QBO QuickBooks Setup & Navigation 2 — Questions and Answers
Question 1: When setting up a new QuickBooks Online company, which step allows you to import existing customer and vendor lists from a spreadsheet?
- Go to Sales > Customers > Import
- Use the Gear icon > Import Data (Correct answer)
- Go to Accounting > Chart of Accounts > Import
- Use the Plus (+) icon > Import
Correct answer: Use the Gear icon > Import Data
The Gear icon (Settings) > Import Data allows you to import customers, vendors, accounts, and products/services from CSV files.
Question 2: A client wants to connect their bank account to QuickBooks Online for automatic transaction downloads. Where do they initiate this?
- Accounting > Reconcile
- Banking > Add Account (Correct answer)
- Gear > Bank Accounts
- Reports > Banking
Correct answer: Banking > Add Account
The Banking menu (or Transactions > Banking) contains the 'Add Account' option to connect bank and credit card accounts via bank feeds.
Question 3: Which QuickBooks Online subscription tier is required to access inventory tracking with FIFO costing?
- Simple Start
- Essentials
- Plus (Correct answer)
- Advanced
Correct answer: Plus
Inventory tracking with FIFO (First-In, First-Out) costing is available starting with the Plus subscription tier.
Question 4: During initial company setup, what does the 'fiscal year start month' setting affect in QuickBooks Online?
- The start date of the current tax year for 1099 reporting
- The default date range for financial reports (Correct answer)
- The billing cycle for the QBO subscription
- The payroll tax deposit schedule
Correct answer: The default date range for financial reports
The fiscal year start month determines the default date range used in financial reports like Profit & Loss and Balance Sheet.
Question 5: A ProAdvisor is setting up QuickBooks Online for a client and needs to enable the 'Location Tracking' feature. Where is this setting found?
- Gear > Account and Settings > Sales
- Gear > Account and Settings > Advanced (Correct answer)
- Gear > Chart of Accounts
- Reports > Custom Reports
Correct answer: Gear > Account and Settings > Advanced
Location Tracking (and Class Tracking) are enabled under Gear > Account and Settings > Advanced in the Categories section.
Question 6: What is the purpose of the 'Accountant View' toggle available to accountant users in QuickBooks Online?
- It hides sensitive payroll data from the business owner
- It provides access to accountant-specific tools like reclassify transactions and write-off invoices (Correct answer)
- It switches the chart of accounts to a tax-basis layout
- It enables multi-currency for the accountant only
Correct answer: It provides access to accountant-specific tools like reclassify transactions and write-off invoices
Accountant View gives ProAdvisors access to tools like Reclassify Transactions, Write Off Invoices, and the Prep for Taxes feature not visible in Business View.
Question 7: When using the QuickBooks Online mobile app, which action is NOT currently supported compared to the browser version?
- Creating invoices
- Capturing receipts
- Running a full Profit & Loss report (Correct answer)
- Recording expenses
Correct answer: Running a full Profit & Loss report
While the mobile app supports many tasks, running full customized financial reports like a detailed Profit & Loss is limited and better performed in the browser version.
QBO QuickBooks Setup & Navigation 2
When setting up a new QuickBooks Online company, which step allows you to import existing customer and vendor lists from a spreadsheet?