QuickBooks Online: Buttons, Features, and Usage Limits, Exams of Accounting

Download QuickBooks Online: Buttons, Features, and Usage Limits and more Exams Accounting in PDF only on Docsity! ACCOUNTING 2021 QBO –Recertification QUESTIONS WITH ANSWERS RATED A Exam - Section 1 Q. Your client has called because they are unable to find the + New button in their QuickBooks. What could be a reason for the missing icon?  The + New button no longer exists in the new interface  The + New button has been replaced with the + Create button  The client has selected the collapsible left navigation (hamburger) icon  The client has turned off the + New button option in Account and Settings Q2. Which 3 pieces of information regarding QuickBooks products can be found on the QuickBooks Status page (status.quickbooks.intuit.com)?  Current and past service outage information  Pricing and subscription information  Information regarding scheduled maintenance  A link to subscribe to status updates  Certification level of the currently logged in ProAdvisor Q3. Which 2 conditions must be met in order to use receipt forwarding in QuickBooks Online?  Receipt Capture must be enabled in the Account and Settings.  Receipts must be forwarded to receipts@quickbooks.com from a registered email address.  At least one user must be registered for receipt forwarding.  You must have the QuickBooks Mobile app installed on your mobile device. Q4. What technology does Receipt Capture use to extract data from receipts added to QuickBooks Online via the Receipts tab?  Artificial Intelligence  Optical character recognition  Data import templates  A scanner Q5. What are 3 benefits of the Pay down credit card feature?  It allows users to electronically pay their credit card balances from within QuickBooks.  It prevents miscategorization 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.  It prevents common errors that affect the company’s financial statements. Q6. The Pay down credit card feature can be found in which area of QuickBooks Online?  Gear icon  + New on the left navigation bar  Account and Settings  Banking Center Q7. A client can use Instant Deposit up to time(s) a day, not to exceed the per day limit.  two, $5000  one, $2000  three, $2000  five, $5000  one, $3000 Q8. Where can a client identify the direct deposit options for their QuickBooks Payments account?  In Account and Settings  In the Invoices tab  On the Create Invoice screen  In the Deposits tab  In the Banking Center Q9. Which 4 statements are true regarding the Mileage Tracker feature in QuickBooks?  You can track mileage automatically from your mobile device.  You must manually update the mileage rates each year in Account and Settings.  You can separate business from personal mileage.  You can store details for multiple vehicles, and assign mileage to each.  Track mileage is only available in QuickBooks Online Plus and Advanced subscriptions.  You can add mileage manually to QuickBooks Online via a browser or the mobile app. Q10. What are 2 ways to set up a new vehicle to track mileage in QuickBooks Online?  Gear > Account and Settings > Advanced > Add Vehicle  Mileage > Add trip > Add Vehicle  Mileage > Vehicle Profile > Add new  Mileage > Show Vehicle Drawer > Add Vehicle  Gear > Expenses > Mileage > Add Vehicle Q11. The Receipt Capture feature in QuickBooks Online allows users to add receipts to QuickBooks using which 3 methods?  By forwarding an email to receipts@quickbooks.com from a registered email address  By uploading a file via a browser  By snapping a picture via the mobile app  By snapping a picture via a browser  By forwarding an email to companyname@quickbooks.com from a registered email address  By texting to receipts@quickbooks.com  Changes will be texted as a notification to the Accountant user  Changes will be emailed as a notification to the Accountant user Q7. Which 3 actions can users take in the Prep for taxes window to make changes or add more detail to an account line?  Make adjustment  Delete account  Export to QuickBooks  Add attachment  Add note  Send a notification Q8. Each subscription level in QuickBooks Online is designed for a wide range of business owners and their particular usage needs. For this reason, there may be limits assigned to specific usage per subscription. What are the 3 main categories of usage limits?  Classes, Locations, Chart of Accounts  Classes and Locations (combined), Chart of Accounts, billable and unbilled users  Classes, Chart of Accounts, billable users  Classes, Chart of Accounts, Customers and Vendors (combined) Q9. Which 4 issues may occur if QuickBooks Online accounts are suspended for being over their subscription limit?  