Maintain Properties

Section 1

Which one method of monitoring income and expenditure would be most appropriate, especially if the client needs to re-charge expenses for costs incurred to maintain properties?

  • Sub-customers
  • Projects
  • Locations
  • Classes

Which 2 statements are true regarding classes in QuickBooks Online?(Select all that apply)

  • Classes affect the source of a transaction.
  • You can assign multiple classes to a transaction.
  • Class labels can be changed to suit a particular client.
  • Columns in a Balance Sheet by Class will always balance.
  • The unspecified column on a P&L by Class represents transactions that have not had a class specified.

Which 2 statements are true for Projects in QuickBooks Online?(Select all that apply)

  • Transactions created in QuickBooks Online can have both a project and a sub-customer assigned to them.
  • Projects can be added to transactions when processing bank feeds.
  • Projects with unbilled transactions can be deleted.
  • Clients get one-click access to Project Profitability, which does not exist in the Report Center.
  • Projects are available in all 3 versions of QuickBooks Online.

What lets you set up a unique address, phone number, and email address for invoices that are different from the default in Account and Settings?

  • Projects
  • Classes
  • Locations
  • Customers

Which 3 additional lists are available to categorize financial activity and further optimize QuickBooks Online for your client?(Select all that apply)

  • Class and/or Location Tracking
  • Job Tracking
  • Sub-customers
  • Job Costing
  • Projects

Which 3 types of businesses would benefit from using projects or sub-customers?(Select all that apply)

  • Catering
  • Architect
  • Hair salon
  • Restaurant
  • Event planning

Question 7

You want to customize a P&L report to track the profitability of products and services for a specific job or jobs.

What are 2 ways you can customize the P&L report to do this?(Select all that apply)

  • Display columns by Customers.
  • Add a column for percentage of row.
  • Display columns by Product/Service.
  • Filter for one or more specific customers or sub-customers.

Section 2

You have run an Inventory Valuation Detail for Pumps in your client’s company as of November 16, 2018. Refer to the following Inventory Valuation Detail report.

What does this report tell you?

  • Fifteen pumps were donated on November 16.
  • Invoice 1037 was written off.
  • The value of the pumps decreased, and an inventory revaluation was entered.
  • There are three lines on the inventory adjustment because inventory was purchased at three different unit costs.

Which 3 actions are required to track inventory in QuickBooks?(Select all that apply)

  • Add the Service field to timesheets.
  • Subscribe to QuickBooks Online Plus.
  • Check the setting to Track inventory quantity on hand.
  • Check the setting to Track expenses and items by customer.
  • Check the setting to the Show Product/Service column on sales forms.

Which 3 statements are true about purchase orders in QuickBooks?(Select all that apply)

  • You can only create purchase orders for inventory.
  • You can close individual lines on a purchase order.
  • You can add purchase orders to any type of purchase transaction.
  • QuickBooks Online closes purchase orders, even when not fully received.
  • You can add multiple purchase orders to one purchase transaction.

What is the effect on the General Ledger when this is recorded on a Sales Receipt?

  • Debit COGS $30; credit inventory $30
  • Debit COGS $30; credit inventory $30; debit bank account $50; credit income $50
  • Debit COGS $25; credit inventory $25; debit Bank account funds $50; credit income $50
  • Debit COGS $25; credit inventory $25
  • Debit Donations $30; credit inventory $30

Consider the following:

  • March 15 current year: Linsay bought 80 bags of mulch for $640.00
  • April 20 current year: Linsay bought 75 bags of mulch for $618.75
  • June 12 current year: Linsay sold 125 bags of mulch to Woody’s Weeds
  • June 15 current year: Linsay created a new inventory item named birdbath

When creating the item, a beginning quantity of 25 and a cost value of $23.82 per unit was mistakenly entered.

What is the effect on the General Ledger when Linsay saves the new birdbath item?

