Quickbooks ProAdvisor Certifcation 2020/ All Sections passed 2020. Section 1 to 3. 99% Pass Rate.

All Sections passed 2020 SECTION 1 -Review Answers - PASSED Submit section • Q1 • The Chart of Accounts lies at the heart of a QuickBooks Online company. Which 5 of the following statements are true about the Cha ...

All Sections passed 2020 SECTION 1 -Review Answers - PASSED Submit section • Q1 • The Chart of Accounts lies at the heart of a QuickBooks Online company. Which 5 of the following statements are true about the Chart of Accounts, how to make changes to the Chart of Accounts, and how products and services are linked to the Chart of Accounts? • Q2 • A great feature of QuickBooks Online is that there are other lists you can utilize to make it easier to fill in forms. Where would you go to find these lists? • Look at the following 2 statements: Statement 1 - “QuickBooks Online _____________ is the do-it-for-me option; a complete payroll service with a team of US-based payroll experts to take care of payroll for your client.” Statement 2 - “You can also link up ____________ with QuickBooks to simplify workflow and save yourself a significant amount of time. You’ll benefit from a seamless, end-to-end experience that translates a client’s QuickBooks Online books into a tax return.” Identify the products that fit in the spaces to correctly complete the statements. • Q4 • Where would you go to add a new vendor or find the link to import a vendor list into QuickBooks Online? Choose the most viable method from the options below, although other methods may be available. • Q5 • As part of understanding your client’s needs, you should find out what their sales tax requirements are for their business and locality. What information is needed to set sales tax up for a client in QuickBooks Online who only does business in their home state? Select the 4 options you think apply. • Q6 • If you want to give one or more of your employees access to Your Practice, what types of user permissions can be set up? • Q7 • To set up a new bank feed or link to a bank account in a client’s QuickBooks Online company you should go to the ___________. If it’s the first time you’ve been here, select Connect, otherwise select Add account. Which option completes the statement? • Q8 • What would a client select in their Manage Users screen to give their worker access to create invoices, but not write checks in their QuickBooks Online company? • Q9 • Where can you go in QuickBooks Online to import a list of products and services? • Q10 • You’ve been asked to add a new customer for your client in their QuickBooks Online company, so, you go to the Sales Center and select the Customer tab to begin. As this is the first customer for your client you are taken straight to an easy entry screen. Take a look at the steps that follow: 1. You enter the customer name, phone number and email from the business card you’ve been given by the client 2. ____________________ 3. You now want to edit this customer’s details to add some further information 4. Select the customer name from the customer list 5. Select the Edit button in the top right 6. This customer is not taxable and you need to enter their reseller number. Select the Tax info tab and enter their reseller number 92-12345 in the Exemption details 7. ___________________ and set their preferred payment method to Credit Card 8. Select Save Now select the missing steps. • Q11 • QuickBooks Online has some great features. Clients can use Online Invoicing, which will track when they’ve been viewed and paid. Online Invoicing even allows for customer queries via online messages directly linked to the invoice. You now need to enable this feature in the new client company you’re setting up. Take a look at the steps below. 1. Select the Gear icon, and select Account and Settings, under the Your Company column 2. _____________ and scroll down to the Online delivery section 3. _____________ to ensure that Attach invoice as pdf is unchecked Can you identify the missing steps? • Q12 • You want to add a new Product and Services entry to your client’s QuickBooks Online company. The service is installation of a server but doesn’t include the cost of the hardware. Here are some steps for getting the job done. 1. Select the Gear icon, select Products and Services, then select New 2. _________________ 3. In the Name field, type 'Server installation' 4. In the Sales information field, type 'Server installation' 5. Sale price/rate is $1250 6. In the Income Account drop-down select Service/Fee Income 7. Select Save and close Which of the options below correctly fills in Step 2? • Q13 • Your client doesn’t want to pay a monthly fee for their QuickBooks Payments merchant account. What other option is available to them, and where in QuickBooks Online can they sign up for QuickBooks Payments? • Q14 • A small business owner already has an Intuit ID and is going to set up their own QuickBooks Online company. Below are a series of steps for setting up a new QuickBooks Online company. 