuit.com

Which of the following is information found in the Client Details screen?

Current account balances

Which of the following is an accurate statement about the Your Books section in QuickBooks Online Accountant?

It is a QBO Plus company

What is one option for creating a new QuickBooks Online Accountant firm?

Be invited as the accountant user from a QuickBooks Online company

Which of the following summary information of activity from clients' QBO companies can be found in the Client list grid in QuickBooks Online Accountant?

Close Date

Basic access grants which of the following permissions to team users?

View-only access to firm information

Which of the following lists is the same in both Your Books and QuickBooks Online Accountant?

Customers

Where do you manage wholesale billing for the QBOA firm?

Gear Icon> Your Account

You are getting frustrated because you are always changing the dates when you run reports. What can you do to set default dates for reports?

Click on the Accountant ToolBox and choose Report Tools

You may end up working with a company with a surplus of uncategorized transactions sitting in a Miscellaneous, Ask My Accountant, or Uncategorized expense account. What is the most efficient way to post these transactions to the proper accounts?

Use the Reclassify Transactions tool to move the transactions from the uncategorized account to the proper expense account

To import QBO data into ProConnect Tax Online, use the following workflow:

Accountant Tools > Trial Balance > View Tax Return

What does the Accountant ToolBox allow us to do that our clients cannot do on the Bank Reconciliation screen?

Undo bank reconciliations

Which of the following tools is not available in the Accountant Toolbox?

Exceptions to Closing Date Report

The Trial Balance tool in QuickBooks Online is a tool that:

Pushes QuickBooks Online data to ProConnect Tax Online for online completion of the federal income tax return

When creating journal entries as an accountant user, what can we do that our clients cannot do?

Mark the journal entry adjusting

Why is setting a closing date and a password strongly recommended?

It prevents a client from making changes to a closed period

Your client uses QuickBooks Online Simple Start. How many accountant users can your client invite?

2

Your client is moving out of state and wants you to do the monthly accounting in their data file. What would be the best reason to recommend converting to QuickBooks Online?

Online access to client data anytime, anywhere

How many regular (not accountant Users) can access a QuickBooks Essential subscription at one time?

3

Under which settings tab do you enable inventory tracking?

Sales

What type of user can only be added to a QuickBooks Online Plus Company?

Reports-only user

Which of the following cannot be imported using the import data tool in QuickBooks Online?

Employees

Which of the following steps are needed to track inventory?

Sign up for Quickbooks Online Plus: Go to Account and Settings>Sales>Products and services>Track inventory quantity on hand

Which of the following settings is found in the Expense setting screen of the Company Settings?

Specify custom fields for Purchase Orders

A non-profit client wants to change the heading for her customers to Donors. Where should she go in QuickBooks Online to change this setting?

Gear Icon>Account Settings>Advanced>Other preferences>Customer label

For how many consecutive days can you re-import QuickBooks Desktop data into QuickBooks Online form the date the QuickBooks Online Company is created?

180

Which of the following lists can not be accessed from the Left Navigation Pane?

Classes

Your client requires access to QuickBooks Online for himself, as well as his bookkeeper and his accountant. In addition, he will need to add payroll to his subscription level. Which of the following is the least expensive QuickBooks Online subscription he can purchase that will satisfy these requirements?

Simple Start

Where can you add a new Customer to your Customer List in QuickBooks Online?

The Customer Center > New Customer

Which of the following best describes the functionality of the top navigation bar in QuickBooks Online?

A place to easily access tools for entering transactions

The QuickBooks Online App provides users with a more 'desktop like' experience. What feature does this app have that QuickBooks desktop does not?

Ability to tile windows across multiple monitors

Where can you find the Transfer function of QuickBooks Online?

Quick Create

How do you get multiple screens to display over multiple display monitors when working in the QuickBooks Online Apps?

Windows menu > Menu items open new windows

The Sales Center is found in the _________________________ in QuickBooks Online.

Left Navigation Pane

Which is not a benefit of using the QuickBooks Online Apps for Mac and Windows?

You do not have to be connected to the internet to open your QBO Company

Choose the statement that best describes QuickBooks Online's functionality related to sales forms and products and services:

Charges to a customer on a sales form post to the account mapped to the product / service item's income account field

How do you create a recurring invoice in QuickBooks Online?

Start from existing transaction and create a template by clicking Make Recurring

Which of the following are benefits of using the Online Invoicing Portal?

