ProAdvisor Certification Prep
When are 2 times you might use the Setup screen in the Books review
feature? correct answersWhen changing chart of account names
When making adjustments to balance sheet account balances during
the clean up process
Your client wants to know if their future revenues and expenses will
support them in adding a new product line. You are recommending that
they set a budget.
For which 3 of the following accounts can they set a
budget? Petty Cash
Sales Income
Cost of Goods Sold
Travel Expense
Accumulated
Depreciation Inventory
correct answers
Your client needs a QuickBooks Online solution that includes
tracking for: Sales
Sales tax
Inventory correct answersPlus
Can users with the right permissions in a client-paid subscription add
QuickBooks Online Payroll or QuickBooks Time to their QuickBooks
Online company? correct answersYes, by going to the Billing &
subscription section in Account and Settings
You need to add a gift basket with a collection of beauty products to your
client's list of products and services.
Which item type would you assign this to in QuickBooks Online? correct
answersBundle
Which 3 of these can a Company admin user do in QuickBooks
Online? Change their user level to Primary admin
Add new Primary admin users
Change the QuickBooks Online
subscription Manage existing users
Access the client's other products, such as QuickBooks Payroll and
QuickBooks Payments correct answersAccess the client's other
products, such as QuickBooks Payroll and QuickBooks Payments
Change the QuickBooks Online
subscription Manage existing users
Where would you go to view a list of customer statements sent out in
the current month? correct answersReports center > Statement List
report
,What 4 pieces of information does QuickBooks Online with Automated sales
tax use to calculate sales tax on an invoice?
The customer's payment
terms The customer's sales
tax status
The quantity of the product or service still
on hand The tax category for the product or
service
The location of the sale
The state where the company's registered correct answersThe
customer's sales tax status
The tax category for the product or
service The location of the sale
The state where the company's
registered
Which 3 of these statements are true about the "Forward from
email" option? Users can only include one bill or receipt in one
email
Multiple users can forward bills and receipts to the same custom email
address There's only one custom email address per QuickBooks Online
company that can be used to receive bills and receipts
Only PDF-format bills and receipts can be forwarded
Only company users with at least standard access with vendor permission
can forward bills to the custom email address correct answersOnly company
users with at least standard access with vendor permission can forward bills
to the custom email address
Multiple users can forward bills and receipts to the same custom email
address
There's only one custom email address per QuickBooks Online company
that can be used to receive bills and receipts
Which 2 of these common issues does the Pay down credit card
feature help to resolve?
Duplicate entries
Payments categorized to the wrong
account Payments being recorded as
paid by check
Payments being recorded as an expense on the balance
sheet correct answersDuplicate entries
Payments categorized to the wrong account
What should you do if you notice a duplicate transaction in the bank
feed? correct answersExclude the transaction
What is the Undeposited Funds account (also called Payments to deposit)?
Select the correct option from the dropdown.
The Undeposited Funds (or Payments to deposit) account is
meant to be a Select answer
,holding account that tracks payments received from
customers that Select answer
been deposited to your client's bank account. Its main purpose is to make
reconciliation easier by
Select answer
. correct
answersTemporary Have
Not
Combining Multiple
Transactions into a
single record
Which 3 statements about how QuickBooks Online applies bank rules
are true? Only one rule is applied per bank activity
Credit rules are applied before debit rules
The first rule that fits a bank activity is the one
applied All rules are applied to each bank
activity
Reordering the rules list allows you to control
which rule to apply correct answers
In which 4 of these situations would you use the Additional payments to
deposit on a Deposit transaction?
The client receives a refund from a tax agency and needs to record it to
reduce the Tax Liability or Expense account
The client receives a refund from a vendor and wants to record it directly
against the associated expense account
The client doesn't record income using sales transactions (invoices or
sales receipts) and wants to record deposits directly to income accounts
The client receives funds from loan proceeds or contributions of cash
from owners The client receives a partial payment from a customer
against an open invoice
The client receives a deposit from a customer for future purchases correct
answersThe client receives a refund from a tax agency and needs to record
it to reduce the Tax Liability or Expense account
The client receives a refund from a vendor and wants to record it directly
against the associated expense account
The client doesn't record income using sales transactions (invoices or
sales receipts) and wants to record deposits directly to income accounts
The client receives funds from loan proceeds or contributions of cash
from owners How would QuickBooks Online alert you to a discrepancy in
the beginning balance
when reconciling your clients' accounts? correct answersAn alert will be
displayed in the
reconcile tab, stating that the account isn't ready to be reconciled yet
because the beginning balance is off
In classic view, where would you go to make negative numbers in a report
appear in a red color? correct answersThe Customize button and then the
General section
, You want to provide your client with a professional-looking downloadable
report that includes a cover page, table of contents, and custom letter
that they can send to potential investors.
