Question 1

Cathy's Crafty Crafts is planning to run a promotion for their best customers. For a limited time, these customers will receive a 20% discount off selected products. Although Cathy is able to see the price rule in the drop down list, it is not automatically applying to any of her customers.

What could be the cause?

The customer is tax exempt

The customer was not assigned to a price rule

The price rule was not applied to the product

The Price rules feature is not turned on

Question 2

Where can you go to unmatch a transaction that your client has matched or added incorrectly within the bank feeds?

Bank register > Find transaction > Change reconciliation status

Reconciliation report > Find transaction > Undo

Open transaction > More > Unmatch

Banking > Categorized > Undo

Bank reconciliation > Undo > Bank reconciliation

Question 3

What happens if you don't follow the proper A/R and A/P workflows before reviewing the bank feeds? (one answer)?

Sales taxes will be incorrect

The Match Transactions screen leaves out unpaid bills and invoices

QuickBooks Online creates multiple transactions

The Match Transactions screen leaves out deposits

Question 4

What do you see if you select Bank Text or Description in a bank rule condition?

Contains

Doesnt contain

Equals

Matches

Contains

Doesnt contain

Equals

Doesnt contain

Matches

Contains

Doesnt contain

Is exactly

Question 5

Why would you create a rule to post transactions for a particular vendor to Uncategorized Expense?

The bank or credit card statement is missing

The vendor sells many different items that affect different accounts

The vendor account is over its credit limit

Your client hasnt created the vendor name yet

Your client is behind on QuickBooks Online entries

Question 6

How would you turn off the automatic category suggestions?

Automatic category suggestions cant be turned off

Select Disable suggested categorization checkbox

Turn it off in Account and Settings

Deselect Enable suggested categorization checkbox

Question 7

When creating budgets in QuickBooks Online, which 2 are possible?

Budgets can be imported from a .txt file

Budgets can be subdivided by class, vendor, or customer

Budgets can be prepared on a monthly, quarterly, or annual basis

Budgets can be prepared to assist with the forecast of capital expenditure

Multiple budgets can be created, and then copied and edited at any time

Question 8

If QuickBooks Online doesnt find a match in the bank feeds, what does it do next?(one answer)

Looks for open purchase orders

Looks for recurring transactions

Looks for user-created rules

Looks for open estimates

Looks for a similar transaction posted to another payment account

Question 9

Which of these statements is true about rules in QuickBooks Online?

Rules can be applied to any balance sheet account except Retained Earnings

Rules can have up to five conditions defined

Rules can only be categorized to one account on the chart of accounts

More than one rule can be applied to a transaction

Rules can be assigned to a product or service

Question 10

When does QuickBooks Online suggest creating a rule?

The first time you add a payee and category

When the date and the payee are the same as the preceding transaction

When a second transaction with the same bank description is assigned to the same payee and account as a previous transaction

When a third transaction with the same bank description is assigned to the same payee and account as two previous transactions

Question 11

When creating a rule in QuickBooks Online, whats the difference between the Bank Text and Description conditions?

Bank Text is the raw data provided by the bank and Description is the condensed version of the raw data

Bank Text is automatically provided by the bank and Description is created by the user as a memo

Bank Text is created by the user as a memo and Description is automatically provided by the bank

Bank Text can include all alphanumeric characters and Description can contain only alphabetic characters

Question 12

What is a reason to export and then import a set of bank rules to another company file?

To get the bank rules imported prior to converting from QuickBooks Desktop

Because you have clients with two or more similar QuickBooks Online companies

Because you have clients using different QuickBooks Online subscription levels

Because a QuickBooks Online company file is corrupted by bank rules

Question 13

Which 3 conditions could lead to the beginning balance of a bank or credit card reconciliation being inaccurate?

A reconciled transaction was deleted

An unreconciled transactions payee was changed

A reconciled transactions payee was changed

An unreconciled transactions amount was changed

A reconciled transactions status was changed to not reconciled

A reconciled transactions amount was changed

Question 14

You find that a reconciled bank transaction has had the amount changed.

What action should you take?

Select the transaction in the Reconciliation Discrepancy report, and change it back to the original amount.

Make a journal entry to move the amount to Reconciliation Discrepancies to fix this reconciliation

Fix the discrepancy by creating a new transaction for the original date and amount, but leave this transaction untouched

Delete this transaction and recreate it; the reconciliation will be automatically fixed