Clients can correspond with their customers regarding invoice details

What is the difference between an Invoice and a Sales Receipt?

A Sales Receipt is meant to record an immediate acceptance of payment while an Invoice represents an expected payment in the future

What are posting transactions related to sales?

expenditures, and credit card slips from different cards. Of the following options, which is the most efficient way to get them entered into QuickBooks Online?

Use the Expense function and specify the bank, cash or credit card account in each transaction

What is a benefit of recording expenditures on bills using product / service items instead of accounts?

Use of Purchase reports

Which of the following transactions can be recorded using the Expense feature?

Credit Card Expense

Which transactions are non-posting transaction when it comes to purchases?

Purchase Order Billable Expenses

Which transactions are posting transactions when it comes to purchases?

Expense

Cash Expense

Credit Card Expense

Check

Bill

Bill Payment(Check or Credit Card)

Vendor Credit

Credit card sales

Sales tax payment

Which of the below is NOT an advantage of recording a transaction as a purchase versus an expense?

Only transactions posted as a purchase record activity directly to the general ledger and can be found on a Financial Report, such as the Profit & Loss report

Which of the following is an important distinction between QuickBooks Online Payroll and Intuit Online Payroll for Accounting Professionals?

Payroll is run inside QuickBooks Online with QuickBooks Online Payroll and outside of QuickBooks Online in Intuit Online Payroll for Accounting Professionals

Where do you enter time tracking activities in QuickBooks Online?

Quick Create

Which of the following is a feature of QuickBooks Online Payroll?

Pay employees by direct deposit or print paychecks

You wish to start using payroll in QuickBooks Online. What is your first step?

Turn on payroll in QuickBooks Online by selecting Employees > Turn on Payroll

Your client has an employee who needs a breakdown of all the taxes and deductions withheld from their paycheck year to date. Which common payroll report would you run to find this information?

Payroll Details Report

Which of the following cannot be initiated using the Quick Create menu?

Pay Employees

Which is not a file type that can be imported into the Banking Center?

.PDF

Which of the following can be made Recurring in QuickBooks Online?

Journal Entry

Which of the following is not a field that can be imported using .CSV files via the import function in the Banking Center?

Check Number

Which imported Bank Feed transaction will not be included in the Recognized tab?

A transaction that has multiple possible matches in QuickBooks

If you are using Bank Feeds in QuickBooks Online, what must you do in the Reconcile screen in order to hide transactions you have matched or added in a subsequent period?

Check the box "Hide transactions after statement ending date"

All of the following types of transactions can be made recurring, except which of the following?

Bill Payment

Which is not a way you can access the Reconcile screen in QuickBooks Online?

Banking Center > Reconcile

Where would you find the Audit Log in the Reports Center?

All Reports > Business Overview

a handy resource for getting to know your new clients, gathering the required info to get their account set up, and discovering what their business needs are in order to best match them to a subscription level.

NCC: Client Profile

the basic contact information fro your client and their business.

NCC: Needs Assessment

lists all the functionality your client may need from QuickBooks Online, and encourages a better understanding of their business so that you can best advise on the subscription level they will need.

NCC: Features and Solutions

dives deeper into the subscription solutions that will best suit your client. The workflows you highlight as needs or requirements in the Needs Assessment tab will be pulled through automatically and displayed in column A. This enables you to see at a glance which subscription level is likely to be best for your client's business.

NCC: Mileage

If your client needs to track mileage, then collect their vehicle profile information during the requirements gathering stage. You can do this for each vehicle they need to track mileage for.

NCC: Onboarding Checklist

Use the Onboarding Checklist to gather any final additional requirements from your client. This will enable you to set up the appropriate QuickBooks Online subscription quickly and accurately.

NCC: Self-Employed Profile

If, after your consultation, it is clear the client requires QuickBooks Self-Employed, the QBSE Profile tab has been designed to ensure you acquire all the additional information you need from your client in order to set up their subscription, including whether they have a healthcare plan or a vehicle to take into consideration.

Sales and Accounts Receivable

relates to the transactions relevant to their customers. In this section, you'll get a better idea of their requirements for estimating, invoicing, price levels, and sales-tax circumstances.

Expenses and Accounts Payable

This part of the checklist covers their payment preferences, outstanding loans, petty cash limits, and reimbursable expenses, among others.

