QuickBooks Online Chapter 5 Latest
2023 Graded A+
Only bank accounts are available in the Banking center in QuickBooks Online. ✔✔false
The For Review folder in the Banking center is for all the transactions that need
...
QuickBooks Online Chapter 5 Latest
2023 Graded A+
Only bank accounts are available in the Banking center in QuickBooks Online. ✔✔false
The For Review folder in the Banking center is for all the transactions that need to be reviewed
and matched. ✔✔true
Undeposited Funds is a unique asset account to hold funds that have been received but have not
yet been deposited into a bank account. ✔✔true
Bank feeds can be set up only for the business's bank accounts. ✔✔false
Bank feed transactions can be imported from .CSV and .OFX formats. ✔✔true
You can set up bank rules only for money out transactions. ✔✔false
You can reconcile only your banking accounts. ✔✔false
To transfer funds from a checking account to a savings account, you would make a journal entry.
✔✔false
When reconciling bank and credit card accounts, the difference must always be zero. ✔✔true
When matching transactions in the Banking center, which of these indicates that a definite match
has been located? ✔✔a green 1 record found icon
how to create new rule ✔✔choose > banking > bank rules > new rule
What are the steps to deposit proceeds from a bank loan? ✔✔choose create > other > bank
deposit and then enter information
What are the steps to reconcile bank and credit card accounts? ✔✔Choose gear > tools >
reconcile then choose the account
What are the steps to create the balance sheet and profit and loss reports? ✔✔in the reports
center
What two pieces of information do you need to reconcile your bank and credit card accounts?
✔✔Ending balance statement date
When reconciling bank or credit card accounts, when is it okay to click the Finish Now button?
✔✔when the difference is 0
Creating bank rules can simplify accounting in QuickBooks Online by: ✔✔suggesting the
correct accounting categories prior to adding downloaded bank and credit card transactions
How does the QuickBooks Online bank feeds feature assist with daily cash flow? ✔✔all of these
At the end of an accounting period, which financial reports should be prepared? ✔✔balance
sheet profit and loss statement
If you discover that you made an error recording an amount on a transaction during the
reconciliation process, how would you fix it? ✔✔click on the transaction then click edit to
correct it
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