QBO Banking and Reconciliation 3

Question 1

During reconciliation you notice the difference is exactly $25 — the same amount as a check written this period. What likely caused this?

Accepted Answer

The check was not cleared on the bank statement

Answer

The check was entered twice in QBO

Answer

The bank charged an extra fee

Answer

The check amount was transposed in QBO

Question 2

Which account type in QBO supports bank feed connections?

Accepted Answer

Bank or Credit Card accounts

Answer

Accounts Payable

Answer

Equity accounts only

Answer

Any balance sheet account

Question 3

A client accidentally reconciled a transaction that should not have been cleared. How do you fix this without undoing the entire reconciliation?

Accepted Answer

Edit the transaction and uncheck the reconciled status (R) in the register

Answer

Delete the transaction and re-enter it

Answer

Re-open the reconciliation and uncheck it

Answer

Create a reversing journal entry

Question 4

What does the 'Match' action in QBO's For Review tab do?

Accepted Answer

Links the downloaded bank transaction to an existing QBO transaction

Answer

Creates a new transaction in the register

Answer

Sends the transaction to the excluded list

Answer

Splits the transaction across multiple accounts

Question 5

A reconciliation is off by a small amount that cannot be found. A ProAdvisor decides to force the reconciliation to zero. Which account is typically used for this adjustment?

Accepted Answer

Reconciliation Discrepancies

Answer

Retained Earnings

Answer

Opening Balance Equity

Answer

Uncategorized Expenses

Question 6

When reviewing bank feed transactions, a client sees a payroll direct deposit. What is the recommended QBO workflow?

Accepted Answer

Match it to a payroll journal entry previously recorded

Answer

Categorize it directly as Payroll Expense

Answer

Exclude it because payroll is handled outside QBO

Answer

Split it equally among all employees

Question 7

A bank statement ending balance is $10,000. QBO's register shows $9,800. What is the most common next step?

Accepted Answer

Identify uncleared or missing transactions totaling $200

Answer

Adjust the bank statement to match QBO

Answer

Close the books immediately

Answer

Delete all transactions from the period