QBO Banking and Reconciliation 5

Question 1

A ProAdvisor is reconciling a client's account and finds a transaction from a prior reconciled period that was edited. What warning does QBO display?

Accepted Answer

A warning that the prior reconciliation is now out of balance

Answer

QBO warns that editing a reconciled transaction will cause the previously reconciled period to be out of balance.

Question 2

Which QBO feature allows you to review every addition, deletion, or edit made to transactions, including changes made during bank reconciliation?

Accepted Answer

Audit Log

Answer

The Audit Log in QBO tracks every change to transactions, including who made the change and when.

Question 3

A downloaded bank transaction is for $500 but the corresponding QBO bill payment is $450. What should the ProAdvisor do?

Accepted Answer

Investigate the discrepancy before accepting or matching the transaction

Answer

A $50 discrepancy between a downloaded transaction and a recorded payment must be investigated to determine if it is a bank error or a recording error before proceeding.

Question 4

In QBO, what is the function of the 'Split' option when categorizing a bank feed transaction?

Accepted Answer

Allows you to allocate one transaction amount across multiple categories or accounts

Answer

The Split option lets you distribute a single downloaded transaction across multiple expense categories, customers, or classes.

Question 5

When setting up a bank rule in QBO, which match type provides the strictest filtering?

Accepted Answer

Is Exactly

Answer

'Is Exactly' requires the transaction description to match the rule text precisely, reducing the chance of false matches.

(QBO) Certified QuickBooks ProAdvisor Practice Test

(QBO) Certified QuickBooks ProAdvisor Practice Test

QBO Banking and Reconciliation 5