QuickBooks Online Certification Exam Section 5 (2026 Updated) – Practice Questions, Answers
& Study Guide
Why would one record multiple payments as a single bank deposit transaction? - correct 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: - correct 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: - correct 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 - correct 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. - correct 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. - correct 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 -
correct answer ✔✔The Transaction Journal (Report) and the Audit Log/Voided/Deleted
Transaction tool
The Transaction Journal Report: - correct answer ✔✔can be used for calculations, advanced
insight, and auditing purposes
can be used as a tool to identify transactions that have gone out of balance
can assist in identifying suspicious or odd entries for accounts on other reports
The Voided/Deleted Transaction Tool: - correct answer ✔✔helps you spot any transaction that a
client may have voided or deleted, accidentally or not
It is a filtered version of the Audit log and it's only available to the Accountant via the
Accountant toolbox
It is important to coach your clients in how to work and view different centers in the left
navigation - correct answer ✔✔Sales Center-viewing and recording invoices and income from
their Customers,
Expense Center-for recording incoming bills for products and services and their payments to
Vendors
& Study Guide
Why would one record multiple payments as a single bank deposit transaction? - correct 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: - correct 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: - correct 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 - correct 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. - correct 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. - correct 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 -
correct answer ✔✔The Transaction Journal (Report) and the Audit Log/Voided/Deleted
Transaction tool
The Transaction Journal Report: - correct answer ✔✔can be used for calculations, advanced
insight, and auditing purposes
can be used as a tool to identify transactions that have gone out of balance
can assist in identifying suspicious or odd entries for accounts on other reports
The Voided/Deleted Transaction Tool: - correct answer ✔✔helps you spot any transaction that a
client may have voided or deleted, accidentally or not
It is a filtered version of the Audit log and it's only available to the Accountant via the
Accountant toolbox
It is important to coach your clients in how to work and view different centers in the left
navigation - correct answer ✔✔Sales Center-viewing and recording invoices and income from
their Customers,
Expense Center-for recording incoming bills for products and services and their payments to
Vendors