They will not be able to reduce usage  They will not be able to export data to Excel  They will not be able to upgrade in QuickBooks Online  They will not be able to export to QuickBooks Desktop  They will have read-only access to the QuickBooks data for one year  They will not be able to sign up for a new QuickBooks Online account  They will lose any special wholesale billing discount of QuickBooks Online for this client Q10. Which type of growing businesses would most benefit from QuickBooks Online Advanced?  Organizations with between 5 -10 employees and 3 users needing access  Organizations with between 10 -100 employees and more than 5 users needing access  Micro-businesses with fewer than 5 employees and 2 users needing access  Organizations using a one-user license copy of QuickBooks Desktop Enterprise Q11. What are 3 automated workflows included in the QuickBooks Online Advanced Workflows feature?  Close books  Payment due reminder  Unsent invoices reminder  Send recurring transaction  Bank deposits reminder  Approve timesheets reminder Q12. The Prep for taxes tool is used to review and finalize a client’s books at year end. What tool in QuickBooks Online Accountant is used to review a client’s books at the end of each month?  Close books  SmartLook  Audit Log  Month-end review  All Lists Q13. What are the 5 key performance metrics that are visible in the Business performance tab area?  Income, Other income, Gross profit, Expenses, Net profit  Income, Other expense, Gross profit, Expenses, Taxable profit  Income, Cost of goods sold, Gross profit, Expenses, Net profit  Income, Cost of goods sold, Gross profit, Expenses, Taxable profit Q14. What are 3 new improvements to the Reclassify Transactions tool?  Stronger filtering capability  Cash flow statement included under account types  Ability to recategorize both Classes and Locations  Ability to edit the Reclassify columns  Ability to change the customer on expenses Q15. What 3 strategies can you use to manage QuickBooks Online's Chart of Account usage limits?  Upgrade the subscription to one that supports a higher usage limit  Merge duplicate list items  Review current lists to create efficiencies in current list items  Create subaccounts  Purge prior year data Q16. Where can you begin the upgrade/downgrade process for a client who is not part of wholesale billing (i.e. direct billing)?  Gear > Manage Users  Gear > Profile > Intuit Account  Gear > Other > Update subscription level  Gear > Account and Settings > Billing & Subscription Q17. Johanna’s Jams and Jellies is looking to be set up on QuickBooks Online. She wants to be able to set up specific roles for the 15 different users in her company, including providing access to her CPA, outsourced CFO, and an outside integration specialist and ProAdvisor.  Which version(s) of QuickBooks Online would allow her to accomplish this?  QuickBooks Online Plus or Advanced  QuickBooks Online Essentials, Plus, or Advanced  QuickBooks Online Advanced  QuickBooks Online Simple Start, Essentials, Plus, or Advanced Q18. Which 4 are features of the Month-end review tool in QuickBooks Online Accountant?  Identifies incomplete expense transactions  You can automatically transfer balances to ProConnect Tax Online once the month-end review is marked complete  Includes customizable checklists to help accounting professionals stay on track when closing a client’s books  Includes a shortcut to the Journal entries screen  Allows transactions to be recategorized in batch by account, class, or location  Shows number of unreconciled transactions for specific account balances  Includes links to reports commonly reviewed at month end Section 3 – Adding More Value Q1. What are 2 ways QuickBooks Online tries to help you with categorizing transactions in the Bank Feed?  Reconcile now  Suggested Rules  Recurring rules  Advanced categorization  Category Suggestions Q2. Your client likes the Category Suggestions feature but sometimes gets caught up when they purchase from one vendor only, Lumber Store. They would like suggestions NOT to appear for this vendor only. How can you make this happen?  Grid gear icon > uncheck Show suggested rules when a Lumber Store transaction is highlighted  Undo the matching/adding of all Lumber Store transactions > Change them all to be uncategorized  Grid gear icon > uncheck Remember category selection when a Lumber Store transaction is highlighted  Select Edit this setting on a Lumber Store transaction > Check the box to leave this vendor uncategorized Q3. You are a part-time bookkeeper for five clients that you access via QuickBooks Online Accountant. You want to start using the Receipts feature and email receipts into each client’s QuickBooks Online file. What obstacle would you encounter?  Accountant users cannot use the Receipts function in QuickBooks Online.  Accountant users cannot use the email function of Receipts in QuickBooks Online.  Your email address can be associated with only one company for emailing receipts.  You will be concerned that you will mix up the clients and email receipts to the wrong client.  