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SECTION 1 -Review Answers - PASSED

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• Q1

• The Chart of Accounts 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?

Your answer:

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
Uncategorized Income and Uncategorized Expense are default accounts for online banking
activity
If you add a new account, the category type determines on which financial statement this
account will show
Delete an account from the Chart of Accounts if it is not relevant to your business
Edit answer

• Q2

• 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?

Your answer:

Go to the Gear icon and select All Lists

Edit answer

• Q3

• Look at the following 2 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.

Your answer:

Full-Service Payroll; ProConnect Tax Online

Edit answer

• Q4

• 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.

Your answer:

The New vendor button in the Vendors tab of the Expenses screen
Edit answer

• Q5

• As part of understanding your client’s needs, you should find out what 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 the 4 options you think apply.

Your answer:

Their company address?

When did their current tax period start?
How often they have to file a tax return?
When they started collecting sales tax for the agency?
Edit answer

• Q6

• If you want to give one or more of your employees access to Your Practice, what
types of user permissions can be set up?
Your answer:

Regular or custom user, Company administrator, Reports only and Time Tracking only
Edit answer

• Q7

• 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?

Your answer:

Banking Center
Edit answer

• Q8

• 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?

Your answer:

Select the Limited radio button and check the Customer and Sales box
Edit answer

• Q9

• Where can you go in QuickBooks Online to import a list of products and services?

Your answer:

Select the Gear icon and under the Tools column, select Import Data, then Products and
services
Edit answer

• Q10

• 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 to add some further
information
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
7. ___________________ and set their preferred payment method to Credit Card
8. Select Save
Now select the missing steps.

Your answer:

2. Select the Add Customer button; 7. Select Payment and Billing

Edit answer

• Q11

• QuickBooks Online has some 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?

Your answer:

Step 2: Select the Sales tab; Step 3: From the drop-down list select Plain text email
Edit answer

• Q12
 • You want to add a new Product and Services entry to your client’s QuickBooks
Online company. The service is 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?

Your answer:

Select Service
Edit answer

• Q13

• 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?

Your answer:

There is another plan which has no monthly fee with a higher rate per transaction; In the
Payment tab of Account and Settings
Edit answer

• Q14

• 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?
Your answer:

Step 4: Enter an Intuit ID email address and password

Edit answer

• Q15

• 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?

Your answer:

Step 2: Select the client company from the client list in the green header bar; Step 4: Select
Company details from the left navigation
Edit answer

• Q16

• 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?

Your answer:
Step 1: Select the Gear icon; Step 5: Select Save
Edit answer

• Q17

• 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?

Your answer:

Step 4: Sign in to your QuickBooks Online Accountant account

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SECTION 2 - Review Answers - PASSED
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• Q1

• When would you use the Add other funds to this deposit grid in a Deposit
Transaction?
Identify the 3 correct options below.

Your answer:

When an employee reimburses the company

You receive a tax refund from the IRS
When a company doesn’t record income using sales transactions (invoices or sales
receipts), and wants to record deposits directly to income accounts
Edit answer

• Q2

• Which option has the correct information about how a delayed charge is used, and
how it is created and linked to an invoice?

Your answer:

Use a delayed charge to record a fee that you want to invoice in the future. The first step is
to select Delayed charge from the Quick Create menu, and then add to an invoice later by
selecting Add when the customer invoice is created.
Edit answer

• Q3

• You have a client business who uses invoicing, the Accounts Receivable
workflow and they use the Banking screen to record a customer payment
received. They select an income account, and then select Add.
What 2 problems will this cause?

Your answer:

Their Accounts Receivable balance will not be accurate

The income account will show duplicate income
Edit answer
 • Q4

• Which 2 of the transactions and tools in the list are Posting transactions?

Your answer:

Credit memos
Vendor credits
Edit answer

• Q5

• Clients can take payments from their customers’ credit cards via Online Invoicing if
they have QuickBooks Payments set up. How does the customer interact with the
invoice to access credit card payment features?

Your answer:

They select the Pay Now button

Edit answer

• Q6

• What 3 types of customer statements can be generated by QuickBooks Online?

Your answer:

Statements that show a balance forward and then all activity between two specified dates
Statements that show invoices created between two specified dates and their related
payments
Statements that show just open transactions
Edit answer

• Q7

• Your client wants to transfer $500 from their checking account into a savings
account to cover tax liabilities for sales made last month.
Where should they start the process?

Your answer:

Navigate to the Quick Create icon, then find the Transfer link
Edit answer

• Q8

• Look at these two sentences about Undeposited Funds.

