QuickBooks Questions and Answers 2023

QuickBooks Questions and Answers 2023 Complete the following statement: The QuickBooks Online ____________ is a platform that you and your clients can use to build the perfect solution, by adding ___________ that bring additional functionality. 1. ecosystem; 2. apps How many points does your firm need to reach the platinum tier of the ProAdvisor® program? 800 Which Intuit product allows you to manage your clients and your practice all in one place? QB Accountant Which of the following items can you access from the Your Practice area?(Select all that apply) List of Client Companies, Team section, Work space, Apps, & ProAdvisor The lifecycle can be broken down into a manageable timeline: Daily: Manage the books by running small tasks Monthly: Analyze and balance the books Quarterly: Evaluate and maintain finances Annually: Finalize books and report taxes Which of the following tasks should be performed weekly? Record transactions Document and file receipts Review unpaid bills Prepare and send invoices Pay vendors, sign checks Review projected cash flow Where would you go to find the following accountant-only features? Prep for taxes, Reclassify Transactions, Voided/Deleted Transactions, and Write Off Invoice Accountant Tools What information can you see on the dashboard? Select all of the options that are correct. Income and sales data Profit and loss figures Expenses Credit card balances Bank balances Which of the following statements are true of the QuickBooks Online mobile app? (Select all that apply.) It syncs with QuickBooks Online on the web: Any task completed in the app updates QuickBooks Online. The same security that protects your QuickBooks Online data on the web applies when you use the QuickBooks Online mobile app. Which of the following are correct statements about a client's QuickBooks Online company? Select all that apply. A QuickBooks company is made up of lists and transactions There are multiple entry points for finding different lists and transactions As an accountant user, you have an additional drop-down menu in your client's company Settings and tools can be accessed from the Gear icon Which of the following statements are true of the QuickBooks Online Dashboard? Select all the correct options from the list. You can see deposits and information on unpaid and overdue invoices You can select a card to go to the Sales or Expenses Center You start off in Dashboard when you enter a client account Your client wants to know if they can manage their expenses using the mobile app. What do you tell them? Yes. They can add expenses on the mobile app and it will automatically sync them with QuickBooks Online Your client complains they have too many expense receipts to keep track of and they keep losing them. Which of these is the best advice? They should take a photo of the receipt on their mobile phone and attach it to an expense transaction via the QuickBooks Online mobile app Craig has received several checks from his customers, totaling $2500. He's marking the payments as Received in QuickBooks Online. Undeposited Funds Simple cash-basis business Make sale (receive cash, an ACH transfer or a check for services rendered or a product sold) Create sales receipts and record them to Undeposited Funds. Receipts are placed into a drawer or cash register Pay money into the bank Create a Deposit Transaction in QuickBooks Online Match the bank deposit to the bank feed in QuickBooks Online Simple accrual-basis business Provide service Invoice customer Receive payment and deposit it to Undeposited Funds in QuickBooks Online Pay money into the bank Create Deposit Transaction in QuickBooks Online Match the bank deposit to the bank feed in QuickBooks Online Complex accrual-basis business Customer makes sales inquiry Create estimate of total charges Customer accepts estimate Create progress invoice for 50% of the total charges (invoice 1) Customer pays invoice 1 Receive payment and deposit to Undeposited Funds in QuickBooks Online Pay money into bank Create Deposit Transaction in QuickBooks Online Match bank deposit to the bank feed in QuickBooks Online As part of the progress invoice, create second invoice (remaining 50% of estimate) Estimate is closed ($0) Customer pays invoice 2 Receive payment and deposit to Undeposited Funds in QuickBooks Online Pay money into bank Create Deposit Transaction in QuickBooks Online Match bank deposit to the bank feed in QuickBooks Online Take a look at the following customer workflow: Provide service Invoice customer ______________ Take money to the bank __________________ 3) Receive payment 5) Create a bank deposit transaction Using the Sales Center, how can you quickly find the overdue invoices in a company's accounts? By going to the Money Bar Where can Craig record this information so it appears automatically on new invoices? Payments and billing "Transaction forms that reduce the amount owed on a customer's account and record the return of goods" Credit memo Which of the following are accurate descriptions of the process of creating a sales receipt in QuickBooks Online? Select all of the options that are true. You can add a new customer without leaving the process You can use + New to get to the Sales Receipt screen Which is the best definition of an invoice from the options below? It's what you send a customer when work has been done and payment is due The ________________ transaction is used to record a sale that was completed and paid for at the time of sale. Sales receipt