  • Debit Inventory for $23.82, credit Opening Balance Equity for $23.82.
  • Debit Inventory Asset for $23.82, credit Inventory Shortage for $23.82
  • Debit Opening Balance Equity for $595.50, credit Inventory for $595.50
  • Debit Inventory for $595.50, credit Opening Balance Equity for $595.50
  • Debit Inventory Shortage for $595.50, credit Opening Balance Equity for $595.50

Consider the following:

  • March 15 current year: Linsay bought 80 bags of mulch for $640.00
  • April 20 current year: Linsay bought 75 bags of mulch for $618.75
  • June 12 current year: Linsay sold 125 bags of mulch to Woody’s Weeds-Be-Gone Inc.

What is the debit entry to cost of goods sold when Linsay records the sale to Woody’s Weeds-Be-Gone?

  • $1,000.00
  • $1,011.25
  • $1,015.12
  • $1,031.25

Section 3

Review Paula’s Plants and Flowers case study and answer the following question.

When setting up the Retail Sales—Taxable Product/Service item’s “Income Account” field, which account should be selected?

  • Not correct - search
  • Sales of Product Income
  • Cash-Checking
  • Sales Discount
  • Undeposited Funds
  • Cost of Goods Sold

When setting up the Check item “Income Account” field, which account should be selected?

  • Sales of Product Income
  • Cash-Checking
  • Sales Discount
  • Undeposited Funds
  • Cost of Goods Sold

A client operates a café and is currently only using a cash till. They are advised to set up recurring transactions to record the daily sales.

What is the first step that needs to be taken?

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  • Set up the recurring transaction.
  • Create the sales receipt to save as recurring.
  • Add a separate service item for each line item on the Z-out report.
  • Set up Petty Cash.

Which statement is correct with regards to progress invoicing within QuickBooks Online for a new company file?

  • Progress invoicing needs to be switched on and selected from within the “create” menu.
  • Once switched on, progress invoicing can’t be switched off.
  • Progress invoicing automatically selects all outstanding estimates when creating an invoice for a customer.
  • Progress invoicing is switched on by default when creating a new QuickBooks Online file.
  • Progress invoicing is only available in the “Plus” version.

A customer made a payment by check in the amount of $226.75. The bank indicates the check was returned for insufficient funds. They are charging a $50 returned check fee.

Based on the training, what is one of the first steps that needs to be taken?

  • Delete the payment received.
  • Create a delayed charge for the bounced check.
  • Delete the deposit and re-enter, excluding the bounced payment.
  • Create an invoice using a bounced check and bounced check fee item.
  • Create a credit memo for the amount of the invoice and bounced check fee.

Which 2 things are involved in creating a report to track deposits by Vendor/Supplier using the Other Current Asset method?(Select all that apply)

  • Set Dates to All
  • Group by Vendor/Supplier
  • Sort by Account
  • Filter by Vendor/Supplier Not Specified

A client has created 50 invoices over the last two days, but none of them have been sent out by email.

Which steps need to be taken in order to send the invoices out to their customers?

  • Go to “lists” and select “unsent invoices.” From the left-hand side, check boxes to select the invoices to be sent, and use “batch send.”
  • Select “all sales” and filter by “send later.” Check boxes to select invoices to send using “batch actions.”
  • Select “invoices” and filter by “send later.” Check boxes to select invoices to send using “batch actions.”
  • From the Gear icon, turn on “batch send” from within sales. Filter “send later” invoices from within invoices, and use “batch actions” to send.

What are 3 reasons to create a zero-dollar expense/check?(Select all that apply)

  • To allocate jobs on a purchase order.
  • To allocate expenses to jobs after the fact.
  • To allocate overhead expenses to classes.
  • To allocate expenses to different locations.
  • To allocate the value of owners’ time to jobs.

When reconciling control accounts like “prepayments” or “deposits”, which value should be in the ending balance field?

  • The total balance of deposits held, if we are reconciling the deposit account.
  • The total balance of prepayments, when reconciling prepayments.
  • Zero, leaving unused values as the unreconciled items.
  • A combination of the values of prepayments and deposits.

