QUICKBOOKS ONLINE FINAL PAPER
EXAM SCRIPT SOLVED QUESTIONS 2026
100% CORRECT.
◍ Any other requirements Answer:Don't forget to ask your client
whether there is anything else they may need that you haven't yet
covered or asked.
They may already have an accounting solution and wish to convert
their existing account to QuickBooks Online.
◍ Transaction volume Answer:This section is important because it
will reveal to ProAdvisors the transactional volume and scope of the
client's business. It may, for example, indicate that the client might
benefit from a QuickBooks Online Advanced subscription, if
transactions exceed a threshold of 43,000. This is because
QuickBooks Online Advanced offers accelerated data-entry features.
◍ Industry trends Answer:While you need to take the time to
understand each client's specific requirements, there are some
common themes and pain points based on which industry they're in.
These are five common business industry types, and each comes with
its own pain points:
- Professional services
- Contractor/field services
- Retail and e-commerce
- B2B wholesale business
,- Nonprofits
◍ IT: Professional services Answer:Managing cash flow is essential
for these types of businesses, because they often incur expenses up
front, before they receive payment.
Time tracking and job costing are essential to ensure the profitability
of any business. This holds especially true for these clients, who must
spread limited resources—including their time—across various jobs.
◍ IT: Contractor/Field Services Answer:These clients are always out
and about in the field, which means they don't have a lot of time for
bookkeeping. They need solutions that let them stay on top of their
books, wherever their projects take them.
◍ IT: Retail and e-commerce Answer:Retail and e-commerce
businesses are optimized to sell products and deliver exceptional
customer experiences. Sales, payment, and staff management systems
must work closely together to better manage profit and loss.
Understanding cash flow and balance sheets is necessary to run any
business. It's especially important to retailers and resellers, who must
manage sales and inventory on top of being ready to do taxes when
the time comes.
Managing inventory and avoiding out-of-stock situations are critical
to the success of retail and e-commerce customers.
◍ IT: B2B Wholesale business Answer:Wholesale businesses rely on
knowing their inventory at all times. They also need to be able to keep
track of all the logistics that go with shipping orders of all sizes, from
,sales forms and invoices to store locations and agreements with
shipping companies.
◍ IT: Nonprofit Answer:Nonprofit and charitable organizations often
track the expenses of various programs and funds. Donations often
have to be tracked in as well as out when allocated to various
branches of the charity.
QuickBooks Online seeks to help make keeping track of donations,
pledges, and other funds quick and simple.
◍ Migration Answer:There are three ways to get information into
QuickBooks Online:
- Convert data in existing QuickBooks Desktop software
- Import customers, vendors, charts of accounts, and products and
services lists from Excel
- Enter all data manually
◍ Dan Cheng is another new client. Dan offers a virtual
assistant/professional service, Cheng's Master VA.
He started his business a year ago and grossed $60,000 in that year.
Dan doesn't yet use an accounting solution and has a shoebox full of
handwritten notes and receipts. However, he's excited to set up a
solution that will provide detailed customer breakdown of his sales
and customer history.
Based on what you already know of Dan, which of the following
Sales and Accounts Receivable items would you mark with Yes in the
Needs Assessment tab of the checklist? Answer:Dan would benefit
from custom invoices, sales receipts, and statements.
, Custom invoices might help when he needs to track customers and
run more detailed reports to make sure he's working in the most
efficient way with the customers who generate the most income.
Statements are a great tool for service-based businesses that can
generate information on what services they're providing to customers.
Clients can even use them to tailor their offering so the client gets
great value based on what they can afford.Dan doesn't need
Multicurrency, nor sales tax, which would be an essential requirement
for a retailer selling physical products.
◍ Quickbooks Online Subscriptions Answer:Self-Employed; Simple
Start; Essentials; Plus; Advanced
◍ QBO Sub: Self-Employed Answer:- Scheduled C; Cash basis
- 1099 Income & W2
- Separate Business/Personal Accounts
- 1 user & 1 accountant
◍ QBO Sub: Simple Start Answer:- Sole proprietor or single-owner
corporations
- Full general ledger & accounts receiveable
- Multiple sources of income
- 1 user & 2 accountants
◍ QBO Sub: Essentials Answer:- Growing business
- Manage accounts payable & accounts receivables
EXAM SCRIPT SOLVED QUESTIONS 2026
100% CORRECT.
