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WorksheetsQuickBooks Online
Total questions: 75
Worksheet time: 38mins
During the process of building an invoice, a custom field named Special Message is added. Where will that custom field be available once the invoice has been generated?
On every form
On every invoice
On every sales form
On just that invoice
Where is the location in which one can turn on location and class tracking?
Settings - Account and Settings - Advanced
Settings - Account and Settings - Tracking
Settings - Class and Location
Settings - Tracking
What does an IT manager need to do with QuickBooks Online?
Back up the data
Manage users
Run patches
Run updates
What is the major disadvantage of using a journal entry to record a sale?
No way to indicate amount
No way to indicate customer
No way to indicate the item sold
No way to manage the inventory properly
Which account should be used to hold funds until they are deposited in an checking account?
Bank deposit
Deposit on hold
Pending deposit
Undeposited funds
Where can billable expenses be set up?
Create - Billable Expenses
Create - Expense Tracking
Settings - Account and Settings - Expenses
Settings - Account and Settings - Advanced
A customer makes a purchase to be paid at a later date. Which form should be used for this transaction?
Estimate
Invoice
Purchase Order
Sales Receipt
Which best defines a vendor?
Any company to which one pays money
Any entity from which one purchases goods
Any entity to which one pays money
Any individual to which one pays money
Which vendor report shows what is owed to each vendor?
Owed Bills
Owed Vendors
Unpaid Bills
Unpaid Vendors
Which is true about purchase orders?
They affect a checking account balance
They affect an expense account
They are always used for billable items
They do not affect a vendor balance
When entering a bill, what can pop up on the right side of the screen when a vendor is entered for a bill?
Estimates
Purchase order
Recurring bills
Vendor transactions
What is the best way to make products purchased available to put on customer invoices?
Create a bill
Create a purchase order
Create an invoice with the same transaction number as the purchase
Make the products billable
Which type of data is not imported into QuickBooks when importing data?
Customers
Data that does not match the format of a field
Employees
Vendors
Which user types do not have permissions to view customer or vendor information? Choose two answers.
Accountants
Custom user
Reports only
Time tracking only
Once a file is opened for import, what is the next step in the import process?
Choose records to import
Fix data errors
Indicate the list to which the data will be imported
Map the fields to import
Where in QuickBooks Online does one go to add a user?
Create - New User
Create - User
Settings - Add User
Settings - Manage Users
How can you track Accounts Payable?
Enter the bill before paying the vendor
Record the expense
Write a check
Use a journal entry
You need to pay the same 4 bills every month, and you would like to save time. What feature could you use in QuickBooks Online?
Repeating transactions
Recurring transactions
Monthly transactions
Batch transactions
What does Accounts Receivable keep track of?
What you owe vendors
How much is in your bank accounts
What customers owe you
Your purchase orders
Which form CANNOT be customized?
Estimate
Invoice
Sales Receipt
Bill
After QuickBooks sets up a chart of accounts during the Express Start or Advanced Setup, which of the following is TRUE?
Accounts open balances can be changed.
New accounts can only be added during the Express Start or Advanced Setup.
It is possible to add more accounts later.
Only Income and Expense accounts can be added after completing the Express Start Setup.
Which of the following CANNOT be entered during the setup of a new company?
Company name and address
Chart of accounts
Trial balance, open balance
Checking account statement balance
Once you have completed the sign up of new company file, how do you change company information such as business name, address, or phone number?
Select file, open company from the menu.
Select file Express Start from the menu.
Select edit preferences from the menu.
Select company information from the menu.
When you create a new company using the detailed setup Easy Step Interview, QuickBooks asks for your start date. What is the best definition of start date in QuickBooks?
The date the company began operating.
The date you sit down to start the new company file.
The date you chose to start recording the financial records in QuickBooks.
The date you were hired to do the bookkeeping for the business.
What is the primary reason for setting a closing date in QuickBooks?
To transfer current year net income to retained earnings.
To restrict users from deleting, editing or adding transactions to last year.
To delete prior year transactions.
To reduce company file size
The Product Information window shows you the version and release of QuickBooks you have along with other information about the company file. How do you access the Product Information window?
Click the Help menu, About QuickBooks
Only technical support can access this window.
File menu, version information.
Press the F2 key.
The Product Information window shows you the version and release of QuickBooks you have along with other information about the company file. How do you access the Product Information window?
