QuickBooks Online: Training and Mentoring Guide, Exams of Nursing

Download QuickBooks Online: Training and Mentoring Guide and more Exams Nursing in PDF only on Docsity! 1 • Question 5b Which 2 features of QuickBooks Online Advanced aren't available to QuickBooks Online Plus clients?(Select all that apply) • • Unlimited accounts and classes • • Advanced Price rules • • Advanced import and batch entry • • Project tracking Question 6 You are adding a new client subscription through QuickBooks Online Accountant. Which billing option would you choose if you wanted Intuit to bill your client? • • Wholesale billing • • Direct billing • 2 • Direct discount • • Wholesale discount Question 6 Which 2 statements about Wholesale billing in QuickBooks Online are true?(Select all that apply) 5 • Add the client in QuickBooks Online PreviousNext w Question 7 Below is a series of steps for accepting an invitation from the client to become their accountant user: 1. Open the email account you use for your Intuit ID 2. You will see an invite from the client company 3. Select the Accept button to accept the invitation 4. and you'll see a Success! box 5. Select Continue What is the missing step? • • Create a new username and password for the client company • • Create a new Intuit ID • • Enter your QuickBooks Online Accountant sign-in information • • Sign in to the client's QuickBooks Online company Question 10 The Work section in QuickBooks Online Accountant is a great starting point for planning your new client engagement. What are the first step(s) in the client onboarding workflow? 6 • • Training and mentoring • • Customizing the QuickBooks Online company • 7 • Recommending the best QuickBooks Online solution • • Meeting with client and gathering information PreviousNext Question 11 What are the 5 main account types in the Chart of Accounts?(Select all that apply) • • Assets • • Liabilities • • Bundle • • Income • • Expenses • • Price rules • • Equity 10 Question 9 Which 2 statements are true regarding Intuit-approved QuickBooks Online apps?(Select all that apply) • • You or your client can add apps to the client's account 11 • • They must be developed by Intuit • • They must be free of charge • • They must be available via the Apps screen in QuickBooks Online Accountant or apps.com Question 10 Where can you find the QuickStart template in QuickBooks Online Accountant to begin the client onboarding process? • • Your Practice • • Work • • Your Books • • Dashboard =work Question 11 In QuickBooks Online, where do you go to see all a company's categories organized into account types? 12 • • Account and Settings • • Products and Services • • Chart of Accounts 15 • Company Settings SET 2 Question 1 Which 3 navigation features are missing in a Reports Only user's view?(Select all that apply) • • Navigation panel • • Search box • • + New button • • Gear icon • • Help menu Question 1 What are the steps to import a list of products and services in QuickBooks Online? • 16 • Select + New icon > Tools column > Import Data > Products and Services • • Select Accountant Tools > Tools column > Import Data > Products and Services • 17 • Select Gear icon > Tools column > Import Data > Products and Services • • Select Gear icon > Account and Settings > Advanced > Import Question 2 Which statement is true regarding the Preferred Vendor field in Product and Services items? • • You can add more than one preferred vendor to each product/service item • • You can create a new vendor from the product/service information screen • • Preferred vendors must be assigned to utilize the Price rules feature • • You can reorder your list of preferred vendors Question 3 What are 2 ways to add a customer to QuickBooks Online?(Select all that apply) • • Sales > Customers > Add New • 20 • Sales Center • • Banking Center 21 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? (Select all that apply) • • Their company address • • Whether they have any criminal convictions • • Whether they travel to other countries • • When their last sales tax period started • • How often they have to file a sales tax return • • When they started collecting sales tax for the agency Question 7 Which 4 methods allow clients to process digital payments from customers using QuickBooks Online Payments?(Select all that apply) • • Running a card through a card reader attached to a mobile device • 22 • Entering payments manually as a Receive Payment • • Taking client payment via cryptocurrency • • Entering payments manually as a Sales Receipt 25 • In the Usage tab of Account and Settings • • In the Advanced tab of Account and Settings • • In the Payment tab of the Account and Settings • • In the Billing and Subscription tab of Account and Settings Question 9 Which 2 team user roles have permission to view and search for apps using the Apps tab in QuickBooks Online Accountant?(Select all that apply) • • Firm Master Admin • • Full Access Team User • • Custom Team User • • Basic Team User Question 10 26 Where can a Master Admin Accountant User view the apps connected to a client's QuickBooks Online account from within QuickBooks Online Accountant? • • Select the client from the Client List to open the Client Detail Page > Bookkeeping > View Connected Apps • • Left Navigation Bar > Apps > Client Apps 27 • • In the Connected Apps column on the Client List dashboard • • Gear icon > Apps > Client Apps Question 11 Where would you go in QuickBooks Online to see the range of default and extra lists that are available? • • Sales Center > Settings > All Lists • • + New button > All Lists • • Gear icon > All Lists • • Sales Center > Settings > Add Lists Question 12 Which are the 3 payroll options available inside QuickBooks Online companies?