QBO Payables and Expenses Workflow 4

Question 1

A client accidentally applied a vendor credit to the wrong bill. How do you fix this in QBO?

Accepted Answer

Open the bill payment and uncheck the credit, then re-apply to the correct bill

Answer

Open the bill payment where the credit was applied, uncheck it from the wrong bill, save, then apply it to the correct bill.

Question 2

Which QBO feature allows you to automatically import and categorize credit card transactions from your bank?

Accepted Answer

Bank Feeds (Connect Bank)

Answer

Bank Feeds (Connect Bank) pulls in credit card and bank transactions automatically for review and categorization in QBO.

Question 3

When setting up a recurring bill in QBO, which recurrence type creates a bill automatically without any user review?

Accepted Answer

Scheduled

Answer

A Scheduled recurring transaction in QBO creates and posts the bill automatically on the specified interval without requiring user action.

Question 4

A company records a prepaid insurance payment covering 12 months. In QBO, how should this be initially recorded?

Accepted Answer

Debit Prepaid Insurance (asset) for the full amount

Answer

Prepaid expenses are recorded as assets (Prepaid Insurance) initially, then expensed monthly via journal entry as the coverage is consumed.

Question 5

In QBO, what does the 'Location' tracking field allow you to do that 'Class' tracking cannot?

Accepted Answer

Assign transactions to a physical business location or profit center

Answer

Location tracking in QBO is designed to segment financials by physical store, office, or profit center, complementing Class which is used for departments or product lines.

(QBO) Certified QuickBooks ProAdvisor Practice Test

(QBO) Certified QuickBooks ProAdvisor Practice Test

QBO Payables and Expenses Workflow 4