QBO Sales and Receivables Workflow 2

Question 1

A customer pays only part of an outstanding invoice in QBO. What is the correct way to record this partial payment?

Accepted Answer

Receive payment and enter the partial amount, leaving the remaining balance open

Answer

In QBO you use Receive Payment, enter the partial amount received, and the remaining open balance stays on the invoice automatically.

Question 2

Which QBO report shows all outstanding customer balances grouped by how long they have been overdue?

Accepted Answer

Accounts Receivable Aging Summary

Answer

The Accounts Receivable Aging Summary groups customer balances into buckets (Current, 1-30, 31-60, etc.) to show overdue amounts.

Question 3

In QBO, what happens to inventory quantity on hand when you save a Sales Receipt?

Accepted Answer

Inventory quantity decreases immediately upon saving

Answer

Saving a Sales Receipt in QBO immediately reduces the inventory quantity on hand for any inventory items sold.

Question 4

A company wants to give a returning customer a 10% discount on their next invoice. Where in QBO can a default discount be set at the customer level?

Accepted Answer

The customer's profile under the Payment and billing tab

Answer

A default discount percentage for a specific customer can be stored in the customer record under the Payment and billing tab and will pre-populate on invoices.

Question 5

What is the purpose of the 'Undeposited Funds' account in QBO's sales workflow?

Accepted Answer

It temporarily holds payments received before they are grouped into a bank deposit

Answer

Undeposited Funds acts as a holding account for received payments until you combine them into a single bank deposit matching your actual bank statement.

(QBO) Certified QuickBooks ProAdvisor Practice Test

(QBO) Certified QuickBooks ProAdvisor Practice Test

QBO Sales and Receivables Workflow 2