(Select all that apply) • • QuickBooks Online Do-it-Yourself Payroll • • QuickBooks Online Core Payroll 30 • • Add a logo • • Print on letterhead 31 Question 11 A client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit categorized to an income account. What 2 problems will this cause?(Select all that apply) • • They will create duplicate expenses • • Their accounts receivable balance will not be accurate • • The income account will show duplicate income • • The income will not be recorded • • Their accounts payable balance will not be accurate PreviousNext SET 3 Question 1 Liz has set up a new employee with Standard user access but has unchecked the Payroll access box. Which part of QuickBooks Online will the new employee not have access to? 32 • • Bank register • • Employees tab • • Contractors tab 35 • You can import QuickBooks Online Prep for Taxes data into ProConnect Tax Online to prepare tax returns via the Client Dashboard • • You can start a new tax return from the Client Dashboard for non- QuickBooks Online clients or clients that are using QuickBooks Online Question 4 Dianne Doolittle wants to download an itemized invoice for the QuickBooks Online subscriptions on her wholesale billing account for last month. The statement can be downloaded in which 2 file formats?(Select all that apply) • • XLS or XLSX • • CSV • • JPEG • • PDF • • DOC Question 5 Depending on the way your practice works, you may need to give team members different access levels based on their roles. 36 What are the 3 levels of access that can be granted to Team users of QuickBooks Online Accountant?(Select all that apply) • • Full access • 37 • VIP access • • Basic access • • Custom access • • Standard access Question 6 What types of user permissions can you set up when adding a new team member in QuickBooks Online Accountant? • • Regular or custom user, Company administrator, Reports only, and Time Tracking only • • Basic, Custom, and Full access • • Regular or custom user, Company administrator, and Reports only • • Regular or custom user and Company administrator Question 7 What is the correct process for setting up a recurring project for the same client? 40 • Invoice > Receive Payment > Create Deposit • • Create Purchase Order • • Expense or Check 41 • • Delayed Charge > Pay Bills Question 10 Look at these two sentences about Undeposited Funds: 1. By posting to Undeposited Funds, you can create a single bank deposit for multiple payments, making it easy . 2. When receiving a payment, make sure . Which option correctly fills in these two sentences? • • 1. To match your bank register with your bank statement; 2. the Deposit to account is Checking • • 1. To match your bank register with your bank statement; 2. the Deposit to account is Uncategorized Funds • • 1. To match your expenses with your bank statement; 2. the Deposit to account is Uncategorized asset • • 1. To match your bank register with your bank statement; 2. the Deposit to account is Undeposited Funds Question 11 Lynda is teaching her client proper vendor workflow. What is the correct workflow? • 42 • Purchase Order > Pay bill • • Bill > Print checks • • Bill > Pay bill 45 Question 14 What are the steps to create a new estimate in QuickBooks Online? • • Projects > All Sales > New Transaction > Estimate • • Sales > Customers > New Customer • • Sales > All Sales > New Transaction > Estimate • • Gear icon > Estimate SECTION 4 Question 1 When using the Copy to Purchase Order feature from within an Estimate, where do you need to turn on Use Purchase orders? • • Account and Settings > Products and Services • • Expenses > Purchase orders • • Account and Settings > Expenses > Purchase orders • • Vendors > Purchase order 46 Question 2 When a QuickBooks Online user wants to automatically apply a Credit Memo transaction to a customer invoice, where must the Automatically Apply Credits checkbox be turned on? • • Account and Settings > Sales > Products and Services 47 • • Account and Settings > Expenses > Messages • • DIFFERAccount and Settings > Advanced > Automation • • Account and Settings > Advanced > Accounting Question 11 Heather is looking for a summary of her customers' open balances. Under which report category heading will she find the report she needs? • • Business overview • • Who owes you • • Sales and customers • • For my accountant PreviousNext Question 3 50 • • Your client wants to apply a customer payment to an open invoice • • Your client wants to record an SBA loan amount received • 51 • Your client wants to record sales from her upcoming trade show and provide sales receipts • • Your clients wants to refund a customer Question 6 Where can a client identify the instant deposit options for their QuickBooks Payments account? • • Deposits tab • • Account and Settings • • Invoices tab • • Create Invoice screen • • Banking Center Question 7 To set up Instant Desposits, what must be done first? • • Complete an additional application 52 • • Link a debit card to your account • • Enable the feature in Account and Settings • • Open a new "deposit-only" bank account and link it to QuickBooks Online 55 • • You can post to multiple accounts receivable and/or accounts payable accounts in the same journal entry Question 9 What are 3 benefits of the Pay down credit card feature?