QuickBooks Online 2020 Reviewer provides comprehensive coverage of key features and functionalities for users preparing for QuickBooks certification. This resource includes detailed explanations of bank feeds, financial reports, and transaction management, making it ideal for accounting students and professionals alike. It also offers practical insights into managing expenses, vendor accounts, and customer transactions within QuickBooks Online. The reviewer is structured to enhance understanding and application of QuickBooks tools for effective financial management.

Key Points

  • Covers essential features of QuickBooks Online for 2020 users
  • Explains bank feeds and transaction management processes
  • Details financial reporting capabilities within QuickBooks Online
  • Includes practical tips for managing expenses and vendor accounts
Weizdanjoy Parang
3 pages
Language:English
Type:Study Guide
Personal Finance
Weizdanjoy Parang
3 pages
Language:English
Type:Study Guide
Personal Finance
129
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1. Quickbooks online, what is the difference between voiding and deleting a check?
D. Voiding a check keeps it in reports but reduces its value to zero
Deleting a check removes it from reports other than the Audit Log.
2. Which three tasks can you perform when using Bank Feeds in the Banking area? (Choose 3)
A. Issue a Stop Payment request for a check
B. Match transactions entered in Quickbooks to the bank information as they clear the bank.
D. Unreconcile a previously cleared transaction
3. Move each financial report from the list on the left to the correct description on the right.
1) Show assets, liabilities, and equity at one point in time. Balance Sheet
2) Used to understand changes in revenues and expenditures. Profit and loss statement
3) Shows income, expenses, and net income during a specific time period. Profit and loss statement
4) Provides information about the current financial health of a business. Balance sheet
4. For each statement about managing unbilled expenses in Quickbooks Online, select True or False.
1) The unbilled costs by job report displays the unbilled expense. true
2) If you clear the billable check box for a cost, it is no longer a business expense. false
3) You can change the billable status of a cost by selecting or clearing the Billable check box on theEcheck. true
5. For each aspect of a report, select YES is you can customize that aspect or No if you cannot.
1) The data range. YES
2) The accountin. YES
3) The way numbers are formatted. NO
6. For each statement about Quickbooks Online Plus, select True or False
1) Quickbooks Online Plus provides inventory tracking. TRUE
2) Quickbooks Online Plus allows up to 5 user license. TRUE
3) Quickbooks Online Plus provides project profitability tracking. TRUE
4) Quickbooks Online Plus includes Payroll support at no additional cost. FALSE
7. For each statement about the Cash Flow Statement, select True or False
1) if shows a business's assets, liabilities, and equity. FALSE
2) It summarizes the cash flowing in and out of a business. TRUE
3) It is divided intro three sections: Operations, Investments, and Financing. TRUE
4) It is another name for an income statement for companies that use accrual accounting. FALSE
8. Which list can you import into Quickbooks Online Plus from the import Data screen?
C. Products and Services
9. What are three recurring transaction types in Quickbooks Online? (Choose 3)
B) Reminder
C) Scheduled
E) Unscheduled
10. For which two reasons should you connect your online bank accounts to Quickbooks Online? (Choose 2)
A. To ensure that your data remains secure
B. To help prevent data entry errors
11. You need to record a new transaction from a sales receipt. In which order should you perform the actions?
1) Match the the receipt. 3
2) Select the receipt to make corrections or add missing information. 1
3) Upload an image of the receipt to Quickbooks Online. 4
4) Create a new expense. 2
12. What is a reason for setting up products or services in Quickbooks Online?
B) To automatically message customers when items are in stock.
13. You want to pass on some of your costs directly to customers in QuickBooks Online. You are able to assign a
customer to a cost, but you cannot mark it as billable. You need to make costs billable in Quickbooks Online. What
should you do?
C. In the Account and Settings area, on the Expenses tab, toggle on Make expenses and items
Billable
14. What are the four types of products and services that can appear on QuickBooks sales form?
D. Bundle, Inventory, Non-inventory, and Service
15. What does the audit log display?
D. Transactions that affect your company file, including the time and associated user.
16. Which two statements describe the difference between recording expenses on checks and as credit card expenses?
(Choose 2)
B. A check debits the expense account and credits Accounts Payable
C. A check debits the expense account and credits the bank
17. For each statement about the risks and benefits of extending functionally through apps, select True or False
1) Your QuickBooks Online account includes free use of all App Store apps. TRUE
2) The QuickBooks App Store is available directly from QuickBooks Online Plus. FALSE
3) Apps that are not fully compliant with intuit requirements will not connect to or sync with your QuickBooks Online
company account. TRUE
18. You pay a bill by using a check. You record that transaction in QuickBooks Online. The check is damaged before the
vendor can deposit it. You write a new check What should you do with the original check in QuickBooks Online?