An interior design client generally invoices their clients with seven-day terms. They just landed a big job and have decided to ask for a deposit to pay for materials before conducting any work. The job is going to take a while, so they don’t want to report income before it is earned.

What process should be suggested to your client?

  • Use the deposit feature to allocate directly to your sales income account.
  • Use the Receive Payment screen to enter the deposit without applying to an invoice.
  • Create a Deposits expenses account to allocate to, and then journal out when the invoice is created.
  • Invoice the client as you normally would, and apply the payment to the invoice.

Read the Naveena's Nautical Supplies scenario and answer the question below.

Upon review, how would you recommend the prepayment be recorded?

  • Continue handling the prepayment in the same way.
  • Enter a bill for only 75% of the inventory.
  • Create a bill and post to purchases until inventory arrives.
  • Set up a Vendor Prepayment account and item, and use that.
  • Enter a purchase order against Accounts Payable.

Section 4

You begin an invoice to a parent customer that has sub-customers, and the client has assured you that all expenses related to the sub-customers have been entered. However, no drawer appears to the right of the new invoice with billable expenses.

What are 2 possible causes?(Select all that apply)

  • The expenses have not been marked as billable.
  • The sub-customers have been set up as “Bill this customer.”
  • An incorrect date was entered on the expenses that were recorded.
  • The expenses were entered as Bills and Checks instead of Expense transactions.

Read the Sadie's Car Parts scenario and answer the following question. 

What is the total amount of the billable charges for Mark's Mustang Supply Store?

  • 00
  • 00
  • 00
  • 00

Your client runs a small cleaning business. Many of their customers sign up for a regular weekly clean, but only want to be charged monthly.

What feature of QuickBooks Online can help your client keep track of how much to invoice at the end of the month?

  • Estimate
  • Sales Receipt
  • Delayed Credit
  • Delayed Charges

Which types of entries can be made in QuickBooks Online that are classed as non-posting?(Select all that apply)

  • Delayed Charges
  • Time Sheet Entries
  • Vendor Credits
  • Billable Expenses
  • Credit-Card Credit

Which statement is true about billable expenses?

  • A default markup dollar amount can be added.
  • Invoicing for a billable expense must always be posted to an income account.
  • The purchase transaction related to a billable expense can be posted to an income account.
  • The purchase transaction related to a billable expense can be posted to another asset account.

Which 4 statements are true about time tracking and billable time in QuickBooks Online?(Select all that apply)

  • Weekly and single timesheets are available.
  • The starting day of the working week can be changed.
  • A maximum of 24 hours per day can be tracked for an individual.
  • Employee hours for a pay period flow to a paycheck if using QuickBooks Online Payroll.
  • No matter how you enter the time, QuickBooks Online will convert the time to hours and minutes.
  • Employees and subcontractors can never see and edit their billing rates in QuickBooks Online.
  • Unlimited time tracking users can be invited to enter their own time in all subscription levels of QuickBooks Online.

Section 5

Which 2 statements are true about home currency adjustments?(Select all that apply)

  • Home currency adjustments affect credit-card accounts as an unrealized gain or loss.
  • Home currency adjustments always affect Accounts Receivable as an unrealized gain.
  • Home currency adjustments affect bank accounts as a realized gain or loss.
  • Home currency adjustments appear as $0.00 journal entries.

A customer was invoiced in euros. At the time it was valued at $325 in the home currency of USD, but the euro has recently weakened compared to the dollar. Payment received was the equivalent of $320 when the euro invoice was marked as fully paid.

Which entries should be made in this scenario?

  • Debit Bank $325, Credit Accounts Receivable $325, Debit Exchange Rate Gains and Losses $5, Credit Bank $5
  • Debit Bank $320, Debit Exchange gains and loss $5, Credit Accounts Receivable $325
  • Credit Bank $325, Debit Accounts Receivable $325, Credit Exchange rate gains and losses $5, Debit Bank $5
  • Credit Bank $320, Debit Exchange gains and loss $5, Debit Accounts Receivable $325

As part of the end-of-year process, your client wants to see the balance of their Accounts Payable euro account, using the exchange rate as of the last day of the financial year (USD is the home currency).