1. Go to QuickBooks.com 2. Select the appropriate subscription level 3. Select Sign in 4. ________________ 5. Select Sign in Can you identify the missing step 4? • Q15 • Your client has moved and needs you to modify the business address of the company in QuickBooks Online. Take a look at the steps below. 1. Sign in to your QuickBooks Online Accountant account 2. _________________ 3. You’ll see the client company dashboard 4. _________________ 5. Select Account and Settings 6. Select the Pencil icon in the Address section of the Company tab What are the missing steps to get you to the screen to edit the address for your client? • Q16 • Your client has asked you to turn on warnings for duplicate check and bill numbers in their QuickBooks Online company. Take a look at the steps below. 1. ______________ 2. Under Your Company, select Account and Settings 3. Select the Advanced tab 4. In the Other preferences section, select the option to warn if duplicate check number is used and warn if duplicate bill number is used 5. ______________ Starting at the QuickBooks Online Dashboard, which option would complete the following steps? The Answer • Q17 • Below are a series of steps for accepting an invitation from the client to become their accountant user. 1. Open the email account you use for your Intuit ID 2. You will see an invite from the client company 3. Select the Accept button to accept the invitation 4. ________________________ and you’ll see a Success! box 5. Select Continue Can you identify the missing step? SECTION 2 - Review Answers - PASSED Submit section • Q1 • When would you use the Add other funds to this deposit grid in a Deposit Transaction? Identify the 3 correct options below. • Q2 • Which option has the correct information about how a delayed charge is used, and how it is created and linked to an invoice? • Q3 • You have a client business who uses invoicing, the Accounts Receivable workflow and they use the Banking screen to record a customer payment received. They select an income account, and then select Add. What 2 problems will this cause? • Q4 • Which 2 of the transactions and tools in the list are Posting transactions? • Q5 • Clients can take payments from their customers’ credit cards via Online Invoicing if they have QuickBooks Payments set up. How does the customer interact with the invoice to access credit card payment features? • Q6 • What 3 types of customer statements can be generated by QuickBooks Online? • Q7 • Your client wants to transfer $500 from their checking account into a savings account to cover tax liabilities for sales made last month. Where should they start the process? Edit answer • Q8 • Look at these two sentences about Undeposited Funds. 1. By posting to Undeposited Funds, you can create a single bank deposit for multiple payments, making it easy ___________. 2. When receiving a payment, make sure _________________. Which of the options below correctly fills in the blanks? • Q9 • What are 4 benefits of the Online Invoicing feature within QuickBooks Online? • Q10 • Select the true statement about journal entries in QuickBooks Online. SECTION 3 - Review Answers - PASSED Submit section • Q1 • Read the following statement about recurring transactions in QuickBooks Online and the suggested steps to create one. Statement: “Recurring transactions in QuickBooks Online can be set up to manage any of the first transactions in any workflow, like sales receipts, invoices, bills, journals, checks, deposits, or expenses”. Suggested steps: 1. Select the Quick Create icon 2. Select Recurring transactions 3. Select New 4. Now choose Expense as the new Transaction Type from the drop-down list and hit OK 5. On the new screen, enter Sult Advertising monthly fees as the template name. Best practice is to list the “Name” (Vendor/Customer/Employee) in the Template name. This makes it easier to identify what Names have recurring templates 6. As the type, make it Scheduled. Which is true? • Q2 • Look at the following process for matching and and adding deposit transaction from a bank feed: 1. Select the line for that entry and you’ll see more information in the row that expands 2. Select the Deposit link among suggested match(es) to view the deposit transaction 3. Hit Cancel in the bottom left and you’ll go back to the banking area 4. Now that we’re satisfied that this is the right banking activity matched to the