B) Void the check.
19. For each statement about setting up payment terms for a new customer in Quickbooks Online, select True or False
1) You can create new payment terms from the New Customers form. TRUE
2) You must specify payment terms when setting up a new customer. FALSE
3) If you do not select payment terms for a customer, QuickBooks Online assigns the default invoice terms. TRUE
20. You need to determine which vendors charge the most for the goods and services they provide to your company.
Which report should you run?
A) Expenses by Vendor
21. You are creating a new customer record
The customer wants to receive their products at the following address:
The customer has a credit card that is connected to the following address:
- 123 Main street Seattle, WA 12345 - Shipping Address
- 456 Elm street Dallas, TX 54321 - Billing address
22. For each statement about QuickBooks Payments in QuickBooks Online, select True or False
1) Quickbooks payment allows you to accept payments directly from customers. TRUE
2) Quickbooks payment accepts credit cards, debit cards,cash, checks, and ACH bank transfers. TRUE
3)Transaction fees for using Quickbooks payments are changed on a seperate monthly invoice from Intuit. FALSE
23. You own a retail clothing store. You order three dozen shirts from a vendor. Two of the shirts arrive with obvious
manufacturing errors. You contact the vendor, who offers you a credit. In quickbooks online, what is the effect of the
vendor credit?
D) Credit the cost of damaged shirts to the Vendor Credits and Refunds income account.
24. For each statement about merging vendor accounts, select True or False.
1) After two vendors are merged, the action cannot be undone. TRUE
2) To begin merging two vendors, edit the vendor record you want to keep. FALSE
3) To merge one vendor record with another, change the Company Name or the First and Last names to match the other
vendor. TRUE
25. An existing vendor decides to purchase products from your company in Quickbooks online, you set up a customer
account for the vendor. For each account field, select Yes if the vendor and customer account entries must be unique or
No if they can be identical.
1) First name. NO
2) Last name. NO
3) Display name. YES
4) Company name. YES
26. On your banks website, you transfer $5000 from your savings account to your checking account to pay bills. You are
processing bank feed transactions. You need to record this transaction properly. Match the two actions you should
perform?
B) Match the savings account transaction to the checking account transaction
C) Mark the checking account transaction as a transfer.
27. Complete the sentences by selecting the correct option from each drop down list.
1) A transaction erases it completly from your books. DELETING
2) An invoice does NOT alter any payment if you've recorded for that invoice. VOIDING
3) A transaction does NOT affect your account balance and you keep a record of that transaction. VOIDING
28. Move each feature or foot from the list on the left to its purpose on the right
1) Track jobs costs and income. PROJECTS
2) Track transactions by city or region. LOCATIONS
3) Track transactions by departments in a company. CLASSES
29. Select the correct option from each drop down list
1) To compare products to determine which sell better, use the report. Sales by products/service
2) To compare customers to determine who buys more from you, use this report. Sales by customer
30. In quickbooks online, which item should you marks as billable?
D) Expenses for which a customer should reimburse you
31. You need to correct finanical accounts to QuickBooks Online. For each account type, select Yes if quickbooks online
can connect to that type of financial account or No if it cannot.
1) A money market account. YES
2) A business savings account. YES
3) A personal credit card account. YES
32. Which two methods can you use to upload a receipt to QuickBooks Online? (Choose 2)
B) Upload an image directly from your Google drive
C) Email an image directly to QuickBooks Online
33. Which statement describes 1099 workers?
D) 1099 workers define for themselves when, how, and where they work
34. You want to reduce the amount your local customers owe you on each invoice by 10 percent. Which feature should
you use?
B) Discounts
35. For which two reasons should you set up the services and products you sell in QuickBooksOnline? (Choose 2)
B) So you can track sales by product and service
C) So you can add each product and service to invoices ,sales receipt, expenses, and other sales forms
36. You are sending an invoice to a customer. You need to set up the payment terms What does a payment term of
"Net 15" mean
A) The customer must pay the invoice in full within 15 days of the invoice date
37. You want to pass on some of your costs directly to customers in QuickBooks Online. You are able to assign a
customer to a cost that you cannot mark it as billable. You need to make costs billable in QuickBooks Online What
should you do?
