Best Day to Download Bank Feeds in Quickbooks

Barrett Ards1981 – February 01, 2022

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QuickBooks Online

Question 1 not sure

Which two statements are true regarding classes in QuickBooks Online?(Select all that apply)

• Classes bear on the source of a transaction.
• Yous can assign multiple classes to a transaction.
• Class labels can be changed to suit a particular client.
• Columns in a Balance Sheet by Grade will always rest.
• The unspecified cavalcade on a P&50 by Course represents transactions that have not had a class specified.

Question ane

Which 3 types of businesses would benefit from using projects or sub-customers?(Select all that employ)

• Catering
• Builder
• Hair salon
• Eating place
• Effect planning

Law firms, designers, non profits in example.

Question two

Which 2 statements are true for Projects in QuickBooks Online?

(Select all that use)

Transactions created in QuickBooks Online can have both a project and a sub-customer assigned to them.

Projects can exist added to transactions when processing bank feeds. Yeah

Projects with unbilled transactions can be deleted. No have to move them

Clients become 1-click access to Project Profitability, which does not exist in the Report Center. yep

Projects are bachelor in all iii versions of QuickBooks Online. no

Question 3

For how many hierarchical levels deep can you have sub-customers (excluding the parent)?

• 4
• 5
• vi
• 10

You can fave an unlimited number of subcustomers simply you tin can only create sub customers nestled to 5 levels deep. A subcutomer can only have i parent.

Question 4

Transactions in which category tin be batch-reclassified by a tool in QuickBooks Online Accountant?

• Classes yes
• Locations
• Customers
• Products and Services

Question four

What lets you ready a unique address, phone number, and email accost for invoices that are different from the default in Account and Settings?

• Projects
• Classes
• Locations
• Customers

Question 5

A client manages rental belongings income and expenditures on behalf of numerous landlords. Landlords own the backdrop, which are and then rented out to the tenants. The client needs to track by landlord, by belongings, and past tenants.

Which one method of monitoring income and expenditure would be most appropriate, especially if the client needs to re-charge expenses for costs incurred to maintain properties?

• Sub-customers
• Projects
• Locations
• Classes

Question half dozen

True or Imitation:

Location tracking is used to categorize a unlike location to each row in an invoice.

• Truthful
• FALSE

uestion 7

Which three statements regarding sub-accounts are true?(Select all that apply)

• There is no limit to the levels of sub-accounts that tin can exist created.
• Best practice is to fix a sub-account for each subcontractor.
• Information appears indented under the parent account on any report. yes
• They provide more detail of income and expenses in a simple and straightforward yes
• You lot can collapse or aggrandize individual groups of accounts, depending on the chevron direction next to the group.

Question 5

Y'all want to customize a P&L report to track the profitability of products and services for a specific job or jobs.

What are two ways you tin can customize the P&L report to do this?(Select all that utilise)

• Display columns past Customers.
• Add a column for percentage of row.
• Display columns by Product/Service.
• Filter for ane or more specific customers or sub-customers.

Question 6

What lets you set up a unique address, phone number, and email address for invoices that are dissimilar from the default in Account and Settings?

• Projects
• Classes
• Locations
• Customers

• INVENTORY MODULE
  Place the steps to gear up up an inventory valuation adjustment
• Place when and how to purchase, sell, and adjust inventory

Question five

Which 3 statements are truthful virtually purchase orders in QuickBooks?(Select all that apply)

• You can only create buy orders for inventory.
• You tin close private lines on a buy guild. yes
• You can add together purchase orders to any blazon of purchase transaction.yes
• QuickBooks Online closes purchase orders, even when not fully received.
• You can add multiple purchase orders to one purchase transaction. aye

Question ii

Which three statements are truthful regarding Production Categories?(Select all that use)

• A production category can exist assigned through banking concern feeds.
• A transaction tin can be posted to a product category.
• The Products and Services list can be filtered past production category. yeah
• An existing category or adding a new product category can be specified when calculation a product/service detail.
• Inbound the proper name of a product category in a buy or sales transaction will produce a drop-downwardly list of products/services that are in that category. yep

Question one

A client is using and tracking inventory on hand. They purchased 10 widgets at $10 each and x widgets at $15 each. All of the widgets are sold in i transaction.

Considering QuickBooks Online uses the FIFO method for tracking inventory, what is the all-time fashion to see line items affected in the sales transaction?

• Run a rest sheet, and select Inventory on paw to see the transaction history.
• Open the customer invoice, and select the transaction journal.
• Run an Inventory Valuation Summary.
• Run a Profit & Loss, and select Cost of Sales account to come across the transaction history.

Question i

Consider the following:

• March 15 electric current year: Linsay bought 80 bags of mulch for $640.00 =640/80
• April 20 current year: Linsay bought 75 numberless of mulch for $618.75
• June 12 current year: Linsay sold 125 numberless of mulch to Woody'south Weeds
• June fifteen electric current yr: Linsay created a new inventory item named birdbath

When creating the detail, a beginning quantity of 25 and a price value of $23.82 per unit was mistakenly entered.

What is the effect on the General Ledger when Linsay saves the new birdbath item?

• Debit Inventory for $23.82, credit Opening Balance Equity for $23.82.
• Debit Inventory Nugget for $23.82, credit Inventory Shortage for $23.82
• Debit Opening Balance Disinterestedness for $595.50, credit Inventory for $595.fifty
• Debit Inventory for $595.50, credit Opening Residuum Equity for $595.50
• Debit Inventory Shortage for $595.50, credit Opening Remainder Disinterestedness for $595.l

Question 2 ok

Which 3 deportment are required to track inventory in QuickBooks?(Select all that utilize)

• Add the Service field to timesheets.
• Subscribe to QuickBooks Online Plus.
• Check the setting to Track inventory quantity on hand.
• Bank check the setting to Track expenses and items by client.
• Cheque the setting to the Bear witness Production/Service cavalcade on sales forms.

