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Which 2 QuickBooks Online billing options include a discount on QuickBooks Time? A. ProAdvisor discount B. Direct discount C. Revenue share Correct Answer A. ProAdvisor discount B. Direct discount Where would you go to enable account numbering in the chart of accounts? A. The Chart of accounts tab in Account and Settings B. The Customization option from Accountant Tools C. The Advanced tab in Account and Settings D. The Enable account numbers slider from the Chart of Accounts screen Correct Answer C. The Advanced tab in Account and Settings A client tells you they can't convert an estimate to a purchase order. Which 2 of these might be the reason? A. They haven't added QuickBooks Payments to their company B. They use QuickBooks Online Simple Start or Essentials C. They haven't enabled purchase orders in Account and Settings D. They're not set up as Company admin E. The estimate hasn't been sent Correct Answer B. They use QuickBooks Online Simple Start or Essentials C. They haven't enabled purchase orders in Account and Settings Which feature in QuickBooks Online allows you to apply a refund to an existing or future bill? A. Delayed charge B. Vendor credit C. Delayed credit D. Credit memo Correct Answer B. Vendor credit How could a client move funds from a savings account into a checking account?
A. That kind of transaction can only be created and recorded by an accountant via Accountant Tools in QuickBooks Online Accountant B. By using the Transfer feature by selecting + New, then Transfer, and entering the details C. By using the Receive payment feature by selecting + New, then Receive payment and selecting Checking in the Deposit to field D. By navigating to the Banking center, selecting Add transfer, and entering the details Correct Answer B. By using the Transfer feature by selecting + New, then Transfer, and entering the details One of your retail clients has had a store for about 2 years and, due to demand, is hoping to open a second store. They've asked you how much money they can afford to spend. Which report would you suggest they use? A. Profit and Loss report B. Balance Sheet report C. Expenses by Vendor Summary report D. Accounts Payable (A/P) report Correct Answer B. Balance Sheet report A client who pays for their QuickBooks Online subscription directly wants to upgrade their subscription level. Where in QuickBooks Online Accountant would you find the link to do this? A. In the Subscriptions and billing section, on the Accountant-billed subscriptions tab B. In the Clients menu from the left-hand navigation, under the Actions column C. In the Subscriptions and billing section, on the Client-billed subscriptions tab D. In the Accountant Tools panel, under Quick Links Correct Answer C. In the Subscriptions and billing section, on the Client-billed subscriptions tab Your client has been using the QuickBooks Online Mileage Tracker throughout the year. It's nearing year end and you're preparing the log for auto expense deduction. Which 3 of the tasks below should be completed to prepare the log for auto expense deductions at year end? A. Look for vehicle changes (bought or sold) B. View all the recorded trips, ensuring none are left unreviewed C. Set the dollar rate per mile manually D. Check the calculated mileage E. Reconcile the Reimbursable mileage account Correct Answer A. Look for vehicle changes (bought or sold) B. View all the recorded trips, ensuring none are left unreviewed D. Check the calculated mileage Which of these statements about estimates in QuickBooks Online Plus and Advanced are true? Select all that apply. A. Estimates are posting transactions B. Estimate data can be used to create a purchase order C. Estimate data can be used to create a vendor credit
E. You can only assign a product or service item to a sub-category when you're setting it up for the first time Correct Answer B. You can edit existing product/service items to assign them to a sub-category C. You can only add up to 4 category and sub-category levels, including the parent You can only add a product sub-category when you select New category from the Product Categories list. Once you've created a sub-category, you can assign new and existing product/service items to it. What should you select to remove a vendor from the list? A. The Delete option from the dropdown in the Action column B. The Delete button from the Vendor information screen C. The Make inactive option from the down arrow next to the New vendor button D. The Make inactive option from the dropdown in the Action column Correct Answer D. The Make inactive option from the dropdown in the Action column One of your clients asks you to give a new employee access to QuickBooks Online. The employee will be dealing with all aspects of the business, including payroll, but they shouldn't have any admin privileges. What user type should you choose when you add the employee? A. Company admin B. Primary admin C. Standard all access D. Standard limited access Correct Answer C. Standard all access Who can add apps to client company accounts? A. Only the primary admin can add apps to a company account B. Anyone with access to apps.com can add apps C. Anyone with access to the company account can add apps, but only Admin users can add Premium Apps D. Only Admin users can add apps to a company account Correct Answer D. Only Admin users can add apps to a company account Which of the following statements about adding a new custom field in QuickBooks Online Plus are correct? Select all that apply. A. You can add the same custom field to sales forms and purchase orders B. You can add up to 3 custom fields to sales forms and purchases orders C. Custom fields are included on printed and emailed forms by default D. You can add a custom field to either sales forms or purchase orders, but not both E. You can add up to 12 custom fields to sales forms, but only 3 to purchase orders Correct Answer A. You can add the same custom field to sales forms and purchase orders B. You can add up to 3 custom fields to sales forms and purchases orders Which of these statements about estimates in QuickBooks Online Plus and Advanced are true? Select all that apply.
