Quickbooks Online UPDATED ACTUAL
Questions and CORRECT Answers
What are settings for expenses? - CORRECT ANSWER✔✔- Bills and expenses, purchase
orders and messages
What are the 4 settings for bills and expenses under expense settings - CORRECT
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? - CORRECT 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? - CORRECT ANSWER✔✔- Gear
Reconcile
History by account
Undo
Who can only do a reconciliation? - CORRECT ANSWER✔✔- Only accountant users
How do I change expense settings? - CORRECT ANSWER✔✔- Gear icon. Under your
company, select account settings, select the expenses tab, etc.
What are the settings in expense settings for purchase orders - CORRECT ANSWER✔✔-
Use purchase orders or turn off
What are the settings in expense settings for messaged - CORRECT ANSWER✔✔- Default
email message sent with each purchase order
,Quickbooks Online Payments - CORRECT 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 - CORRECT 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 - CORRECT 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? - CORRECT ANSWER✔✔- Yes
Who should sign up for QB payments? - CORRECT ANSWER✔✔- The business owner - it
includes accepting an agreement
What are the advanced settings in QBO? - CORRECT 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 - CORRECT 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? - CORRECT ANSWER✔✔-
Income
Expense
Asset
Liability
Equity
What accounts are required for bills - CORRECT ANSWER✔✔- Accounts receivable and
accounts payable
What accounts are set up when inventory is turned on? - CORRECT ANSWER✔✔- Sales of
product income
Inventory asset
Cost of goods sold
What are the default accounts for online banking activity? - CORRECT ANSWER✔✔-
Uncategorized income
Uncategorized expense
What accounts are used in cash reporting and constructive receipt income? - CORRECT
ANSWER✔✔- Unapplied cash payment income
Unapplied Bill payment expense
Questions and CORRECT Answers
What are settings for expenses? - CORRECT ANSWER✔✔- Bills and expenses, purchase
orders and messages
What are the 4 settings for bills and expenses under expense settings - CORRECT
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? - CORRECT 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? - CORRECT ANSWER✔✔- Gear
Reconcile
History by account
Undo
Who can only do a reconciliation? - CORRECT ANSWER✔✔- Only accountant users
How do I change expense settings? - CORRECT ANSWER✔✔- Gear icon. Under your
company, select account settings, select the expenses tab, etc.
What are the settings in expense settings for purchase orders - CORRECT ANSWER✔✔-
Use purchase orders or turn off
What are the settings in expense settings for messaged - CORRECT ANSWER✔✔- Default
email message sent with each purchase order
,Quickbooks Online Payments - CORRECT 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 - CORRECT 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 - CORRECT 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? - CORRECT ANSWER✔✔- Yes
Who should sign up for QB payments? - CORRECT ANSWER✔✔- The business owner - it
includes accepting an agreement
What are the advanced settings in QBO? - CORRECT 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 - CORRECT 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? - CORRECT ANSWER✔✔-
Income
Expense
Asset
Liability
Equity
What accounts are required for bills - CORRECT ANSWER✔✔- Accounts receivable and
accounts payable
What accounts are set up when inventory is turned on? - CORRECT ANSWER✔✔- Sales of
product income
Inventory asset
Cost of goods sold
What are the default accounts for online banking activity? - CORRECT ANSWER✔✔-
Uncategorized income
Uncategorized expense
What accounts are used in cash reporting and constructive receipt income? - CORRECT
ANSWER✔✔- Unapplied cash payment income
Unapplied Bill payment expense
