QuickBooks Online Certification ExamSection 1 (2022/2023) Already Grad

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QuickBooks Online Certification ExamSection 1 (2022/2023) Already Graded A What type of business relies on knowing their inventory at all times? ✔✔B2B Wholesale businesses *** Managing inventor... y and avoiding out-of-stock situations is critical to the success of what type of business, as well as understanding cash flow and balance sheets? ✔✔Retail and ecommerce businesses What are the three different ways to get information into QuickBooks Online? ✔✔1. Convert data in existing QuickBooks Desktop software 2. Import customers, vendors, Chart of Accounts, and products and services lists from Excel 3. Enter all data manually What are the five different subscription plans available on QuickBooks Online? ✔✔SelfEmployed, Simple Start, Essentials, Plus, and Advanced What is considered the backbone of accounting software? ✔✔The Chart of Accounts, including all assets, liabilities, income and expenses In wholesale billing, who is billed monthly for the subscription of QBO? ✔✔the Accountant How much does the Accountant user pay for wholesale billing? ✔✔50% wholesale discount What is a perk of wholesale billing? ✔✔The Accountant user decides how the clients will be billed. What are three others advantages of wholesale billing? ✔✔bundling expenses, easy tracking, and switch anytime How do you add a new client? ✔✔1. Go to Client Dashboard in QuickBooks Online Accountant 2. Select Add Client 3. Enter the business info How do existing users add you as you as their Accountant on QBO? ✔✔1. Tell them to go to My Accountant in the left hand navigational panel 2. Send email 3. Accept invite 4. Sign in using QBO account information 5. Continue 6. The user will be added to your list of clients The Opening Balance Equity account should always be zero. If you see a balance here, it's mostly likely because an amount was entered in the opening balance field when? ✔✔during the creation of a new customer, vendor, balance-sheet account, or inventory product In the Client Overview Tab under Transaction Volume, what is the latest date you can see? ✔✔up to 30 days The Accountant User and Clients with the Advanced subscription have access to The Client Overview. What are some benefits of the Client Overview? ✔✔concise subscription information, recent banking activity stats, and early indications of banking errors There are several apps that connect a web store to QuickBooks Online. The customer enters the sales information as they place the order on your client's website, then makes their payment via credit card. ✔✔The app reads the data the customer entered and pushes the same data into QuickBooks Online, as a sales receipt. All the client has to do is fulfill and ship the order. There is no data entry! What are five benefits of using apps? ✔✔1. Reduce data entry 2. Solve industry-specific tasks 3. Streamline workflow processes 4. Expand business insight 5. Security and/or separation of duties To be listed in the Accountant tab or apps.com, the app ✔✔must be inspected and approved by Intuit All apps are pre-categorized into the tasks they help resolve. ✔✔By selecting Browsing Category, you can filter apps by the problem you are trying to solve. Apps can be searched for two ways: ✔✔using the search box or by category One of the most popular time-tracking apps available is ✔✔T-Sheets *** What subscriptions would you suggest to track sales and sales tax? ✔✔Simple Start, Essentials, Plus, and Advanced *** What subscription focuses on tracking business expenses and mileage? This subscription allows invoicing, but does not track accounts receivable or sales tax. Therefore, this subscription might not meet the needs of a growing service product-based business. ✔✔QuickBooks SelfEmployed [Show More]

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