Accountant users can only email to a centralized portal and then have to sort the receipts to import into the appropriate client. Q4. What is true of the Receipts function in QuickBooks Online?  It detects post-dated transactions  It lets you set up new foreign vendors on the fly from the Receipts window  Merge each Class with its comparable Location  Use the Reclassify Transactions tool to change the Class to None and add the Location  Use the Reclassify Transactions tool to add the comparable Location to all transactions, based on the historical Classes  Run a Profit and Loss by Class report. Drill down to the transactions; change the Class in each to a new Class, and add the Location Q11. Your client has turned off Suggested Rules because they found them annoying and didn’t know what to do with the feature. You explain to your client how to use this feature properly.  How should you turn Suggested Rules back on for them?  Create a rule to turn on Suggested Rules  Select "Bring back all one-time messages" in Account and Settings  Select the Grid gear icon and check the box next to Show suggested rules  Turn on Suggested Rules by clicking on the drop-down next to New Rule in the Rules tab Q12. You’re reviewing your client’s Profit and Loss report and see that a number of transactions are posted to the wrong account. However, the bank and credit card accounts have all been reconciled properly. Your client doesn’t remember adding these transactions. What could have happened?  Your client used the Reclassify Transactions tool  Someone imported these transactions and their reconciliation status directly from Excel  The client added the transactions through Bank Feeds, using an item that posted to the wrong account  The client incorrectly added a transaction, accepted a suggested rule based on that posting, and also chose auto-add Q13. Heather’s Hair Salon is opening a second store, and she wants to track performance by physical location. You’ve set up Location tracking and have created Store 1 and Store 2. How can you easily assign all transactions entered so far to Store 1?  Edit each transaction ever entered, and populate the Location field for Store 1.  Use the Reclassify Transactions tool, and assign Store 1 to all transactions in batch.  Add a Location column to the Expenses Center, and assign a Location to each transaction.  Undo every transaction in the Banking Center, then use Rules to reassign a Location to each transaction. Q14. Your client, Jack Jones, has three bills outstanding from Sam's Supplies for a total of $1500. He has uploaded the three bills into the Receipts section as three attachments. Sam made one payment for all three bills on his Visa, and that transaction has now come through the Bank Feeds. Jack wants to attach all three receipts to the one payment transaction through the Receipts function but can't figure out how to do that. How can Jack attach three receipts to one bill payment transaction in Bank Feeds?  Create a rule that allows multiple attachments  You cannot attach three bills to one transaction through Receipt Capture  Email the payment receipt received from Sam’s Supplies to payments@quickbooks.com  Ask Sam to email all three bills as attachments to one email to receipts@quickbooks.com Q15. How can you run a report listing all of a company’s vendors by currency?  Run a Transaction List by Vendor report  Use a Vendor Contact List, sort by Currency  Use a Vendor Contact List, add Currency column, sort by Currency  Use a Vendor Contact List, add Currency column, group by Currency Q16. Carrie’s Custom Homes has contacted you because when they ran their Expenses by Vendor Summary report, there were no expenses for the vendor named The Brick Warehouse. They had done some work for The Brick Warehouse, so the name was set up on the Customer list with a “-C” appended to the name and “-V” to the vendor name. You realize their new staff member recorded expenses using the Brick Warehouse-C name rather than the Brick Warehouse-V name. Which filters would be applied when using the Reclassify Transactions tool?  Select Name from the Modify filter.  Select All money out from the Type filter.  The Reclassify Transactions tool cannot help you.  Select "The Brick Warehouse-C" from the Customer/Vendor name filter. You’re close. Take another look at these topics before you try the test again. List troubleshooting methods to fix common client problems associated with Suggested rules, Category suggestions, and bank feeds Identify some of the limitations of adding and sending receipts Identify options that help clients get the best from the usage limits for their subscription level Identify how to batch-reclassify transactions in QuickBooks Online Accountant Identify how the Reclassify Transactions tool can be used to change classes and locations