QBO Advanced Accounting Tools 4

Question 1

What is the primary function of the 'Closing Date' feature in QuickBooks Online?

Accepted Answer

It password-protects prior-period transactions to prevent unauthorized changes

Answer

Setting a closing date in QBO prompts a warning (and optionally requires a password) whenever a user tries to add or edit a transaction in a locked period.

Question 2

A QuickBooks Online company needs to record a transaction that debits an expense and credits a liability but does not relate to any customer or vendor. Which transaction type is most appropriate?

Accepted Answer

Journal Entry

Answer

A Journal Entry allows direct debit/credit posting to any account combination without requiring a customer, vendor, or bank account.

Question 3

In QuickBooks Online Advanced, which feature allows you to set user-level permissions so that one employee can only view reports but cannot enter transactions?

Accepted Answer

Custom Roles

Answer

Custom Roles in QBO Advanced let administrators define granular access rights per user, including read-only report access without transaction entry rights.

Question 4

When reconciling a bank account in QBO and the ending balance does not match the statement, which tool helps identify the discrepancy quickly?

Accepted Answer

Reconciliation Discrepancy report

Answer

The Reconciliation Discrepancy report lists any changes made to previously reconciled transactions that have altered the reconciled balance.

Question 5

A client wants to bill customers for actual time spent on projects. Which two features must be turned on in QBO settings to enable this workflow?

Accepted Answer

Time tracking and Billable expenses/hours

Answer

Enabling Time Tracking and marking time as Billable allows employees to log hours that can then be added directly to customer invoices.

(QBO) Certified QuickBooks ProAdvisor Practice Test

(QBO) Certified QuickBooks ProAdvisor Practice Test

QBO Advanced Accounting Tools 4