QuickBooks Online Certification 2024 Questions and Answers

QuickBooks Online Certification 2024 Questions and Answers Primary admin - Answer- Can manage all users Created the QuickBooks account Company Admin - Answer- this role is only available in QBO Advanced Custom user - Answer- This role is only available in QBO Advanced Has specific access to areas in QBO Standard user - Answer- In all versions of QBO, this role can be set to specific levels of access Close the Books feature's two benefits - Answer- Users cannot change transactions in a closed period It generates a closing Date Detail report Accrual Accounting - Answer- A company makes a sale and records the expected revenue as an AR transaction Provides a more accurate picture of the profitability of a company because it includes AR and payables Cash Basis Accounting - Answer- A company makes a sale, but revenue is not realized until the invoice is paid The most common method of accounting Tasks the can be automated in QBO - Answer- Overdue Payment reminders payroll financial reporting QBO creates a chart of accounts based on the industry you selected - Answer- true You can add, edit, and remove accounts after starting a new company in QB - Answer- True New accounts can only be added during the new company startup process - Answer- False only income and expense accounts can be added after starting a new company - Answer- False Three reasons to make transactions recurring in QBO - Answer- Saves time Minimizes human error Reduces late payments The best way to automate credit card payments with a recurring sales receipt - Answer- create a template