Quickbooks Online Certification Study Guide|2023 LATEST UPDATE|GUARANTEED SUCCESS

What does a plus account let you do as an overview? Manage Bills, Track billable time, track inventory What is Matching Expenses? Using money spent for the business converts into expenses on quickbooks to match the amount spent. Self employed and simple start contains how many seats? one How many seats are in Plus? up to 5 users What is one factor to consider when choosing a QuickBooks Online Plan? How many users and the type of business. Which two Quickbooks Online plans are ideal for freelancers, entrepreneurs, and small businesses that only sell one service? Self employed and simple start How many user seats does the advance plan include? 25 List three benefits of using Quickbooks Online? Better shared access to data with employees and accountants. No software or local data to manage and access anywhere. Automatic app sync with nightly download. According the to the QuickBooks software license agreement, what are the authorized users? Means any and all individuals who you designated or authorized to access and / or modify software data on your behalf. What happens if a company allows more that the allotted number of users on their QBO plan yto access and modify data? Breaches the license agreement with legal repercussions. (fine or court order). When migrating desktop information to the online version of QuickBooks, the desktop information automatically updates the newest version. True or False. True What is the first step in migrating data? Select settings and then import desktop data What is the second step in migrating data? Select online migration tool then get started. What is the third step in migrating data? Elect my files, temporary files, then elect your file and refresh. What type of information will not migrate to QuickBooks online? Multi currency functions, transaction line item lists of over 350k , memorized or port transactions. How does one reconcile accounts to ensure the data transfer was successful? Run a profit and loss report and balance sheet report for both your desktop and online accounts to make sure they balance. What type of accounting should one use for the reconciliation process? Accrual Accounting Name three types of user roles that do not count toward the QBO user limit. Reports only, time tracking only, and take payment only. Which user role has complete access to see and do everything with an account? Admin User Can only one user be assigned the company admin role? yes Which user role does not have complete access to an account but can enter invoices, sales, and expenses, and work with costumer and vendor lists? Standard Users Name two types of user roles that count towards the Quickbooks user limit. Standard user and admin user Which user role allows employees to track their hours? Time tracking What can a standard user do? Invoices, sales, expenses. They can work with a customer and vendor lists to manage subscriptions. Update company info. Also enter time sheet data. What can take payments only person do? Can take payments with the QuickBooks GoPayment app, but can't access the rest of your QuickBooks company. What can Reports only person do? See all reports except one that shows payroll or contact info. What can time tracking person only do? They can add their own time sheets. What can a company admin do? They can see and do anything this includes sending money and changing passwords. What is an Employer identification number (EIN)? A SSN for your business for the IRS to track your revenue. Should companies change their EIN frequently? No What icon do users select to edit company information sections? The pencil icon in the certain section. How can users ensure that only certain people can change the books after closing them? By closing the books in advanced settings and changing it to passwords only where it gives a warning and only accessed by Admin. What is accrual accounting method? Reports income and expenses as they happen. What accounting method is used mainly by individuals and small businesses and why? Cash accounting, they use it because they don't always have the cashflow to cover a payment they haven't yet received. What accounting method gives the most accurate assessment of a companies financial health? Accural Accounting Is it a good idea to switch back and forth between accounting methods frequently? No Name three examples of class segments for a business. they are broken down into departments, divisions, products, or any other business segment. What is another way to track transactions besides class and projects? Locations What updates accordingly as income and expenses are added to a project? Income costs and profit numbers Can 2 vendors or customers have the same display name? No Which automated workflow allows users to add memo to late invoices? Overdue Invoice Memos All automated workflows automatically send emails to customers. False Which automated task would a user set up to notify customers their payment has been received? Payment received reminder workflow