◍ Any other requirements Answer:Don't forget to ask your client
whether there is anything else they may need that you haven't yet
covered or asked.
They may already have an accounting solution and wish to convert
their existing account to QuickBooks Online.
◍ Transaction volume Answer:This section is important because it
will reveal to ProAdvisors the transactional volume and scope of the
client's business. It may, for example, indicate that the client might
benefit from a QuickBooks Online Advanced subscription, if
transactions exceed a threshold of 43,000. This is because
QuickBooks Online Advanced offers accelerated data-entry features.
◍ Industry trends Answer:While you need to take the time to
understand each client's specific requirements, there are some
common themes and pain points based on which industry they're in.
These are five common business industry types, and each comes with
its own pain points:
- Professional services
- Contractor/field services
- Retail and e-commerce
- B2B wholesale business
,- Nonprofits
◍ IT: Professional services Answer:Managing cash flow is essential
for these types of businesses, because they often incur expenses up
front, before they receive payment.
Time tracking and job costing are essential to ensure the profitability
of any business. This holds especially true for these clients, who must
spread limited resources—including their time—across various jobs.
◍ IT: Contractor/Field Services Answer:These clients are always out
and about in the field, which means they don't have a lot of time for
bookkeeping. They need solutions that let them stay on top of their
books, wherever their projects take them.
◍ IT: Retail and e-commerce Answer:Retail and e-commerce
businesses are optimized to sell products and deliver exceptional
customer experiences. Sales, payment, and staff management systems
must work closely together to better manage profit and loss.
Understanding cash flow and balance sheets is necessary to run any
business. It's especially important to retailers and resellers, who must
manage sales and inventory on top of being ready to do taxes when
the time comes.
Managing inventory and avoiding out-of-stock situations are critical
to the success of retail and e-commerce customers.
◍ IT: B2B Wholesale business Answer:Wholesale businesses rely on
knowing their inventory at all times. They also need to be able to keep
track of all the logistics that go with shipping orders of all sizes, from
,sales forms and invoices to store locations and agreements with
shipping companies.
◍ IT: Nonprofit Answer:Nonprofit and charitable organizations often
track the expenses of various programs and funds. Donations often
have to be tracked in as well as out when allocated to various
branches of the charity.
QuickBooks Online seeks to help make keeping track of donations,
pledges, and other funds quick and simple.
◍ Migration Answer:There are three ways to get information into
QuickBooks Online:
- Convert data in existing QuickBooks Desktop software
- Import customers, vendors, charts of accounts, and products and
services lists from Excel
- Enter all data manually
◍ Dan Cheng is another new client. Dan offers a virtual
assistant/professional service, Cheng's Master VA.
He started his business a year ago and grossed $60,000 in that year.
Dan doesn't yet use an accounting solution and has a shoebox full of
handwritten notes and receipts. However, he's excited to set up a
solution that will provide detailed customer breakdown of his sales
and customer history.
Based on what you already know of Dan, which of the following
Sales and Accounts Receivable items would you mark with Yes in the
Needs Assessment tab of the checklist? Answer:Dan would benefit
from custom invoices, sales receipts, and statements.
, Custom invoices might help when he needs to track customers and
run more detailed reports to make sure he's working in the most
efficient way with the customers who generate the most income.
Statements are a great tool for service-based businesses that can
generate information on what services they're providing to customers.
Clients can even use them to tailor their offering so the client gets
great value based on what they can afford.Dan doesn't need
Multicurrency, nor sales tax, which would be an essential requirement
for a retailer selling physical products.
◍ Quickbooks Online Subscriptions Answer:Self-Employed; Simple
Start; Essentials; Plus; Advanced
◍ QBO Sub: Self-Employed Answer:- Scheduled C; Cash basis
- 1099 Income & W2
- Separate Business/Personal Accounts
- 1 user & 1 accountant
◍ QBO Sub: Simple Start Answer:- Sole proprietor or single-owner
corporations
- Full general ledger & accounts receiveable
- Multiple sources of income
- 1 user & 2 accountants
◍ QBO Sub: Essentials Answer:- Growing business
- Manage accounts payable & accounts receivables