(Select all that apply) • • It allows users to electronically pay their credit card balances from within QuickBooks Online • • 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 • • It compares your client's credit card balances side by side Question 9 56 The Pay down credit card feature can be found in which area of QuickBooks Online? • • Gear icon • • + New on the Left Navigation Bar 57 • • Account and Settings • • Banking Center Question 10 1. Select the + New button from the Left Navigation Bar 2. Select in the Other column 3. Select the credit card account that is being paid 4. Select the , if applicable 5. Enter how much was paid 6. Enter the date of payment 7. Select the account the payment is being made from next to "What did you use to make the payment?" 8. Select Which option completes the 3 missing steps to use the Pay down credit card feature? • • Pay down credit card, account number, Submit payment • • Transfer, Payee, Schedule payment • • Pay down credit card, Payee, Save • • Transfer, account number, Save Question 11 60 Stacy accidentally added a new transaction to her bank register via the bank feed that should have been matched to an existing transaction. Where in the Banking Center should she go to find the transaction and correct the error? • • Gear icon • 61 • Filter • • For Review • • Categorized SET 5 Question 1 How can you filter the For Review tab to see all the transactions QuickBooks Online thinks it has found a good match for? • • Select the All transactions drop-down, then Matched • • Select the All transactions drop-down, then Recognized • • Click on the Gear icon, then select Show only matches • • Select the All transactions drop-down, then Included Question 2 You are reviewing your client's bank feed. She has several expense transactions for the local gas station that are correctly categorized. 1. Go to the For Review tab in the Banking Center 2. Select the multiple gas transactions 62 3. What step completes the process for adding all of these transactions to the bank feed at the same time? • • Select Add • • Select Accept 65 • • Banking > Receipts > Manage Senders • • Banking > Receipts > Manage Receipt Capture emails • • Gear > Account and Settings > Advanced > Manage Senders Question 4 Which 4 statements are correct regarding the QuickBooks Online Receipt Capture feature?(Select all that apply) • • The Receipt Capture feature uses Optical Character Recognition (OCR) technology to read and transform receipt data to QuickBooks Online • • If QuickBooks Online finds an expense already entered in QuickBooks Online, it will suggest that you match the receipt to the existing transaction • • You can snap a picture of a receipt, then review, match, or add it directly from the QuickBooks Mobile app • • QuickBooks Online will fill in the fields it can for the expense using the OCR data • 66 • You can assign a payee, account, payment date, category, description, amount, and memo to the expense transaction in the Review screen • • You can only have one sender email registered to forward receipts in each company 67 Question 4 Which 2 recommendations regarding Bank Feed best practice workflows are correct?(Select all that apply) • • Complete Add transactions first, then move on to Match transactions • • Complete Match transactions first, then move on to Add transactions • • Match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, or Deposits, but not open invoices • • Match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, Deposits, or open invoices • • Exclude the downloaded transaction from the For Review tab if QuickBooks Online doesn't immediately find a match Question 4 The Receipt Capture feature in QuickBooks Online allows users to add receipts to QuickBooks using which 3 methods?(Select all that apply) • • By forwarding an email to [youruniquename]@qbodocs.com from a registered email 70 How can you view all downloaded banking transactions for which QuickBooks Online thinks it has found a potential match? • • For review > Filter the Bank Register • • For review > Filter for Recognized transactions 71 • • For review > Filter for Rule applied • • For review > Filter for Matched transactions • • For review > Filter for Transferred transactions Question 2 Which 2 recommendations regarding Bank Feed best practice workflows are correct?(Select all that apply) • • Complete Add transactions first, then move on to Match transactions • • Complete Match transactions first, then move on to Add transactions • • Match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, or Deposits, but not open invoices • • Match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, Deposits, or open invoices • • Exclude the downloaded transaction from the For Review tab if QuickBooks Online doesn't immediately find a match 72 Question 3 Which subscription level(s) in QuickBooks Online include the Receipt Capture feature? • • Plus and Advanced 75 • • Forward the email to [yourcompany]@qbodocs.com > Review > Set Document Type to Bill > Assign payee, payment date, account/category, description, amount, and memo > Select Save and Next > Create bill • • Forward the email to [yourcompany]@qbodocs.com > Review > Set Document Type to Bill > Assign payee, bank/credit account, payment date, account/category, description, amount, and memo > Select Save and Next > Create bill • • Forward the email to [yourcompany]@qbodocs.com > Review > Set Document Type to Receipt > Assign payee, payment date, account/category, description, amount, and memo > Select Save and Next > Add Expense Question 6 In which 2 situations might a transaction need to be excluded from bank feeds?