QuickBooks Online Certification Exam- Section 5 Questions and Answers
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Course
Quickbooks online
Institution
Quickbooks Online
Why would one record multiple payments as a single bank deposit transaction? - Answer-By recording them to Undeposited Funds, they will be added to one single bank deposit transaction, to match the actual bank deposit amount.
This means when the bookkeeper tries to reconcile the accounts, it's e...
QuickBooks Online Certification Exam-
Section 5 Questions and Answers
Why would one record multiple payments as a single bank deposit transaction? -
Answer-By recording them to Undeposited Funds, they will be added to one single bank
deposit transaction, to match the actual bank deposit amount.
This means when the bookkeeper tries to reconcile the accounts, it's easy to match the
total bank deposit value of XX to the same amount on the bank statement.
A proper customer workflow: - Answer-1. Provide service
2. Invoice customer
3. Receive payment
4. Take money to the bank
5. Create a bank deposit transaction
A proper vendor workflow: - Answer-1. Buys paving on credit
2. Vendor bills him
3. Create bill in QuickBooks Online
4. Make payment
When you create the bill in QuickBooks Online, it will show up in the Accounts Payable,
so you know money is due to come out of the business. But you can help your cashflow
by keeping money in the bank for the next 60 days until it's time to pay the vendor.
Recording a Bank Deposit - Answer-Click + New button, select Bank Deposit, Select
Account as Checking
True or False? A payment on an invoice that uses Undeposited Funds that is
subsequently deposited cannot be deleted until that payment is removed from the
deposit that it was linked to. - Answer-True
During a meeting with Karl you notice that while he has been entering the bills to record
the expenses, the bookkeeper has been using the Check screen to create payments to
Vendors, essentially recording the expenses twice in QuickBooks Online. - Answer-The
proper workflow would be to create a bill and then use Pay Bills to record the payments
against the bill and close out the Accounts Payable balance.
Two tools that QuickBooks Online offers to help with issues regarding transaction
workflow are - Answer-The Transaction Journal (Report) and the Audit
Log/Voided/Deleted Transaction tool
The Transaction Journal Report: - Answer-can be used for calculations, advanced
insight, and auditing purposes
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