QBO Banking and Reconciliation 2

Question 1

A client's bank feed shows a transaction downloaded twice due to a sync error. What is the correct way to handle this in QBO?

Accepted Answer

Exclude the duplicate transaction

Answer

Delete both and re-enter manually

Answer

Match both to the same register entry

Answer

Archive one and approve the other

Question 2

When reconciling in QBO, what does the 'Finish Later' option do?

Accepted Answer

Saves the reconciliation progress without finalizing it

Answer

Posts all matched transactions and closes the window

Answer

Resets all cleared checkmarks

Answer

Locks the period from further edits

Question 3

A deposit recorded in QBO on 7/31 does not appear on the July bank statement. How should this be handled during reconciliation?

Accepted Answer

Leave it unchecked — it is an outstanding deposit

Answer

Delete the deposit and re-enter it in August

Answer

Check it off as cleared anyway

Answer

Void the deposit and create a new one

Question 4

Which QBO report shows all transactions that have been cleared versus those still outstanding for a bank account?

Accepted Answer

Reconciliation Report

Answer

Balance Sheet

Answer

Transaction Detail by Account

Answer

Audit Log

Question 5

A bank service charge appears on the statement but was not entered in QBO. Where can you add it during reconciliation?

Accepted Answer

Directly in the reconciliation screen under Service Charge field

Answer

It must be entered in the Chart of Accounts first

Answer

Via the bank feed rules only

Answer

Through the Expense form before starting reconciliation

Question 6

What happens to the opening balance in QBO when you start reconciling an account for the very first time?

Accepted Answer

QBO creates an Opening Balance Equity transaction automatically

Answer

QBO requires a manual journal entry to set it

Answer

QBO auto-populates it from the balance in the Chart of Accounts

Answer

It must be imported from the prior accounting system

Question 7

A client wants to connect their bank account to QBO via bank feeds. Which connection method provides the most real-time data with the fewest errors?

Accepted Answer

Direct Connect (bank-hosted connection)

Answer

Manual CSV import

Answer

WebConnect file download

Answer

Third-party aggregator via OAuth