Where would you go to create such a report? correct answersReports
center > Management reports tab
Your client wants to add an additional tag to transactions on an invoice.
However, the tag isn't on their existing list of tags.
Which 2 of the following are ways to create a new tag?
Open the Products and Services list and select Edit for the required product
or service. Then select + New from the Tags dropdown
On the invoice, start entering the tag name in the Tags field. Then select +
Add from the pop-up
Select the Manage tags link on the invoice, followed by Create tag. Then
enter the tag name
Select the Manage tags link in the Gear menu, followed by Create tag.
Then enter the tag name correct answersOn the invoice, start entering the
tag name in the Tags field. Then select + Add from the pop-up
Select the Manage tags link on the invoice, followed by Create tag. Then
enter the tag name
You need your client to send you a copy of a paper receipt so that you can
match it to a gas expense in their QuickBooks Online. You create a client
request and add a screenshot of the expense entry in QuickBooks Online to
help your client identify which receipt they're looking for.
What do you need to do to ensure the client receives an email notification
to alert them about the new request for information? correct answersWhen
creating the request, move the Notify client slider to On
Which option would you select to display inactive clients in the Clients
menu? correct answersThe Grid Gear icon and select the Include inactive
clients option
While preparing your client's books for year end, you find some
transactions that may not have been recorded appropriately.
In which 2 of these cases could you use the Reclassify transactions tool?
To change the expense account for billable expenses, but not the income
account for the related income transactions
To change the class and/or location for invoices, sales receipts, checks, or
bills with items (products or services) on them
To change the account or class for inventory adjustments
To change the payment account (bank or credit card) for expenses correct
answersTo change the expense account for billable expenses, but not the
income account for the related income transactions
When are 2 times you might use the Setup screen in the Books review
feature? correct answersWhen changing chart of account names
When making adjustments to balance sheet account balances during
the clean up process
Your client wants to know if their future revenues and expenses will
support them in adding a new product line. You are recommending that
they set a budget.
For which 3 of the following accounts can they set a
budget? Petty Cash
Sales Income
Cost of Goods Sold
Travel Expense
Accumulated
Depreciation Inventory
correct answers
Your client needs a QuickBooks Online solution that includes
tracking for: Sales
Sales tax
Inventory correct answersPlus
Can users with the right permissions in a client-paid subscription add
QuickBooks Online Payroll or QuickBooks Time to their QuickBooks
Online company? correct answersYes, by going to the Billing &
subscription section in Account and Settings
You need to add a gift basket with a collection of beauty products to your
client's list of products and services.
Which item type would you assign this to in QuickBooks Online? correct
answersBundle
Which 3 of these can a Company admin user do in QuickBooks
Online? Change their user level to Primary admin
Add new Primary admin users
Change the QuickBooks Online
subscription Manage existing users
Access the client's other products, such as QuickBooks Payroll and
QuickBooks Payments correct answersAccess the client's other
products, such as QuickBooks Payroll and QuickBooks Payments
Change the QuickBooks Online
subscription Manage existing users
Where would you go to view a list of customer statements sent out in
the current month? correct answersReports center > Statement List
report
,What 4 pieces of information does QuickBooks Online with Automated sales
tax use to calculate sales tax on an invoice?
The customer's payment
terms The customer's sales
tax status
The quantity of the product or service still
on hand The tax category for the product or
service
The location of the sale
The state where the company's registered correct answersThe
customer's sales tax status
The tax category for the product or
service The location of the sale
The state where the company's
registered
Which 3 of these statements are true about the "Forward from
email" option? Users can only include one bill or receipt in one
Multiple users can forward bills and receipts to the same custom email
address There's only one custom email address per QuickBooks Online
company that can be used to receive bills and receipts
Only PDF-format bills and receipts can be forwarded
Only company users with at least standard access with vendor permission
can forward bills to the custom email address correct answersOnly company
users with at least standard access with vendor permission can forward bills
to the custom email address
Multiple users can forward bills and receipts to the same custom email
address
There's only one custom email address per QuickBooks Online company
that can be used to receive bills and receipts
Which 2 of these common issues does the Pay down credit card
feature help to resolve?
