Quickbooks Online Advanced - Advanced Reporting EXAM QUESTIONS (42 TERMS) WITH VERIFIED DEFINITIONS UPDATED 2024
Quickbooks Online Reports
What is a great Benefit of QBO Reports
How does QBO create cash basis reports
Cash Basis Balance Sheet
Cash Basis Profit & Loss
Credit Cards and Cash Basi...
Ans: Summary Reports
Transaction Detail Reports
List Reports
Aging Reports
Special Reports
2). What is a great benefit of qbo reports
Ans: You can run both cash and accrual reports
3). How does qbo create cash basis reports
Ans: It omits A/R and A/P Transactions
4). Cash basis balance sheet
Ans: A/R & A/P should always be Zero
Open Bills and Invoices will not be reflected in Target Acct Balance
5). Cash basis profit & loss
Ans: Only Income Received and Expenses paid appear
does not include unpaid bills or invoices
Uses Paid Status to determine whether the transaction should be included in the cash
basis report
6). Credit cards and cash basis
Ans: Quickbooks treats credit card activity as if they were paid by cash
It does not reverse the entries like the A/P account. The Balance sheet will show a
balance in the liability account. Expenses paid are included in cash basis P & L
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, 7). Unapplied cash payment income
Ans: When a customer payment is recorded but not applied to an invoice
8). Unapplied cash bill payment expense
Ans: if an expense or check transaction is entered and posted to A/P with no bill
associated with it This account can't be adjusted
9). If a payment is made to a bill before the date of the bill it is applied to the payment will be
shown as
Ans: Unapplied Cash Bill Payment Expense
10). If a payment is made to an invoice before the invoice is dated it is applied to
Ans: Unapplied Cash Payment Income
11). 3 main expense and purchase reports
Ans: Purchases by Vendor Detail
Expenses by Vendor Summary
Transaction List by Vendor
Comparing these reports will not necessarily give the same totals
12). What are the customization options?
Ans: General
Aging
Rows/Columns
Filter
Header/footer
13). Customization using the report header options
Ans: you can change the reporting period and accounting method
14). Gear icon on reports
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