Exam (elaborations)

Quickbooks Online Exam Questions With Correct Answers

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©SIRJOEL EXAM SOLUTIONS 10/7/2024 11:03AM Quickbooks Online Exam Questions With Correct Answers What are settings for expenses? - answerBills and expenses, purchase orders and messages What are the 4 settings for bills and expenses under expense settings - answer1. Show items table on expens...

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Uploaded on October 20, 2024
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quickbooks online exam questions with correct answ

Institution Quickbooks online
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©SIRJOEL EXAM SOLUTIONS
10/7/2024 11:03AM

Quickbooks Online Exam Questions With
Correct Answers

What are settings for expenses? - answer✔Bills and expenses, purchase orders and messages

What are the 4 settings for bills and expenses under expense settings - answer✔1. Show items

table on expense and purchase forms (only in PLUS)

2. Track expenses and items by customer (only in PLUS)

3. Make expenses and items billable (only in PLUS)

4. Default bill payment terms

Why might you want to undo a reconciliation? - answer✔If the reconciliation was forced,

meaning it was saved even though the difference was not zero. That causes QuickBooks to make

an adjustment.

How do you undo a reconciliation? - answer✔Gear

Reconcile

History by account

Undo

, ©SIRJOEL EXAM SOLUTIONS
10/7/2024 11:03AM

Who can only do a reconciliation? - answer✔Only accountant users

How do I change expense settings? - answer✔Gear icon. Under your company, select account

settings, select the expenses tab, etc.

What are the settings in expense settings for purchase orders - answer✔Use purchase orders or

turn off

What are the settings in expense settings for messaged - answer✔Default email message sent

with each purchase order

Quickbooks Online Payments - answer✔Enables customers to pay with bank transfers or credit

cards. Customers can pay from emailed invoice, in person, or over the phone.

What plans are there for QB payments - answer✔Two plans - one with a monthly fee and a

lower rate per transaction for credit cards and the other has no monthly fee with a higher rate per

transaction for credit cards.

How to set up QB payments - answer✔Select gear

Navigate to Account and Settings

Select Payments

Select Learn More

Select Set up Payments

, ©SIRJOEL EXAM SOLUTIONS
10/7/2024 11:03AM

Answer questions

Can you sign up for QBO Payments on the mobile app? - answer✔Yes

Who should sign up for QB payments? - answer✔The business owner - it includes accepting an

agreement

What are the advanced settings in QBO? - answer✔Accounting (first month of fiscal and income

tax year, cash or accrual, closing books)

company type (partnership, LLC)

Chart of Accounts (turn on account numbers also default accounts for shipping, discounts and

billable expenses)

Categories (class, location)

Automation

Projects (project progress tracking - accountant can't reverse but clients can turn off)

Time-tracking (add a service field to time sheet which allows specific tracking/reporting by

service item; make a single-time activity billable to the customer, show the billing rate to users

entering time, specify first day of work week)

Currency

Other preferences (date and number formats, how to refer to customers, warning on duplicate

checks and bills)

, ©SIRJOEL EXAM SOLUTIONS
10/7/2024 11:03AM

Key points about multi-currency - answer✔1. It must be turned on before importing any data

2. You can't change your home currency.

3. Once you turn it on, it will add extra fields to the QBO database

4. It can't be turned off once it's on.

What are the 5 basic types of accounts for the chart of accounts? - answer✔Income

Expense

Asset

Liability

Equity

What accounts are required for bills - answer✔Accounts receivable and accounts payable

What accounts are set up when inventory is turned on? - answer✔Sales of product income

Inventory asset

Cost of goods sold

What are the default accounts for online banking activity? - answer✔Uncategorized income

Uncategorized expense

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