Question iii

A client wants to donate v widgets (set up equally inventory items) to a clemency. In the detail setup, the cost is $5 and the sales price is $10. Fifty widgets were originally purchased at $6 per widget.

What is the effect on the Full general Ledger when this is recorded on a Sales Receipt?

• Debit COGS $30; credit inventory $30
• Debit COGS $30; credit inventory $xxx; debit bank business relationship $fifty; credit income $50
• Debit COGS $25; credit inventory $25; debit Banking concern account funds $l; credit income $fifty
• Debit COGS $25; credit inventory $25
• Debit Donations $30; credit inventory $30

Question iii ok

Consider the post-obit:

• March 15 current yr: Linsay bought eighty bags of mulch for $640.00==
• April 20 current year: Linsay bought 75 bags of mulch for $618.75==
• June 12 current year: Linsay sold 125 bags of mulch to Woody's Weeds-Be-Gone Inc.

What is the debit entry to cost of goods sold when Lindsay records the sale to Woody's Weeds-Exist-Gone?

• $one,000.00
• $i,011.25
• $1,015.12
• $i,031.25

• Question four updated half-dozen.sixteen
• Review the Laura'south Landscaping scenarioand answer the following question.
• Amounts must be entered without dollar signs or commas, and must include two decimals (for example, xxxx.xx).
• Rounding upwards to the nearest cent, what is the ending inventory value for Ornamental Trees and Decorative Spotlights equally of October 31 of the current year?

Question 5 ok

A customer has a handful of inventory items that are shut to the use-past date. They have decided that they volition send these products to customers free of charge, and then they tin apply them as samples.

Which method of adjusting the inventory should be used to ensure this is recorded against the customer?

• Create a nix-sales receipt or invoice, and then enter a journal entry to adjust toll of goods sold and promotions.
• Use the inventory adjustment option within products and services, and follow up with a periodical entry.
• Create a journal entry that will debit advertizement or sales promotions, and credit customers.
• Export products into a spreadsheet, and re-import them with new quantities that volition overwrite current information.

Question half-dozen ok

Which 3 statements are truthful about revaluing inventory?(Select all that employ)

• An inventory valuation adjustment tin be created.
• An Obsolescence inventory asset account should exist created.
• Best exercise is to use a Clearing bank blazon of business relationship to record entries.
• Utilize an inventory adjustment to adjust the quantity (and value) down to zip.
• Use a nada-dollar purchase transaction to revalue the inventory.

Non STADARD TRANS

• Recognize when and how to utilize zero-dollar transactions
• Recognize best practices when handling vendor prepayments and deposits in QuickBooks Online
• Recognize best do when handling customer retainers in QuickBooks Online

Question 6

A client has a carpentry business that designs, manufactures, and installs domestic kitchens. They take machinery in place to assistance with the product of the kitchens and the machinery is existence depreciated over time.

The business is required to report financial data to the lender quarterly. The almanac depreciation equates to $24,000 each year.

In order for quarterly figures to show consistency, which 2 methods would work?(Select all that utilise)

• Create a scheduled journal entry of $24,000, to be entered on an annual basis.
• Create a scheduled journal entry, choosing every quarter from the interval options. $six,000 per quarter.
• Create a scheduled journal entry to tape on a monthly interval. $2,000 per month.
• Create a scheduled journal entry, selecting "every iii months" from the interval options. $half dozen,000 on each journal entry.
• Create a scheduled periodical entry, selecting "monthly" from the interval options, so every 3 months. $half-dozen,000 on each journal entry.

Question 4

Which 3 transaction types can be fabricated recurring?(Select all that employ)

• Deposits
• Bill payments
• Periodical entries
• Delayed charge
• Receive payments

Question 3

What is one of the steps involved in creating a zero-dollar expense to assign job costs to a project?

• Use a purchase gild for zero dollars.
• Gear up up a Clearing account to record the transaction with the Account Blazon of Other Current Asset.
• Utilize a Delayed Accuse and offsetting Delayed Credit.
• Put in a negative expense line without assigning a Client.
• Put in a positive expense line without assigning a Customer.

uestion ii

Which ii things are involved in creating a report to rail deposits past Vendor/Supplier using the Other Current Asset method?(Select all that utilize)

• Ready Dates to All
• Group past Vendor/Supplier
• Sort by Account
• Filter by Vendor/Supplier Not Specified

Question 1

What are three considerations that need to exist taken into account when deciding which method to use to runway customer prepayments?(Select all that apply)

• Are they issuing fiscal statements to outside parties?
• How long will the retainers be on the books?
• Does your customer requite receipts?
• Is there more than than ane accounts receivable business relationship?
• How large are the deposits received?

Question i

A customer has created l invoices over the concluding ii days, but none of them have been sent out by e-mail.

Which steps need to exist taken in order to send the invoices out to their customers?

• Go to "lists" and select "unsent invoices." From the left-hand side, cheque boxes to select the invoices to be sent, and utilise "batch send."
• Select "all sales" and filter past "send later." Check boxes to select invoices to send using "batch actions."
• Select "invoices" and filter by "send subsequently." Check boxes to select invoices to send using "batch deportment."
• From the Gear icon, turn on "batch send" from within sales. Filter "ship later" invoices from within invoices, and use "batch actions" to send.