Click the Help menu, About QuickBooks
Only technical support can access this window.
File menu, version information.
Press the F2 key.
Which of the following is a reason restore a company file?
To start recording transactions for a new year because each file tracks only one fiscal year.
QuickBooks cannot create more than one file.
To start over when a company file has many errors that are beyond repair.
The current company file has reached a limit of 1,000 transactions.
The company file you are working on is a mess. You decided to start a new file. At the same time you want to keep all the lists and preferences and just delete the transactions. How do you do this?
Create a company and select copy settings from another company in the Easy Step interview.
Click the File menu, choose utilities, condense data, then choose default transaction option.
You can't do this in QuickBooks
Click on the Edit menu and delete all transactions.
Why might you need to restore a company file?
The company file on your hard drive is damaged or corrupted
The computer's hard drive is damaged
You want to review your company’s data as it stood at an earlier period
All of the above
You finished entering all the transactions for last year, and just sent the file to the tax preparer. How do you ensure that no one accidently deletes or edits a transaction last year?
In the company information window select the first month in the fiscal year.
lick the close financial year icon on the home page and enter the end of your fiscal year.
Complete the closed the book wizard.
Set the closing date and password in the accounting preferences in the company menu.
Which of the following CAN be memorized in QuickBooks?
Check
Bill Payment
Paycheck
All of the above
Which of the following transactions CANNOT be memorized?
Checks
Automatic bank withdrawal
Bill payment
Credit card charge
Which of the following transactions CANNOT be memorized?
Checks
Invoices
Bill payment
Bills Banking
How do you record debit card transactions in QuickBooks?
You don't set up a debit card at all.
Use the write checks window, enter the check and write debit in the check number field.
Open the check register and select debit card.
Create sub accounts.
Which of the following statements is TRUE regarding how you record a debit card transaction in QuickBooks?
Set up a credit card type account and name it debit card then use the Enter Credit Card Charges window.
Use the Write Checks window or Check Register and type debit in the check number field.
Set up a new window and choose Debit Card as the type then use the Enter Debit Card Charges window
Use the cash payment window.
Which of the following is a possible reason for a bank reconciliation discrepancy?
You did not record checks in QuickBooks that are dated after the bank statement date.
The beginning balance calculated by QuickBooks does not match last months ending balance.
The QuickBooks Balance will never match the banks' balance.
The bank reconciliation is on a cash basis instead of the correct accrual basis.
When can you delete a check from QuickBooks without voiding it?
It is not possible to delete a check from QuickBooks.
You printed or wrote a check but it will never be cashed. Example, the check was destroyed or lost.
You printed or wrote a check but changed your mind and decided to use a credit card instead.
You entered a check in QuickBooks but haven't printed it yet. You realized the purchase was actually made using a credit card. The check was never really used.
HIDE ANSWER
When can you delete a check from QuickBooks without voiding it?
It is not possible to delete a check from QuickBooks.
You printed or wrote a check but it will never be cashed. Example, the check was destroyed or lost.
You printed or wrote a check but changed your mind and decided to use a credit card instead.
You entered a check in QuickBooks but haven't printed it yet. You realized the purchase was actually made using a credit card. The check was never really used.
HIDE ANSWER
When should you VOID instead of delete a check?
You mistakenly printed checks on plain paper.
You used the check number but it will never be cashed.
You entered the same check number twice in QuickBooks.
You accidently entered a handwritten check in QuickBooks but the purchase is actually made using a credit card.
How do you hide all subaccounts on a report?
Click the hide detail button.
Click the hide subaccounts button.
Click the modify reports button then the hide subaccounts then click ok.
Click the collapse button.
How do you add or delete columns on a report?
You cannot delete columns on a report.
Click the reports menu and select customize columns.
Click the Customize report button and on the display tab check (add ) or (uncheck) remove columns.
Click the Edit menu and select Preferences then click the Reports and Graphs group to make changes to columns.
Why would you hide or collapse subaccounts on a report?
You cannot hide sub accounts on a report
To send the report to excel it must be collapsed
Can only email a report that is collapsed
To temporarily hide unnecessary detail and hide parent accounts
How can you open a QuickBooks report in Microsoft Excel?
You can't open a QuickBooks report in Excel.
Click the Excel button on the top of any QuickBooks report.
