Sales and Receivables Workflow Flashcards
7 cards from real QBO practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Sales and Receivables Workflow flashcards as text
A customer pays only part of an outstanding invoice in QBO. What is the correct way to record this partial payment?
Answer: Receive payment and enter the partial amount, leaving the remaining balance open
In QBO you use Receive Payment, enter the partial amount received, and the remaining open balance stays on the invoice automatically.
Which QBO report shows all outstanding customer balances grouped by how long they have been overdue?
Answer: Accounts Receivable Aging Summary
The Accounts Receivable Aging Summary groups customer balances into buckets (Current, 1-30, 31-60, etc.) to show overdue amounts.
In QBO, what happens to inventory quantity on hand when you save a Sales Receipt?
Answer: Inventory quantity decreases immediately upon saving
Saving a Sales Receipt in QBO immediately reduces the inventory quantity on hand for any inventory items sold.
A company wants to give a returning customer a 10% discount on their next invoice. Where in QBO can a default discount be set at the customer level?
Answer: The customer's profile under the Payment and billing tab
A default discount percentage for a specific customer can be stored in the customer record under the Payment and billing tab and will pre-populate on invoices.
What is the purpose of the 'Undeposited Funds' account in QBO's sales workflow?
Answer: It temporarily holds payments received before they are grouped into a bank deposit
Undeposited Funds acts as a holding account for received payments until you combine them into a single bank deposit matching your actual bank statement.
In QBO, which transaction type should be used when a customer returns merchandise and you need to issue them a refund check?
Answer: Credit Memo followed by a Refund Receipt
A Credit Memo records the returned goods and reduces the customer balance, and a Refund Receipt (or refund from the credit memo) issues the actual cash refund.
Which QBO feature allows you to automatically email an invoice to a customer on a recurring schedule without manual intervention?
Answer: Recurring Transactions (Scheduled)
Setting a Recurring Transaction to 'Scheduled' type causes QBO to automatically create and send the invoice to the customer on the defined schedule.