QuickBooks Online Certification Exam Questions and Answers 2024

1 QuickBooks Online Certification Exam Questions and Answers 2024 Question (1): QuickBooks Online has some great features. Clients can use Online Invoicing, which will track when they’ve been viewed and paid. Online Invoicing even allows for customer queries via online messages directly linked to the invoice. You now need to enable th is feature in the new client company you’re setting up. Take a look at the steps below 1. Select the Gear icon, and select Account and Settings, under the Your company column) 2. and scroll down to the Online delivery section 3. to ensure that Attach invoice as pdf is unchecked Can you identify the missing steps? Answer: Step 2: Select the Sales tab, Step 3: From the drop-down list, click on the Online invoice. Question (2): Your client has asked you to turn on warnings for duplicate check and bill numbers in their QuickBooks Online company. Take a look at the steps below. 1. 2. Under Your Company, select Account and Settings 3. Select Advanced tab 4. In the Other preferences section, select the option to warn if duplicate check number is used and warn if a duplicate bill number is used 5. 6. Starting at the QuickBooks Online Dashboard, which option would complete the following steps? Answer: Step 1: Select the Gear icon, Step 5: Select Save Question (3): Your client doesn’t want to pay a monthly fee for their QuickBooksPayments merchant account. What another option is available to them, and wherein QuickBooks Online can they sign up for QuickBooksPayments? Answer: There is another plan which means the customer pays the transaction charge; In the Billing and Subscription tab of Account and Settings. Question (4): Your client has moved and needs you to modify the business address of the company in QuickBooks Online. Take a look at the steps below. 1. Sign in to your QuickBooks Online Accountant account 2 2. 3. You’ll see the client company dashboard 4. 5. Select Account and Settings6. Select the Pencil icon in the Address section of the Company tab 6. What are the missing steps to get you to the screen to edit the address for your client? Answer: Step 2: Select the client company from the Client Switcher drop-down in the green header bar. Step 4: Select the Gear icon. Question (5): A great feature of QuickBooks Online is that there are other lists you can utilize to make it easier to fill in forms. Where would you go to find these lists? Answer: Go to the Gear icon and select All Lists Question (6): Where can you go to QuickBooks Online to import a list of products and services? Answer: Select the Gear icon and under the Tools column, select Import Data, then Products and services. 3 Question (7): What is the difference between the “Profit and Loss Report” and the “Balance Sheet Report”? Answer: ● P&L shows activities: income and expenses to arrive at Net Income (Profit) for a specific time period. ● The Balance Sheet shows values: Assets and Liabilities to arrive at Equity (Net Worth) as of a specific date. ● The Net income from the Profit & Loss pass through the equity section in the balance sheet Question (8): The Chart of Accounts lies at the heart of a QuickBooks Online company. Which 5 of the following statements are true about the Chart of Accounts, how to make changes to the Chart of Accounts, and how products and services are linked to the Chart of Accounts? Answer: ● To add a new account, you open the Chart of Accounts by selecting Accounting from th e left navigation, then select New to open the Account window ● The Sales of Product Income account is a default account when inventory is turned on Uncategorized Income and Uncategorized Expense are default accounts for online banking activity ● If you add a new account, the category type determines on which financial statement this account will show ● Delete an account from the Chart of Accounts if it is not relevant to your business Question (9): If you want to give one or more of your employee’s access to Your Practice, what types of user permissions can be set up? Answer: Regular or custom user, Company administrator, Reports only and Time Tracking only. Question (10): Look at the following 2 statements: 1. Statement 1 -“QuickBooks Online is the do -it-for-me option; a complete payroll service with a team of US -based payroll experts to take care of payroll for your client.” 2. Statement 2 -“You can also link up with QuickBooks to simplify workflow and save yourself a significant amount of time. You’ll benefit from a seamless, end-to-end experience that translates a client’s QuickBooks Online books into a tax return.” Identify the products that fit in the spaces to correctly complete the statements. Answer: Statement 1: Full-Service Payroll; Statement 2: ProConnect Tax Online 4 Question (11): Your client wants to transfer $500 from their checking account into a savings account to cover tax liabilities for sales made last month. Where should they start the process? Answer: Navigate to the Quick Create icon, then find the Transfer link. Question (12): Look at these two sentences about Undeposited Funds. 1. By posting to Undeposited Funds, you can create a single bank deposit for multiple payments, making it easy . 2. When receiving a payment, make sure . Which of the options below correctly fills in the blanks? Answer: To match your bank register with your bank statement; 2. the Deposit to account is Undeposited Funds Question (13): You have a client business who uses invoicing, the Accounts Receivable workflow and they use the Banking screen to record a customer payment received. They select an income account and then select Add. What 2 problems will this cause? Answer: ● Their Accounts Receivable balance will not be accurate ● The income account will show duplicate income Question (14): When would you use the Add other funds to this deposit grid in a Deposit Transaction? Identify the 3 correct options below. Answer: ● When an employee reimburses the company ● You receive a tax refund from the IRS ● When a company doesn’t record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts Question (15): Which 2 of the transactions and tools in the list are Posting transactions? Answer: ● Credit memos ● Vendor credits