ACCOUNTING 2021 QBO - Recertification 2020 100% complete Questions and Answers

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ACCOUNTING 2021 QBO - Recertification 2020 100% complete Questions and Answers QBO – 2020 Recertification Exam - Section 1 Q. Your client has called because they are unable to find the + New butto... n in their QuickBooks. What could be a reason for the missing icon? • The + New button no longer exists in the new interface • The + New button has been replaced with the + Create button • The client has selected the collapsible left navigation (hamburger) icon • The client has turned off the + New button option in Account and Settings Q2. Which 3 pieces of information regarding QuickBooks products can be found on the QuickBooks Status page (status.quickbooks.intuit.com)? • Current and past service outage information • Pricing and subscription information • Information regarding scheduled maintenance • A link to subscribe to status updates • Certification level of the currently logged in ProAdvisor Q3. Which 2 conditions must be met in order to use receipt forwarding in QuickBooks Online? • Receipt Capture must be enabled in the Account and Settings. • Receipts must be forwarded to [email protected] from a registered email address. • At least one user must be registered for receipt forwarding. • You must have the QuickBooks Mobile app installed on your mobile device. Q4. What technology does Receipt Capture use to extract data from receipts added to QuickBooks Online via the Receipts tab? • Artificial Intelligence • Optical character recognition • Data import templates • A scanner Q5. What are 3 benefits of the Pay down credit card feature? • It allows users to electronically pay their credit card balances from within QuickBooks. • It prevents miscategorization of credit card payment transactions. • It helps users identify which credit cards have interest rates that are too high. • It provides easy-to-understand language for non-accountant users. • It prevents common errors that affect the company’s financial statements. Q6. The Pay down credit card feature can be found in which area of QuickBooks Online? • Gear icon • + New on the left navigation bar • Account and Settings • Banking CenterQBO – 2020 Recertification Q7. A client can use Instant Deposit up to _________ time(s) a day, not to exceed the ___________ per day limit. • two, $5000 • one, $2000 • three, $2000 • five, $5000 • one, $3000 Q8. Where can a client identify the direct deposit options for their QuickBooks Payments account? • In Account and Settings • In the Invoices tab • On the Create Invoice screen • In the Deposits tab • In the Banking Center Q9. Which 4 statements are true regarding the Mileage Tracker feature in QuickBooks? • You can track mileage automatically from your mobile device. • You must manually update the mileage rates each year in Account and Settings. • You can separate business from personal mileage. • You can store details for multiple vehicles, and assign mileage to each. • Track mileage is only available in QuickBooks Online Plus and Advanced subscriptions. • You can add mileage manually to QuickBooks Online via a browser or the mobile app. Q10. What are 2 ways to set up a new vehicle to track mileage in QuickBooks Online? • Gear > Account and Settings > Advanced > Add Vehicle • Mileage > Add trip > Add Vehicle • Mileage > Vehicle Profile > Add new • Mileage > Show Vehicle Drawer > Add Vehicle • Gear > Expenses > Mileage > Add Vehicle Q11. The Receipt Capture feature in QuickBooks Online allows users to add receipts to QuickBooks using which 3 methods? • By forwarding an email to [email protected] from a registered email address • By uploading a file via a browser • By snapping a picture via the mobile app • By snapping a picture via a browser • By forwarding an email to [email protected] from a registered email address • By texting to [email protected] – 2020 Recertification Q12. Which 2 problems does the Pay down credit card workflow solve for clients? • It helps clients stay on top of making payments on time • It ensures that payments to credit card accounts are categorized correctly • It uses language that non-accountants can understand • It provides a lower rate than most credit cards to qualified small businesses Q13. 1. Select the + New button from the Left Navigation Bar, then Pay down credit card in the Other column 2. Select the credit card account that is being paid 3. Enter how much was paid 4. Enter the date of payment 6. Select the account the payment is being made from next to “What did you use to make the payment?” 