Use the import from QuickBooks Wizard in Microsoft Excel.
Select the view report in a database in the report center.
You sent a QuickBooks report to Excel and made some changes. How do you import the changes in Excel back to QuickBooks?
Use the import from excel wizard in QuickBooks.
You can't import changes in Excel back to QuickBooks.
Open the original report and click export; click the advance tab and select import list exported report
From the menu select reports, original report, name, import from excel.
Which of the form templates cannot be customized in QuickBooks?
Checks
Invoice
Purchase Order
All of the above
Your company no longer sells a particular item. You’ve been asked to make the item inactive. Which is step one?
Open the Item List
Click on the Item you want to hide
Drag the Item off the list
Click the Item drop-down arrow at the bottom left of the window.
Select make Item Inactive
You purchased something with a debit card. Which is step one?
From the chart of accounts set up a credit card type account named debit card
On the homepage record credit card charge
Enter who you paid how much and what it was for, expense account
Open the Write Checks window. Type debit in the number field type, who you paid, how much and what it was for, expense account.
Choose Save and Close
You were hired by a company that has never used QuickBooks for payroll. Put the payroll steps in order. Which is step one?
Enter employee’s taxes and year-to-date payroll if necessary
Create your first paycheck
Start the Payroll Set Up Interview
Complete the Payroll Set Up Interview
Select a payroll service like basic, Enhanced or Assistant
QuickBooks Online has a great features. Clients can use Online invoicing, which will track when they've been viewed and paid. Online Invoicing even allows for customer queries via online messages directly linked to the invoice. You now need to enable this feature in the new client company you're setting up.
Take a look at the steps below.
1. Select the Gear icon, and select Account and Settings, under the Your Company column
2........... and scroll down to the Online delivery section
3........... to ensure that Attach invoice as pdf is unchecked.
Can you identify the missing steps?
Step 2: Select Online invoice from the drop-down list; Step 3: Select the Sales tab
Step 2: Select Save; Step 3: Select the gear icon
Step 2: Under your company, select Account and Settings; Step 3: Select Advanced tab
Step 2: Select the Sales tab; Step 3: From the drop-down list, select Online Invoice
Your client has asked you to turn on warnings for duplicate check and bill numbers in their QuickBooks Online company. Take a look at the steps below.
1...............
2. Under Your Company, select Account and Settings
3. Select the Advanced tab
4. In the Other preferences section, select the option to warn if duplicate check number is used and warn if duplicate bill number is used
5...................
Starting at the QuickBooks Online Dashboard, which option would complete the following steps?
Step 1: Select Sign in; Step 5: Select the Gear icon under the Tools column
Step 1: Select the Gear icon; Step 5: Select Save
Step 1: Scroll down to the Online delivery section; Step 5: Ensure that Attach invoice as pdf is unchecked
Step 1: Sign in to your QuickBooks Online Accountant account Step 5: Select Account and Settings
Your client doesn't want to pay a monthly fee for their QuickBooks Payments merchant account. What other option is available to them, and where in QuickBooks Online can they sign up for QuickBooks Payments?
There is another plan which means the customer pays the transactions charge; In the Billing and Subscription tab of Account and Settings
There is no other option
The customer pays the transaction charge
Full-Service Payroll
Your client has moved and needs you to modify the business address of the company in QuickBooks Online
Take a look at the steps below
1. Sign in to your QuickBooks Online Accountant account
2............................
3. You'll see the client company dashboard
4............................
5. Select Account and Settings
6. Select the Pencil icon in the Address section of the Company tab
What are the missing steps to get you to the screen to edit the address for your client?
Step 2: Select the client company from the Client Switcher drop-down in the green header bar
Select 4: Select the Gear icon
Step 2: Select the Gear icon
Step 4: Select the client company from the Client Switcher drop-down in the green header bar
Step 2: Go to the gear icon
Step 4: Select all lists
None of the above
A great feature of QuickBooks Online is that there are other lists you can utilize to make it easier to fill in forms. Where would you go to find these lists?
Company Dashboard
Go to the Gear icon and select All Lists
Billing and Subscription tab
Account and Settings
Where can you go in QuickBooks Online to import a list of product and services?
Go to the Tools column, then product and services
QuickBooks.com
Sales Center
Select the Gear icon and under the Tools column, select Import Data, then Products and services
A small business owner already has an Intuit ID and is going to set up their own QuickBooks Online company. Below are a series of steps for setting up a new QuickBooks Online company.