A. Estimates are posting transactions B. Estimate data can be used to create a purchase order C. Estimate data can be used to create a vendor credit D. Estimate data can be used to create an invoice Correct Answer B & D Estimates are non-posting transactions and can be used to create purchase orders and invoices. A client wants to create customer statements for several customers at once. What would you do in the Customers tab of the Sales center to achieve this? A. Select Create statement from the Action column next to the customer's name B. Select Customer statement from the dropdown next to New customer C. Select Customer types, then select Statements D. Check the required customer(s) in the list, then select Create statements from the Batch actions dropdown Correct Answer D. Check the required customer(s) in the list, then select Create statements from the Batch actions dropdown Which of these options is true about credit memos in QuickBooks Online? A. Credit memos are for refunding cash directly to the customer B. Credit memos aren't essential when customers pay in cash C. Credit memos reduce accounts receivable D. Credit memos need to be created and applied manually Correct Answer C. Credit memos reduce accounts receivable When a client sets up QuickBooks Payments the first time, what are they prompted to do? Select all that apply. A. Provide personal information B. Provide tax information C. Provide business information D. Connect to their bank E. Set up user permissions Correct Answer A, C, D Your client wants to view the tax returns that they previously paid to the tax agency they're registered with. What's the quickest way the client can do this in the Sales Tax center? A. Select the View Tax Return link in the Action column B. Go to the sales tax settings C. Select the More details link in the tax agency name tile D. Select Paid from the Status filter Correct Answer D. Select Paid from the Status filter The Status dropdown allows the client to filter tax returns to only show those that are: Paid Due Overdue Open
How can QuickBooks Online users with email forwarding access send multiple bills or receipts in one email message? A. Add them as attachments B. Send them to an Admin user, who can send multiple items in a single email C. Add them to the body of the email D. Send them in separate emails Correct Answer A. Add them as attachments Which of the following statements is true about vendor credits in QuickBooks Online? A. Vendor credits can't be applied to a bill that has already been received B. Vendor credits post as a debit to decrease accounts payable C. A vendor credit can be linked to a cash refund when the cash is deposited D. Vendor credits post as a debit to increase accounts payable Correct Answer B. Vendor credits post as a debit to decrease accounts payable When would you need to exclude some transactions from a bank feed? A. If the bank mistakenly imported a transaction more than once B. If the transaction was a personal expense that you didn't want to include in your accounts C. If the transactions in the bank feed matched those in the expense transactions D. If the transaction hadn't cleared the bank yet Correct Answer A. If the bank mistakenly imported a transaction more than once Starting from the Banking center, what would you select to begin disconnecting a bank account from QuickBooks Online? A. The Bank icon on the account tile B. The Gear icon C. The Pencil icon on the account tile D. The Go to bank register link Correct Answer C. The Pencil icon on the account tile Profit and Loss report Correct Answer summarizes the financial activity associated with each income or expense account for a specific period of time. This will indicate whether your client is operating at a profit or a loss. Balance Sheet Correct Answer summarizes the financial position of a business at a single moment in time. It reflects whether the assets the business owns are enough to offset its liabilities and leave a net equity balance after the liabilities have been paid off. Sales by Customer Summary Correct Answer Displays total sales recorded for the period for each customer Accounts Receivable (A/R) Aging Summary Correct Answer Summarizes the status of unpaid invoices, unapplied payments received, and unapplied credit memos Accounts Payable (A/P) Aging Summary Correct Answer Summarizes the status of unpaid bills and unapplied vendor credits