7. ________________________ What step is missing from these instructions on how to use the Pay down credit card feature? • Select Submit payment • Select Save • Select Schedule payment • Select Submit application Q14. Payments selected using the Instant Deposit feature may take up to _____________ before they can be seen in your bank account. • 1 business day • 30 minutes • 3 hours • 1 minute Q15. Where can a client identify the direct deposit options for their QuickBooks Payments account? • In Account and Settings • In the Invoices tab • On the Create Invoice screen • In the Deposits tab • In the Banking CenterQBO – 2020 Recertification Q16. What must be done to set up the QuickBooks Online Mobile app to automatically track mileage? • Upgrade your subscription to QuickBooks Online Plus or Advanced • Sign up for the Mileage Tracker feature at mileage.quickbooks.intuit.com • Turn on Auto-tracking in Mileage • Enable Track mileage in Account and Settings • Add a vehicle to Track mileage via a browserQBO – 2020 Recertification Section 2 – New Features for Proadvisors Q1. Which 2 additional functions can you and your clients access in the Business performance dashboard? • Sign up for QuickBooks Payments • Review your clients’ credit scores • Apply for QuickBooks Capital • Export to PDF and include with financial reports • Discuss goals and benchmark against prior performance Q2. How can a user identify the calculations of the Trends card in the Business performance window? • Select Overview > Select the name of a chart in the Trends section • Select Overview > Business performance > Select Export • Select Overview > Business performance > Select the name of a chart in the Trends section • Select Overview > Business performance > Glossary Q3. What are 2 limitations of the Reclassify Transactions tool? • You can’t change the Classes when reclassifying expenses • You can’t change the account for inventory adjustments • You can’t change the Locations when reclassifying expenses • You can’t change the payment bank account when reclassifying expenses • You can’t change the Classes for deposit types Q4. When Heather opens the Reclassify Transactions window, she only sees the date range and Find transactions on the left side pane. Which step should she take to see more options? • Select + New on the left navigation bar • Select the More filters link next to date range • Select the Feedback link on top right • Call Online Support Q5. Prep for taxes has replaced the Trial Balance tool and has been redesigned to display a one-page view of accounts divided by which 2 financial reports? • Profit and Loss, and Accounts Receivable • Balance Sheet, and Open Invoices • Profit and Loss, and Balance Sheet • Profit and Loss, and Accounts Payable Q6. How can you identify when changes have occurred after the user has started populating Prep for taxes? • Changes will be noted at the bottom with a date and time stamp • Changes will be noted at the top with a date stamp • Changes will be texted as a notification to the Accountant user • Changes will be emailed as a notification to the Accountant userQBO – 2020 Recertification Q7. Which 3 actions can users take in the Prep for taxes window to make changes or add more detail to an account line? • Make adjustment • Delete account • Export to QuickBooks • Add attachment • Add note • Send a notification Q8. Each subscription level in QuickBooks Online is designed for a wide range of business owners and their particular usage needs. For this reason, there may be limits assigned to specific usage per subscription. What are the 3 main categories of usage limits? • Classes, Locations, Chart of Accounts • Classes and Locations (combined), Chart of Accounts, billable and unbilled users • Classes, Chart of Accounts, billable users • Classes, Chart of Accounts, Customers and Vendors (combined) Q9. Which 4 issues may occur if QuickBooks Online accounts are suspended for being over their subscription limit? • They will not be able to reduce usage • They will not be able to export data to Excel • They will not be able to upgrade in QuickBooks Online • They will not be able to export to QuickBooks Desktop • They will have read-only access to the QuickBooks data for one year • They will not be able to sign up for a new QuickBooks Online account • They will lose any special wholesale billing discount of QuickBooks Online for this client Q10. Which type of growing businesses would most benefit from QuickBooks Online Advanced? • Organizations with between 5 -10 employees and 3 users needing access • Organizations with between 10 -100 employees and more than 5 users needing access • Micro-businesses with fewer than 5 employees and 2 users needing access • Organizations using a one-user license copy of QuickBooks Desktop Enterprise Q11. What are 3 automated workflows included in the QuickBooks Online