Question 2

Which three transaction types can be made recurring?

(Select all that apply)

Deposits

Bill payments

Journal entries

Delayed charge

Receive payments

Question 3 ok

Review Paula'southward Plants and Flowers case study and respond the following question.

When setting up the Retail Sales—Taxable Production/Service detail's "Income Business relationship" field, which account should be selected?

• Sales of Production Income
• Cash-Checking
• Sales Discount
• Undeposited Funds
• Price of Goods Sold

Question 4

A client has been using the Receive Payments screen to record payments on account from customers before jobs have been completed and invoices created.

At the fiscal period cease, which steps should be taken to account for these credit balances within Accounts Receivable, assuming they are operating on an accrual basis?

• Create invoices to clear the credits. Receive payments with a zero total, and lucifer the credits to the invoices.
• Create a journal entry to debit Accounts Receivable, and credit a liability account within the rest sheet. Once saved, the periodical entry should exist reversed at the get-go of the next flow.
• Create a journal entry to credit accounts receivable for each customer, and debit another asset account within the remainder sheet. Once saved, the journal entry should be reversed at the offset of the side by side catamenia.
• Create a journal entry to debit Accounts Receivable, and credit unearned income inside the profit & loss. Once saved, the journal entry should be reversed at the kickoff of the next period.

Question 5

What are 3 reasons to create a nada-dollar expense/check?(Select all that apply)

• To allocate jobs on a purchase order.
• To allocate expenses to jobs after the fact.
• To allocate overhead expenses to classes.
• To allocate expenses to unlike locations.
• To allocate the value of owners' time to jobs.

Question half-dozen

A client made a payment past bank check in the corporeality of $226.75. The banking company indicates the bank check was returned for insufficient funds. They are charging a $l returned check fee.

Based on the grooming, what is one of the first steps that needs to be taken?

• Delete the payment received.
• Create a delayed charge for the bounced check.
• Delete the deposit and re-enter, excluding the bounced payment.
• Create an invoice using a bounced cheque and bounced check fee item.
• Create a credit memo for the corporeality of the invoice and bounced check fee.

Question 7

A client operates a café and is currently only using a greenbacks till. They are brash to ready recurring transactions to record the daily sales.

What is the get-go step that needs to be taken?

• Fix the recurring transaction.
• Create the sales receipt to salvage as recurring.
• Add a separate service particular for each line item on the Z-out report.
• Set Petty Cash.

Question 8

A client wants to add boosted work to their original estimate.

What are 2 means to record this modify?(Select all that apply)

• Delete the original guess.
• Create an additional guess.
• Open the original gauge and add a line.
• Change the condition of the original estimate to Amended.

Question 9

A client has been accepting customer deposits on larger jobs and has created a Customer Deposits liability account as well as a customized study showing the details of this account. When they run the saved customized report it is 150 pages long, even though the customer is pretty certain that no customers accept any deposits outstanding at this time.

Which 2 situations might cause this long study?(Select all that apply)

• The customized report is non filtered for Cleared Status = Uncleared.
• The customer is non up to engagement on reconciling the Customer Deposits liability account.
• The Client Deposit account was inverse to an nugget account.
• The study has been run on a cash ground.

Question x ok

Read the Nadia's Nautical Supplies scenario and answer the following question.

Upon review, what are the findings as of the date of the deposit? (Select ii)(Select all that apply)

• Inventory is overstated.
• Accounts Payable is overstated.
• COGS is overstated.
• Accounts Payable clearly reflects the prepayment.

Question 11ok

A client has several suppliers they purchase their materials from, and most of the suppliers crave function or all payments to be made at the time of order. You lot advise your client to set up a Prepayments account that tin be reconciled each calendar month.

How should this account exist set up?

• Fix up a Service item called Prepayments.
• Gear up a Liability account called Prepayments.
• Prepare an Asset account called Prepayments.
• Set up an Expense account called Prepayments.

BILLABLE CHARGES

Question 1

You begin an invoice to a parent client that has sub-customers, and the customer has assured you that all expenses related to the sub-customers have been entered. Notwithstanding, no drawer appears to the correct of the new invoice with billable expenses.

What are ii possible causes?(Select all that utilise)

• The expenses take non been marked every bit billable.
• The sub-customers have been set up as "Bill this client."
• An incorrect appointment was entered on the expenses that were recorded.
• The expenses were entered as Bills and Checks instead of Expense transactions.

Question ii

Your client runs a minor cleaning business. Many of their customers sign upwards for a regular weekly clean, simply but want to exist charged monthly.

What feature of QuickBooks Online tin can help your client go along rails of how much to invoice at the end of the month?

Estimate

Sales Receipt

Delayed Credit

Delayed Charges

Question iii

Which 4 statements are true well-nigh fourth dimension tracking and billable time in QuickBooks Online?(Select all that apply)

• Weekly and single timesheets are available.
• The starting day of the working week can be inverse.
• A maximum of 24 hours per twenty-four hours can be tracked for an private.
• Employee hours for a pay menstruation flow to a paycheck if using QuickBooks Online Payroll.
• No matter how you enter the time, QuickBooks Online will catechumen the time to hours and minutes.
• Employees and subcontractors tin can never see and edit their billing rates in QuickBooks Online.
• Unlimited time tracking users can exist invited to enter their ain time in all subscription levels of QuickBooks Online.

Question 4

Read the Sadie'south Car Parts scenario and answer the following question.

What is the total amount of the billable charges for Mark's Mustang Supply Store?

