QuickBooks Online offers many solutions for categorizing financial transactions. The most common categories used are Chart of Accounts and Product and Service items. Which 3 additional lists are available to categorize financial activity and further optimize QuickBooks Online for your client? (Select all that apply)
Class and/or Location Tracking
Which 3 types of businesses would benefit from using projects/sub-customers? (Select all that apply)
You want to customize a P&L report to track the profitability of products & services for specific jobs
Display columns by Customers.
Add a column for percentage of row.
Display columns by Product/Service.
Filter for one or more specific customers or sub-customers.
A client manages rental property income and expenditures on behalf of numerous landlords. Landlords own the properties, which are then rented out to the tenants. The client needs to track by landlord, by property, and by tenants. Which one method of monitoring income and expenditure would be most appropriate, especially if the client needs to re-charge expenses for costs incurred to maintain properties?
What lets you set up a unique address, phone number, and email address for invoices that are different from the default in Account and Settings?
Which 2 statements are true for Projects in QuickBooks Online? (Select all that apply)
Transactions created in QuickBooks Online can have both a project and a sub-customer assigned to them.
Projects can be added to transactions when processing bank feeds.
Projects with unbilled transactions can be deleted.
Clients get one-click access to Project Profitability, which does not exist in the Report Center.
Projects are available in all 3 versions of QuickBooks Online.
Transactions in which category can be batch-reclassified by a tool in QuickBooks Online Accountant?
Products and Services
Q1: Which 2 statements are true for Projects in QuickBooks Online?
Transactions created in QuickBooks Online can have both a project and a sub-customer assigned to them
Clients get one-click access to Project Profitability, which does not exist in the Report Center
Q2: What are 2 things you can do to get his QuickBooks Online company working with Projects?
Set up a new project, and manually move transactions to a new project
Delete all sub-customers, and recreate them as Projects
Q3: What lets you set up a unique address, phone number and email address for invoices that are different from the default in Account and Settings?
Q4: For how many hierarchical levels deep can you have sub-customers (excluding the parent)?
Q5: Transactions in which category can be batch reclassified by a tool in QuickBooks Online Accountant?
Q6: What is the quickest way to do this?
Open the transaction, and look at the transaction journal from within the more options
Q7: Which 2 statements are true about the Projects Dashboard (the Center)?
You can add transactions directly from the Projects Dashboard
Which 3 actions are required to track inventory in QuickBooks? (Select all that apply)
Which 3 statements are true regarding Product Categories? (Select all that apply)
A product category can be assigned through bank feeds.
You have run an Inventory Valuation Detail for Pumps in your client’s company as of November 16, 2018. Refer to the following Inventory Valuation Detail report.
What does this report tell you?
Fifteen pumps were donated on November 16.
Invoice 1037 was written off.
The value of the pumps decreased, and an inventory revaluation was entered.
There are three lines on the inventory adjustment because inventory was purchased at three different unit costs.
Which 3 statements are true about purchase orders in QuickBooks? (Select all that apply)
You can only create purchase orders for inventory.
You can close individual lines on a purchase order.
You can add purchase orders to any type of purchase transaction.
QuickBooks Online closes purchase orders, even when not fully received.
You can add multiple purchase orders to one purchase transaction.
A client has a handful of inventory items that are close to the use-by date. They have decided that they will send these products to customers free of charge, so they can use them as samples.
Which method of adjusting the inventory should be used to ensure this is recorded against the customer?
Create a zero-sales receipt or invoice, and then enter a journal entry to adjust cost of goods sold and promotions.
Use the inventory adjustment option within products and services, and follow up with a journal entry.
Create a journal entry that will debit advertising or sales promotions, and credit customers.
Export products into a spreadsheet, re-import them with new quantities that will overwrite current data.
A client is using and tracking inventory on hand. They purchased 10 widgets at $10 each and 10 widgets at $15 each. All of the widgets are sold in one transaction.
Considering QuickBooks Online uses the FIFO method for tracking inventory, what is the best way to see line items affected in the sales transaction?
Run a balance sheet, and select Inventory on hand to see the transaction history.
Open the customer invoice, and select the transaction journal.
Run an Inventory Valuation Summary.
Run a Profit & Loss, and select Cost of Sales account to see the transaction history.
Q1: What does this report tell you?
The value of the pumps decreased, and an inventory revaluation was entered
Q2: What is the debit entry to Cost of Goods Sold when Sarah records the sale to Smith Landscaping?
Q3: What is the effect on the General Ledger when this is recorded on a Sales Receipt?
Debit Donations $30; credit inventory $30
Q4: Which 3 statements are true regarding Product Categories?
The Products and Services list can be filtered by product category
An existing category/adding new product category can be specified when adding a product/service item
Entering the name of a product category in a purchase or sales transaction will produce a drop-down list of products/services that are in that category
Q5: Rounding up to the nearest cent, what is the ending inventory value for Ornamental Trees and Decorative Spotlights as of October 31 of the current year?
Q6: Which 3 actions are required to track inventory in QuickBooks Online?
Subscribe to QuickBooks Online Plus or Advanced
Check the setting to Track inventory quantity on hand
Check the setting to the Show Product/Service column on sales forms