Quickbooks Online Certification 100% VERIFIED ANSWERS 2024/2025, Exams of Business Administration

Download Quickbooks Online Certification 100% VERIFIED ANSWERS 2024/2025 and more Exams Business Administration in PDF only on Docsity! Quickbooks Online Certification 100% VERIFIED ANSWERS 2024/2025 One of the major advantages of all subscription levels of QuickBooks Online have over the desktop version is: All the data is hosted, backed up and secured by Intuit's servers 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 Delayed charge Delayed credit When you record a charge to a customer on a sales form, what account does the line item charge post to? The account mapped in the income account field in the sales information section of the product / service item If you do not use sales form or a product/service item, what account does the item charge post to? The income account you selected from the dropdown field How is a Credit Memo different from a Refund Receipt? A Credit Memo affects Accounts Receivable Which of the following is not a feature of Online Invoices? Shows total balance for customer for all open invoices Which of the following can be used for drafting bank accounts (ACH payment) in QuickBooks Online? QuickBooks Payments' Pay Now button on an Online Invoice The Bill screen is best used for which of the following tasks? To record bills to be paid later You have received a shoebox full of receipts from a customer to enter into QuickBooks Online. They are not sorted in any way, and they include check stubs from different bank accounts, receipts for cash 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? 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 How do you remove duplicate Bank Feed transactions that have not been added to the register? Check the box to the left of the duplicate transactions in the For Review tab in the Banking Center and then Exclude from the Batch Actions drop down menu Your client has been entering bills into accounts payable, but has been paying them with checks and credit card expenses. What is the best way to fix the duplicate expense entries and close the open Accounts Payable balance? Use the drawer to add the bill to the check or credit card expense Which of the following statements is false about the Opening Balance Equity account? It is only okay to have a balance in the Opening Balance Equity account if it is equal to the prior years retained earnings. Which of the following client user errors might result in the Accounts Payable balance being too high? Your client has multiple users of their QuickBooks Online company file. In the Vendor Center, you notice two or more similar names that refer to the same vendor. Which of the following would you do to clean up the Vendor list? Bills were entered to record an amount due and then the expenses were entered with Write Checks transactions