Employees and Payroll

One of the key areas you'll need to discuss is whether the company is run solely by the owner or whether your client has employees (and therefore payroll requirements).

Other expense tracking needs

Your new client may also have to track other expenses, such as mileage on a vehicle. They may also want to keep an eye on their income in order to estimate their future income tax bill. Ask your client what their current method for keeping track of their taxes is. If they are self-employed, they may not know that estimating their taxes is a handy feature of QuickBooks Online Self-Employed.

Other daily operations needs

Does your client hold stock as part of the day-to-day running of their business? How do they keep track of their inventory? If your client has inventory, they may want to include inventory tracking. If this is a requirement, you will be able to discuss with them how QuickBooks Online and/or third-party apps can help with this.

Industry-specific needs

Every client and every business is different, depending on their industry. For example, your client may need QuickBooks Online with third-party apps enabled to track their e-commerce or web-based sales, manage their logistics, manufacturing, shipping, point of sale, or many other variables such as their personal billable time.

Specialized application needs

There is a range of apps compatible with QuickBooks Online. Your client may benefit from a specialized app to handle an area of their business. They may even already use one. You will be able to use your knowledge of QuickBooks Online features to spot when a client has a requirement QuickBooks Online can't cater for on its own. That's where integrated apps come into the picture. From cloud storage to time-tracking, there's an app for just about everything.

Reporting needs

This section of the New Client Checklist helps you get a clearer picture of how your client prefers to run their reports. Which reports work best for them? How often do they run and analyze their reports? As an additional feature, if the client has employees, they may wish to add users to their accounts who have reports-only access. We'll look into that in more detail later in the course.

Any other requirements

Don't forget to ask your client whether there is anything else they may need that you haven't yet covered or asked. They may already have an accounting solution and wish to convert their existing account to QuickBooks Online.

Transaction volume

This section is important because it will reveal to ProAdvisors the transactional volume and scope of the client's business. It may, for example, indicate that the client might benefit from a QuickBooks Online Advanced subscription, if transactions exceed a threshold of 43,000. This is because QuickBooks Online Advanced offers accelerated data-entry features.

Industry trends

There are three ways to get information into QuickBooks Online:

• Convert data in existing QuickBooks Desktop software
• Import customers, vendors, charts of accounts, and products and services lists from Excel
• Enter all data manually

Dan Cheng is another new client. Dan offers a virtual assistant/professional service, Cheng's Master VA. He started his business a year ago and grossed $60,000 in that year. Dan doesn't yet use an accounting solution and has a shoebox full of handwritten notes and receipts. However, he's excited to set up a solution that will provide detailed customer breakdown of his sales and customer history. Based on what you already know of Dan, which of the following Sales and Accounts Receivable items would you mark with Yes in the Needs Assessment tab of the checklist?

Dan would benefit from custom invoices, sales receipts, and statements. Custom invoices might help when he needs to track customers and run more detailed reports to make sure he's working in the most efficient way with the customers who generate the most income. Statements are a great tool for service-based businesses that can generate information on what services they're providing to customers. Clients can even use them to tailor their offering so the client gets great value based on what they can afford.Dan doesn't need Multicurrency, nor sales tax, which would be an essential requirement for a retailer selling physical products.

Quickbooks Online Subscriptions

Self-Employed; Simple Start; Essentials; Plus; Advanced

QBO Sub: Self-Employed

• Scheduled C; Cash basis
• 1099 Income & W
• Separate Business/Personal Accounts
• 1 user & 1 accountant

QBO Sub: Simple Start

• Sole proprietor or single-owner corporations
• Full general ledger & accounts receiveable
• Multiple sources of income
• 1 user & 2 accountants

QBO Sub: Essentials

• Growing business
• Manage accounts payable & accounts receivables
• Recurring transactions
• Time-tracking
• Multicurrency
• 3 users & 2 accountants

QBO Sub: Plus

• Budgets & advanced reports
• Track multiple revenue streams and/or departments or locations (classes and locations)
• Track inventory
• Track project profitability
• 5 users & 2 accountants

QBO Sub: Advanced

• Small reporting (Fathom)
• Unlimited accounts and classes
• Advanced import and batch entry
• Custom user roles
• Dedicated manager and online training
• 25 users & 3 accountants & premium care

Usage Limits

Each subscription has limits.

