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    QB Certification Section 1

    Uploaded by

    Jimmy James
    QuickBooks Online provides different subscription plans and features for accounting needs. Wholesale billing allows accountants to manage multiple business clients on one account at a 50% discount. Key benefits include bundling expenses, easy client tracking, and switching subscriptions. Useful apps integrate with QuickBooks to reduce data entry, streamline workflows, and provide industry-specific functionality. The Client Overview gives accountants insight into client transactions, banking activity, and potential errors.

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    © All Rights Reserved
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    QB Certification Section 1

    Uploaded by

    Jimmy James
    392 views3 pages
    QuickBooks Online provides different subscription plans and features for accounting needs. Wholesale billing allows accountants to manage multiple business clients on one account at a 50% discount. Key benefits include bundling expenses, easy client tracking, and switching subscriptions. Useful apps integrate with QuickBooks to reduce data entry, streamline workflows, and provide industry-specific functionality. The Client Overview gives accountants insight into client transactions, banking activity, and potential errors.

    Original Description:

    QB Certification Exam Section 1 Questions with Answers

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    QuickBooks Online provides different subscription plans and features for accounting needs. Wholesale billing allows accountants to manage multiple business clients on one account at a 50% discount. Key benefits include bundling expenses, easy client tracking, and switching subscriptions. Useful apps integrate with QuickBooks to reduce data entry, streamline workflows, and provide industry-specific functionality. The Client Overview gives accountants insight into client transactions, banking activity, and potential errors.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    392 views3 pages

    QB Certification Section 1

    Uploaded by

    Jimmy James
    QuickBooks Online provides different subscription plans and features for accounting needs. Wholesale billing allows accountants to manage multiple business clients on one account at a 50% discount. Key benefits include bundling expenses, easy client tracking, and switching subscriptions. Useful apps integrate with QuickBooks to reduce data entry, streamline workflows, and provide industry-specific functionality. The Client Overview gives accountants insight into client transactions, banking activity, and potential errors.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3
    At a glance
    Powered by AI
    The key takeaways from the passage are that inventory management, cash flow, and balance sheets are important for retail and e-commerce businesses. QuickBooks Online has different subscription plans and apps can help automate tasks and provide insights.

    The three different ways to get information into QuickBooks Online are: 1) Convert data from existing QuickBooks Desktop software, 2) Import from Excel, 3) Enter manually.

    Five benefits of using apps with QuickBooks Online are: 1) Reduce data entry, 2) Solve industry-specific tasks, 3) Streamline workflows, 4) Expand business insights, 5) Provide security and separation of duties.

    Section 1:

    1. What type of business relies on knowing their inventory at all times?

    B2B Wholesale businesses

    2. Managing inventory and avoiding out-of-stock situations is critical to the success of what type of
    business, as well as understanding cash flow and balance sheets?

    Retail and e-commerce businesses

    3. What are the three different ways to get information into QuickBooks Online?

    1. Convert data in existing QuickBooks Desktop software


    2. Import customers, vendors, Chart of Accounts, and products and services lists from Excel
    3. Enter all data manually

    4. What are the five different subscription plans available on QuickBooks Online?

    Self-Employed, Simple Start, Essentials, Plus, and Advanced

    5. What is considered the backbone of accounting software?

    The Chart of Accounts, including all assets, liabilities, income and expenses

    6. In wholesale billing, who is billed monthly for the subscription of QBO?

    the Accountant

    7. How much does the Accountant user pay for wholesale billing?

    50% wholesale discount

    8. What is a perk of wholesale billing?

    The Accountant user decides how the clients will be billed.

    9. What are three others advantages of wholesale billing?

    bundling expenses, easy tracking, and switch anytime

    10. How do you add a new client?

    1.GotoClientDashboardinQuickBooksOnlineAccountant
    2.SelectAddClient
    3. Enter the business info
    11. How do existing users add you as you as their Accountant on QBO?

    1. Tell them to go to My Accountant in the left hand navigational panel


    2.Sendemail
    3.Acceptinvite
    4.SigninusingQBOaccountinformation
    5.Continue
    6. The user will be added to your list of clients

    12. The Opening Balance Equity account should always be zero. If you see a balance here, it's mostly
    likely because an amount was entered in the opening balance field when?

    during the creation of a new customer, vendor, balance-sheet account, or inventory product

    13. In the Client Overview Tab under Transaction Volume, what is the latest date you can see?

    up to 30 days

    14. The Accountant User and Clients with the Advanced subscription have access to The Client
    Overview. What are some benefits of the Client Overview?

    concise subscription information, recent banking activity stats, and early indications of banking
    errors

    15. There are several apps that connect a web store to QuickBooks Online. The customer enters the
    sales information as they place the order on your client's website, then makes their payment via credit
    card.

    The app reads the data the customer entered and pushes the same data into QuickBooks Online,
    as a sales receipt. All the client has to do is fulfill and ship the order. There is no data entry!

    16. What are five benefits of using apps?

    1.Reduce data entry


    2.Solve industry-specific tasks
    3.Streamline workflow processes
    4.Expand business insight
    5. Security and/or separation of duties

    17. To be listed in the Accountant tab or apps.com, the app

    must be inspected and approved by Intuit


    18. All apps are pre-categorized into the tasks they help resolve.

    By selecting Browsing Category, you can filter apps by the problem you are trying to solve.

    19. Apps can be searched for two ways:

    using the search box or by category

    20. One of the most popular time-tracking apps available is

    T-Sheets

    21. *** What subscriptions would you suggest to track sales and sales tax?

    Simple Start, Essentials, Plus, and Advanced

    22. *** What subscription focuses on tracking business expenses and mileage? This subscription
    allows invoicing, but does not track accounts receivable or sales tax. Therefore, this subscription might
    not meet the needs of a growing service product-based business.

    QuickBooks Self-Employed

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