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

The Audit Log (Gear > Audit Log) records all changes, additions, and deletions made to transactions, including who made the change and when.

Question 2

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

Accepted Answer

Ctrl+I

Answer

Pressing Ctrl+I (or Cmd+I on Mac) opens a new Invoice form directly in QuickBooks Online.

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

Opening Balance Equity receives offsetting credit or debit entries whenever beginning balances are entered so the balance sheet remains balanced.

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

The Excluded tab stores bank feed transactions that the user has manually excluded and does not want to import into QuickBooks.

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

Changing the industry type updates suggested account names and default report layouts, but it does not alter existing accounts already created.

(QBO) Certified QuickBooks ProAdvisor Practice Test