sallyQuestion 1

Where can you go in the Banking Center to review downloaded bank feed transactions that have already been matched to existing transactions in QuickBooks Online?

a)For Review tab

b)Reviewed tab

c)Recognized tab

d)Excluded tab

Question 2

Complete this sentence:

You can view all transactions that QuickBooks Online thinks it has found a single match for in the _______________________.

a)Excluded tab

b)Bank Register

c)Recognized tab

d)Gear icon

Question 3

One major benefit of using the Bank Feeds feature in QuickBooks Online is that as you _________________ or __________________ transactions in QuickBooks Online from the downloaded transactions from the bank, they are marked ___________________. This makes the end-of-period bank reconciliation more efficient.

Fill in the missing words in this statement.

a)record, delete, reconciled

b)match, exclude, cleared

c)match, add, cleared

d)exclude, add, reconciled

Question 4

Which 2 statements regarding Bank Feed best practice workflows are correct?(Select all that apply)

a)You should complete Match transactions first, then move on to Add transactions

b)You should complete Add transactions first, then move on to Match transactions

c)You should match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, or Deposits, but not open invoices

d)You should match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, Deposits, or open invoices

e)You should exclude the downloaded transaction from the For Review tab, if QuickBooks Online doesn't immediately find a match

Question 5

Laura and Bryce both want to be able to forward receipts to QuickBooks Online to take advantage of the Receipt Capture feature.

Where would they go to enable an additional email account for the same QuickBooks Online company?

a)Gear > Tools > Manage Receipt Capture emails

b)Banking > Receipts > Manage Senders

c)Banking > Receipts > Manage Receipt Capture emails

d)Gear > Account and Settings > Advanced > Manage Senders

Question 6

What are 3 ways to add receipts to QuickBooks Online Receipt Capture?(Select all that apply)

a)Snap a picture via the mobile app

b)Forward a receipt to r..s@ quickbooks.com from a registered email address

c)Use the Receipt Capture widget in Google Chrome

d)Upload a picture via a browser

e)Download the Receipt Capture app for Windows

Question 7

Erin has previously recorded all credit card activity manually using the Expense transaction screen and reconciled the account using the Reconciliation Tool. After connecting her credit card in the Banking Center, she doesn't see any matches for the transactions she previously entered and reconciled.

What should she do?

a)Assign a Payee and Category to each transaction > Select Add

b)Select the reconciled transactions > Batch Actions > Modify Selected

c)Select the reconciled transactions > Batch Actions > Exclude Selected

d)Select the reconciled transactions > Batch Actions > Delete Selected

Question 8

Which 3 statements regarding Bank Rules are true?(Select all that apply)

a)Bank rules can be prioritized

b)Bank Rules are only included in QuickBooks Online Plus or Advanced subscriptions

c)Bank rules can be copied, edited, or deleted

d)You can automatically add transactions to the register using Bank Rules

e)There is an additional fee to use Bank Rules in QuickBooks Online

f)Only an Accountant user can set up Bank Rules in QuickBooks Online

Question 9

What are 3 important reasons to reconcile bank and credit card accounts at set dates?(Select all that apply)

a)To verify transactions have the correct date assigned to them

b)To verify that an account balance is within its credit limit

c)To verify that all transactions have been recorded for the period

d)To verify that previously reconciled transactions have not been changed since the last reconciliation

e)To verify that the bank has not lost its connection to QuickBooks Online

Question 10

QuickBooks Online uses smart learning in its reconciliation tool to help find any rogue transactions.

How does it do this?

a)It can identify transactions that were posted to the wrong account

b)It can identify transactions where the posting date was manually entered and has a clearing date that differs from the bank data

c)It will recognize if transactions have been excluded erroneously from bank feeds

d)It will automatically record bank fees and interest earned

Question 11

A client has asked for your help to set up a recurring transaction. She wants to create a recurring sales receipt. This is the process she has followed so far:

1. Select theGearicon

2. SelectRecurring transactions

3. SelectNew

What should she do next?

a)Select an interval for the recurring transaction to recur

b)Choose the customer or vendor

c)Select the type of transaction she wants to make recur

d)Pick a template to use

Question 12

Which of the transactions listed here could be made into a recurring transaction? Select as many as are correct.(Select all that apply)

a)An expense

b)A customer payment

c)An invoice

d)An Adjusting Journal Entry

Question 13

Select the best option below to complete the sentence:

MB has been using proper workflow for her sales process by creating invoices, receiving payments, and recording deposits using the transaction screens in QuickBooks Online. Most likely she will be able to ___________ downloaded deposits to ____________ transactions in the Banking Center.

a)add, new

b)add, existing

c)match, existing

d)match, new

Question 14

Which option explains how to enable email receipt forwarding in QuickBooks Online?

a)Select Gear > Account and Settings > Expenses > Receipts > Register your email to get started

b)Select Gear > Account and Settings > Advanced > Automation > Turn on receipt forwarding

c)Select Banking > Receipts > Turn on receipt forwarding

d)Select Banking > Receipts > Register your email to get started

Question 15

Which 4 statements are correct regarding the QuickBooks Online Receipt Capture feature?(Select all that apply)

a)The Receipt Capture feature uses Optical Character Recognition (OCR) technology to read and transform receipt data to QuickBooks Online

b)If QuickBooks Online finds an expense already entered in QuickBooks Online, it will suggest that you match the receipt to the existing transaction

c)You can snap a picture of a receipt, then review, match, or add it directly from the QuickBooks Online mobile app

d)QuickBooks Online will fill in the fields it can for the expense using the OCR data

e)You can assign a payee, account, payment date, category, description, amount, and memo to the expense transaction in the Review screen

f)You can only have one sender email registered to forward receipts in each company

Question 16

QuickBooks Online allows the creation of Bank Rules, but when would you use them? Identify the 3 correct statements.(Select all that apply)

a)Automatically split a transaction

b)Automatically assign a transaction type

c)Automatically assign a payee to the transaction

d)Automatically delete a transaction

e)Automatically record a monthly journal entry

Question 17

Which 2 statements are correct regarding reconciling a bank account in QuickBooks Online?(Select all that apply)

a)You can only undo a bank reconciliation via a link in the Accountant Toolbox

b)To successfully reconcile and run a reconciliation report you need to enter the Statement Ending Date and Ending Balance from the relevant bank statement

c)Reconciliations must only be run at period end to estimate tax owed

d)To see the Reconciliation report, select View report after you've successfully reconciled the account