Trial Balance Correct Answer Displays the balance as of the report date for all balance sheet accounts and a summary of activity during the reporting period for income and expense accounts Customer Balance Summary Correct Answer Displays each customer with an open balance in Accounts Receivable and the open balance amount Vendor Balance Summary Correct Answer Displays each vendor with an open balance in Accounts Payable and the open balance amount Inventory Valuation Summary Correct Answer Lists each inventory item along with the SKU (stock keeping unit), quantity on hand, asset value, and calculated average cost per unit To get an overall view of financial information for a reporting period without looking at all the details, which report should you use? Correct Answer Summary Example: If a client wanted to quickly see how each of their product and service items is performing, they would run a Sales by Product/Service Summary report. To analyze the makeup of a balance in a summary report, which report should you use? Correct Answer Detail Example: If a client wanted to see which of their customers had purchased a specific product/service item, they would run a Sales by Product/Service Detail report. Report to use: "Who owes me money?" Correct Answer A/R Aging Summary (or Detail) Why:This report lists all customers who currently owe the client and how old their balances are. This helps clients prioritize which customer to contact to get outstanding payments from. Report to use: "Who are my top customers?" Correct Answer Sales by Customer Summary (or Detail) Why:This report lists the client's customers and how much income they generated in the defined period. This can help identify other customers with the same buying trends. Clients can see their top customers by sorting the Customer Summary report by Total in descending order, as below. If your client wants more information about a particular customer's buying trends, they can run a Sales by Customer Detail report for the same period. Report to use: What are my top-selling and/or worst-selling products and services? Correct Answer Report to use:Sales by Product/Service Summary (or Detail)
Why:These list the client's vendors and show how much the client has paid each in the defined period. This can help a business negotiate better pricing from the vendors they purchase from frequently. Report to use: Which vendors may also be classified as 1099 contractors? Correct Answer Vendor Contact List Why:When customized to show the Track 1099 column, this report shows vendors and whether they've been classified as 1099 contractors. It's vital to verify and validate which vendors will or should be issued 1099s at the end of each calendar year. Report to use: If I show a profit, why isn't there any cash in the bank? Correct Answer Statement of Cash Flows Why:It shows the cash flowing in and out of a business for a specific period and breaks down the source of cash received and spent. This can help a business identify whether it's generating more cash than it's using. Your client is awaiting payment from a number of customers. To be able to prioritize which customers to chase first, they want to see which outstanding balances are the oldest. Which report could help them? A. Profit and Loss B. Sales by Customer Summary C. Balance Sheet D. A/R Aging Summary Correct Answer D. A/R Aging Summary One of your e-commerce clients ordered far too many products in the build-up to the holiday season last winter. This left them with too much stock in January, and they had to offer discounts to shift the stock. Which report could help prevent them from making the same mistake again? A. Profit and Loss B. Expenses by Vendor Summary C. Sales by Product/Service Summary D. Sales by Customer Summary Correct Answer C. Sales by Product/Service Summary The Group feature in reports Correct Answer The Group feature allows clients to customize a report by grouping items by a selected criterion such as Class or Date. The Filter feature in reports Correct Answer Filter allows clients to configure a report to display only information that meets specific filter criteria. Which of the following can you NOT customize when running reports from the Reports center in QuickBooks Online? A. What to show in the header
B. How negative numbers are displayed C. The order of the columns D. Whether to display empty rows or columns E. Font style Correct Answer E. Font style Which of the following statements are correct regarding management reports in QuickBooks Online? Select all that apply. A. You can export management reports in Word, PDF, and Excel format B. You can create custom reports at the same time as adding them to a management report C. You can add as many reports as needed to the package D. You can reorder the reports included in the package Correct Answer C. You can add as many reports as needed to the package D. You can reorder the reports included in the package Clients with a QuickBooks Online Plus subscription can create __________________ ungrouped tags and ________________ grouped tags distributed among up to 40 tag groups. Correct Answer an unlimited number of 300 How can the Transaction journal report help you to identify the cause of any issues in a client's books? Select all that apply. A. It shows the credits and debits for each recorded transaction B. It shows which user recorded each transaction C. It shows whether any and which transactions have been voided or deleted D. It shows whether any and which transactions were changed after being recorded Correct Answer A. It shows the credits and debits for each recorded transaction B. It shows which user recorded each transaction The Transaction Journal report shows... Correct Answer debits and credits for a transaction and provides a more focused view of amounts and accounts not visible from the transaction itself. You can even customize a Transaction Journal report to... Correct Answer add columns that show who created and/or last modified the transaction. This can help you identify whether a particular user is creating an error. To access the Voided/deleted transactions tool... Correct Answer select Accountant Tools and then Voided/deleted transactions. Where would you go to change the lead accountant assigned to a client? A. The filter icon in the header B. Edit client from the Actions column C. The QuickBooks icon next to the client's business name in the Clients menu