What is the best way to create this transaction?

  • Create a journal entry, and update the Accounts Payable and Unrealized Currency Loss or Gain accounts.
  • Revalue the currency through the Currencies List.
  • Create a bill or Vendor Credit for each vendor to revalue individual accounts.
  • These accounts will be updated automatically, based on the rate for that particular day.

Which 2 statements are true regarding the multicurrency function in QuickBooks Online?(Select all that apply)

  • You can invent a currency belonging to an imaginary country for practice purposes.
  • You can view a list of a foreign currency’s historical exchange rates used for review.
  • Exchange rates are expressed as the number of foreign units it takes to equal one home currency unit.
  • Balance sheet accounts that existed prior to turning on multicurrency are assigned the home currency.
  • Once you’ve added a transaction in a foreign currency, you cannot delete the currency used from the list.

Which 2 statements are correct with regards to the multi-currency feature within QuickBooks Online?(Select all that apply)

  • You can choose to fix rates for any currency of your choosing permanently.
  • If the home currency needs to be changed from US dollars to euros, you are able to edit that setting.
  • Once multi-currency has been enabled, you cannot disable this feature.
  • If a customer has been set up as US dollars, you can edit that customer to be a euro customer if no transactions have been made against them.
  • For most of the commonly used currencies, the rates are updated every four hours.

Section 6

What is considered best practice when matching customer receipts and vendor bills within the bank feeds in QuickBooks Online?

  • Always use the “find” option to find more transactions if marking multiple balances as paid.
  • “Split” the transactions to assist with the reconciling process.
  • Finish the workflow for receiving payments and making bill payments.
  • Try to match as best as you can, and then always use “resolve difference” if you can’t match immediately.

You are reconciling your client’s bank account using QuickBooks Online. You are using the bank feeds, QuickBooks Balance and Bank Balance are equal, everything has been ticked, and you still have a difference.

There are no transactions left to review. The bank was only reconciled a week ago, so there is not much too much to look through.

What is the quickest way to work out why there is a difference?

  • Uncheck all of the transactions marked as reconciled, and then manually re-check them, comparing against the bank statement.
  • Ignore the difference and “finish now;” it’s likely to be a future-dated transaction and we can correct next time the reconciliation is performed.
  • Clear the statement date filter, and compare posting dates and cleared dates.
  • Create a reversing journal entry to agree the balance because it will “auto-correct” next time.
  • Undo the previous bank reconciliation and reconcile again.

Your client has called because the beginning balance on their bank reconciliation doesn't agree with the ending balance the month before. You have them click on the Alert link and ask them to send you a screen shot.

Review the Reconciliation Discrepancy Report and answer the following question.

What should you recommend to fix this? (Select two)(Select all that apply)

  • Click on View for the deleted transaction, and click on Undo.
  • Re-input the deleted transaction and manually reconcile.
  • Edit any changed (not deleted) transaction by clicking on the transaction in the report and change it back.
  • Delete the transactions that have been changed, and re-enter with the correct amount.
  • Undo the reconciliations back to the oldest changed transaction, make changes, and re-do the reconciliations.

In which 2 places can exported Bank Rules be altered to suit a new company?(Select all that apply)

  • In the exported .xls file.
  • In the list of Bank Rules.
  • In the bank feeds window.
  • Through the import process.

A non-profit organization needs to split utilities among various programs, based on an agreed-upon ratio. The utility payments are set up to be automatically paid out of the bank account.

How should the automatic allocation be created?

  • Use the suggestion that bank feeds give you.
  • Use the Batch Reclassify tool in QuickBooks Online Accountant.
  • Create a rule for the utilities payments, and use the percentage split.
  • Use a recurring transaction to reclass the transaction to the different programs.

When reconciling this month, you see an alert that the beginning balance is not the same as the ending balance. When you select the link to the Reconciliation Discrepancy report, you see that Check 123 was manually marked as reconciled.

What should be done to resolve this issue?

