QUICKBOOKS ONLINE CERTIFICATION
EXAM- SECTION #5 QUESTIONS AND
ANSWERS
An estimate - Answer-is a non-posting transaction
What 3 statements are true about estimates in QuickBooks Online? - Answer-Estimates
are non-posting transactions, that can converted to invoices, once they are accepted
and the work is done or the service is provided. Invoices are posting transactions.
Estimate data can be copied across to create a purchase order in QuickBooks Online.
Credit memos in QuickBooks Online allow you or your clients to allocate credits to
customers so that next time they are invoiced, the credit can be applied. - Answer-This
method is just reducing Accounts Receivable.
It is not refunding cash to the customer. For that, you'd issue a refund receipt.
Can QuickBooks Online apply credits automatically? - Answer-In the Advanced tab of
Accounts and Settings, you can select a checkbox that will automatically apply credits to
an existing or new customer invoices.
Customer statements: - Answer-balance forward-shows a lists of invoices and
payments with the balance for the date range selected
open item-shows a list of all open or unpaid invoices
transaction statement-shows a customer all of their transactions between them and their
business between two set dates
Vendor credits - Answer-are a way of recording a credit to vendors' account payable, so
that the credit can be applied to an existing open bill or the next bill received from a
particular vendor
When can a vendor credit be used? - Answer-it can be added to an existing bill or it can
be applied to a future bill
Vendor credits post as a debit to what accounts payable? - Answer-decrease accounts
payable
True or false: A vendor credit can be linked to a cash refund, when the cash is
deposited? - Answer-True
EXAM- SECTION #5 QUESTIONS AND
ANSWERS
An estimate - Answer-is a non-posting transaction
What 3 statements are true about estimates in QuickBooks Online? - Answer-Estimates
are non-posting transactions, that can converted to invoices, once they are accepted
and the work is done or the service is provided. Invoices are posting transactions.
Estimate data can be copied across to create a purchase order in QuickBooks Online.
Credit memos in QuickBooks Online allow you or your clients to allocate credits to
customers so that next time they are invoiced, the credit can be applied. - Answer-This
method is just reducing Accounts Receivable.
It is not refunding cash to the customer. For that, you'd issue a refund receipt.
Can QuickBooks Online apply credits automatically? - Answer-In the Advanced tab of
Accounts and Settings, you can select a checkbox that will automatically apply credits to
an existing or new customer invoices.
Customer statements: - Answer-balance forward-shows a lists of invoices and
payments with the balance for the date range selected
open item-shows a list of all open or unpaid invoices
transaction statement-shows a customer all of their transactions between them and their
business between two set dates
Vendor credits - Answer-are a way of recording a credit to vendors' account payable, so
that the credit can be applied to an existing open bill or the next bill received from a
particular vendor
When can a vendor credit be used? - Answer-it can be added to an existing bill or it can
be applied to a future bill
Vendor credits post as a debit to what accounts payable? - Answer-decrease accounts
payable
True or false: A vendor credit can be linked to a cash refund, when the cash is
deposited? - Answer-True
