QBO Domain 2, Lesson 3 and 4 Projects

List the two traditional payment options available in QuickBooks Online.

• Cash and check
• check and bank transfer

• credit and debit cards

• credit card and bank transfer

List the two online payment options available in QuickBooks Online.

• cash and check

• credit and bank transfer

• bank transfer and credit card

• debit and credit card

What is the benefit of using an online payment option in QuickBooks Online instead of a traditional payment method?

• Matches with a company's invoice

• Reconciles with company's bank statement

• Both

• neither

What is the purpose of a money-in transaction workflow?

• Balances their bank statement

• Reconciles with the company

• Gives companies an accurate outlook on sales, and receivables

• Gives companies an accurate outlook on sales, and receivables, and profitability

Why might a user need to adjust the amount when receiving a payment for an invoice?

• A full payment has been made

• They returned an item

• They made a partial payment

What is the Payments to deposit account?

• Temporary account that holds the money till it is deposited

• Permanent account that holds money till it is deposited

• Temporary account that deposits money

• Permanent account that deposits money

What is the purpose of the Payments to deposit account?

• Deposits money to a temporary account

• Deposits money to a permanent account

• Lets users spend money

• Prevents users from spending money

True or False: Refund receipts can be sent via email.

• True

• False

True or False: Credit memos are recorded as cash within a company’s revenue account as soon as they are created.

• True

• False

Arrange the steps for enabling discounts in QBO in the correct order

• Select sales

• Turn on Discount in the Sales form content section

• Select the settings icon

• Select account and settings