  • Open Check 123 transaction and unreconcile.
  • Undo the previous month’s reconciliation and re-reconcile.
  • Select the transaction in the Reconciliation Discrepancy report and change the cleared status.
  • Open the previous month’s reconciliation report, unclear the transaction, and then re-reconcile.

Esther’s Bar and Grill wrote a check to their food supplier on March 17 of the current year. The check cleared on September 1. Bank feeds does not find a match.

Why might this happen?

  • Esther’s Bar and Grill did not create a rule to record this transaction.
  • Esther’s Bar and Grill had never written a check to this supplier before.
  • This was not a bill payment, so there was nothing to match.
  • The check date in QuickBooks Online is outside the 90-day date range used by bank feeds.

Section 7

QuickBooks Online allows the creation of both cash-based and accrual-based reporting from the same set of books.

When running a report on a cash basis, which 2 accounts are omitted from the report?(Select all that apply)

  • All cash and cash equivalent accounts
  • Accounts Receivable
  • All Current Asset Accounts
  • All Current Liability Accounts
  • Accounts Payable

A client asked for a report showing all of the customers owing them money at the end of a financial quarter, which was two months ago. Since then, some of the customers have paid.

Which customization method needs to be utilized in order to obtain all open receivables as of the last day of the quarter?

  • Current Date Aging method
  • Report Date Aging method
  • Outstanding Accounts Aging method
  • Overdue Accounts Aging method

How can a product or service be determined as profitable?

  • Run an Item Profitability report.
  • Run Transaction Detail by Account and filter for Product/Service = Specified.
  • Run Profit & Loss, show columns by Product/Services, and filter for Product/Service = Specified.
  • Run Sales by Product & Services report, add a column for cost, and filter for Product/Service = Specified.

A client has created a budget based on their customer, Ash’s Ashtrays. They want a report that shows actuals versus budget for this customer by quarter for the whole year.

Which 3 customizations are necessary?(Select all that apply)

  • Filter by Paid status
  • Select Ash’s Ashtrays budget
  • Show grid Accounts vs. Quarters
  • Filter for Ash’s Ashtrays customers
  • Filter by Product/Service = Specified

Which 2 statements about management reports are true?(Select all that apply)

  • A management report can be created from scratch.
  • Reports can be reordered by dragging the nine grid.
  • Previous year or period can be compared.
  • Brackets denote when QuickBooks Online pulls information from elsewhere.
  • Management reports can be shared with other companies by bookmarking the URL.

What are 2 key benefits of budgeting?(Select all that apply)

  • A budget can be used as an estimate to get projected revenues as well as costs.
  • A budget can be used to estimate income and expenses to help with cash flow.
  • A mid-year revised “outlook” can be created with actuals for the first part of the year and revised forecast for rest of year when created mid-year.
  • The budget can be adjusted for projected payables and receivables based on terms.
  • A budget can be created for Loan Balances.

In which 2 formats can reports be emailed?(Select all that apply)

  • .csv
  • .PDF
  • .txt
  • HTML
  • Excel

Section 8

Reclassifying transactions can help tidy up accounting entries quickly by saving time, and avoiding individual edits or unnecessary journal entries.

Which 2 statements are true when referring to using the Reclassify Transactions Tool?(Select all that apply)

  • A client user can only access the Reclassify Transactions Tool if they have been set up with Company Admin functions.
  • A green icon to the left of the transaction being reviewed indicates that full changes can be made, including the tax code.
  • A yellow icon indicates that you can only amend the account code.
  • A yellow icon indicates that you can only amend the class code.
  • A red icon indicates no changes can be made using the Reclassify Transactions Tool.

Michelle’s Microbrewery have been entering bills for their purchases as they come in. They pay multiple bills once a week. They use bank feeds to record these transactions, posting to Cost of Goods Sold. They are an accrual-based company.

What is best practice to remedy this with a minimum amount of work?

  • Create a journal entry for each vendor.
  • Create vendor credits for each open bill.
  • Create one journal entry, with lines for each vendor.
  • Use the Batch Delete tool, and delete all the open bills.

