QBO Cheat Sheet 2026

The 30 highest-yield QBO facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Which report helps review all financial transactions by account and date? → General Ledger
2. Which account type should be used to track money owed by customers? → Accounts Receivable
3. Which QuickBooks Online report shows income and expenses broken down by Class? → Profit and Loss by Class
4. Which QuickBooks form is best for recording immediate payment for a sale? → Sales Receipt
5. Which of the following transactions CANNOT be assigned a Location in QuickBooks Online? → Payroll transactions created through QBO Payroll
6. If a company has multiple retail store locations, which QBO feature is most appropriate for tracking each store's financial performance separately? → Location tracking
7. What form should be used to record a vendor bill in QuickBooks? → Bill
8. How can you customize a list of vendors for specific uses? → Adding tags or custom fields
9. What account does QBO automatically debit when you purchase inventory items? → Inventory Asset
10. How do you merge two classes that have both been used in transactions in QuickBooks Online? → Rename one class to exactly match the name of the other class to trigger the merge
11. Which of the following is used to track what a business owns? → Asset
12. To correctly set up QuickBooks Online to track sales tax, what is the first step a user must take? → Go to the Taxes center and run the 'Set up sales tax' wizard.
13. Which standard report in QBO shows the balance sheet segmented by class? → QBO does not offer a native Balance Sheet by Class report
14. Which of the following sequences represents the correct and most common accounts receivable workflow in QuickBooks Online for an accrual-basis business? → Invoice > Receive Payment > Bank Deposit
15. What is the benefit of organizing the Chart of Accounts by account type? → Clearer financial reports
16. Which QuickBooks Online subscription level includes both Class and Location tracking? → Plus
17. What feature allows you to customize QuickBooks to match your business needs? → Account and Settings
18. Which of the following statements is true regarding the function of Purchase Orders (POs) within QuickBooks Online? → A PO is a non-posting transaction and does not impact the general ledger.
19. What does the 'As of Date' field control in the Inventory Valuation Summary report? → The point-in-time snapshot for inventory quantities and values
20. What does the 'Record Tax Payment' function in QBO's Sales Tax Center accomplish? → Records remittance to the tax agency and clears the sales tax liability
21. What is the purpose of reconciling a bank account in QuickBooks? → To match records with bank statement
22. Does the Location field appear on customer-facing printed or emailed sales forms in QBO? → No, it is an internal tracking field and does not appear on customer-facing forms
23. In QBO, which transaction type records money paid directly back to a customer when they return goods? → Refund Receipt
24. What form should be used to track money paid out immediately for an expense? → Expense
25. What does QBO's 'Prepare Return' workflow in the Sales Tax Center produce? → A calculated summary of tax due for the period to use when filing
26. Which of the following is a known limitation of Class tracking in QuickBooks Online compared to QuickBooks Desktop? → QBO payroll transactions cannot be assigned to classes
27. Which report would help identify overdue customer payments? → Accounts Receivable Aging Summary
28. A nonprofit wants to track fundraising, programs, and administrative expenses separately in QBO. Which feature is most appropriate? → Class tracking
29. Where can you access your Chart of Accounts in QuickBooks Online? → Accounting
30. Which QBO report provides item-by-item detail of inventory cost, quantity changes, and ending value? → Inventory Valuation Detail