right QuickBooks Online Transaction, we can ______________. Which option correctly completes the final step? • Q3 • Which 3 of the statements below are correct regarding reconciling a bank account in QuickBooks Online? • Q4 • Your client wants to create a bank rule that has priority over other bank rules and automatically adds a transaction into the QuickBooks Online register. Is this possible? • Q5 • What 2 reasons from the options shown here might mean a transaction needs to be excluded in bank feeds? SECTION 4 - Review Answers - PASSED Submit section • Q1 • As with all business owners, you want to have a clear snapshot of how you are doing financially. Reports can provide a valuable insight into which 3 of the following? • Q2 • Which report would you run to see a list of each customer with an open balance and columns for the age of open balances? • Q3 • Your client wants to understand the difference between cash-based and accrual- based reporting. Which is the best definition of cash-based reporting? • Q4 • Which QuickBooks subscription level or levels offer Sales reports that can be run to show location or class? • Q5 • Which 4 of these statements about the QuickBooks Online Reports Center are correct? • Q6 • The ____________ lists each customer with an open balance. It lists the open invoices in different columns based on whether they are current or how long it’s been overdue, 30, 60 and 90+ days. What kind of report is being described here? SECTION 5 - Review Answers - PASSED Submit section • Q1 • QuickBooks Online Accountant allows you to request information from clients. Which of the following 3 statements are accurate? • Q2 • Which 2 of these statements are correct when creating a client request in QuickBooks Online Accountant? • Q3 • Look at these steps for creating a project and a task in QuickBooks Online Accountant: 1. _________________ 2. Select Create project in the top right 3. Name the project Year End 4. Select the Client and enter four weeks from now as the due date 5. Select Save 6. Select your newly added Year End project 7. _________________ 8. Type in the Task name – Bank reconciliation and close books 9. Due date – two weeks from now 10. Select Save Which option identifies the right steps for 1 and 7? • Q4 • The Work functionality in QuickBooks Online enables you to increase organization and efficiency. Can you identify 3 ways it does this from the options shown here? • Q5 • How do you change the status of a project in QuickBooks Online Accountant? SECTION 6 Review Answers PASSED Submit section • Q1 • When would you need to reclassify transactions and how would you do it in QuickBooks Online? Select the option that answers both parts of the question correctly. • Q2 • Taking care of pay reports for employees and subcontractors is a key task when preparing for year end. Which of the 2 forms below would need to be sent? • Q3 • You can find the link to the Voided/Deleted Transactions tool by selecting the ___________________. Which option correctly completes the sentence? • Which 4 of the following statements about the Trial Balance function in QuickBooks Online are true? • Q5 • Is it possible for a client to change transactions in a QuickBooks Online company if the books have been closed with a closing date password? If so, how would you track any changes to transactions within the closed period? • Q6 • What 2 options could you use to navigate from a client’s QuickBooks Online company dashboard to the Exceptions to Closing Date report? • Q7 • Your client, Client A, has a problem. He has a number of invoices that have not been paid by the customer after the customer became insolvent. Another client, Client B, needs to adjust invoices because of small over payments by the customer on a series of invoices dating back six months. Which client or clients would need to use the Write off invoices feature of QuickBooks Online to get their books corrected, and can they perform the task themselves? Select the option that has the correct answer for both parts of the question. SECTION 7 Review Answers PASSED Submit section • Q1 • Managing inventory and avoiding out-of-stock situations is critical to the success of this type of client. What type of client does this best describe? • Q2 • Which subscription option, if any, includes online banking, access from any device at any time and integration with a wide range of apps? • Which 2 statements regarding QuickBooks Online Apps are true? • Q4 • You have a client who needs a QuickBooks Online solution that includes tracking for sales and sales tax. Which subscription level in QuickBooks Online would you recommend? • Q5 • Which 2 statements are true of wholesale billing for QuickBooks Online?