1. Go to QuickBooks.com
2. Select the appropriate subscription level
3. Select Sign in
4.................................
5. Select Sign in
Can you identify the missing step 4?
Step 4: Enter the password
Step 4: Click continue to Quickbooks
Step 4: Enter an Intuit ID email address and password
None of the above
Below are a series of steps for accepting an invitation from the client to become their accountant user.
1. Open the email account you use for your Intuit ID
2. You will see an invite from the client company
3. Select the Accept button to accept the invitation
4.................... and you'll see a Success! box
5. Select Continue
Can you identify the missing step?
Step 4: Accept the invitation
Step 4: Sign in to your QuickBooks Online Accountant account
Step 4: Open the email account
Step 4: Select import data
Look at the following two statements:
- Statement 1: " QuickBooks Online ................... is the do-it-for- me option; a complete payroll service with a team of US- based payroll experts to take care of payroll for your client"
-Statement 2: " You can also link up............... with QuickBooks to simplify workflow and save yourself a significant amount of time. You'll benefit from a seamless, end-to-end experience that translates a client's QuickBooks Online books into a tax return."
Identify the products that fit in the spaces to correctly complete the statements.
Full- Service Payroll; ProConnect Tax Online
ProConnect Tax Online; Full- Service Payroll
Sales of Product Income; Chart of Accounts
Full- Service Tax Online; ProConnect Payroll
The Chart of Accountants lies at the heart of a QuickBooks Online company. Which 5 of the following statements are true about the Chart of Accounts, how to make changes to the Chart of Accounts, and how products and services are linked to the Chart of Accounts?
To add a new account, you open the Chart of Accounts by selecting Accounting from the left navigation, then select New to open the Account window
The Sales of Product Income account is a default account when inventory is turned on
If you add a new account, the category type determines on which financial statement this account will show
When we set up Products and Services, they are linked to the Chart of Accounts by specifying a sales price/rate
Delete an account from the Chart of Accounts if it not relevant to your business
If you add a new account, the category type determines on which financial statement this account will show
To add a new account, you open the Chart of Accounts by selecting Accounting from the left navigation, then select New to open the Account window
The Sales of Product Income account is a default account when inventory is turned on
When we set up Products and Services, they are linked to the Chart of Accounts by specifying a sales price/rate
Delete an account from the Chart of Accounts if it not relevant to your business
The Sales of Product Income account is a default account when inventory is turned on
When we set up Products and Services, they are linked to the Chart of Accounts by specifying a sales price/rate
If you add a new account, the category type determines on which financial statement this account will show
To add a new account, you open the Chart of Accounts by selecting Accounting from the left navigation, then select New to open the Account window
Delete an account from the Chart of Accounts if it not relevant to your business
When we set up Products and Services, they are linked to the Chart of Accounts by specifying a sales price/rate
If you add a new account, the category type determines on which financial statement this account will show
To add a new account, you open the Chart of Accounts by selecting Accounting from the left navigation, then select New to open the Account window
Delete an account from the Chart of Accounts if it not relevant to your business
The Sales of Product Income account is a default account when inventory is turned on
To set up a new bank feed or link to a bank account in a client's QuickBooks Online company you should go to the ................. If it's the first time you've been here, select Connect, otherwise select Add account. Which option completes the statement?
Accounts and Settings
Banking Center
Products and Services
Payment and Billing
You've been asked to add a new customer for your client in their QuickBooks Online company, so, you go to the Sales Center and select the Customer tab to begin. As this is the first customer for your client you are taken straight to an easy entry screen.
Take a look at the steps that follow:
1. You enter the customer name, phone number, and email from the business card you've been given by the client
2..................
3. You now want to edit this customer's details
4. Select the customer name from the customer list
5. Select the Edit button in the top right
6. This customer is not taxable and you need to enter their reseller number. Select the Tax info tab and enter their reseller number 92-12345 in the Exemption details for the employee tax exemption in QuickBooks.
7................... and set their preferred payment method to Credit Card
8. Select Save
Step 2: Select Payment and Billings
Step 7: Select the Add Customer button
Step 2: Select the customer list
Step 7: Select "Done"
Step 2: Select the Add Customer button;
Step 7: Select Payment and Billing
Step 2: Select Billing and Payment
Step 7: Select Save
As a part of understanding your client's needs, you should find out what their sales tax requirements are for their sales tax requirements are for their business and locality.
