Review Answers

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 Q1
 What business industry type does this best describe?

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Your answer:
Retail and e-commerce
 Q2
 What are the 3 primary ways to migrate client data to QuickBooks Online?

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Your answer:
Use the Import Data tool
Convert data from existing QuickBooks Desktop file
Enter data manually into the QuickBooks Online forms and check registers
 Q3
 What is the minimum QuickBooks Online version suitable for Liz's client?

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Your answer:
QuickBooks Online Plus
 Q4
 Which subscription options, if any, include bank feeds, access from any device at any time, and integration
with a wide range of apps?

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Your answer:
QuickBooks Online Simple Start, Essentials, Plus, and Advanced
 Q5
 Which version(s) of QuickBooks Online would allow her to accomplish this?

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Your answer:
QuickBooks Online Advanced
 Q6
 Which 3 subscriptions offer your clients exclusive discounts with ProAdvisor Preferred Pricing

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Your answer:
QuickBooks Time
QuickBooks Online
QuickBooks Online Payroll
 Q7
 What is the missing step?
 Edit answer

Your answer:
Enter your QuickBooks Online Accountant sign-in information
 Q8
 Where can she see which apps are connected to the client's account without logging out of the account?

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Your answer:
Left Navigation Bar > Apps
 Q9
 Which 2 statements are true regarding Intuit-approved QuickBooks Online apps?

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Your answer:
You or your client can add apps to the client's account
They must be available via the Apps screen in QuickBooks Online Accountant or apps.com
 Q10
 What are the first step(s) in the client onboarding workflow?

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Your answer:
Meeting with client and gathering information
 Q11
 What are the 5 main account types in the Chart of Accounts?

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Your answer:
Assets
Liabilities
Income
Expenses
Equity
 Q12
 Which 4 statements regarding the Chart of Accounts are true?

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Your answer:
To add a new account, open the Chart of Accounts by selecting Accounting from the Left Navigation Bar, then
selecting New to open the Account window
If you add a new account, the detail type determines which financial statement this account will appear on
When you specify a sales price/rate when setting up Products and Services, you link them to the Chart of Accounts
You should inactivate an account from the Chart of Accounts if it is not relevant to your business
 Q13
 Once account numbers have been enabled, where can the numbers be assigned and edited?

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 Your answer:
Chart of accounts
 Q14
 What are the 4 Product/Service types that can appear on your client's purchase and sales transactions?

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Your answer:
Inventory
Non-inventory
Service
Bundle

SECTION 2
Review Answers
Take a minute to review your answers before you turn in your work.
Once you submit this section, you won’t be able to change your answers.
 Q1
 What are the steps to import a list of products and services in QuickBooks Online?

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Your answer:
Select + New icon > Tools column > Import Data > Products and Services
 Q2
 Which statement is true regarding the Preferred Vendor field in Product and Services items?

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Your answer:
You can create a new vendor from the product/service information screen
 Q3
 What are 2 ways to add a customer to QuickBooks Online?

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Your answer:
Sales > Customers > Add New
Gear icon > Import Data
 Q4
 Which of the following buttons could you use to add a new vendor or find the link to import a vendor list
into QuickBooks Online?

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Your answer:
The New Vendor button in the Vendors tab of the Expenses screen
 Q5
 Where should you go to set up a new bank feed or link to a bank account in a client's QuickBooks Online
company?
 Edit answer

Your answer:
Banking Center
 Q6
 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?

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Your answer:
Their company address
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
 Q7
 Where does the client initiate the setup of QuickBooks Payments?

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Your answer:
Gear icon > Account and settings > Payments
 Q8
 Your client wants to open a new QuickBooks Payments merchant account. From inside QuickBooks Online,
where can they go to sign up?

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Your answer:
In the Payment tab of the Account and Settings
 Q9
 When searching for apps, which 2 methods can be used on the Find apps tab?

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Your answer:
Search for an app box
Browse category drop-down
 Q10
 Where can a Primary admin Accountant User view the apps connected to a client's QuickBooks Online
account from within QuickBooks Online Accountant?

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Your answer:
Left Navigation Bar > Apps > Client Apps
 Q11
 Which steps should be followed to set up the different types of payments accepted from clients?

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Your answer:
Gear icon> All Lists > Payment Methods
 Q12
 Which are the 3 payroll options available inside QuickBooks Online companies?

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Your answer:
QuickBooks Online Core Payroll
QuickBooks Online Premium Payroll
QuickBooks Online Elite Payroll
 Q13
 Where would you go to find all the lists you can use to fill in forms in QuickBooks Online?

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Your answer:
Gear icon > All Lists
 Q14
 Which 3 features should you suggest to your clients to build their brand recognition on sales forms?

