QuickBooks Online Certification Test Study Guide With Correct Answers Graded A+

Can you delete or make inactive something on a list if it has a balance (e.g. Customer, Vendor, or Stock Product, or Account)? - Yes, QuickBooks will automatically create a transaction to make the balance zero. While setting up a QuickBooks Online account, you accidentally entered the wrong company address. How would you fix this error? - Change it in Account and Settings window, which you can access by clicking the Gear icon and select Account and Settings. If you use QuickBooks Online Plus, how do you charge a customer for expenses you incurred on a project? - When entering the expense, enter the customer name and select the Billable checkbox. Your boss asks you to remove an account from the Chart of Accounts (you don't use it anymore). How would you do this? - You can't delete an Account from QuickBooks. Which transaction does not affect the customer's balance? - Estimate Which transaction CANNOT be made recurring? - Deposit What do you use Terms for in QuickBooks? - To determine when a customer's invoice is due. Select the statement that's NOT true about using the QuickBooks app on a mobile device. - You can do everything (all QuickBooks functionality) on the app that can do in your regular QuickBooks (using a browser). Your Accountant is upset that changes are being made to last year's numbers. How can you stop this from happening? - In the Advanced section of the company settings, set a Closing Date.Which of the following statements is TRUE regarding products and services? - When you purchase or sell a product, the value of the purchase or sale flows to the account (and therefore the financial statement) you selected when you set up the product or service. Which is NOT a good reason to enter a General Journal Entry? - To avoid using the built-in forms (e.g. checks and invoices) Put the 2 steps for entering a vendor credit and using it when you pay the bill in the correct order. - 1. Click the Global Create Button, Plus sign, and select Vendor Credit. 2. Click the Global Create Butto, Plus sign and select Pay Bills. When should you use the Items Details area (bottom of the screenshot below) on a bill, check or expense? - To track sales tax When you want to send someone a bill for items When you purchase stock The Accounts Payable Aging report can help you stay on top of your business because it lists which of the following? - You can view what you owe and when it's due. What information does QuickBooks NOT ask/need when you create a new QuickBooks Online account for a company? - The owner's name Which section of the Balance Sheet shows your Accounts Receivable balance? - Assets Your company would like to sell their products online. They ask you to look for an app that makes it easy for customers to buy online. However, they also want you to be efficient. They do NOT want you to have to manually enter these sales into QuinckBooks. They want the sales to automatically update QuickBooks. What's a good place to start looking for an app that can do this? - The Apps tab in QuickBooks. Your Employer wants to see profit in department A separate from department B. What is the best way to set this up? - Turn on Classes and set up each department as its own class.You have a customer who hires you to work on several projects. How do you keep the sales and expenses for each project separate so you run reports to see how profitable each project is? - Select the "Track separately" checkbox on the invoices for each job