QuickBooks Online Cert. Practice - Domain 4

Which types of accounts should you connect to QuickBooks Online? (Choose all that apply)

• Business checking and money market

• Personal credit card and business savings

• PayPal and business credit card

• Brokerage account and business checking

Select each statement that is a reason to connect your bank or credit card accounts to QuickBooks Online.

• To reduce data entry errors.

• Because the financial institution sends date and amount information for the transaction, you save time with manual entry.

• To reduce the risk of fraudulent transactions with your bank and credit card accounts.

• Because matched or added transactions show as pre-reconciled, you save time reconciling.

A ___________ helps save time by recognizing information about the transaction from a list of criteria so that QuickBooks can automatically categorize the transactions for you.

• Bank note

• Auto-categorize rule

• Bank rule

• Recurring bank transaction

You are downloading the transactions for both your checking account and credit card account. You made a payment on your credit card of $750 from your checking account. You are reviewing the transactions in the banking area. What actions should you perform?

• View and Match the transaction when reviewing both the checking and credit card account.

• Match the transaction when you are reviewing the credit card account and exclude the transaction when reviewing the checking account.

• Add the transaction when reviewing the credit card account and then categorize the payment when reviewing the checking account.

• Add the transaction when reviewing the checking account, and then match the transaction when you are reviewing the credit card account.

You are reviewing downloaded bank and credit card transactions.

TRUE OR FALSE:

"Add" records the transaction in your register.

• TRUE

• FALSE

You are reviewing downloaded bank and credit card transactions.

TRUE OR FALSE:

"Match" records the transaction in your register.

• TRUE

• FALSE

You are reviewing downloaded bank and credit card transactions.

TRUE OR FALSE:

"Split" allows you to choose more than one category for the transaction.

• TRUE

• FALSE

You are reviewing downloaded bank and credit card transactions.

TRUE OR FALSE:

"View" shows you the transaction that are possible matches.

• TRUE

• FALSE

For this statement about the tasks you can perform when reviewing transactions in the bank fees area, select

TRUE OR FALSE:

You paid a bill with your credit card, and the bill is unpaid in QuickBooks. On the downloaded transaction, you can select the unpaid bill, and QuickBooks will create the bill payment transaction.

• TRUE

• FALSE

For this statement about the tasks you can perform when reviewing transactions in the bank fees area, select

TRUE OR FALSE:

You see two money-out transaction in the review area, one for $15, and the other for $25. You manually recorded one bill payment for $40. You can match the two transactions in the banking center to the single transaction you recorded in QuickBooks.

• TRUE

• FALSE