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Your answer:
Customize your fonts and use a font type that matches the company's branding scheme
Add company logo to customer sales forms
Add a splash of color that matches the company's branding scheme

SECTION 3
Review Answers
Take a minute to review your answers before you turn in your work.
Once you submit this section, you won’t be able to change your answers.
 Q1
 Which part of QuickBooks Online will the new employee not have access to?

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Your answer:
Employees tab
 Q2
 What could be the reason?

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Your answer:
Your client has Business view selected in their settings
 Q3
 What are 3 benefits of adding non-QuickBooks Online clients to your Client List in QuickBooks Online
Accountant?

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 Your answer:
You can keep all client contact info, notes, and documents in one place
You can create projects and tasks for non-QuickBooks Online clients in the Work tab to stay on top of important
client deadlines
You can share documents stored in QuickBooks Online Accountant with the client
 Q4
 What steps will Jessica take to upgrade in QuickBooks Online Accountant?

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Your answer:
Gear icon > Subscriptions and billing > Accountant-billed subscriptions > Select Action > Upgrade
 Q5
 In which team access level do users have view-only access to the QuickBooks Online Accountant firm
information, but no access to team billing, subscription billing, or the firm's books?

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Your answer:
Basic access
 Q6
 What types of user permissions can you set up when adding a new team member in QuickBooks Online
Accountant?

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Your answer:
Basic, Custom, and Full access
 Q7
 After finishing a project, how do you change the status of that project in QuickBooks Online Accountant?

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Your answer:
Project > Actions > Edit > Task Status > Completed
 Q8
 Which 3 statements about the Client request functionality are correct?

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Your answer:
Selecting Create client request on the Work screen begins the process
Checking the Notify client checkbox means the client will be sent an email
To update the status of a client request, select the request and then the Status drop-down
 Q9
 What sales workflow would you recommend Larry use for Mahoney's?

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Your answer:
Create Invoice > Receive Payment > Bank Deposit
 Q10
 Where can she see if she got it right?
 Edit answer

Your answer:
Sales Center > Invoices tab, then select Not Deposited on the money bar
 Q11
 What is the correct workflow?

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Your answer:
Bill > Pay bill
 Q12
 Which common workflow error can cause duplicate expenses in QuickBooks Online?

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Your answer:
Create a bill to record a vendor expense, and create a check to the vendor for the same expense
 Q13
 Which accountant tool in QuickBooks Online helps identify transactions that may have been removed
accidentally from the company file?

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Your answer:
Voided/deleted transactions
 Q14
 What are the steps to create a new estimate in QuickBooks Online?

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Your answer:
Sales > All Sales > New Transaction > Estimate

SECTION 4
Review Answers
Take a minute to review your answers before you turn in your work.
Once you submit this section, you won’t be able to change your answers.
 Q1
 What is the best practice sequence of steps to convert an estimate to a purchase order?

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Your answer:
Open the estimate, change estimate status to Accepted, select the down arrow next to Create Invoice, copy to
purchase order
 Q2
 Where can you initiate a Credit Memo in QuickBooks Online? (Choose 2)

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 Your answer:
Sales > All Sales > New Transaction > Credit Memo
+New button > Credit Memo
 Q3
 Which feature in QuickBooks Online can Liz use to easily provide this information to Kathryn?

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Your answer:
Statement
 Q4
 What are 2 ways to access the vendor credit screen in QuickBooks Online?

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Your answer:
+ New button > Vendor Credit
Expenses Center > New Transaction > Vendor Credit
 Q5
 In which 3 cases would you use the "Add funds to this deposit" grid in a bank deposit?

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Your answer:
When an employee reimburses the company
When you receive a tax refund from the IRS
When a company doesn't need to record sales details
 Q6
 How can a customer pay an emailed QuickBooks Online invoice via credit card?

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Your answer:
Select Review and pay > Enter payment details > Pay
 Q7
 Which option completes this sentence?

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Your answer:
three, $2000
 Q8
 Which statement about Journal Entries in QuickBooks Online is true?

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Your answer:
Your client cannot create an Adjusting Journal Entry
 Q9
 The Pay down credit card feature can be found in which area of QuickBooks Online?

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 Your answer:
+ New on the Left Navigation Bar
 Q10
 Which option completes the 3 missing steps to use the Pay down credit card feature?

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Your answer:
Pay down credit card, Payee, Save
 Q11
 Where should your client go to find the Transfer link?

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Your answer:
+ New
 Q12
 Which option correctly completes these statements?

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Your answer:
Match, add, cleared
 Q13
 Where in the Banking Center should she go to find the transaction and correct the error?

