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
In QBO, you receive a customer check but are not ready to make a bank deposit yet. Which account should the payment be deposited to?
Answer: Undeposited Funds
Depositing to Undeposited Funds holds the payment until you are ready to batch it with other receipts into a single bank deposit.
A QBO client needs to charge sales tax on invoices. What must be done before sales tax can appear automatically on a sales form?
Answer: Enable Automated Sales Tax in Account and Settings and set up the customer's tax location
Automated Sales Tax must be turned on in settings, and the customer's shipping or billing address determines the applicable rate automatically.
A client accidentally created a duplicate invoice and already emailed it to the customer. What is the safest action in QBO?
Answer: Void the duplicate invoice to keep an audit trail
Voiding preserves the transaction record and audit trail while zeroing out the amounts, which is safer than deletion for transactions already sent.
Which QBO feature lets a company bill a customer for time and expenses that were tracked against their name before creating an invoice?
Answer: Billable Expenses (Add to Invoice)
Marking time entries and expenses as Billable links them to the customer and lets you add them directly to the next invoice with one click.
In QBO, what does setting a customer's 'Payment Terms' to Net 30 mean?
Answer: Payment is due 30 days after the invoice date
Net 30 terms mean the full invoice balance is due within 30 days of the invoice date.
Which report in QBO would you run to see the total revenue earned from each individual product or service sold during a period?
Answer: Sales by Product/Service Summary
The Sales by Product/Service Summary report shows total quantities sold and revenue broken down by each product or service item.
A QBO customer is exempt from sales tax. Where do you mark this so invoices are automatically created without tax?
Answer: In the customer's profile under the Tax info tab
Setting the customer as tax-exempt in their Tax info tab ensures all future invoices for that customer are created without sales tax automatically.