You logged in to review your client’s QuickBooks Online company file for period end, and you need to prepare a set of management reports. When reviewing open Accounts Receivable, you notice that there are two customers with several unpaid invoices in each account that have very similar company names. One account is named JR Taylor Ltd, and the other is named JR Taylor & Company.

You discover that they are the same company, and the correct name is JR Taylor Ltd.

What is the most efficient way to get all of the transactions for both company records to appear under the correct name?

  • Edit each transaction to amend the company name.
  • Use the Accountant Tools to “Reclassify.” Select Customers as an option, select all records to be changed.
  • From the customer list, select the check box on the left. Select “Batch Actions” and use the option to “Merge Records.”
  • Edit the incorrect customer name to be the exact same name as the correct customer, and then merge.

What are 2 of the steps required to clean up billable expenses in a batch?(Select all that apply)

  • Choose the date to which you want the tool to apply.
  • Select the Batch Clean Up tool from the Accountant Toolbox.
  • Change the URL to add “managebillableexpense” after
  • Open the Unbilled Charges report, select each transaction, and take off billable status.

From which 2 access points can an Accountant user close the books?(Select all that apply)

  • The Accountant Toolbox
  • Gear > Account and Settings > Advanced > Accounting
  • Left Navigation Bar > Accounting > Advanced
  • Gear > Account and Settings > Company > Accounting

When using the Direct method of writing off bad debt for an accrual-based client, which 3 steps are part of the process?(Select all that apply)

  • Create an expense account for bad debt.
  • Create a liability account for bad debt.
  • Create a service or non-inventory item for bad debt.
  • Create an invoice using an item posting to bad debt, entering as a negative number.
  • Create a credit memo using an item posting to bad debt, entering as a positive number.

Which 3 effects will this have on the QuickBooks file?(Select all that apply)

  • The Accounts Payable account will report incorrect figures.
  • The balance sheet will report incorrect figures.
  • The profit & loss will report incorrect figures.
  • The vendor balance will report incorrect figures.
  • Inventory quantities will be incorrect, potentially creating negative inventory amounts.

After reviewing a client’s year-end balance sheet, you see a credit balance in Undeposited Funds.

What is the likely cause?

  • This reflects a bad-debt expense.
  • This reflects a partially paid invoice.
  • The deposit was dated before the Receive Payment transaction.
  • The invoice was dated after the payment was received.

You have been hired to prepare 1099s for your client, Donna’s Design. Here are the related transactions for the year:

  • They paid Books by Bessie $100/month for 12 months
    • For Books by Bessie, the first five months were paid by check. The remaining seven months were paid by credit card
    • Computers by Han was paid $700 by debit card
    • The landlord, John Johnson, was paid $100/month by EFT
    • Mahoney Advertising was paid $500 by check
    • Nancy Seitz, CPA, was paid $1200 by check

What is the total dollar amount of the 1099s issued?

Section 9

A client calls in a panic. They realize that they did not file July’s sales tax return and it is now October.

How should they be advised to adjust for penalties and interest, and post to their respective accounts, using Automated Sales Tax?

  • File zero amounts for July and then add July’s real numbers to October’s filing.
  • Record a journal entry dated July 31 to record the penalties and interest and credit sales tax payable.
  • File July’s return and make two adjustments (one posting to penalties and one posting to interest expense).
  • Post the adjustment to interest expense, and then use a journal entry to reclassify to penalties.

Using Automated Sales Tax in QuickBooks Online, sales tax will be calculated based on several factors.

What are 3 factors?(Select all that apply)

  • Type of customer
  • Type of product/service
  • When the invoice is dated
  • Number of invoices sent to a customer
  • Vendor from whom goods were purchased

Dan’s Digital Services provides computer services to which special sales tax rules apply. The company set up a taxable product/service item for sale, but they neglected to fill in the Sales Tax Category and What You Sell fields.

How will Automated Sales Tax calculate sales tax on invoices for this product?

