QuickBooks Online Certification Test Study Guide 2023 with Complete Solutions

Can you delete or make inactive something on a list if it has a balance (e.g. Customer, Vendor, or Stock Product, or Account)? - Correct Answer 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? - Correct Answer 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? - Correct Answer 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? - Correct Answer You can't delete an Account from QuickBooks. Which transaction does not affect the customer's balance? - Correct Answer Estimate Which transaction CANNOT be made recurring? - Correct Answer Deposit What do you use Terms for in QuickBooks? - Correct Answer 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. - Correct Answer 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? - Correct Answer In the Advanced section of the company settings, set a Closing Date. Which of the following statements is TRUE regarding products and services? - Correct Answer 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? - Correct Answer To avoid using the built-in forms (e.g. checks and invoices)