QBO - Certified QuickBooks ProAdvisor QuickBooks Online Setup Questions and Answers

Question 1

A new client who runs a small service-based business has never used accounting software before.
When setting up their QuickBooks Online company file for the first time, which of the following is a critical first step in the 'Account and Settings' area?

Accepted Answer

Setting the company's fiscal year start month and accounting method.

Answer

Connecting their bank and credit card accounts to the banking feed.

Answer

Importing a complete list of all customers, vendors, products, and services.

Answer

Customizing the look and feel of their sales forms and invoices.

Question 2

When importing data into a new QuickBooks Online company, which list can be imported as a CSV or Excel file?

Accepted Answer

Chart of Accounts

Answer

Bank Transactions

Answer

Invoices and Bills

Answer

Payroll history

Question 3

A client wants to give their office manager the ability to manage customers, vendors, and enter daily transactions, but does not want them to see sensitive financial reports or company bank balances. Which user role would be most appropriate to assign in QuickBooks Online?

Accepted Answer

Standard user with limited access (e.g., only Customers & Sales)

Answer

Company Administrator

Answer

Standard user with all access rights

Answer

Accountant

Question 4

Which of the following settings is configured directly from the 'Sales' tab within the 'Account and Settings' section of QuickBooks Online?

Accepted Answer

Customizing the default email message sent with invoices.

Answer

Setting up sales tax rates and agencies.

Answer

Connecting a credit card payment processor.

Answer

Choosing the company's legal name for tax forms.

Question 5

Your client has been in business for several years and is migrating to QuickBooks Online. They have provided you with their trial balance from their previous accounting system as of December 31st of the last fiscal year. What is the most common method for entering these opening balances into QBO?

Accepted Answer

Creating a single, comprehensive journal entry dated as of the start of the new fiscal year.

Answer

Importing the trial balance using the 'Import Data' tool.

Answer

Manually entering each asset, liability, and equity account's balance in the Chart of Accounts setup screen.

Answer

Connecting the bank feeds and letting the downloaded transactions establish the balances.

Question 6

To correctly set up QuickBooks Online to track sales tax, what is the first step a user must take?

Accepted Answer

Go to the Taxes center and run the 'Set up sales tax' wizard.

Answer

Create a 'Sales Tax Payable' liability account in the Chart of Accounts.

Answer

Add sales tax rates to each individual product and service item.

Answer

Enter the state sales tax agency as a vendor in the Vendor Center.