  • It will not calculate sales tax at all.
  • It will always calculate the sales tax based on the street address of the seller.
  • It will calculate sales tax based on the normal state rate, not the specialty rate.
  • It will calculate the sales tax based on the shipping address of the customer.

Kaydee’s Kites sold a big order of kites to a taxable customer, Circus Town. They should have charged sales tax, but did not do so. Circus Town already paid that invoice in full.

Which steps should you recommend to charge Circus Town only the sales tax on a follow-up invoice?

  • Create a new invoice, entering a sales tax item in the Item Details grid.
  • Create a credit memo against the first invoice, and create a new replacement invoice including the sales tax.
  • Create an invoice using Kites in the Item Details grid with a quantity of zero, then override the sales tax so that the invoice is sales tax only.
  • Create an invoice for a bundle, where the bundle consists of +1 taxable item and -1 non-taxable item, and put the taxable total in the Rate column.

Which 2 statements are correct regarding adjusting sales tax on a return?(Select all that apply)

  • Rounding up should post to an income account.
  • Penalties should post to a contra-income account.
  • Interest charged should post to a payable account.
  • Rounding down should post to an income account.
  • Early payment discount (credit) should post to an income account.

Section 10

With regards to importing data using the tools from within QuickBooks Online, which statement is correct?

  • Records can be in TXT format.
  • Records can be in an Excel or CSV format.
  • It is only possible to import customer and vendor names.
  • The limit to the number of rows that can be imported is 250.

Jack’s Cleaning and Janitorial Service uses QuickBooks Desktop. They do not track or sell inventory. They have regular customers that they want to invoice automatically on a weekly basis.

They would like to review a Sales by Customer by Month report regularly. The company currently pays their vendors in QuickBooks Desktop using the online bill pay service, QuickBooks Bill Pay.

After converting to QuickBooks Online, which 3 setup and customization steps are appropriate for this client?(Select all that apply)

  • Customize reports
  • Turn off multicurrency
  • Rebuild data
  • Review recurring transactions
  • Set up initial quantity on hand and cost for each product
  • Set up and implement an online bill pay service

Heather’s Hair Salon is a sole proprietorship that has kept the books manually for several years. They have hired you to move them to QuickBooks Online for the year that begins January 1 of the current year. The books will be kept on accrual basis for management purposes.

Select to view their specifications.

Which 4 accounts would be included in the journal entry for recording beginning balances?(Select all that apply)

  • Checking
  • Inventory
  • Loan payable
  • Accounts Payable
  • Credit-card payable
  • Accounts Receivable
  • Cost of goods sold
  • Opening balance equity

Ginger’s Gift shop is a retail operation that has its own specialized POS system. It is designed to sync summary sales information with QuickBooks Desktop or QuickBooks Online. It connects to QuickBooks Desktop using Web Connector and syncs to QuickBooks Online.

To save time on data entry, The company wants their office manager to be able to download transactions. QuickBooks is not used to track any customer information, individual sales activity, or inventory. It is used for payroll and accounts payable.

Review the Product Information screen of Ginger’s Gift Shop and answer the question below.

What should you look at on the Product Information screen to determine if the company is a good candidate for converting from QuickBooks Desktop to QuickBooks Online? (Select 2)(Select all that apply)

  • number of targets
  • location of the file
  • file size
  • number of links
  • DB file fragments

Heather’s Hair Salon is a sole proprietorship that has kept the books manually for several years. They have hired you to move them to QuickBooks Online for the year that begins January 1 of the current year. The books will be kept on accrual basis for management purposes.

Review their specifications and answer the question below.

Which amount should be recorded via the beginning balance journal entry as the beginning balance for the checking account?

  • $0.00
  • $12,720.02
  • $12,801.56
  • $12,861.47
  • $13,002.92

Which 2 statements are true about purging data?(Select all that apply)

  • You can purge data within the first 60 days of the QuickBooks Online subscription.
  • Purging deletes transactions, but leaves the lists.
  • Purge data by adding a specific suffix to the URL.
  • Purge data by going to the Gear icon>Purge data.
  • Purge data can only be done by an accountant user.