(Select all that apply) • • If the downloaded transaction was already recorded and reconciled in QuickBooks Online • • If the bank downloads the same transaction more than once • • If the posting date and actual payment date don't match in the bank feed • 76 • If the bank description doesn't match the payee name Question 7 QuickBooks Online allows the creation of bank rules. In which 3 situations would they be useful?(Select all that apply) • 77 • To automatically split a transaction • • To automatically assign a transaction type • • To automatically assign a payee to the transaction • • To automatically delete a transaction • • To automatically record a monthly journal entry Question 8 What are 3 important reasons to reconcile bank and credit card accounts at set dates?(Select all that apply) • • To verify transactions have the correct date assigned to them • • To verify that an account balance is within its credit limit • • To verify that all transactions have been recorded for the period • • To verify that previously reconciled transactions have not been changed since the last reconciliation 80 • • Reconciliations must only be run at period end to estimate tax owed • • To see the Reconciliation report, select View report after you've successfully reconciled the account 81 Question 10 How would you begin setting up a recurring transaction in QuickBooks Online? • • Select Create > Recurring Transactions • • Select the Gear icon > Recurring Transactions • • Select Accountant Tools > Recurring Transactions • • Select the Gear icon > Account and Settings > Advanced > Enable Recurring Transactions Question 12 Which is the best definition of cash-basis reporting? • • Cash-basis reports display income as of the date the customer payment is received/recorded and expenses as of the date a vendor bill is paid • • Cash-basis reports display income and expenses as of the date recorded • • Cash-basis reports display income as of the invoice date, and expenses as of the bill date 82 • • Cash-basis reports display income and expenses as of the invoice date • • Cash-basis reports display income and expenses as of the bill date 85 Question 12 Hariette would like to review the income and expenses that were actually paid last month so she can determine how much to set aside for her estimated taxes. What accounting method should Hariette choose when she runs the Profit and Loss report? • • Cash basis • • Accrual basis • • Modified basis • • Hybrid basis Question 13 What report in QuickBooks Online will show whether a client was profitable for a specific period? • • Balance Sheet • • Accounts Receivable Aging • • Profit and Loss 86 • • Trial Balance Question 2 MB has been using proper workflow for her sales process by creating invoices, receiving payments, and recording deposits using the transaction screens in QuickBooks Online. Most likely she will be 87 able to downloaded deposits to transactions in the Banking Center. Which option correctly completes the sentence? • • Add, new • Add, existing • • Match, existing • • Match, new SET 6 Question 1 Stacy wants to run reports that tell her which vendors provide the best prices on the products she sells. Which 2 vendor workflows in QuickBooks Online enable her to create reports with this data?(Select all that apply) • • Create Bill with product/service items > Pay Bill • • Create Expense with product/service items 90 • • Sales by Customer Summary report • • Sales by Product/Service Summary report Next 91 Question 1 Which 3 transactions in QuickBooks Online are reflected in the Accounts Payable Aging Detail report?(Select all that apply) • • Bills • • Statements • • Vendor Credits • • Bill Payments • • Purchase Orders Question 1 Which QuickBooks Online report answers the common business question: "Who owes me money?" • • Accounts Payable Aging report • • Accounts Receivable Aging report • • Sales by Customer Summary report 92 • • Sales by Product/Service Summary report Question 2 Which report should you run to list all customers who currently owe balances, and how old those balances are? 95 • Accounts Receivable Aging Summary • • Balance Sheet • • Trial Balance Question 3 Kathryn is concerned about her cash flow and wants to know how much she has spent with each of her vendors last month. Which report in QuickBooks Online would provide that information? • • Accounts Payable Aging • • Profit and Loss • • Balance Sheet • • Expenses by Vendor Summary Question 4 is designed to support the most common workflows and tasks to close a client's monthly books. It consists of the following three workflow tabs: 1. 96 2. 3. Fill in the blanks. • • Month-end review, Transactions, Accountant review, Final review • 97 • Overview, Transaction review, Accountant reconciliation, Final review • • Month-end review, Transaction review, Account reconciliation, Final review • • Overview, Transaction review, Accountant reconciliation, Final review Question 5 The first stage in the month-end process is reviewing transactions and recognizing any possible issues. What are the 2 open issues that can be viewed from the Transaction review tab?(Select all that apply) • • Reclassified transactions • • Uncategorized transactions • • Transactions without payees • • Transactions without accounts • • Transactions with attachments Question 5