• 00
• 00
• 00
• 00

Question 5

Which types of entries tin be made in QuickBooks Online that are classed as non-posting?(Select all that utilize)

• Delayed Charges
• Time Canvas Entries
• Vendor Credits
• Billable Expenses
• Credit-Bill of fare Credit

Question half dozen

QuickBooks Online is able to keep track of charges you wish to invoice at a later date.

What are the 3 types of billable charges?

(Select all that apply)

Billable Expenses

Billable Supplies

Billable Time

Delayed Charges

Billable Customers

MULTICURRENCY

Question ane

A client has been buying items and paying their vendor in euros. As a effect of currency fluctuations, the Balance sail at present shows a negative amount for the euro depository financial institution business relationship.

Which stride should exist taken to fix this problem?

• Create a journal entry to debit the depository financial institution account and credit the Unrealized Loss and Proceeds account.
• Create a Vendor Bill, and offset a payment to bring the account to nada.
• Create a home currency adjustment.
• Open the original Vendor Nib, and edit the commutation rate to lucifer the exchange rate when the payment was made.

Question 2

Which 3 transactions tin pb to a gain or loss on foreign exchange when dealing with foreign currency transactions?(Select all that apply)

• Pay a neb.
• Enter a bill.
• Enter an invoice.
• Receive payment on an invoice.
• Deposit an invoice payment into a banking company business relationship.

Question 3

Which three statements regarding multi-currency are correct?(Select all that utilize)

• Yous tin just fix up bank and credit-carte du jour accounts in a foreign currency.
• Yous can set up loans in a foreign currency.
• QuickBooks Online will set up Accounts Receivable when the first invoice is issued in that currency.
• You lot demand to set upwards Accounts Receivable and Accounts Payable accounts when yous add together a new currency.
• When viewing a register, it always shows the abode currency value.
• QuickBooks Online will ready Accounts Payable when the first bill is issued in that currency.

Question iv

As office of the end-of-year process, your client wants to encounter the balance of their Accounts Payable euro account, using the exchange rate every bit of the last day of the fiscal year.

What is the best mode to create this transaction?

• Create a periodical entry, and update the Accounts Payable and Unrealized Currency Loss or Gain accounts.
• Revalue the currency through the Currencies List.
• Create a bill or Vendor Credit for each vendor to revalue individual accounts.
• These accounts volition exist updated automatically, based on the rate for that particular mean solar day.

Question 5

Which 2 statements are truthful regarding the multicurrency role in QuickBooks Online?(Select all that apply)

• You tin invent a currency belonging to an imaginary country for practice purposes.
• Y'all can view a listing of a foreign currency's historical exchange rates used for review.
• Exchange rates are expressed every bit the number of foreign units it takes to equal i habitation currency unit.
• Balance sheet accounts that existed prior to turning on multicurrency are assigned the habitation currency.
• Once you've added a transaction in a foreign currency, you lot cannot delete the currency used from the list.

Question six

Which 2 statements are true almost habitation currency adjustments?(Select all that employ)

• Home currency adjustments affect credit-card accounts as an unrealized gain or loss.
• Home currency adjustments always affect Accounts Receivable equally an unrealized gain.
• Dwelling currency adjustments affect bank accounts as a realized proceeds or loss.
• Home currency adjustments announced as $0.00 journal entries.

#half dozen

BANK FEEDS:

• Recognize best practice for troubleshooting issues with bank feeds
• Recognize when and why a reconciliation's showtime residue may need troubleshooting
• Identify best practice when working with bank rules in QuickBooks Online

Question 5

Which 2 logic actions does QuickBooks Online use to try and recognize banking concern feed items?(Select all that apply)

• Automatically create rule, based on past transactions.
• Match transactions already entered.
• Match amounts to several invoices or bills.
• Apply user-created dominion.

Question 4

You are reconciling your client'south depository financial institution account using QuickBooks Online. You are using the banking company feeds, QuickBooks Balance and Banking concern Remainder are equal, everything has been ticked, and you still have a difference.

In that location are no transactions left to review. The bank was just reconciled a week ago, so there is not much too much to look through.

What is the quickest mode to work out why there is a deviation?

• Uncheck all of the transactions marked equally reconciled, and then manually re-cheque them, comparing against the bank argument.
• Ignore the difference and "finish at present;" it'south likely to be a future-dated transaction and we can correct side by side time the reconciliation is performed.
• Clear the argument appointment filter, and compare posting dates and cleared dates.
• Create a reversing periodical entry to agree the balance considering information technology will "car-correct" next fourth dimension.
• Undo the previous depository financial institution reconciliation and reconcile again.

Question ii

A non-turn a profit system needs to split utilities among various programs, based on an agreed-upon ratio. The utility payments are set up to exist automatically paid out of the bank account.

How should the automatic allocation exist created?

• Use the suggestion that bank feeds requite yous.
• Apply the Batch Reclassify tool in QuickBooks Online Accountant.
• Create a rule for the utilities payments, and use the percentage split up.
• Employ a recurring transaction to reclass the transaction to the different programs.

Question 1ok

Esther'southward Bar and Grill wrote a check to their food supplier on March 17 of the electric current year. The cheque cleared on September 1. Bank feeds does not find a match.

Why might this happen?

• Esther'due south Bar and Grill did not create a dominion to record this transaction.
• Esther'southward Bar and Grill had never written a cheque to this supplier before.
• This was not a nib payment, so there was nix to match.
• The check appointment in QuickBooks Online is outside the xc-day date range used by bank feeds.

Question 2 ok

Creating Bank Rules can make dealing with the bank feeds easier.

