Projects in Quickbooks Online

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.

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?

• Sub-customers
• Projects
• Locations
• Classes

Class tracking is used to categorize income and expense transactions from different sectors.

What are 2 options for assigning classes?(Select all that apply)

• Assign one class to each row in a transaction.
• Assign a class in Bill transactions only.
• Assign one class to an entire transaction.
• Assign a class in Sales Invoices only.
• Classes can only be assigned through the bank feed screen.

You want to customize a P&L report to track the profitability of products and services for a specific job or jobs.

What are 2 ways you can customize the P&L report to do this?(Select all that apply)

• 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.

Which 3 types of businesses would benefit from using projects or sub-customers?(Select all that apply)

• Catering
• Architect
• Hair salon
• Restaurant
• Event planning

What is the quickest way to do this?

• Run a trial balance report for the date of the entry, and check all accounts listed.
• Run a “Source and targets” report based on the date of transaction, and filter by customer/supplier.
• Open the transaction, and look at the transaction journal from within the “more” options.
• Look through the audit log to see all of the debit and credit account entries.

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?

• Projects
• Classes
• Locations
• Customers

Exam 5

Review Answers

Review Answers

Submit section

• Q1

• Which 3 accounts can be affected?

Your answer:

Credit-Card

Accounts Receivable

Accounts Payable

 Edit answer

• Q2

• Which 2 statements are true regarding the multicurrency function in QuickBooks Online?

Your answer:

Balance sheet accounts that existed prior to turning on multicurrency are assigned the home currency.

Once you’ve added a transaction in a foreign currency, you cannot delete the currency used from the list.

 Edit answer

• Q3

• Which 2 statements are true about home currency adjustments?

Your answer:

Home currency adjustments affect credit-card accounts as an unrealized gain or loss.

Home currency adjustments affect bank accounts as a realized gain or loss.

 Edit answer

• Q4

• Which entries should be made in this scenario?

Your answer:

Debit Bank $320, Debit Exchange gains and loss $5, Credit Accounts Receivable $325

 Edit answer

• Q5

• Which 2 statements are correct with regards to the multi-currency feature within QuickBooks Online?

Your answer:

Once multi-currency has been enabled, you cannot disable this feature.

For most of the commonly used currencies, the rates are updated every four hours.

Identify 3 reasons why QuickBooks Online might not suggest a match for a bank transaction.

• The transaction is posted to the wrong account
• The date range for searching is not correct
• The amount of the transaction posted in QuickBooks Online is greater or less than the amount that cleared the bank
• The transaction was entered automatically by a Rule
• The transaction was entered automatically by a third-party app

Identify 3 reasons why QuickBooks Online might not suggest a match for a bank transaction.

• The transaction is posted to the wrong account
• The date range for searching is not correct
• The amount of the transaction posted in QuickBooks Online is greater or less than the amount that cleared the bank
• The transaction was entered automatically by a Rule
• The transaction was entered automatically by a third-party app

Which of the 2 options below would lead to a discrepancy in the beginning balance when you tried to run a reconciliation?

• You selected a line in the register and marked a reconciled [R] transaction as cleared [C] or uncleared
• The amount on a reconciled transaction is changed
• The posting account in the grid (target) is altered
• The Payee on the transaction is change

Module 6

Review Answers

Submit section

• Q1

• Why might this happen?

Your answer:

The check date in QuickBooks Online is outside the 90-day date range used by bank feeds.

 Edit answer

• Q2

• What should be done to resolve this issue?

Your answer:

Select the transaction in the Reconciliation Discrepancy report and change the cleared status.

 Edit answer

• Q3

• Where can you access the Reconciliation Discrepancy report?

Your answer:

From the alert on the reconciliation screen.

 Edit answer

• Q4

• Which steps should be taken to correct this?

Your answer:

Look at the history of the deleted transaction, enter a new transaction, and mark as reconciled within the bank register.

 Edit answer

• Q5

• Where would the Bank Rules have posted the purchase?

Your answer:

Shareholder Loan

 Edit answer

• Q6

• Which statement is true about importing/exporting Bank Rules?

Your answer:

The Bank Rules will export as an Excel file.

 Edit answer

• Q7

• Which 2 logic actions does QuickBooks Online use to try and recognize bank feed items?

Your answer:

Match transactions already entered.

Apply user-created rule.

Section 7

Review ansers

Section 9

Section 9

Section 10