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

In QBO, duplicate downloaded transactions should be excluded so they do not post to the books.

Question 2

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

Accepted Answer

Saves the reconciliation progress without finalizing it

Answer

'Finish Later' saves your in-progress reconciliation so you can return to it without losing cleared marks.

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

An outstanding deposit is simply left unchecked during reconciliation; it will appear on the next statement.

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

The Reconciliation Report in QBO lists cleared and outstanding transactions for a reconciled period.

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

QBO's reconciliation screen has a Service Charge field where you can enter charges and assign an expense account on the spot.

(QBO) Certified QuickBooks ProAdvisor Practice Test