1. From the For review tab in the bank feed, how can you exclude a bank transaction that is a duplicate?

• Find transaction > Select Update in banner > Exclude
• Find transaction > Select Exclude under Action column
• Find transaction > Check box next to transaction > Select Exclude in banner
• Find transaction > Edit > Save and exclude

1. Which 3 criteria can be specified in a bank rule condition?

• Description
• Tag
• User who entered transaction
• Bank account
• Transaction Amount
• Transaction Date
• Date transaction was entered

1. Which 3 are transaction types you can assign in a rule for money-out transactions?

• Transfer
• Expense
• Refund receipt
• Journal entry
• Credit memo
• Check
• Purchase order

1. Which 3 statements regarding bank rules are true?

• Bank rules can be prioritized
• Bank rules cannot automatically split transactions
• Bank rules can be copied, edited, or deleted
• Bank rules can only be set up by an Accountant user in QuickBooks online
• Bank rules are only included in QuickBooks Online Advanced subscriptions
• Bank rules can automatically add transactions to the register

1. Which 2 statements are true regarding using bank rules in QuickBooks Online?

• Rules apply to unaccepted transactions only
• Rules are applied based on how many conditions are set
• QuickBooks Online only applies one rule per transaction
• Rules override a suggested match
• You can select which rules to apply if you open the transaction

1. In which of these scenarios would a scheduled recurring transaction be the best automation option?

• When invoices are sent monthly to a customer for fixed amounts and descriptions (and for any unbilled charges as well)
• When sales receipts are sent monthly to a customer for fixed amounts and descriptions (and for any unbilled charges as well)
• When invoices are sent monthly to a customer for varying amounts and descriptions (and for any unbilled charges as well)
• When there are pre-authorized payments to a cell phone provider for amounts that vary each month

1. Which 4 transaction types can be made into recurring templates?

• Inventory quantity adjustment
• Invoice
• Transfer
• Deposit
• Receive payment
• Bill
• Pay bills
• Paycheck

1. Which 3 statements are correct regarding reconciling a bank account in QuickBooks Online?

• To view the reconciliation report, select History by account
• Reconciliations must only be run at period end to estimate tax owed
• Transactions added or matched in the Banking center are automatically marked tentatively cleared
• The primary admin can undo reconciliations
• To begin the reconcile process, you need to enter the statement ending date and ending balance from the relevant bank statement
• Bank accounts can be reconciled only if they are connected through bank feeds

1. Which statement is true about the Reconciliation Discrepancy report?

• It can only be viewed by a company admin user
• Its available when attempting to reconcile an account with reconciliation discrepancies
• Its always visible, even if discrepancies have been fixed
• Its only available in Accountant Tools
• Its available in the Reports center

1. Which report displays the business Profit and Loss in picture form?

• Profit and Loss Detail Graph
• Profit and Loss Graph
• Client Overview
• Business Snapshot

1. Which report summarizes the amount of financial activity associated with each income or expense account for a specific period of time?

• Audit Log
• Balance Sheet
• Profit and Loss
• Trial Balance

1. Which report shows the book (purchase or cost) value of inventory items with quantity on hand?

• Inventory Valuation Summary (or Detail)
• Product/Service List
• Sales by Product/Service Summary
• Transaction List by Inventory Item

1. Your client would like to display negative numbers in red on their Profit and Loss report. Where can you select this option for them?

• Customize > Rows/Columns
• Customize > Edit titles
• Customize >Filter
• Customize > Header/Footer
• Customize > General

1. What 2 formats can be used for exporting management report packages in QuickBooks Online?

• DOCX
• PNG
• PDF
• TXT
• XLSX

1. Which 2 management report templates will be seen by default when assessing a client's books via QuickBooks Online Accountant?

• Sales performance
• Expanded company financials
• Company overview
• Profitability performance
• Expenses performance
• Basic company financials