QBO Reporting & Reconciliation 2

Question 1

Which QuickBooks Online report shows all transactions that have been reconciled versus those still outstanding?

Accepted Answer

Previous Reconciliation Report

Answer

The Previous Reconciliation Report shows all cleared and outstanding transactions from past reconciliations.

Question 2

A client notices their Profit & Loss report differs from their Balance Sheet net income. What is the most likely cause?

Accepted Answer

Accrual vs. cash basis mismatch in report settings

Answer

Running P&L on cash basis and Balance Sheet on accrual basis (or vice versa) causes net income discrepancies between reports.

Question 3

When reconciling a credit card account in QBO, what does the 'Payments' section in the reconciliation screen represent?

Accepted Answer

Payments made to reduce the credit card balance

Answer

The Payments section shows credits to the credit card account, which reduce the amount owed.

Question 4

A client wants a report showing customer balances grouped by how long they've been outstanding. Which report should you recommend?

Accepted Answer

Accounts Receivable Aging Detail

Answer

The A/R Aging Detail report groups outstanding customer balances into time buckets (Current, 1-30, 31-60, 61-90, 90+).

Question 5

In QBO, what happens to the beginning balance in a new reconciliation if the previous reconciliation was undone?

Accepted Answer

It reverts to the balance from the reconciliation before the undone one

Answer

Undoing a reconciliation reverts the beginning balance to the ending balance of the previous reconciliation period.

(QBO) Certified QuickBooks ProAdvisor Practice Test