1. By posting to Undeposited Funds, you can create a single bank deposit for
multiple payments, making it easy ___________.
2. When receiving a payment, make sure _________________.
Which of the options below correctly fills in the blanks?

Your answer:

1. To match your bank register with your bank statement; 2. the Deposit to account is
Undeposited Funds
Edit answer

• Q9

• What are 4 benefits of the Online Invoicing feature within QuickBooks Online?

Your answer:

Customers can message the business about an invoice

The business can answer messages received from their customer about an invoice
The business can track when an invoice has been viewed
With QuickBooks Payments activated, the customer can pay online
Edit answer

• Q10

• Select the true statement about journal entries in QuickBooks Online.

Your answer:

Your client can’t create an Adjusting Journal Entry

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SECTION 3 - Review Answers - PASSED
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• Q1

• Read the following statement about recurring transactions in QuickBooks

Online and the suggested steps to create one.

Statement: “Recurring transactions in QuickBooks Online can be set up to

manage any of the first transactions in any workflow, like sales receipts,
invoices, bills, journals, checks, deposits, or expenses”.

Suggested steps:
1. Select the Quick Create icon
2. Select Recurring transactions
3. Select New
4. Now choose Expense as the new Transaction Type from the drop-down list
and hit OK
5. On the new screen, enter Sult Advertising monthly fees as the template
name. Best practice is to list the “Name” (Vendor/Customer/Employee) in the
Template name. This makes it easier to identify what Names have recurring
templates
6. As the type, make it Scheduled.
Which is true?

Your answer:

Neither are correct

Edit answer

• Q2

• Look at the following process for matching and and adding deposit transaction
from a bank feed:

1. Select the line for that entry and you’ll see more information in the row that
expands
2. Select the Deposit link among suggested match(es) to view the deposit
transaction
3. Hit Cancel in the bottom left and you’ll go back to the banking area
4. Now that we’re satisfied that this is the right banking activity matched to the
right QuickBooks Online Transaction, we can ______________.
 Which option correctly completes the final step?

Your answer:

Hit Match on the right of the entry

Edit answer

• Q3

• Which 3 of the statements below are correct regarding reconciling a bank account in
QuickBooks Online?

Your answer:

To reconcile you need to enter the Statement Ending Date and Ending Balance
The Reconciliation screen shows the summary calculation at the top (Beginning balance
minus payments plus deposit)
To see the Reconciliation report, select View report after you’ve successfully reconciled the
account
Edit answer

• Q4

• Your client wants to create a bank rule that has priority over other bank rules and
automatically adds a transaction into the QuickBooks Online register. Is this
possible?

Your answer:

Yes
Edit answer

• Q5

• What 2 reasons from the options shown here might mean a transaction needs to be
excluded in bank feeds?

Your answer:

If the downloaded transaction was already recorded and reconciled in QuickBooks Online
If the bank downloads the same transaction more than once
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SECTION 4 - Review Answers - PASSED
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• Q1

• As with all business owners, you want to have a clear snapshot of how you are doing
financially. Reports can provide a valuable insight into which 3 of the following?

Your answer:

Financial position of their business

Results of company operations for a specific time period
Statistical information about their products and services
Edit answer

• Q2

• Which report would you run to see a list of each customer with an open balance and
columns for the age of open balances?

Your answer:

A/R Aging Summary

Edit answer

• Q3

• Your client wants to understand the difference between cash-based and accrual-
based reporting. Which is the best definition of cash-based reporting?

Your answer:

Cash-based reports display income as of the date the customer payment is

received/recorded and expenses as of the date a vendor bill is paid
Edit answer

• Q4
 • Which QuickBooks subscription level or levels offer Sales reports that can be run to
show location or class?

Your answer:

QuickBooks Online Plus

Edit answer

• Q5

• Which 4 of these statements about the QuickBooks Online Reports Center are
correct?

Your answer:

The Reports Center is divided into three tabs: All, Custom Reports and Management
Reports
Cash basis reports display income at the time it was received and expenses at the time they
were paid
The reports available for your clients or their team members depend on the subscription
levels, user roles and the features they or you have enabled
In the Balance sheet report, you can see the financial condition of a business. You can also
see whether the business is able to meet its obligations and its working capital
Edit answer

• Q6

• The ____________ lists each customer with an open balance. It lists the open
invoices in different columns based on whether they are current or how long
it’s been overdue, 30, 60 and 90+ days.
What kind of report is being described here?

Your answer:

A/R Aging Summary report

Edit answer
SECTION 5 - Review Answers - PASSED
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• Q1

• QuickBooks Online Accountant allows you to request information from clients.

Which of the following 3 statements are accurate?