Advanced Workflows feature? • Close books • Payment due reminder • Unsent invoices reminder • Send recurring transaction • Bank deposits reminder • Approve timesheets reminderQBO – 2020 Recertification Q12. The Prep for taxes tool is used to review and finalize a client’s books at year end. What tool in QuickBooks Online Accountant is used to review a client’s books at the end of each month? • Close books • SmartLook • Audit Log • Month-end review • All Lists Q13. What are the 5 key performance metrics that are visible in the Business performance tab area? • Income, Other income, Gross profit, Expenses, Net profit • Income, Other expense, Gross profit, Expenses, Taxable profit • Income, Cost of goods sold, Gross profit, Expenses, Net profit • Income, Cost of goods sold, Gross profit, Expenses, Taxable profit Q14. What are 3 new improvements to the Reclassify Transactions tool? • Stronger filtering capability • Cash flow statement included under account types • Ability to recategorize both Classes and Locations • Ability to edit the Reclassify columns • Ability to change the customer on expenses Q15. What 3 strategies can you use to manage QuickBooks Online's Chart of Account usage limits? • Upgrade the subscription to one that supports a higher usage limit • Merge duplicate list items • Review current lists to create efficiencies in current list items • Create subaccounts • Purge prior year data Q16. Where can you begin the upgrade/downgrade process for a client who is not part of wholesale billing (i.e. direct billing)? • Gear > Manage Users • Gear > Profile > Intuit Account • Gear > Other > Update subscription level • Gear > Account and Settings > Billing & Subscription Q17. Johanna’s Jams and Jellies is looking to be set up on QuickBooks Online. She wants to be able to set up specific roles for the 15 different users in her company, including providing access to her CPA, outsourced CFO, and an outside integration specialist and ProAdvisor. • Which version(s) of QuickBooks Online would allow her to accomplish this? • QuickBooks Online Plus or Advanced • QuickBooks Online Essentials, Plus, or Advanced • QuickBooks Online AdvancedQBO – 2020 Recertification • QuickBooks Online Simple Start, Essentials, Plus, or Advanced Q18. Which 4 are features of the Month-end review tool in QuickBooks Online Accountant? • Identifies incomplete expense transactions • You can automatically transfer balances to ProConnect Tax Online once the month-end review is marked complete • Includes customizable checklists to help accounting professionals stay on track when closing a client’s books • Includes a shortcut to the Journal entries screen • Allows transactions to be recategorized in batch by account, class, or location • Shows number of unreconciled transactions for specific account balances • Includes links to reports commonly reviewed at month endQBO – 2020 Recertification Section 3 – Adding More Value Q1. What are 2 ways QuickBooks Online tries to help you with categorizing transactions in the Bank Feed? • Reconcile now • Suggested Rules • Recurring rules • Advanced categorization • Category Suggestions Q2. Your client likes the Category Suggestions feature but sometimes gets caught up when they purchase from one vendor only, Lumber Store. They would like suggestions NOT to appear for this vendor only. How can you make this happen? • Grid gear icon > uncheck Show suggested rules when a Lumber Store transaction is highlighted • Undo the matching/adding of all Lumber Store transactions > Change them all to be uncategorized • Grid gear icon > uncheck Remember category selection when a Lumber Store transaction is highlighted • Select Edit this setting on a Lumber Store transaction > Check the box to leave this vendor uncategorized Q3. You are a part-time bookkeeper for five clients that you access via QuickBooks Online Accountant. You want to start using the Receipts feature and email receipts into each client’s QuickBooks Online file. What obstacle would you encounter? • Accountant users cannot use the Receipts function in QuickBooks Online. • Accountant users cannot use the email function of Receipts in QuickBooks Online. • Your email address can be associated with only one company for emailing receipts. • You will be concerned that you will mix up the clients and email receipts to the wrong client. • Accountant users can only email to a centralized portal and then have to sort the receipts to import into the appropriate client. Q4. What is true of the Receipts function in QuickBooks Online? • It detects post-dated transactions • It lets you set up new foreign vendors on the fly from the Receipts window • You cannot assign a Product and Service item on the receipt transaction • It can match