Quick-Books Online Certification Exam
Questions with Latest Update
Write down the true statements regarding how to make changes to the QuickBooks
Chart of
Accounts and how to link products and services to the chart of accounts? - Answer-We
have to access the chart of accounts to add a new account. And then, click on New to
launch the Account window.
When you have turned on the inventory, the default account will be the Sales of
Product
Income account.
The category type decides on which financial statement the new account will appear
while adding a new account.
Once you have set up Products and Services, they will be linked it to the chart of
accounts by specifying sales price.
It is recommended to delete an account from the chart of accounts if is irrelevant to the
business.
You should look into the sales tax requirements of your clients for their business and
locality, as
part of understanding the client's requirements.
What information will be required to set sales tax up in QuickBooks Online? (Only for
home-state
business) - Answer-The company address
Starting date of their current tax.
How often do they file a tax return?
Starting date of collecting sales tax for the agency.
What are the unique features of QuickBooks Enterprise that no other version has? -
Answer-User limit: 5 to 30
A limitless items amount vs. 14500 max with Pro/Premier
Powerful Inventory features
Runs faster in a network multi-user environment
Individual user access per area
What is the main difference between QuickBooks Pro and Premier? - Answer-You can
create P.O.'s directly from sales orders, change
orders, and manage industry-specific reports such as Retail, Wholesale and
Manufacturer, Non-Profit,
Professional, Contractor, and services. Whereas, QuickBooks Pro doesn't contain this
feature.
What are the main tips for a beginner to speed up the work in QuickBooks? - Answer-
Verify the date: The wrong dates will always give the wrong reports.
, Utilize Tab rather than Enter: Enter inclines to the opposite of what you want.
Practice shortcuts: Speeding up the data entry procedure, particularly with dates. And,
reconcile accounts along with discarding the duplicate transactions.
Use the Home page in case of finding out a lost page.
Follow Accounting Rules such as expense matching and revenue recognition.
Which financial reports are to be prepared at the end of the year for the tax preparation
or other
type of financial reporting? - Answer-Profit and Loss, balance sheet A/R Aging, A/P
Aging, Summary of Inventory Valuation, Profit by
job, etc. are to be prepared at the end of the year for the tax preparation.
What is the difference between a Custom Transaction Detail Report and a Custom
Summary
Report? - Answer-Detail: Transaction by transaction, Line by line, detailed transaction.
Summary: Consists of the totals for a customer or vendor/totals for a particular account.
Where you can find the transfer funds function in QuickBooks Online? - Answer-Under
the 'Quick Create' option, you can find the transfer funds function in QBO.
What type of user permissions need to be set up to give access to one or more
employees to
your practice? - Answer-Company administrator, Regular or custom user, Time
Tracking only, and Reports only.
Where can you import a list of products and services in QuickBooks Online? - Answer-
Choose the Gear icon and select All Lists. Here, you can import a list of products and
services.
Which of these Company Settings must be chosen in order to activate online invoices:
Include sales forms as PDF attachments
Email a link to customers to pay invoices online
HTML emails
Include invoice as a PDF attachment - Answer-Option B (Email a link to customers to
pay invoices online)
What are the steps to turn on warnings for duplicate check and bill numbers in
QuickBooks
Online Company? - Answer-First of all, choose the Gear icon.
Click on the Account and Settings option under your Company.
Select the Advanced tab.
Now, select the option to warn in the other preferences section.
Finally, click on the Save option.
If your client wants to modify the business address of the company in QBO, what steps
he
Questions with Latest Update
Write down the true statements regarding how to make changes to the QuickBooks
Chart of
Accounts and how to link products and services to the chart of accounts? - Answer-We
have to access the chart of accounts to add a new account. And then, click on New to
launch the Account window.
When you have turned on the inventory, the default account will be the Sales of
Product
Income account.
The category type decides on which financial statement the new account will appear
while adding a new account.
Once you have set up Products and Services, they will be linked it to the chart of
accounts by specifying sales price.
It is recommended to delete an account from the chart of accounts if is irrelevant to the
business.
You should look into the sales tax requirements of your clients for their business and
locality, as
part of understanding the client's requirements.
What information will be required to set sales tax up in QuickBooks Online? (Only for
home-state
business) - Answer-The company address
Starting date of their current tax.
How often do they file a tax return?
Starting date of collecting sales tax for the agency.
What are the unique features of QuickBooks Enterprise that no other version has? -
Answer-User limit: 5 to 30
A limitless items amount vs. 14500 max with Pro/Premier
Powerful Inventory features
Runs faster in a network multi-user environment
Individual user access per area
What is the main difference between QuickBooks Pro and Premier? - Answer-You can
create P.O.'s directly from sales orders, change
orders, and manage industry-specific reports such as Retail, Wholesale and
Manufacturer, Non-Profit,
Professional, Contractor, and services. Whereas, QuickBooks Pro doesn't contain this
feature.
What are the main tips for a beginner to speed up the work in QuickBooks? - Answer-
Verify the date: The wrong dates will always give the wrong reports.
, Utilize Tab rather than Enter: Enter inclines to the opposite of what you want.
Practice shortcuts: Speeding up the data entry procedure, particularly with dates. And,
reconcile accounts along with discarding the duplicate transactions.
Use the Home page in case of finding out a lost page.
Follow Accounting Rules such as expense matching and revenue recognition.
Which financial reports are to be prepared at the end of the year for the tax preparation
or other
type of financial reporting? - Answer-Profit and Loss, balance sheet A/R Aging, A/P
Aging, Summary of Inventory Valuation, Profit by
job, etc. are to be prepared at the end of the year for the tax preparation.
What is the difference between a Custom Transaction Detail Report and a Custom
Summary
Report? - Answer-Detail: Transaction by transaction, Line by line, detailed transaction.
Summary: Consists of the totals for a customer or vendor/totals for a particular account.
Where you can find the transfer funds function in QuickBooks Online? - Answer-Under
the 'Quick Create' option, you can find the transfer funds function in QBO.
What type of user permissions need to be set up to give access to one or more
employees to
your practice? - Answer-Company administrator, Regular or custom user, Time
Tracking only, and Reports only.
Where can you import a list of products and services in QuickBooks Online? - Answer-
Choose the Gear icon and select All Lists. Here, you can import a list of products and
services.
Which of these Company Settings must be chosen in order to activate online invoices:
Include sales forms as PDF attachments
Email a link to customers to pay invoices online
HTML emails
Include invoice as a PDF attachment - Answer-Option B (Email a link to customers to
pay invoices online)
What are the steps to turn on warnings for duplicate check and bill numbers in
QuickBooks
Online Company? - Answer-First of all, choose the Gear icon.
Click on the Account and Settings option under your Company.
Select the Advanced tab.
Now, select the option to warn in the other preferences section.
Finally, click on the Save option.
If your client wants to modify the business address of the company in QBO, what steps
he