Which 3 transaction types are able to be automated using Bank Rules?(Select all that apply)

• Receive Payment
• Expense
• Check
• Bill Payment
• Deposit

Question iii ok

Where can y'all admission the Reconciliation Discrepancy written report?

• In the accountant toolbox.
• From the warning on the reconciliation screen.
• In the "For my auditor" grouping of reports.
• In the "History by account" department of the reconciliation screen.

Question 4 ok

Which 2 things happen when you manually match multiple invoices to one deposit in banking concern feeds?(Select all that apply)

• QuickBooks Online creates one deposit in the bank register.
• QuickBooks Online creates a journal entry and reversing entry.
• QuickBooks Online creates multiple deposits in the bank register.
• QuickBooks Online links the multiple transactions to the one eolith.

Question five ok

Which statement is true most importing/exporting Bank Rules?

• The Bank Rules will export every bit an Excel file.
• The Quick Create icon is selected to import rules.
• Merely an accountant user can import/export Banking company Rules.
• The vendors accept to be the same in all QuickBooks Online companies.

Question half dozen ok

When reconciling this month, you see an warning that the beginning rest is not the same as the ending rest. When you select the link to the Reconciliation Discrepancy report, you see that Bank check 123 was manually marked as reconciled.

What should be done to resolve this consequence?

• Open Check 123 transaction and unreconcile.
• Undo the previous month's reconciliation and re-reconcile.
• Select the transaction in the Reconciliation Discrepancy report and modify the cleared status.
• Open the previous month's reconciliation report, unclear the transaction, and then re-reconcile.

Question vii ok

When performing a banking concern reconciliation, a transaction that was previously marked as reconciled has been deleted, and a discrepancy on the opening statement has been highlighted.

Which steps should be taken to correct this?

• Observe the transaction inside the inspect log, reinstate the transaction, and mark it every bit cleared from within the banking concern annals.
• Look at the history of the deleted transaction, enter a new transaction, and mark equally reconciled within the bank register.
• View the voided/deleted study to find the transaction in question, united nations-delete, and so re-reconcile the banking company argument to the previous ending balance.
• Undo the previous banking concern reconciliation, reinstate the deleted transaction, and perform a one-off adjustment reconciliation to the previous ending residue.

Exam 7 ADVANCED REPORTING

• Recognize the options that are available in QuickBooks Online to customize reports
• Recall methods for customizing business concern reports in QuickBooks Online
• Identify the steps to create scheduled reports
• Identify the different ways reports work in QuickBooks Online and how to use them

Question 8

What are ii reasons yous might not see the Exceptions to Closing Date study?(Select all that employ)

• The closing appointment has not been set.
• No one has made any changes since the closing engagement was set.
• You do not accept permission to view the report.
• You lot are not an Accountant user.

Question 7 ok

The director of a company you lot are preparing the accounts for has asked for a written report of her loan business relationship. The director'due south loan business relationship is already opened from inside the balance sheet and the written report dates have been selected in order to run across everything the manager needs.

However, the report looks messy. There are headings for totals, adjustments, and others that are not needed. You would like to run across the debits and credits displayed separately, instead of positive and negative values under Corporeality.

What needs to exist done to tidy upwardly this report?

• Use the mouse to drag the columns until y'all no longer see the data. Employ the gear icon to add the additional columns you need. Re-order the columns by entering a number confronting each, starting at ane being furthest left. Alter the header and save the report.
• Select the report gear icon and remove checkmarks from the columns not required. Select "show more" to add any columns you would like to include. Select "reorder columns" and apply the drag-and-driblet option. Alter the header and save the report.
• Choose "Customize." Utilise the "Filter" option to select and deselect any of the column headers y'all would like visible. Use drag and drop to reorder the columns. Modify the header of the report and relieve.
• Cull "Customize." Select "Headers and Footers." Select and deselect the cavalcade headings desired. Number the columns to reorder, ane existence the furthest left. Alter the header, and salvage the report.

Question 5 ok

When referring to management reports, which statement is correct?

• An email schedule can be edited to auto-send direction reports.
• Direction reports can be exported into .PDF or Word documents.
• Management reports tin be exported to Give-and-take and Excel. nope
• A client does not have the ability to create a management written report. non true

Question four ok

What are ii central benefits of budgeting?(Select all that utilise)

• A budget can be used as an judge to go projected revenues equally well as costs.
• A budget can be used to gauge income and expenses to help with cash menstruum.
• A mid-yr revised "outlook" can be created with actuals for the first office of the year and revised forecast for rest of year when created mid-year.
• The budget tin be adjusted for projected payables and receivables based on terms. nope
• A budget can be created for Loan Balanc nope

uestion 4

If you prepare up an email schedule for a written report, which frequency options are bachelor?

• Daily, Weekly, Monthly, Annually
• Weekly, Monthly, Quarterly, Annually
• Weekly, Bi-Weekly, Bi-Monthly, Quarterly
• Daily, Weekly, Monthly, Twice a Calendar month

Question 2 ok

When creating budgets in QuickBooks Online, which 2 are possible?(Select all that utilise)

• Budgets can be imported from Excel or .CSV
• Budgets can be prepared to help with the forecast of capital expenditure.
• Budgets can be prepared on monthly, quarterly, or annual footing.
• Budgets can be subdivided by course, vendor, or client.
• Multiple budgets can be created, which tin can be copied and edited at any time.

Question 1 ok

A customer wants to meet a current Turn a profit & Loss report compared to the prior year, showing the percent divergence, as part of their Management Report package.

How can this be set upwardly?

