QBO QuickBooks Setup & Navigation 3

Question 1

A client accidentally deleted a transaction in QuickBooks Online. Where can a ProAdvisor find a record of this deletion?

Accepted Answer

Gear > Audit Log

Answer

Reports > Transaction History

Answer

Accounting > Journal Entries

Answer

Banking > Excluded Transactions

Question 2

Which keyboard shortcut opens a new Invoice form in QuickBooks Online?

Accepted Answer

Ctrl+I

Answer

Alt+I

Answer

Ctrl+Alt+I

Answer

There is no keyboard shortcut for invoices

Question 3

What happens to the opening balance equity account when a ProAdvisor enters beginning balances during initial company setup?

Accepted Answer

It receives offsetting entries to keep the balance sheet in balance

Answer

It is automatically closed to retained earnings at year end

Answer

It remains permanently on the balance sheet as a reference

Answer

It is used only for bank reconciliation adjustments

Question 4

In QuickBooks Online, what is the function of the 'Excluded' tab in the Banking center?

Accepted Answer

It holds transactions the user has chosen not to add to the books

Answer

It stores transactions that have been matched and reconciled

Answer

It shows transactions with errors that need correction

Answer

It displays voided bank transactions

Question 5

A QuickBooks Online company file was set up with the wrong industry type. What is the impact of changing the industry in Account and Settings?

Accepted Answer

It updates the default report templates and suggested accounts

Answer

It rebuilds the chart of accounts to match the new industry

Answer

It changes the tax form assigned to the company

Answer

It has no effect after the initial setup is complete

Question 6

Which QuickBooks Online navigation element allows users to quickly search for any customer, vendor, account, or transaction by name or number?

Accepted Answer

The Search (magnifying glass) icon in the top bar

Answer

The Plus (+) icon menu

Answer

The Gear icon > Find

Answer

The Reports > Search function

Question 7

When a ProAdvisor sets up sales tax in QuickBooks Online, what does the automated sales tax feature use to calculate the correct rate?

Accepted Answer

The customer's billing address and the product/service taxability

Answer

A manual rate table entered by the user

Answer

The company's state registration number only

Answer

The invoice date and fiscal year settings