uploaded receipts to bills already entered in Accounts Payable Q5. What is a best practice for using the Receipts function as it relates to foreign currency in QuickBooks Online? • Sort images of your receipts by vendor in the Receipts tab • Sort images of your receipts by currency in the Receipts tabQBO – 2020 Recertification • Add a foreign vendor on the fly when creating an expense in the Receipts tab • Create the foreign vendor from the Vendor Center before reviewing receipts Q6. Your client, Lindsay’s Law Firm, has come to you with an issue. They’re using QuickBooks Online Plus and have received notification from Intuit that they have to upgrade to QuickBooks Online Advanced by their next renewal date because they have exceeded the Plus usage limits. They have set themselves up with: * 240 general ledger accounts and 10 Classes (for the types of cases such as wills & estates, family, criminal, civil and commercial) * 35 Locations because they have satellite offices in many big box stores. Each client gets set up as a customer. They track revenues and expenses (for admin work, office supplies, and contract attorneys) by assigning the customer name as well as the Class and the Location. That way, they get a profitability report on each client by the type of work they’ve done. They’re a budget law firm and want to minimize their expenses. They still want to be able to report on the profitability of a client’s various cases (which include various areas of law), matter by matter. They also want to report on the financials of each office. What should you suggest that Lindsay's Law Firm do? • Make their locations inactive • Make a group of accounts, both income and expenses, for each office • Create projects for each client and inactivate the corresponding classes • Upgrade to QuickBooks Online Advanced because that’s their only option • Make a group of accounts, both income and expenses, for each area of law Q7. Trudie’s Tea Room wishes to reduce the number of accounts on their Chart of Accounts and has run into issues because QuickBooks Online will not allow them to make some accounts inactive. What circumstances could cause this issue? • The account is a subaccount.(Maybe) • The income account has billable charges. • The balance sheet account has a balance. • The expense account has billable expenses. • The account is associated with an inactive product/service item. Q8. Your client, Heather’s Hair Salon, has called you with the following situation: 1) She set up classes to track profitability by styling services vs. selling products. 2) She did not select the warning to be reminded to assign a class. 3) She has not assigned classes consistently, so there is a lot of activity in the Unspecified column of Profit and Loss by Class for last year’s Materials account.QBO – 2020 Recertification You find that transactions for Harry's Hair Supplies (a vendor) were not assigned a class. She has asked you to assign the Products class to those transactions. Which 2 filters in the Reclassify Transactions tool will make it easier to find the transactions? • Select Check under the Type filter • Select None under the Class filter • Select Accounts under the Modify filter • Select Last year to date for the date range • Select Harry's Hair Supplies under the Customer/Vendor name filter Q9. You realize that your client, Trudie’s Tool Supply, has recorded some transactions this year that should have been posted to Fixed Assets rather than Office Supplies. You’ve asked your team member, Gretchen, to use the Reclassify Transactions tool to fix the issue. She navigated to Accountant Tools > Reclassify transactions. Then, she applied the following filters: * Account Types = Profit and Loss * Basis = Cash * Account = Office Supplies * From and To Dates = This Year * Type = All * Customer/Vendor name = Oscar’s Office Supplies * Modify = All When she’s done, you note that there is an unpaid bill for a computer purchase that is still categorized under Office Supplies. Which 2 things did Gretchen miss? (Select all that apply) • She chose the wrong reporting basis • She didn’t choose the right date range • She should not have filtered for a Customer/Vendor name • She didn’t filter for purchases over $500 • She should have filtered for Bills and Expenses Q10. Your client, Castle Construction, has been using Class tracking for years in QuickBooks Online Plus. Classes have been set up to track activity for the following physical locations: * Downtown * Uptown * Midtown Now they realize that they need to use Classes for a completely different purpose: business type. They have set up the new classes: * Commercial * Residential * Mixed You’ve turned on Location tracking and set up Downtown, Uptown, and