Four Quickstart templates are available in QuickBooks Online Accountant: Correct Answer 1. Bi-weekly payroll
- Client onboarding
- Monthly bookkeeping
- Yearly taxes To use any of these templates to create a project, select Create project from the Work menu. How to duplicate a Quickstart template Correct Answer To do this, select the down arrow next to Create project and then select Duplicate. Clients can see your requests by Correct Answer opening the Requests tab in My Accountant. To ensure they don't miss anything, they can sort requests by the due date. Here's a summary of the actions that clients can carry out in the Shared Documents tab: FILES: Upload: Yes Rename: Yes Download: Yes Delete: Yes Move to a folder/sub-folder: No Change the file type: No Add a note: No Folders/sub-folders Create: No Rename: Yes Delete: Yes Correct Answer FILES: Upload: Yes Rename: Yes Download: Yes Delete: Yes Move to a folder/sub-folder: No Change the file type: No Add a note: No Folders/sub-folders Create: No Rename: Yes Delete: Yes Here's a summary of the actions that you (as an accountant user) can carry out in the Shared Documents tab in QuickBooks Online:
FILES:
Upload: Yes Rename: Yes Download: Yes Delete: Yes Move to a folder/sub-folder: Yes Change the file type: Yes Add a note: No Folders/sub-folders Create: Yes Rename: Yes Delete: Yes Correct Answer FILES: Upload: Yes Rename: Yes Download: Yes Delete: Yes Move to a folder/sub-folder: Yes Change the file type: Yes Add a note: No Folders/sub-folders Create: Yes Rename: Yes Delete: Yes Can tasks can't be marked as canceled? Correct Answer No. Tasks can't be marked as canceled, but they can be removed from projects by selecting them from the work menu. Which of these does the Work menu in QuickBooks Online Accountant allow you to do? Select all that apply. A. Set up repeating projects for the same client that will occur on a regular basis B. Receive messages from clients in real time C. Filter tasks by client, team member, or project type D. Share your project dashboard with your clients Correct Answer A. Set up repeating projects for the same client that will occur on a regular basis C. Filter tasks by client, team member, or project type Which of the options below does the Books review center help with? Select all that apply. A. Finding transactions with outstanding issues B. Reviewing business key metrics and trends C. Dealing with unreconciled accounts
What would be the reason for a client not seeing the Exceptions to Closing Date report in the Reports center? A. There are no transaction changes to be viewed B. The client hasn't set a closing date C. The client hasn't accepted the changes that you made to their books D. That report isn't available in the client's QuickBooks Online subscription Correct Answer B. The client hasn't set a closing date Your client needs a QuickBooks Online solution that includes tracking for:
- Sales
- Sales tax
- Inventory What's the minimum subscription level in QuickBooks Online you'd recommend? Correct Answer A. Self-Employed B. Simple Start C. Plus D. Advanced Can users with the right permissions in a client-paid subscription add QuickBooks Online Payroll or QuickBooks Time to their QuickBooks Online company? A. No. Only accountants from QuickBooks Online Accountants can add additional subscriptions to client companies B. No. For new QuickBooks Online products, they need to contact QuickBooks Online support C. Yes, by going to the Billing & subscription section in Account and Settings D. Yes, by selecting + New and then Subscriptions Correct Answer C. 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? A. Service B. Non-inventory C. Bundle D. Inventory Correct Answer C. Bundle Which 3 of these can a Company admin user do in QuickBooks Online? Access the client's other products, such as QuickBooks Payroll and A. QuickBooks Payments B. Manage existing users C. Change the QuickBooks Online subscription D. Add new Primary admin users E. Change their user level to Primary admin Correct Answer A. QuickBooks Payments B. Manage existing users