Duplicate entries
Payments categorized to the wrong
account Payments being recorded as
paid by check
Payments being recorded as an expense on the balance
sheet correct answersDuplicate entries
Payments categorized to the wrong account
What should you do if you notice a duplicate transaction in the bank
feed? correct answersExclude the transaction
What is the Undeposited Funds account (also called Payments to deposit)?
Select the correct option from the dropdown.
The Undeposited Funds (or Payments to deposit) account is
meant to be a Select answer
,holding account that tracks payments received from
customers that Select answer
been deposited to your client's bank account. Its main purpose is to make
reconciliation easier by
Select answer
. correct
answersTemporary Have
Not
Combining Multiple
Transactions into a
single record
Which 3 statements about how QuickBooks Online applies bank rules
are true? Only one rule is applied per bank activity
Credit rules are applied before debit rules
The first rule that fits a bank activity is the one
applied All rules are applied to each bank
activity
Reordering the rules list allows you to control
which rule to apply correct answers
In which 4 of these situations would you use the Additional payments to
deposit on a Deposit transaction?
The client receives a refund from a tax agency and needs to record it to
reduce the Tax Liability or Expense account
The client receives a refund from a vendor and wants to record it directly
against the associated expense account
The client doesn't record income using sales transactions (invoices or
sales receipts) and wants to record deposits directly to income accounts
The client receives funds from loan proceeds or contributions of cash
from owners The client receives a partial payment from a customer
against an open invoice
The client receives a deposit from a customer for future purchases correct
answersThe client receives a refund from a tax agency and needs to record
it to reduce the Tax Liability or Expense account
The client receives a refund from a vendor and wants to record it directly
against the associated expense account
The client doesn't record income using sales transactions (invoices or
sales receipts) and wants to record deposits directly to income accounts
The client receives funds from loan proceeds or contributions of cash
from owners How would QuickBooks Online alert you to a discrepancy in
the beginning balance
when reconciling your clients' accounts? correct answersAn alert will be
displayed in the
reconcile tab, stating that the account isn't ready to be reconciled yet
because the beginning balance is off
In classic view, where would you go to make negative numbers in a report
appear in a red color? correct answersThe Customize button and then the
General section
, You want to provide your client with a professional-looking downloadable
report that includes a cover page, table of contents, and custom letter
that they can send to potential investors.
Where would you go to create such a report? correct answersReports
center > Management reports tab
Your client wants to add an additional tag to transactions on an invoice.
However, the tag isn't on their existing list of tags.
Which 2 of the following are ways to create a new tag?
Open the Products and Services list and select Edit for the required product
or service. Then select + New from the Tags dropdown
On the invoice, start entering the tag name in the Tags field. Then select +
Add from the pop-up
Select the Manage tags link on the invoice, followed by Create tag. Then
enter the tag name
Select the Manage tags link in the Gear menu, followed by Create tag.
Then enter the tag name correct answersOn the invoice, start entering the
tag name in the Tags field. Then select + Add from the pop-up
Select the Manage tags link on the invoice, followed by Create tag. Then
enter the tag name
You need your client to send you a copy of a paper receipt so that you can
match it to a gas expense in their QuickBooks Online. You create a client
request and add a screenshot of the expense entry in QuickBooks Online to
help your client identify which receipt they're looking for.
What do you need to do to ensure the client receives an email notification
to alert them about the new request for information? correct answersWhen
creating the request, move the Notify client slider to On
Which option would you select to display inactive clients in the Clients
menu? correct answersThe Grid Gear icon and select the Include inactive
clients option
While preparing your client's books for year end, you find some
transactions that may not have been recorded appropriately.
In which 2 of these cases could you use the Reclassify transactions tool?
To change the expense account for billable expenses, but not the income
account for the related income transactions
To change the class and/or location for invoices, sales receipts, checks, or
bills with items (products or services) on them
To change the account or class for inventory adjustments
To change the payment account (bank or credit card) for expenses correct
answersTo change the expense account for billable expenses, but not the
income account for the related income transactions
