QBO - Certified QuickBooks ProAdvisor Sales and Receivables Workflow Questions and Answers

Question 1

A client has several customers who paid with checks and cash throughout the day.
To efficiently record these payments and ensure the bank deposit matches, what is the recommended final step in the QuickBooks Online sales workflow?

Accepted Answer

Use the 'Bank Deposit' feature to group the payments received from Undeposited Funds into a single deposit transaction.

Answer

Individually record each payment using the 'Receive Payment' screen and deposit them directly to the bank account.

Answer

Create a single Sales Receipt for the total amount and deposit it to Undeposited Funds.

Answer

Hold the checks and cash until the end of the week and then create separate deposit slips for each payment.

Question 2

A customer overpaid an invoice. Which of the following is the best practice in QuickBooks Online to handle this overpayment and give the customer credit for future purchases?

Accepted Answer

Create a Credit Memo for the overpayment amount, which can then be applied to a future invoice.

Answer

Delete the original payment and re-enter it for the correct invoice amount.

Answer

Record the overpayment as a tip in the Receive Payment screen.

Answer

Leave the unapplied amount as a customer credit directly from the Receive Payment screen without creating a separate transaction.

Question 3

When creating an invoice for a service that will be performed in the future, what is the correct transaction to use in QuickBooks Online to record a customer's initial deposit?

Accepted Answer

Create an invoice for the full amount and record a partial payment against it.

Answer

Use a Sales Receipt for the deposit amount.

Answer

Create an Estimate and convert it to an invoice once the service is complete.

Answer

Create a liability account called 'Customer Deposits' and record the deposit using a Journal Entry.

Question 4

A business provides services and collects payment immediately at the time of service. Which QuickBooks Online transaction form is most appropriate for this scenario?

Accepted Answer

Sales Receipt

Answer

Invoice

Answer

Delayed Charge

Answer

Estimate

Question 5

Which of the following sequences represents the correct and most common accounts receivable workflow in QuickBooks Online for an accrual-basis business?

Accepted Answer

Invoice > Receive Payment > Bank Deposit

Answer

Receive Payment > Invoice > Bank Deposit

Answer

Sales Receipt > Bank Deposit

Answer

Estimate > Sales Receipt > Bank Deposit

Question 6

To encourage timely payments, a company wants to automatically send reminders for overdue invoices. Where in QuickBooks Online can this feature be configured?

Accepted Answer

In 'Account and Settings' under the 'Sales' tab.

Answer

In the Customer's profile under the 'Payment and billing' tab.

Answer

From the 'Reports' center by customizing the A/R Aging report.

Answer

Through the 'Recurring Transactions' menu.