QBO Banking and Reconciliation 4

Question 1

A business uses QBO's bank rules to auto-categorize transactions. A rule incorrectly categorized 10 transactions last month. What is the fastest way to fix all 10?

Accepted Answer

Use the bank feed's batch edit feature to re-categorize all at once

Answer

QBO's batch editing in the bank feed allows you to select multiple transactions and change their category simultaneously.

Question 2

How does QBO handle a check that was voided after a period has already been reconciled?

Accepted Answer

It creates a new transaction in the current period with the opposite effect

Answer

Voiding a reconciled check in QBO creates an offsetting transaction in the current period, preserving the prior reconciliation.

Question 3

Which of the following best describes a bank rule in QBO?

Accepted Answer

An automated condition in QBO that categorizes downloaded transactions based on defined criteria

Answer

A QBO bank rule automatically assigns payees, categories, and classes to downloaded transactions that match set conditions.

Question 4

When you undo a reconciliation in QBO, what is the immediate effect?

Accepted Answer

The reconciled (R) status is removed from all transactions in that reconciliation

Answer

Undoing a reconciliation removes the R status from all previously cleared transactions, making them available to reconcile again.

Question 5

A client uses QBO's 'Transfer' function between two accounts. During reconciliation of the checking account, how does this transfer appear?

Accepted Answer

As a payment (outflow) on the checking account reconciliation

Answer

A transfer out of checking shows as a payment (debit) in the checking account reconciliation, reducing the balance.

(QBO) Certified QuickBooks ProAdvisor Practice Test

(QBO) Certified QuickBooks ProAdvisor Practice Test

QBO Banking and Reconciliation 4