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Your answer:
Categorized

SECTION 5
Review Answers
Take a minute to review your answers before you turn in your work.
Once you submit this section, you won’t be able to change your answers.
 Q1
 How can you view all downloaded banking transactions for which QuickBooks Online thinks it has found a
potential match?

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Your answer:
For review > Filter for Matched transactions
 Q2
 Which option correctly completes the sentence?

Edit answer
 Your answer:
Match, existing
 Q3
 Which 2 conditions must be met in order to use receipt forwarding in QuickBooks Online?

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Your answer:
At least one user must be registered for receipt forwarding
Receipts must forwarded to [yourcustominfo]@qbodocs.com from a registered email address
 Q4
 What are 3 ways to add receipts to QuickBooks Online using the Receipt Capture feature?

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Your answer:
Snap a picture via the mobile app
Forward a receipt via email to [yourcustominfo]@qbodocs.com from a registered email address
Upload via a browser
 Q5
 What are the correct steps to add the bill using the Receipt Capture feature?

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Your answer:
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
 Q6
 In which 2 situations might a transaction need to be excluded from bank feeds?

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Your answer:
If the downloaded transaction was already recorded and reconciled in QuickBooks Online
If the bank downloads the same transaction more than once
 Q7
 Which 3 statements regarding bank rules are true?

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Your answer:
Bank rules can be prioritized
Bank rules can be copied, edited, or deleted
You can automatically add transactions to the register using bank rules
 Q8
 What are 3 important reasons to reconcile bank and credit card accounts at set dates?

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Your answer:
To verify transactions have the correct date assigned to them
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
 Q9
 Which 2 statements are correct regarding reconciling a bank account in QuickBooks Online?

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Your answer:
To successfully reconcile and run a reconciliation report, you need to enter the Statement Ending Date and Ending
Balance from the relevant bank statement
To see the Reconciliation report, select View report after you've successfully reconciled the account
 Q10
 How would you begin setting up a recurring transaction in QuickBooks Online?

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Your answer:
Select the Gear icon > Recurring Transactions
 Q11
 What are the names of the 3 tabs listed across the top of the Reports Center?

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Your answer:
Standard, Custom reports, Management reports
 Q12
 Which report accounting method shows an overview of the money received and spent for a specific period?

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Your answer:
Cash basis
 Q13
 What report in QuickBooks Online will show whether a client was profitable for a specific period?

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Your answer:
Profit and Loss
Submit section

SECTION6
Review Answers
Take a minute to review your answers before you turn in your work.
Once you submit this section, you won’t be able to change your answers.
 Q1
 Which QuickBooks Online report answers the common business question: "Who owes me money?"

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Your answer:
Accounts Receivable Aging report
 Q2
 Which report should you run to list all customers who currently owe balances, and how old those balances
are?

Edit answer

Your answer:
Accounts Receivable Aging Summary
 Q3
 Which report in QuickBooks Online would provide that information?

Edit answer

Your answer:
Expenses by Vendor Summary
 Q4
 What are 4 features of the Month-end review tool in QuickBooks Online Accountant?

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Your answer:
Identifies incomplete expense transactions
Includes customizable checklists to help accounting professionals stay on track when closing a client's books
Shows number of unreconciled transactions for specific account balances
Includes links to reports commonly reviewed at month end
 Q5
 What are the 2 open issues that can be viewed from the Transaction review tab?

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Your answer:
Uncategorized transactions
Transactions without payees
 Q6
 What is the last step in the Month-end review workflow?

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Your answer:
Verify financial statements are accurate
 Q7
 Where would you go to review your client's expense account to see if any transactions had been
miscategorized?

Edit answer

Your answer:
Reclassify Transactions in Accountant Tools
 Q8
 When should an Accountant user use the Write Off tool?

Edit answer

Your answer:
 When a client has outstanding invoices that will not be paid
 Q9
 Which of these 2 forms do you need to send to prepare for year-end payroll and contractor reports?

Edit answer

Your answer:
W-2s for employees
1099s for contractors
 Q10
 What are 4 options you can access via Accountant Tools?

Edit answer

Your answer:
Reclassify transactions
Reconcile
Close books
Reports options
 Q11
 Which 3 items are included in the substantiation requirements?

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Your answer:
Vehicle type, date placed in service, and total mileage (including business, commuting, and personal)
 Q12
 Which 2 options are benefits of using the Close Books feature?

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Your answer:
It can prevent users from changing transactions in a closed period
It keeps track of any changes made to any transactions after the closing date
 Q13
 Which 2 ways can the Exceptions to Closing Date report be accessed?

Edit answer

Your answer:
Accountant Tools > Reports > For My Accountant
Reports center via the left navigation > For My Accountant