QuickBooks Online Certification Exam
Why would one record multiple payments as a single bank deposit
transaction? correct answersBy 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 answers1. 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 answers1. Buys paving on credit
6. Vendor bills him
7. Create bill in QuickBooks Online
8. 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 answersClick + 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 answersTrue
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 answersThe 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 answersThe Transaction Journal
(Report) and the Audit Log/Voided/Deleted Transaction tool
The Transaction Journal Report: correct answerscan be used for calculations,
advanced insight, and auditing purposes
Why would one record multiple payments as a single bank deposit
transaction? correct answersBy 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 answers1. 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 answers1. Buys paving on credit
6. Vendor bills him
7. Create bill in QuickBooks Online
8. 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 answersClick + 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 answersTrue
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 answersThe 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 answersThe Transaction Journal
(Report) and the Audit Log/Voided/Deleted Transaction tool
The Transaction Journal Report: correct answerscan be used for calculations,
advanced insight, and auditing purposes