C) in the Account and Settings area, on the Expenses tab, toggle on Make expenses and items
billable.
38. What three tasks can you perform when using bank funds in QuickBooks?
- Match transactions in QuickBooks to the supported bank information
- Create a Receive Payment transaction if invoices are open
- Create a Pay Bills transaction if the bills are unpaid
39. You need to record a new transaction from a receipt. In which order should you perform the action?
1. Select the Receipts tab
2. Upload an image of the receipt to QuickBooks Online
3. Select the receipt to create the expense
4. Match the expense to the bank transaction
40. You are the bookkeeper for a business that has a warehouse and forklift. The forklift depreciates at a rate of $1,000
per year. Which journal entry correctly records the annual depreciation of the forklift in the QuickBooks Online General
Ledger?
- Debit: Depreciation Expense $1,000.00
- Credit: Forklift - Accumulated Depreciation $1,000.00
41. You need to compare the prices for the products and services provided to your company by each vendor.
- Purchases by Vendor
42. For each statement about QuickBooks Payments in QuickBooks Online, select True or False:
- QuickBooks Payments allows you to accept payments directly from customers. True
- QuickBooks Payments accepts credit cards, debit cards, cash, checks, and ACH bank transfers. False
- Transaction fees for using QuickBooks Payments are charged on a separate monthly invoice from Intuit. False
- QuickBooks Online Plus provides inventory tracking. True
- QuickBooks Online Plus allows up to 5 user licenses. True
- QuickBooks Online Plus includes Payroll support at no additional cost. False
43. - After two vendors are merged, the action cannot be undone. True
- To begin merging two vendors, edit the vendor record you want to keep. False
- To merge one vendor record with another, should you change the company name or the first and last name to match the
other vendor? True
44. On your bank's website, you transfer $5,000 from your business savings account to your business checking account to
pay bills. You are processing bank feed transactions. You need to record this transaction properly. Which two actions
should you perform? (Choose 2)
- Match the checking account transaction to the savings account transaction
- Mark the savings account transaction as a Transfer
45. Which two methods can you use to upload a receipt to QuickBooks Online? (Choose 2)
- Upload an image directly from your Google Drive
- Upload an image directly from Dropbox
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FAQs

What is the difference between voiding and deleting a check in QuickBooks Online?
Voiding a check in QuickBooks Online keeps it in the reports but reduces its value to zero. This allows for tracking and maintaining a record of the transaction. In contrast, deleting a check removes it entirely from reports, except for the Audit Log, which can affect historical data tracking.
What are three tasks you can perform using Bank Feeds in QuickBooks Online?
When using Bank Feeds in QuickBooks Online, you can match transactions entered in QuickBooks to the bank information as they clear the bank. Additionally, you can create a Receive Payment transaction if invoices are open, and create a Pay Bills transaction if the bills are unpaid. These functionalities streamline the reconciliation process.
What does the Cash Flow Statement summarize in QuickBooks Online?
The Cash Flow Statement in QuickBooks Online summarizes the cash flowing in and out of a business. It is divided into three sections: Operations, Investments, and Financing. This statement does not show a business's assets, liabilities, and equity, making it distinct from other financial reports.
How can you make costs billable in QuickBooks Online?
To make costs billable in QuickBooks Online, you need to go to the Account and Settings area, specifically on the Expenses tab. Here, you should toggle on the option to make expenses and items billable. This allows you to assign a customer to a cost and mark it as billable.
What are the four types of products and services that can appear on QuickBooks sales forms?
In QuickBooks Online, the four types of products and services that can appear on sales forms are Bundle, Inventory, Non-inventory, and Service. Each type serves a specific purpose, allowing businesses to categorize their offerings effectively.
What should you do if a check is damaged before the vendor can deposit it?
If a check is damaged before the vendor can deposit it, you should void the original check in QuickBooks Online. Voiding the check keeps a record of the transaction while ensuring that the financial records remain accurate.
What is the purpose of the audit log in QuickBooks Online?
The audit log in QuickBooks Online displays transactions that affect your company file, including the time and the associated user. This feature is crucial for tracking changes and maintaining the integrity of financial records.

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