QBO Plan Limits: Simple Start

• 0 classes and locations
• 250 chart of accounts
• 1 billable user
• 2 accountants
• 0 reports-only
• 0 time tracking

QBO Plan Limits: Essentials

• 0 classes and locations
• 250 charts of accounts
• 3 billable users
• 2 accountants
• 0 reports-only
• No limit time tracking

QBO Plan Limits: Plus

• 40 classes and locations
• 250 chart of accounts
• 5 billable users
• 2 accountants
• No limit reports-only
• No limit time tracking

QBO Plan Limits: Advanced

• No limit classes and locations
• No limit chart of accounts

Adding new clients: Basic setup

The first time you open your client's QuickBooks Online, you will be asked to provide more information about them in the new client setup wizard. When you answer these questions, QuickBooks Online will begin to customize the setup to meet your client's needs. You can still fine-tune these settings at a later date. For basic setup, you need to know:

• Your client's industry How they make money: e.g. retail, by project, or as a service provider
• Their business type: e.g. sole proprietor, corporation, partnership, or nonprofit What they need to do in QuickBooks Online:
• Send and track invoices- Organize expenses
• Manage inventory
• Track retail sales
• Track bills
• Track sales tax
• Pay employees

Adding new clients: Fine-tuning

QuickBooks Online can be fully customized to meet your specific client's needs. For example, here are just some of the additional features you may need to set up: Online payments Multicurrency Sales tax

Adding new clients to QBO Accountant

1. Go to your Client Dashboard in QuickBooks Online Accountant
2. Select Add Client
3. Decide if the account is for a business or an individual. In this example let's assume it's a business
4. Enter the Business name
5. Add the client's email address
6. You can also add a Display name. This is how it will show in your QuickBooks Online Accountant Client Dashboard
7. Add their mobile number
8. You could also Add more info at this stage to capture their contact details, but we're going to come to this a little later
9. At this point in the setup process, you need to select whether the client is being set up with a QuickBooks Online subscription or not. If you choose Subscription, then the process will continue with the steps below. If you choose No Subscription, there is just one item left to do. Select which team member will have access to this client and then select Save to complete the process
10. Choose whether this client will be charged via Wholesale discount (bill your firm) or Direct discount (bill your client)
11. Select the subscription level suitable for their needs and select Save
12. If this is the first client you have added, you'll need to enter your firm's billing information to charge your account for clients on wholesale billing. You also have the option to include payroll at this stage

and you can assign further team access to the new client subscription

13. Then select Save
14. When the subscription is created, the new client will get an email inviting them to set up a user account. But we don't need to wait for them to do this to get going on the rest of the setup
15. If you return to your Client Dashboard in QuickBooks Online Accountant, you'll see the new client is ready and waiting. Simply select the green QB icon to complete the rest of the new client setup wizard.
16. We're going to walk you through the feature options later, so for now you can select All Set and the job is done!

Inviting an accountant and accepting an invitation

1. Ask your client to invite you to their QuickBooks Online as an accountant user. They'll find this option by selecting the My Accountant tab in the Left Navigation Bar. They will need the email address you use for QuickBooks Online Accountant. Note: Whichever team member accepts the client's invitation will become the lead for that client. If the team member's access is revoked in the future, the lead can be assigned to someone else
2. Once your client has invited you, go to your firm's QuickBooks Online Accountant email inbox. In there you'll see a mail. The subject line will read: [Company Name] has invited you to use QuickBooks Accountant]Select the Accept Invite buttonNote: if you have more than one Intuit ID under your email address, choose the ID you wish to associate with that client. If you already have QuickBooks Online Accountant, make sure to choose the user ID that you use to sign in to your firm.
3. Enter the user ID and password you use for QuickBooks Online Accountant and select Accept Invitation. If you have more than one QuickBooks Online Accountant firm under your user ID, you will be asked to choose the firm you wish to connect this client to
4. Select Continue and your Client List will appear
5. You're ready to get to work for this client!

Client Overview Screen

The Overview screen offers collapsible sections for Company Setup, Banking Activity, and Common Issues. When you initially view the screen, these will be in their collapsed state.

COS: Company Setup

Company Setup shows you the subscription level that the client is subscribed to, whether they are subscribed to a Payroll product, and whether Sales tax has been enabled.These indicate the complexity of the client's QuickBooks Online Company.

