Quickbooks Online Certification

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

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?

Invoice

Receive P

ayment

Credit m

emo

Sales r

eceipt

Refund

What are non-posting transactions related to sales?

Estimate

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?

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

Your client wants to automatically send reports to their board of directors. How can they set this up?

Save reports to Group; edit group/set email schedule

Which of the following is an advantage of saving Custom Reports?

The ability to add the custom reports to a group and have them automatically emailed

Which of the following reports are only available to Accountant users?

Adjusting Journal Entries

Where can you find a visual representation of some of the company's key financial indicators?

Company Snapshot

Stuart would like to find an app that his outside sales reps can enter estimates into because he doesn't want them to have access to QuickBooks Online and his sensitive financial information. Which statement benefit of using Intuit approved apps is Stuart looking to employ?

Security/separation of duties

Which of the following statements regarding App subscriptions for QuickBooks Online is accurate?

To add an app, from QBO, click Apps link on left-side menu, search for app, and try it free

How does your client integrate a 3rd party app with your QuickBooks Online account?

Apps menu > Find App > Get App Now

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

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?

Merge the similar vendor names

Your client insists that a recently downloaded transaction is already entered into QuickBooks and doesn't understand why there's no match. What might you suggest to do?

Look in the In QuickBooks tab to see if it was matched to the wrong transaction

Which of the following would not result in a balance in Opening Balance Equity?

When adding an income account, the opening balance field was filled in

What may cause income and Accounts Receivable to be overstated?

Payments are not being received and deposits are posting to income

What steps must you complete to handle a bank feed transaction that belongs to a transaction that has been reconciled using the Reconcile Tool?

Select the transaction in the New Transactions tab > Batch actions > Exclude Selected