• Create a new management report template that includes this pre-setup report.
• Export it to Excel, add the advisable columns, and add to the Management report.
• On the Profit & Loss report in Direction reports, select Advanced and select Compare previous year.
• Create the study outside of Direction reports, save the customization, and add to the Management report.

Question ii ok

A client has created a upkeep based on their customer, Ash's Ashtrays. They want a study that shows actuals versus budget for this customer by quarter for the whole yr.

Which iii customizations are necessary?

(Select all that use)

Filter by Paid status

Select Ash'southward Ashtrays budget

Show grid Accounts vs. Quarters

Filter for Ash'southward Ashtrays customers

Filter past Product/Service = Specified

Question 3 ok

Review the report for a landscaping company client and answer the following question.

Which 3 Customizations apply? (Select iii)(Select all that apply)

• Group past proper noun
• Sorted by number
• Group by client
• Add together Debit/Credit columns
• Filtered by posting transactions
• Custom engagement range for October, 2018

Question 4 ok

Which 2 statements are right regarding Budgets in QuickBooks Online?(Select all that apply)

• Budgets are available in all versions of QuickBooks Online. no
• Budgets can be created in Excel and imported into QuickBooks Online.
• Budgets tin can be created in QuickBooks Online and exported into Excel.
• Budgets cannot be set upward based on last yr'southward financial data. no
• Budgets can be created for Form, Location, Customers, and Projects.

Question 5

A client asked for a report showing all of the customers owing them money at the end of a fiscal quarter, which was two months ago. Since then, some of the customers have paid.

Which customization method needs to be utilized in order to obtain all open receivables as of the final day of the quarter?

• Electric current Date Aging method
• Report Date Aging method
• Outstanding Accounts Aging method
• Overdue Accounts Crumbling method

Question v ok

Which 2 statements are right when creating scheduled reports?(Select all that use)

• Transactions in banking concern feeds will automatically update before sending the scheduled report.
• Scheduling a study is done from within the report, on the Customization push.
• One time scheduled, reports will automatically e-mail out.
• All scheduled reports tin be attached as an Excel file.

Question 6 ok

QuickBooks Online contains iv key reporting types. What are they?

Balance Sheet, Profit and Loss, Customer, Supplier

Summary, Transaction Detail, List, Aging

Greenbacks, Accrual, Summary, Transaction

Residue Sail, Turn a profit & Loss, Taxation, Budget

Question 3

Which 2 statements about management reports are true?(Select all that apply)

• A management report tin can be created from scratch.
• Reports can exist reordered by dragging the nine filigree.
• Previous year or catamenia can be compared.
• Brackets denote when QuickBooks Online pulls data from elsewhere.
• Management reports can be shared with other companies by bookmarking the URL.

Question 7 ok

How can a product or service be determined as assisting?

• Run an Item Profitability report.
• Run Transaction Detail by Account and filter for Product/Service = Specified.
• Run Profit & Loss, evidence columns by Product/Services, and filter for Product/Service = Specified.
• Run Sales past Production & Services written report, add a column for cost, and filter for Product/Service = Specified.

Terminate OF Menses ACTIVITIES

Question 1 ok

Which 2 statements are true well-nigh preparing 1099s?

(Select all that apply)

Question 4

What are two of the steps required to make clean up billable expenses in a batch?(Select all that apply)

• Choose the date to which y'all want the tool to apply.
• Select the Batch Clean Up tool from the Accountant Toolbox.
• Alter the URL to add "managebillableexpense" after ...app/.
• Open the Unbilled Charges report, select each transaction, and take off billable status.

Question 9 ok

A client, Leanne's Lollipops, is operating on a greenbacks ground. They are reviewing their year-terminate accounts receivables before the books are airtight. 1 customer, Kathy'due south Kandyland, has a partially paid invoice, simply has gone out of business and will non be paying the remainder.

How should the rest due be written off?

• Go back to the original invoice and void it.
• Become back to the original invoice and delete it.
• Get dorsum to the original invoice, and enter a bad-debt item equally a negative for the residuum due.
• Create a credit memo to reverse the amount of the original invoice, dated the twenty-four hours Kathy went out of business.

Question 7

It is the end of your client's fiscal year. Yous have started checking and fully reconciling all of the accounts. Subsequently running a turn a profit and loss study and comparing to the previous yr, information technology appears that profits are considerably higher than last year. You accept had a chat with the client, who is surprised with your findings because there is not much coin in the depository financial institution and they have not taken very much money out of the business.

What might be causing the profits to be overstated?

• Credit-card expenses have been coded straight to a chart of account lawmaking instead of marker a supplier bill as paid.
• Deposits have been coded direct to income accounts instead of Sales Receipts.
• Sales Receipts accept been entered instead of using "Receive Payments."
• Supplier bills take been entered against an expense account code instead of an detail to rails inventory.

Question 6 ok

What are 2 ways to place inventory items with a negative quantity?(Select all that apply)

• Review the Products and Services list.
• Select full of Inventory Nugget account from the Balance Sail.
• Open up up the Troubleshoot Inventory tool from the Accountant Toolbox.
• Run an Inventory Valuation Particular study to see when quantities went negative.

Question v

Which three steps are part of filling out the 1099 Wizard?(Select all that employ)

• Review 1099 vendors.
• Define which box(es) on 1099-MISC should be used.
• Identify which accounts should exist used when preparing 1099s.
• Brand certain all 1099 transactions have been paid by credit bill of fare.
• Check which vendors accept been paid over the threshold amount.