COS: Apps

You can also see the number of apps that have been connected to QuickBooks Online. There's a list of the first two rows and you can select the link to view all of the apps.It's really important to know which apps a new client might be using to fully understand their workflow. You'll want to review this on a regular basis because new apps are being connected all the time.

COS: Banking Activity

In the Banking Activity section, you can see the register balance of each bank and credit card account in QuickBooks. The register balance is the balance from the end date of the register, which could include

The Transaction Volume tab is where, at a glance, you'll find the number of transactions for the client for the last 30 days. Transactions are grouped into Bank transactions, Invoices, Bills and Bill payments. This tab offers you a clear view of the client's workload.

The Client Overview is a great way to see your client's account at a glance. What are the key benefits of this?

• Concise subscription information
• Recent banking activity stats
• Early indications of banking errors

Quickbooks Online Ecosystem

a platform with an ecosystem of apps that you and your clients can assemble to build the perfect solution and the functionality that's needed.

QBO Eco: App Benefits

1. Reduce data entry: Some apps automatically collect and input data, reducing manual entry errors and eliminating inefficiencies caused when entering data into multiple programs.
2. Solve industry-specific tasks: Specialized apps solve industry- and client-specific pain points such as sales force management, estimation, and job-costing.
3. Streamline workflow processes: Apps can offer robust features that optimize common business processes such as inventory management, shipping, and e-commerce or field-service management.
4. Expand business insight: Customizable reporting apps offer user-friendly dashboards and graphics that improve visibility into performance metrics and provide deeper business insights.
5. Security and/or the separation of duties: Some apps will allow the ability to add information to QuickBooks Online without giving access to sensitive company information. Quality assured appsIn order for an app to be listed in the QuickBooks Online Accountant Apps tab and/or the QuickBooks App Center at apps.com, the app must be approved by Intuit. Once an app has been approved by Intuit, you can add it to your client's account, or they can sign up for it themselves.

How do I know which apps to recommend?

• App listing
• Browsing
• Overview
• Reviews

App Listing

Easily start your app research by browsing our tailored app carousels on the QuickBooks Online Accountant Apps tab and apps.com. See which apps are trending, new, top-rated, featured, and specific to business types on apps.com, or search by apps we recommend for clients or for accountants when researching on the QuickBooks Online Accountant Apps tab.

Browsing

All apps are pre-categorized into the tasks they help resolve. By selecting Browse Category, you can filter apps by the problem you are trying to solve.

Overview

Understand the key benefits offered by an app as well as how the app works with QuickBooks Online.

Reviews

Many of the apps have been reviewed by customers and other ProAdvisors, and anyone can check these reviews out. You can also visit the app's website to read the privacy statement to find out what kind of information they share with other parties.

Testing

You may also want to test the app yourself before you recommend it to a client. You can create a trial company to test the app (because it's not recommended to test an app by connecting it to a live QuickBooks Online company). Most apps in the App Center offer a free trial period without the need to give credit card information. You can also request a demo of the app from the developer or sign up for a webinar to learn about it. Many developers offer partner programs, incentives, or special discounts for referring your clients. These can be an additional revenue stream for your firm.

Understand the vendor's billing policy

Check if your client will be charged monthly or annually. Make sure you can answer any questions the client may have regarding billing policies.

Understand the vendor's onboarding and support services

Make sure you know what your role will be up front and that you'll be able to get help directly from the vendor regarding setting up the app and troubleshooting client questions.

Recommending apps for clients

Cindy has been manually entering her sales from her website into QuickBooks Online, and this has been taking up lots of time that should be spent on other areas of her business. She has heard about the benefits of apps and wonders if there could be apps that can help save her time and streamline her processes. You know all about apps.com and offer to jump in and help her find a solution. The first step is to understand the existing process she uses and what technology is involved in the process. She tells you that her website platform keeps track of her customer, sales, and inventory data. She has been entering each sales receipt captured by the website into QuickBooks Online. Let's see if we can find an app on apps.com that can sync her data and enter her website sales into QuickBooks Online automatically! We'd certainly be heroes if we could save her time and make her job easier! If we know what type of website platform Cindy uses, we can enter the name into the search box because it will only show apps that include the keywords that we enter. Notice that there are apps to sync data between lots of different types of website platforms like Magento, Shopify, and WooCommerce.

Which two categories would you find (POS)-based apps under?

• Manage customers
• Sync data

How might you get lists and transactions into a new Quickbooks Online company?