QBO Payables and Expenses Workflow 2

Question 1

A vendor sends a bill with net-30 terms. Which QBO feature automatically calculates the due date when you enter the bill?

Accepted Answer

Terms field on the bill form

Answer

The Terms field on the bill form uses the vendor's payment terms to automatically calculate the due date from the bill date.

Question 2

When using the 'Pay Bills' screen in QBO, what does checking the 'Auto' checkbox next to a bill do?

Accepted Answer

Applies available vendor credits automatically

Answer

The Auto checkbox on the Pay Bills screen automatically applies any available vendor credits to reduce the amount owed on that bill.

Question 3

A client wants to track mileage as a business expense in QBO. Which feature should you direct them to use?

Accepted Answer

Mileage tracking under the + New menu

Answer

QBO has a built-in Mileage tracking feature accessible from the + New menu that calculates reimbursable mileage at the IRS rate.

Question 4

Which report in QBO shows all outstanding bills grouped by how many days they are past due?

Accepted Answer

Accounts Payable Aging Summary

Answer

The Accounts Payable Aging Summary groups outstanding bills into aging buckets (Current, 1-30, 31-60, etc.) to show overdue amounts.

Question 5

A bill was entered in QBO with the wrong vendor. What is the correct way to fix this?

Accepted Answer

Open the bill and change the Vendor field directly

Answer

In QBO you can open an existing bill and change the Vendor field directly, then save, without needing to delete or void it.

(QBO) Certified QuickBooks ProAdvisor Practice Test