Midtown as locations. How can you clean up what Castle Construction has entered so far?QBO – 2020 Recertification • Merge each Class with its comparable Location • Use the Reclassify Transactions tool to change the Class to None and add the Location • Use the Reclassify Transactions tool to add the comparable Location to all transactions, based on the historical Classes • Run a Profit and Loss by Class report. Drill down to the transactions; change the Class in each to a new Class, and add the Location Q11. Your client has turned off Suggested Rules because they found them annoying and didn’t know what to do with the feature. You explain to your client how to use this feature properly. • How should you turn Suggested Rules back on for them? • Create a rule to turn on Suggested Rules • Select "Bring back all one-time messages" in Account and Settings • Select the Grid gear icon and check the box next to Show suggested rules • Turn on Suggested Rules by clicking on the drop-down next to New Rule in the Rules tab Q12. You’re reviewing your client’s Profit and Loss report and see that a number of transactions are posted to the wrong account. However, the bank and credit card accounts have all been reconciled properly. Your client doesn’t remember adding these transactions. What could have happened? • Your client used the Reclassify Transactions tool • Someone imported these transactions and their reconciliation status directly from Excel • The client added the transactions through Bank Feeds, using an item that posted to the wrong account • The client incorrectly added a transaction, accepted a suggested rule based on that posting, and also chose auto-add Q13. Heather’s Hair Salon is opening a second store, and she wants to track performance by physical location. You’ve set up Location tracking and have created Store 1 and Store 2. How can you easily assign all transactions entered so far to Store 1? • Edit each transaction ever entered, and populate the Location field for Store 1. • Use the Reclassify Transactions tool, and assign Store 1 to all transactions in batch. • Add a Location column to the Expenses Center, and assign a Location to each transaction. • Undo every transaction in the Banking Center, then use Rules to reassign a Location to each transaction. Q14. Your client, Jack Jones, has three bills outstanding from Sam's Supplies for a total of $1500. He has uploaded the three bills into the Receipts section as three attachments. Sam made one payment for all three bills on his Visa, and that transaction has now come through the Bank Feeds. Jack wants to attach all three receipts to the one payment transaction through the Receipts function but can't figure out how to do that. How can Jack attach three receipts to one bill payment transaction in Bank Feeds? • Create a rule that allows multiple attachments • You cannot attach three bills to one transaction through Receipt Capture • Email the payment receipt received from Sam’s Supplies to [email protected] • Ask Sam to email all three bills as attachments to one email to [email protected] – 2020 Recertification Q15. How can you run a report listing all of a company’s vendors by currency? • Run a Transaction List by Vendor report • Use a Vendor Contact List, sort by Currency • Use a Vendor Contact List, add Currency column, sort by Currency • Use a Vendor Contact List, add Currency column, group by Currency Q16. Carrie’s Custom Homes has contacted you because when they ran their Expenses by Vendor Summary report, there were no expenses for the vendor named The Brick Warehouse. They had done some work for The Brick Warehouse, so the name was set up on the Customer list with a “-C” appended to the name and “-V” to the vendor name. You realize their new staff member recorded expenses using the Brick Warehouse-C name rather than the Brick Warehouse-V name. Which filters would be applied when using the Reclassify Transactions tool? • Select Name from the Modify filter. • Select All money out from the Type filter. • The Reclassify Transactions tool cannot help you. • Select "The Brick Warehouse-C" from the Customer/Vendor name filter. You’re close. Take another look at these topics before you try the test again. List troubleshooting methods to fix common client problems associated with Suggested rules, Category suggestions, and bank feeds Identify some of the limitations of adding and sending receipts Identify options that help clients get the best from the usage limits for their subscription level Identify how to batch-reclassify transactions in QuickBooks Online Accountant Identify how the Reclassify Transactions tool can be used to change classes and locations [Show More]

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