QuickBooks Online Test Questions and Answers 100% Solved

Quick Books Online Test Q uestions and Answers 100% Solved What are settings for expenses? Bills and expenses, purchase orders and messages What are the 4 settings for bills and expenses under expense settings 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? 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? Gear Reconcile History by account Undo Who can only do a reconciliation? Only accountant users How do I change expense settings? Gear icon. Under your company, select account settings, select the expenses tab, etc. What are the settings in expense settings for purchase orders Use purchase orders or turn off What are the settings in expense settings for messaged Default email message sent with each purchase order Quickbooks Online Payments 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 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 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? Yes Who should sign up for QB payments? The business owner - it includes accepting an agreement What are the advanced settings in QBO? 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 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? Income Expense Asset Liability Equity What accounts are required for bills Accounts receivable and accounts payable What accounts are set up when inventory is turned on? Sales of product income Inventory asset Cost of goods sold What are the default accounts for online banking activity? Uncategorized income Uncategorized expense What accounts are used in cash reporting and constructive receipt income? Unapplied cash payment income Unapplied Bill payment expense What are some default accounts? Retained earnings Opening balance equity Uncategorized asset Service income Undeposited funds What are the 4 item types in the products and services list? Inventory (plus only) Non -inventory Service Bundle Can you use a product/service on a purchase transaction? Only in Plus How do you enter a service? Gear Products and services from List column Service Complete fields: name, category (can be blank), save Bottom of screen: Description, sales price/rate, code for income account How to add a product or service Gear Products and services from list