Your answer:

Selecting Create client request on the Work screen begins the process
Checking the Notify client checkbox means the client will be sent an email
To update the status of the request, select your project in the Status drop-down
Edit answer

• Q2

• Which 2 of these statements are correct when creating a client request in

QuickBooks Online Accountant?

Your answer:

You can add attachments

The request appears in the client’s QuickBooks Online company in My Accountant
Edit answer

• Q3

• Look at these steps for creating a project and a task in QuickBooks Online
Accountant:

1. _________________
2. Select Create project in the top right
3. Name the project Year End
4. Select the Client and enter four weeks from now as the due date
5. Select Save
6. Select your newly added Year End project
7. _________________
8. Type in the Task name – Bank reconciliation and close books
 9. Due date – two weeks from now
10. Select Save
Which option identifies the right steps for 1 and 7?

Your answer:

1. Select Work from the left menu; 7. Select Add a Task

Edit answer

• Q4

• The Work functionality in QuickBooks Online enables you to increase

organization and efficiency.
Can you identify 3 ways it does this from the options shown here?

Your answer:

By showing a birds-eye view of what’s coming up

By flagging what’s overdue
By allowing you to filter by Client
Edit answer

• Q5

• How do you change the status of a project in QuickBooks Online Accountant?

Your answer:

Click on the project, select Done in the status drop-down

Edit answer
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SECTION 6 Review Answers PASSED
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• Q1

• When would you need to reclassify transactions and how would you do it in
QuickBooks Online? Select the option that answers both parts of the question
correctly.

Your answer:

To clean up large uncategorized expense accounts; go to Reclassify transactions in the

Accountant Toolbox
Edit answer

• Q2

• Taking care of pay reports for employees and subcontractors is a key task when
preparing for year end. Which of the 2 forms below would need to be sent?

Your answer:

W-2s are submitted for employees

1099s for subcontractors
Edit answer

• Q3

• You can find the link to the Voided/Deleted Transactions tool by selecting the
___________________.
Which option correctly completes the sentence?

Your answer:

Accountant Toolbox
Edit answer

• Q4
 • Which 4 of the following statements about the Trial Balance function in QuickBooks
Online are true?

Your answer:

It can be used to help prepare a tax return

It can be used to check that a client’s account balances are accurate
You can export a Trial Balance to Excel
You can export QuickBooks Trial Balance data into ProConnect Tax Online
Edit answer

• Q5

• Is it possible for a client to change transactions in a QuickBooks Online company if

the books have been closed with a closing date password? If so, how would you
track any changes to transactions within the closed period?

Your answer:

No, even if they know the password they can’t change transactions on or before the closing
date. Only the accountant can track changes
Edit answer

• Q6

• What 2 options could you use to navigate from a client’s QuickBooks Online
company dashboard to the Exceptions to Closing Date report?

Your answer:

Go to the Accountant toolbox, then select Accountant Reports and look in the For My
Accountant section
Go to the Reports center via the left navigation and look in the For My Accountant section
Edit answer

• Q7

• Your client, Client A, has a problem. He has a number of invoices that have not
been paid by the customer after the customer became insolvent.

Another client, Client B, needs to adjust invoices because of small over

payments by the customer on a series of invoices dating back six months.
 Which client or clients would need to use the Write off invoices feature of
QuickBooks Online to get their books corrected, and can they perform the task
themselves?
Select the option that has the correct answer for both parts of the question.

Your answer:

Only Client A would benefit from the Write off Invoices tool; No, the feature is only
available to Accountant users via the Accountant Toolbox
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SECTION 7 Review Answers PASSED

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• Q1

• Managing inventory and avoiding out-of-stock situations is critical to the

success of this type of client.
What type of client does this best describe?

Your answer:

Retail and eCommerce

Edit answer

• Q2

• Which subscription option, if any, includes online banking, access from any device at
any time and integration with a wide range of apps?

Your answer:

All QuickBooks Online Subscription levels

Edit answer

• Q3
 • Which 2 statements regarding QuickBooks Online Apps are true?

Your answer:

They must meet strict requirements and undergo a testing process

They must be available via the Apps screen in QuickBooks Online Accountant
Edit answer

• Q4

• You have a client who needs a QuickBooks Online solution that includes tracking for
sales and sales tax. Which subscription level in QuickBooks Online would you
recommend?

Your answer:

Any subscription level, including QuickBooks Self-Employed

Edit answer

• Q5

• Which 2 statements are true of wholesale billing for QuickBooks Online?

Your answer:

The practice gets billed at wholesale prices for QuickBooks Online subscriptions
The practice gets billed, and determines the amount to bill the client
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