QBO Sales and Receivables Workflow 4

Question 1

In QBO, you receive a customer check but are not ready to make a bank deposit yet. Which account should the payment be deposited to?

Accepted Answer

Undeposited Funds

Answer

Depositing to Undeposited Funds holds the payment until you are ready to batch it with other receipts into a single bank deposit.

Question 2

A QBO client needs to charge sales tax on invoices. What must be done before sales tax can appear automatically on a sales form?

Accepted Answer

Enable Automated Sales Tax in Account and Settings and set up the customer's tax location

Answer

Automated Sales Tax must be turned on in settings, and the customer's shipping or billing address determines the applicable rate automatically.

Question 3

A client accidentally created a duplicate invoice and already emailed it to the customer. What is the safest action in QBO?

Accepted Answer

Void the duplicate invoice to keep an audit trail

Answer

Voiding preserves the transaction record and audit trail while zeroing out the amounts, which is safer than deletion for transactions already sent.

Question 4

Which QBO feature lets a company bill a customer for time and expenses that were tracked against their name before creating an invoice?

Accepted Answer

Billable Expenses (Add to Invoice)

Answer

Marking time entries and expenses as Billable links them to the customer and lets you add them directly to the next invoice with one click.

Question 5

In QBO, what does setting a customer's 'Payment Terms' to Net 30 mean?

Accepted Answer

Payment is due 30 days after the invoice date

Answer

Net 30 terms mean the full invoice balance is due within 30 days of the invoice date.

(QBO) Certified QuickBooks ProAdvisor Practice Test