Question 2 ok

Which three problems might be acquired if a client does non clean up billable expenses when some expenses are not really billable?(Select all that apply)

• Inaccurate unbilled accuse reports
• Customers might be overcharged, making them unhappy.
• Billable time volition not post to payroll correctly, leading to payroll existence overstated.
• Job Costing reports will be skewed, leading to inaccurate pricing issues in the futurity.
• Customers might exist undercharged, leading to profitability and cash flow bug.

Question one ok

Subsequently reviewing a client's year-end rest sheet, you lot run into a credit balance in Undeposited Funds.

What is the likely cause?

• This reflects a bad-debt expense.
• This reflects a partially paid invoice.
• The deposit was dated before the Receive Payment transaction.
• The invoice was dated after the payment was received.

1099s are available in QuickBooks Online Simple Smart, Essentials, and Plus.

1099s are available in QuickBooks Online with a payroll subscription added.

Cheque "Runway payments for 1099" on a Vendor'due south Details if you want to consequence them 1099s.

1099s are available in QuickBooks Online without a payroll subscription at an extra charge.

Question ii ok

A customer has added a eolith through bank feeds and posted it to income rather than receiving payment on the applicative invoices. They take completed the banking company reconciliation for the month.

What are ii methods of remedying this without undoing the bank reconciliation?(Select all that apply)

• Create a Receive Payment and post information technology to the bank account; delete the incorrectly recorded eolith.
• Create a Receive Payment, go dorsum to the incorrectly recorded deposit and add the payment received, delete the line posting to income.
• Create a Credit Memo confronting a production/service item that posts to the bank business relationship; utilize it against the outstanding invoice(due south).
• Go back to the incorrectly recorded deposit, change the posting business relationship from income to Accounts Receivable, and utilize the deposit to the applicative invoice(s).

Question 3 ok

What 2 steps should be taken to investigate a discrepancy between the inventory asset residue on the residual sheet and the inventory valuation summary as of the same engagement?(Select all that apply)

• Filter for Product and Service = Not Specified. ok
• Run a product/service quick report on each product/service.
• Select total of inventory asset account from the residue sail.
• Review the Inventory Valuation Particular report for transactions not using products/services.

Question four

Paula's Plants & Flowers is showing a large amount in the Undeposited Funds account. Their income seems very high compared to previous periods. Later on investigating, you can see that they have been receiving payments from customers and recording deposits using bank feeds, posting directly to an income account.

They demand to produce monthly fiscal statements for their bank. They take hundreds of payments in the Undeposited Funds account for a six-month period.

What is considered the best-practise method for fixing this type of error?

• Make a journal entry to credit sales and debit undeposited funds for each month.
• Make a journal entry to debit sales and credit undeposited funds for each month.
• Edit each deposit and check the appropriate payment(due south), so delete the sales entry. Make certain the total deposit amount does not alter. Repeat until all payments accept been assigned to the advisable eolith.
• Create one deposit, select all the outstanding payments, add together a new deposit line, select the appropriate income accounts, and enter the total corporeality of the selected payments as a negative and so that the deposit total is zero.
• Create a monthly eolith, selecting all the payments for that calendar month on the deposit screen. Add new deposit lines, selecting the advisable income accounts, and enter a negative corporeality and so that the deposit full is zero. Repeat for all 6 months.

Question 5

When using the Direct method of writing off bad debt for an accrual-based client, which iii steps are role of the process?(Select all that utilize)

• Create an expense account for bad debt.
• Create a liability account for bad debt.
• Create a service or not-inventory particular for bad debt.
• Create an invoice using an particular posting to bad debt, inbound as a negative number.
• Create a credit memo using an item posting to bad debt, entering equally a positive number.

Question vii

Michelle'due south Microbrewery have been entering bills for their purchases every bit they come in. They pay multiple bills once a calendar week. They utilise depository financial institution feeds to record these transactions, posting to Cost of Appurtenances Sold. They are an accrual-based company.

What is best practice to remedy this with a minimum corporeality of piece of work?

• Create a journal entry for each vendor.
• Create vendor credits for each open bill.
• Create one journal entry, with lines for each vendor.
• Use the Batch Delete tool, and delete all the open bills.

Question half-dozen ok

What tin can exist reclassified using the Reclassify Transactions Tool?

• Locations
• Expense accounts
• Payroll transactions
• Inventory adjustments

Question 7 ok

When reviewing a customer's company at period cease, what does the Manage Billable Expense tool allow?

• Amends any time recorded as billable to ensure that it no longer appears within unbilled charges.
• Amends bills and expenses marked every bit billable to ane customer/job, and allocates to a unlike client/job.
• Deletes any delayed charges that are to be included on the next client invoice.
• Removes the billable nature from any outstanding unbilled expenses created up to a specified date.

Question viii

You lot logged in to review your customer's QuickBooks Online company file for period end, and you need to prepare a ready of management reports. When reviewing open Accounts Receivable, y'all notice that in that location are two customers with several unpaid invoices in each business relationship that have very similar company names. I account is named JR Taylor Ltd, and the other is named JR Taylor & Company.

You find that they are the same company, and the right name is JR Taylor Ltd.

What is the almost efficient manner to get all of the transactions for both company records to appear under the correct proper noun?

• Edit each transaction to amend the company name. no
• Use the Auditor Tools to "Reclassify." Select Customers every bit an option, select all records to be changed.
• From the customer list, select the check box on the left. Select "Batch Actions" and use the option to "Merge Records." no
• Edit the wrong client proper noun to exist the verbal same name as the right customer, and then merge.

