QBO Recording Transactions 2

Question 1

A customer pays an outstanding invoice with a check. Which QBO transaction type should you use to record this payment?

Accepted Answer

Receive Payment

Answer

Receive Payment is used to apply a customer payment to an existing open invoice in QBO.

Question 2

When recording a bill in QBO, which account is typically debited?

Accepted Answer

The expense or asset account for what was purchased

Answer

Recording a bill debits the expense or asset account for the item purchased and credits Accounts Payable.

Question 3

Which QBO feature allows you to record a transaction that has NOT yet cleared the bank?

Accepted Answer

Manually entering the transaction in the register or via a form

Answer

You can manually enter transactions in QBO at any time, regardless of whether they have cleared the bank.

Question 4

A vendor offers a 2% discount if you pay within 10 days. Where do you set this up in QBO so it applies automatically when paying bills?

Accepted Answer

Payment Terms on the vendor record

Answer

Setting payment terms (e.g., 2/10 Net 30) on the vendor record allows QBO to calculate early-payment discounts automatically.

Question 5

What happens to Undeposited Funds when you create a Bank Deposit in QBO?

Accepted Answer

The balance decreases as funds move to the selected bank account

Answer

Creating a Bank Deposit clears the Undeposited Funds account and moves the selected payments to the chosen bank account.

(QBO) Certified QuickBooks ProAdvisor Practice Test