QUICKBOOKS ONLINE EXAM SCRIPT
VERIFIED QUESTIONS WITH ACCURATE
ANSWERS
●● What are the 4 settings for bills and expenses under expense settings
Answer: 1. Show items table on expense and purchase forms (only in
PLUS)
2. Track expenses and items by customer (only in PLUS)
3. Make expenses and items billable (only in PLUS)
4. Default bill payment terms
●● Why might you want to undo a reconciliation?
Answer: If the reconciliation was forced, meaning it was saved even
though the difference was not zero. That causes QuickBooks to make an
adjustment.
●● How do you undo a reconciliation?
Answer: Gear
Reconcile
History by account
Undo
,●● Who can only do a reconciliation?
Answer: Only accountant users
●● How do I change expense settings?
Answer: Gear icon. Under your company, select account settings, select
the expenses tab, etc.
●● What are the settings in expense settings for purchase orders
Answer: Use purchase orders or turn off
●● What are the settings in expense settings for messaged
Answer: Default email message sent with each purchase order
●● Quickbooks Online Payments
Answer: Enables customers to pay with bank transfers or credit cards.
Customers can pay from emailed invoice, in person, or over the phone.
●● What plans are there for QB payments
Answer: Two plans - one with a monthly fee and a lower rate per
transaction for credit cards and the other has no monthly fee with a
higher rate per transaction for credit cards.
●● How to set up QB payments
,Answer: Select gear
Navigate to Account and Settings
Select Payments
Select Learn More
Select Set up Payments
Answer questions
●● Can you sign up for QBO Payments on the mobile app?
Answer: Yes
●● Who should sign up for QB payments?
Answer: The business owner - it includes accepting an agreement
●● What are the advanced settings in QBO?
Answer: Accounting (first month of fiscal and income tax year, cash or
accrual, closing books)
company type (partnership, LLC)
Chart of Accounts (turn on account numbers also default accounts for
shipping, discounts and billable expenses)
Categories (class, location)
Automation
Projects (project progress tracking - accountant can't reverse but clients
can turn off)
, Time-tracking (add a service field to time sheet which allows specific
tracking/reporting by service item; make a single-time activity billable to
the customer, show the billing rate to users entering time, specify first
day of work week)
Currency
Other preferences (date and number formats, how to refer to customers,
warning on duplicate checks and bills)
●● Key points about multi-currency
Answer: 1. It must be turned on before importing any data
2. You can't change your home currency.
3. Once you turn it on, it will add extra fields to the QBO database
4. It can't be turned off once it's on.
●● What are the 5 basic types of accounts for the chart of accounts?
Answer: Income
Expense
Asset
Liability
Equity
●● What accounts are required for bills
Answer: Accounts receivable and accounts payable
VERIFIED QUESTIONS WITH ACCURATE
ANSWERS
●● What are the 4 settings for bills and expenses under expense settings
Answer: 1. Show items table on expense and purchase forms (only in
PLUS)
2. Track expenses and items by customer (only in PLUS)
3. Make expenses and items billable (only in PLUS)
4. Default bill payment terms
●● Why might you want to undo a reconciliation?
Answer: If the reconciliation was forced, meaning it was saved even
though the difference was not zero. That causes QuickBooks to make an
adjustment.
●● How do you undo a reconciliation?
Answer: Gear
Reconcile
History by account
Undo
,●● Who can only do a reconciliation?
Answer: Only accountant users
●● How do I change expense settings?
Answer: Gear icon. Under your company, select account settings, select
the expenses tab, etc.
●● What are the settings in expense settings for purchase orders
Answer: Use purchase orders or turn off
●● What are the settings in expense settings for messaged
Answer: Default email message sent with each purchase order
●● Quickbooks Online Payments
Answer: Enables customers to pay with bank transfers or credit cards.
Customers can pay from emailed invoice, in person, or over the phone.
●● What plans are there for QB payments
Answer: Two plans - one with a monthly fee and a lower rate per
transaction for credit cards and the other has no monthly fee with a
higher rate per transaction for credit cards.
●● How to set up QB payments
,Answer: Select gear
Navigate to Account and Settings
Select Payments
Select Learn More
Select Set up Payments
Answer questions
●● Can you sign up for QBO Payments on the mobile app?
Answer: Yes
●● Who should sign up for QB payments?
Answer: The business owner - it includes accepting an agreement
●● What are the advanced settings in QBO?
Answer: Accounting (first month of fiscal and income tax year, cash or
accrual, closing books)
company type (partnership, LLC)
Chart of Accounts (turn on account numbers also default accounts for
shipping, discounts and billable expenses)
Categories (class, location)
Automation
Projects (project progress tracking - accountant can't reverse but clients
can turn off)
, Time-tracking (add a service field to time sheet which allows specific
tracking/reporting by service item; make a single-time activity billable to
the customer, show the billing rate to users entering time, specify first
day of work week)
Currency
Other preferences (date and number formats, how to refer to customers,
warning on duplicate checks and bills)
●● Key points about multi-currency
Answer: 1. It must be turned on before importing any data
2. You can't change your home currency.
3. Once you turn it on, it will add extra fields to the QBO database
4. It can't be turned off once it's on.
●● What are the 5 basic types of accounts for the chart of accounts?
Answer: Income
Expense
Asset
Liability
Equity
●● What accounts are required for bills
Answer: Accounts receivable and accounts payable
