Quick Books

Your client needs a QuickBooks Online solution that includes tracking for:
• Sales
• Sales tax
• Inventory
What’s the minimum subscription level in QuickBooks Online you’d recommend?
• Self-Employed
• Simple Start
• Plus
• Advanced
Can users with the right permissions in a client-paid subscription add

QuickBooks Online Payroll or QuickBooks Time to their QuickBooks Online
company?
• Yes, by going to the Billing & subscription section in Account and Settings
• Yes, by selecting + New and then Subscriptions
• No. Only accountants from QuickBooks Online Accountants can add additional
subscriptions to client companies
• No. For new QuickBooks Online products, they need to contact QuickBooks
Online support
You need to add a gift basket with a collection of beauty products to your client’s list of
products and services.
Which item type would you assign this to in QuickBooks Online?
• Service
• Non-inventory
• Bundle
• Inventory
Which 3 of these can a Company admin user do in QuickBooks Online?
• Add new Primary admin users

• Change their user level to Primary admin
• Change the QuickBooks Online subscription
• Access the client’s other products, such as QuickBooks Payroll and QuickBooks
Payments
• Manage existing users
Where would you go to view a list of customer statements sent out in the current
month?
• Customers center > Arrow next to New customer > View statements
• + New > Statement > View all
• Reports center > Statement List report
• Gear icon > All lists > Customer statements
What 4 pieces of information does QuickBooks Online with Automated sales tax
use to calculate sales tax on an invoice?
• The customer’s payment terms

• The customer’s sales tax status
• The quantity of the product or service still on hand
• The tax category for the product or service
• The location of the sale
• The state where the company’s registered
Which 3 of these statements are true about the “Forward from email” option?
• Multiple users can forward bills and receipts to the same custom email address
• Only PDF-format bills and receipts can be forwarded
• Users can only include one bill or receipt in one email
• There’s only one custom email address per QuickBooks Online company that
can be used to receive bills and receipts
• Only company users with at least standard access with vendor permission can
forward bills to the custom email address
Which 2 of these common issues does the Pay down credit card feature help to
resolve?
• Duplicate entries
• Payments categorized to the wrong account
• Payments being recorded as paid by check
• Payments being recorded as an expense on the balance sheet
What should you do if you notice a duplicate transaction in the bank feed?
• Exclude the transaction

• Nothing. It’s OK to have duplicate transactions in the bank feed because
QuickBooks Online will ignore them during reconciliation
• Add an adjusting journal entry
• Nothing. QuickBooks Online will automatically detect and delete the duplicate
transaction
The Undeposited Funds (or Payments to deposit) account is meant to be a

temporary holding account that tracks payments received from customers that have not
been deposited to your client’s bank account. Its main purpose is to make reconciliation
easier by combining multiple transactions into a single record.
Which 3 statements about how QuickBooks Online applies bank rules are true?
• Reordering the rules list allows you to control which rule to apply
• Credit rules are applied before debit rules
• The first rule that fits a bank activity is the one applied
• All rules are applied to each bank activity
• Only one rule is applied per bank activity
In which 4 of these situations would you use the Additional payments to deposit
on a Deposit transaction?
• The client receives a refund from a tax agency and needs to record it to reduce
the Tax Liability or Expense account
• The client receives a refund from a vendor and wants to record it directly
against the associated expense account
• The client doesn’t record income using sales transactions (invoices or sales
receipts) and wants to record deposits directly to income accounts
• The client receives funds from loan proceeds or contributions of cash from
owners
• The client receives a partial payment from a customer against an open invoice
• The client receives a deposit from a customer for future purchases
How would QuickBooks Online alert you to a discrepancy in the beginning

balance when reconciling your clients’ accounts?
• An error message will be displayed once the reconciliation has been completed
• The account to be reconciled will be grayed out in the Account to reconcile
dropdown
• An alert will be displayed in the reconcile tab, stating that the account isn’t
ready to be reconciled yet because the beginning balance is off
In classic view, where would you go to make negative numbers in a report

appear in a red color?
• 1: The Customize button and then the General section

• 1: The Customize button and then the Filter section
• 2: The Show non-zero or active only dropdown
• 3: The Grid Gear icon
You want to provide your client with a professional-looking downloadable report that
includes a cover page, table of contents, and custom letter that they can send to potential
investors.
Where would you go to create such a report?
• Reports center > Custom reports tab

• Accountant Tools > Reports options
• Reports center > Performance center
• Reports center > Management reports tab
Your client wants to add an additional tag to transactions on an invoice. However, the tag
isn’t on their existing list of tags.
Which 2 of the following are ways to create a new tag?
• Open the Products and Services list and select Edit for the required product or
service. Then select + New from the Tags dropdown
• On the invoice, start entering the tag name in the Tags field. Then select + Add
from the pop-up
• Select the Manage tags link on the invoice, followed by Create tag. Then enter
the tag name
• Select the Manage tags link in the Gear menu, followed by Create tag. Then enter
the tag name
You need your client to send you a copy of a paper receipt so that you can match it to a gas
expense in their QuickBooks Online. You create a client request and add a screenshot of the
expense entry in QuickBooks Online to help your client identify which receipt they’re
looking for.
What do you need to do to ensure the client receives an email notification to alert
them about the new request for information?
• When creating the request, move the Notify client slider to On

• In the Bookkeeping tab of the Clients screen, select Turn on notifications from
the Actions column
• Create a template in the Work center to send out push notifications to clients
when a client request is created
• There’s nothing to do. Once the client request is created, QuickBooks Online
sends out a notification by default
Which option would you select to display inactive clients in the Clients menu?
• 1: The Bookkeeping tab. It shows all clients regardless of their status

• 2: The Find client search bar and enter the word “inactive”
• 3: The Filter icon and select the Include inactive clients option
• 4: The Grid Gear icon and select the Include inactive clients option
While preparing your client’s books for year end, you find some transactions that may not
have been recorded appropriately.
In which 2 of these cases could you use the Reclassify transactions tool?
• To change the expense account for billable expenses, but not the income account
for the related income transactions
• To change the class and/or location for invoices, sales receipts, checks, or bills
with items (products or services) on them
• To change the account or class for inventory adjustments
• To change the payment account (bank or credit card) for expenses
Which 3 of these steps should you complete before you close a client’s books?
• Reconcile all bank and credit card accounts

• Set the status of all the client’s projects to Completed
• Substantiate all balance sheet accounts
• Disconnect any bank feed links
• Review the profit and loss accounts

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Your client needs a QuickBooks Online solution that includes tracking for:

What’s the minimum subscription level in QuickBooks Online you’d recommend?

Can users with the right permissions in a client-paid subscription add

Which item type would you assign this to in QuickBooks Online?

• Add new Primary admin users

• The customer’s payment terms

• Exclude the transaction

The Undeposited Funds (or Payments to deposit) account is meant to be a

easier by combining multiple transactions into a single record.

How would QuickBooks Online alert you to a discrepancy in the beginning

In classic view, where would you go to make negative numbers in a report

• 1: The Customize button and then the General section

Where would you go to create such a report?

• Reports center > Custom reports tab

Which 2 of the following are ways to create a new tag?

• When creating the request, move the Notify client slider to On

• 1: The Bookkeeping tab. It shows all clients regardless of their status

• Reconcile all bank and credit card accounts

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