C. Change the QuickBooks Online subscription Where would you go to view a list of customer statements sent out in the current month? A. Customers center > Arrow next to New customer > View statements B. Gear icon > All lists > Customer statements C. Reports center > Statement List report D. + New > Statement > View all Correct Answer C. 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? A. The customer's payment terms B. The customer's sales tax status C. The quantity of the product or service still on hand D. The tax category for the product or service E. The location of the sale F. The state where the company's registered Correct Answer B. The customer's sales tax status D. The tax category for the product or service E. The location of the sale F. The state where the company's registered Which 3 of these statements are true about the "Forward from email" option? A. Users can only include one bill or receipt in one email B. Multiple users can forward bills and receipts to the same custom email address C. There's only one custom email address per QuickBooks Online company that can be used to receive bills and receipts D. Only PDF-format bills and receipts can be forwarded E. Only company users with at least standard access with vendor permission can forward bills to the custom email address Correct Answer B. Multiple users can forward bills and receipts to the same custom email address C. There's only one custom email address per QuickBooks Online company that can be used to receive bills and receipts E. Only company users with at least standard access with vendor permission can forward bills to the custom email address Which 2 of these common issues does the Pay down credit card feature help to resolve? A. Duplicate entries B. Payments categorized to the wrong account C. Payments being recorded as paid by check
F. The client receives a deposit from a customer for future purchases Correct Answer A. The client receives a refund from a tax agency and needs to record it to reduce the Tax Liability or Expense account B. The client receives a refund from a vendor and wants to record it directly against the associated expense account C. The client doesn't record income using sales transactions (invoices or sales receipts) and wants to record deposits directly to income accounts D. 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? A. An error message will be displayed once the reconciliation has been completed B. The account to be reconciled will be grayed out in the Account to reconcile dropdown C. An alert will be displayed in the reconcile tab, stating that the account isn't ready to be reconciled yet because the beginning balance is off Correct Answer C. 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? A. 1: The Customize button and then the General section B. 1: The Customize button and then the Filter section C. 2: The Show non-zero or active only dropdown D. 3: The Grid Gear icon Correct Answer A. 1: 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? A. Reports center > Custom reports tab B. Accountant Tools > Reports options C. Reports center > Performance center D. Reports center > Management reports tab Correct Answer D. Reports center > Management reports tab Which 2 of the following are ways to create a new tag? A. Open the Products and Services list and select Edit for the required product or service. Then select + New from the Tags dropdown B. On the invoice, start entering the tag name in the Tags field. Then select + Add from the pop-up C. Select the Manage tags link on the invoice, followed by Create tag. Then enter the tag name D. Select the Manage tags link in the Gear menu, followed by Create tag. Then enter the tag name Correct Answer B. On the invoice, start entering the tag name in the Tags field. Then select + Add from the pop-up
C. 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? A. When creating the request, move the Notify client slider to On B. In the Bookkeeping tab of the Clients screen, select Turn on notifications from the Actions column C. There's nothing to do. Once the client request is created, QuickBooks Online sends out a notification by default D. Create a template in the Work center to send out push notifications to clients when a client request is created Correct Answer A. When creating the request, move the Notify client slider to On Which option would you select to display inactive clients in the Clients menu? A. 1: The Bookkeeping tab. It shows all clients regardless of their status B. 2: The Find client search bar and enter the word "inactive" C. 3: The Filter icon and select the Include inactive clients option D. 4: The Grid Gear icon and select the Include inactive clients option Correct Answer D. 4: 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? A. To change the expense account for billable expenses, but not the income account for the related income transactions B. To change the class and/or location for invoices, sales receipts, checks, or bills with items (products or services) on them C. To change the account or class for inventory adjustments D. To change the payment account (bank or credit card) for expenses Correct Answer A. To change the expense account for billable expenses, but not the income account for the related income transactions B. 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? A. Reconcile all bank and credit card accounts B. Set the status of all the client's projects to Completed C. Substantiate all balance sheet accounts D. Disconnect any bank feed links E. Review the profit and loss accounts Correct Answer A. Reconcile all bank and credit card accounts