What information is needed to set sales tax up for a client in QuickBooks Online who only does business in their home state? Select 4 options you think apply.
Their company address?, When did their current tax period start?, How often they have to file a tax return? When did they start collecting sales tax for the agency?
Their First Name? Their phone number? Their tax return? Their address?
Their Net Worth? Their Routing Number? Their Date of Birth?
Their cell phone number?
When did their current tax period start? When did they start collecting sales tax for the agency? Their First Name? Their company address?
Where would you go to add a new vendor or find the link to import a vendor list into QuickBooks Online?
Choose the most viable method from the options below, although other methods may be available.
The new button on the home page
The add button in the Vendors tab of the Expenses screen
The new button in the Vendor list tab
The new button in the Vendors tab of the Expenses screen
What would a client select in their Manage Users screen to give their worker access to create invoices, but not write checks in their QuickBooks Online company?
Select give worker access and then check create invoices
Select the Limited radio button and check the Customer and Sales box
Select the Customer and Sales box and check the limited radio button
Select Create Invoice and check do not write check
You want to add a new Product and Services entry to your client's QuickBooks Online company. The service is the installation of a server but doesn't include the cost of the hardware. Here are some steps for getting the job done.
1. Select the Gear icon, Select Products, and Services, then select New
2......................
3. In the name field, type "Server installation"
4. In the Sales information field, type "Server installation"
5. Sale price/rate is $1250
6. In the Income Account drop-down select Service/Fee Income
7. Select Save and close
Which of the options below correctly fills in Step 2?
Select Service
Select Gear
Select Products
None of the above
What are 3 primary ways to get information into QuickBooks Online?
1. Use Import Data Tool
2. Use Export Data Tool
3. Place the data in the formats of QuickBooks Online and check register
4. Use the Attachment tools
1. Use Import Data Tool
2. Use the Attachment tools
3. Use the Export Data Tool
1. Use Import Data Tool
2. Place the data in the formats of QuickBooks Online and check register
3. Use Export Data Tool
1. Use Import Data Tool
2. Place the data in the formats of QuickBooks Online and check register
3. Use the Attachment tools
1. Use the Attachment tools
2. Place the data in the formats of QuickBooks Online and check register
3. Use Export Data Tool
Which two statements are true of wholesale billing for QuickBooks Online
1. The practice gets billed at wholesale prices for QuickBooks Online Subscriptions
2. The client gets billed directly when they're signed up for a wholesale discount account
3. The client gets billed directly, but the practice determines the price
4. The practice gets billed, and determines the amount to bill to the client
5. The client will be required to enter their credit card information when they log in to the newly created subscription
1 and 5
2 and 3
3 and 4
1 and 2
When you start a company or are hired as a bookkeeper, it is important to know which edition of QuickBooks you are using. What are the major QuickBooks editions?
QuickBooks Online, QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise Solutions
QuickBooks Online, QuickBooks Basic, QuickBooks Pro
QuickBooks Basic, QuickBooks Pro
QuickBooks Premier, QuickBooks Enterprise Solutions
If you have a customized report that you use each month, which feature lets you run the report with updated data each month?
Click on run aotomatically
Customized Report
Click on update data for the report
Memorized Report
Which is not a section of the balance sheet?
Assets
Liabilities
Expenses
Equity
Once the easy step interview is completed or you have completed the sign of new company file, how do you change company information such as business name, address, or phone number?
Select customer information from the menu
Delete the company and re-enter it
You can't change it once you've gone through the interview
Select company information from the menu
There are two primary financial statements that summarize the chart of accounts. Which of the following is the two reports?
Loss and Profit statement and balance sheet
Journal statement and income statement
Equity statement and balance sheet
balance sheet and income statement
What two steps do you follow to track accounts payable in Quickbooks?
Enter bills, pay bills
Reports, accounts payable
Reports, accounts with balances
Enter accounts payable, enter bills
What can you do in the report center?
Enter payments
Set up customers
Run most reports in QuickBooks
Run only accounts with balances
What transaction in Quickbooks should you use if your customer pays you when you provide the goods or services?
Sales Invoice
Sales Receipt
Sales Estimate
Sales Ticket
