Quickbooks Online Advanced Questions:

Question 3

A client has created a budget based on their customer, Lou's Luggage.

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 Lou's Luggage budget

• Show grid Accounts vs. Quarters

• Filter for Lou's Luggage customer

• Filter by Product/Service = Specified

Which 3 statements are true regarding bank rules?

(Select all that apply)

• You can have 5 conditions apply to a rule

• Rules apply to unaccepted transactions only

• You can identify the rule right in the transaction

• QuickBooks Online only applies one rule per transaction

• You can set conditions for the rule to be based on date

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 unreconciled.

How can you resolve this issue?

• Open the 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

A deposit is posted to accounts receivable and is assigned to a customer with no outstanding invoices.

In which account will this transaction be reflected on a Cash Basis Profit and Loss report?

• Uncategorized Income

• Uncategorized Expense

• Sales of Product Income

• Unapplied Cash Payment Income

• Unapplied Cash Bill Payment Expense

Your client, George's Graphic Design, insists on doing all the QuickBooks Online entries himself, but with some guidance from you. In fact, he has not even given you access to his QuickBooks Online company.

You have persuaded him to send you a spreadsheet version of the report Ask My Accountant, which is a listing of all the transactions posted to his Ask My Accountant suspense account for the week. Then, you add your comments and instructions for corrections into the last column and send it back to him.

What is George's best option for sending you the Ask My Accountant Excel report out of QuickBooks Online?

• Create the report every week, export it to Excel and email from Excel

• Create the report every week and email it as an Excel spreadsheet

• Save the report as a Custom report, edit it, and set email schedule to weekly. Check Attach the report as an Excel file

• Save the report as a Custom report, run it every week, export it to Excel, save the spreadsheet, and attach it to an email from the email client

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 years or periods can be compared

• Brackets denote when QuickBooks Online pulls information from elsewhere

• Management reports can be shared with other companies by bookmarking the URL