Question nine ok

From which 2 admission points can an Accountant user close the books?(Select all that employ)

• The Accountant Toolbox
• Gear > Account and Settings > Advanced > Accounting
• Left Navigation Bar > Bookkeeping > Advanced
• Gear > Account and Settings > Visitor > Bookkeeping

Question two

A client has recently decided to start tracking inventory in QuickBooks Online. Previously, when purchasing goods everything was coded to cost of sales. Now when goods are purchased, the particular field on purchase transactions should exist utilized. You've discovered they are even so coding the purchases to cost of sales.

Which 3 effects volition this have on the QuickBooks file?(Select all that apply)

• The Accounts Payable account volition report incorrect figures.
• The balance sheet will report incorrect figures.
• The profit & loss will study incorrect figures.
• The vendor balance will written report wrong figures.
• Inventory quantities volition be incorrect, potentially creating negative inventory amounts.

Question 8

A written report is being created to help identify indistinguishable vendors. The duplicate names might not be adjacent.

Which customization should be done to the vendor contact list to help identification?

• Group past phone; add column for null; sort past zip.
• Grouping by phone; add together cavalcade for phone; sort by zip
• Grouping by urban center; add column for terminal proper noun; sort by full name
• Grouping by cipher; add together column for telephone; sort by phone number

Tax

Question 1

A customer is based in Tennessee (an "origin-based state"). Their part is in Knoxville, and they are shipping to a customer in Pigeon Forge.

Which sales revenue enhancement charge per unit should be applied?

• Knoxville
• Dove Forge
• No sales tax is required.
• It depends on the annual sales to customers in Dove Forge.

Question two

A client calls in a panic. They realize that they did non file July's sales tax render and it is now Oct.

How should they be brash to adjust for penalties and interest, and postal service to their corresponding accounts, using Automated Sales Taxation?

• File zero amounts for July and then add July's real numbers to October's filing.
• Record a periodical entry dated July 31 to record the penalties and interest and credit sales tax payable.
• File July's return and make two adjustments (one posting to penalties and one posting to interest expense).
• Post the adjustment to interest expense, and then use a periodical entry to reclassify to penalties.

Question iii

Which 2 statements are correct regarding adjusting sales tax on a return?(Select all that apply)

• Rounding up should post to an income account.
• Penalties should post to a contra-income account.
• Interest charged should mail to a payable account.
• Rounding down should postal service to an income account.
• Early payment discount (credit) should postal service to an income account.

Question 4

Dan's Digital Services provides computer services to which special sales tax rules apply. The company set up a taxable product/service detail for sale, but they neglected to fill in the Sales Revenue enhancement Category and What You Sell fields.

How volition Automated Sales Tax calculate sales tax on invoices for this product?

• It will not calculate sales tax at all.
• It will always calculate the sales tax based on the street address of the seller.
• It will calculate sales tax based on the normal country charge per unit, not the specialty rate.
• It will summate the sales tax based on the shipping accost of the customer.

Question 5

Kaydee's Kites sold a big order of kites to a taxable client, Circus Town. They should have charged sales revenue enhancement, merely did non do so. Circus Boondocks already paid that invoice in full.

Which steps should you recommend to charge Circus Town only the sales tax on a follow-up invoice?

• Create a new invoice, inbound a sales tax item in the Particular Details grid.
• Create a credit memo against the beginning invoice, and create a new replacement invoice including the sales revenue enhancement.
• Create an invoice using Kites in the Item Details grid with a quantity of cypher, then override the sales tax so that the invoice is sales tax merely.
• Create an invoice for a bundle, where the bundle consists of +one taxable item and -ane non-taxable item, and put the taxable total in the Rate column.

Question 1

Which type of transactions should be created to enter opening balances?

• Sales receipts for Credit balances, and Expense transactions for Debit balances.
• A journal entry transaction to enter the balance sheet balances.
• Opening Balances can be imported through the opening balances import tool.
• Opening Balances are imported equally function of the Chart of Accounts Import tool.

Question 2

With regards to importing data using the tools from within QuickBooks Online, which argument is correct?

• Records can be in TXT format.
• Records can be in an Excel or CSV format.
• It is only possible to import client and vendor names.
• The limit to the number of rows that tin can be imported is 250.

Question 3

Heather's Hair Salon is a sole proprietorship that has kept the books manually for several years. They take hired yous to move them to QuickBooks Online for the year that begins Jan i of the current yr. The books will be kept on accrual footing for management purposes.

Select to view their specifications.

Which four accounts would be included in the periodical entry for recording showtime balances?(Select all that apply)

• Checking
• Inventory
• Loan payable
• Accounts Payable
• Credit-menu payable
• Accounts Receivable
• Price of goods sold
• Opening residuum equity

Question 4

Which 3 steps are considered best practise prior to using the QuickBooks Desktop Pro/Premier Conversion tool?(Select all that utilise)

• Make a fill-in of the information file.
• Update QuickBooks Desktop to latest release.
• Employ the Verify Data tool in QuickBooks Desktop.
• Verify total transaction count is less than 350,000.
• Update the browser to Internet Explorer version 11.
• Memorize reports to exist sent over to QuickBooks Online.

Question v

When using the QuickBooks Desktop Conversion tool, which 3 items will exist excluded from converting?(Select all that apply)

• Price levels
• P&L budgets
• User permissions
• Custom customer fields
• Classes
• Customer name field

Question half dozen

Which 2 statements are true near purging information?(Select all that apply)

• Yous tin purge data within the outset 60 days of the QuickBooks Online subscription.
• Purging deletes transactions, just leaves the lists.
• Purge data past adding a specific suffix to the qbo.intuit.com URL.
• Purge data by going to the Gear icon>Purge information.
• Purge information tin only be washed past an accountant user.

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