QBO Sales and Receivables Workflow 5

Question 1

A QBO user wants to apply an existing customer credit to a new invoice. What is the correct way to do this?

Accepted Answer

Open Receive Payment, select the invoice, and check the available credit to apply it

Answer

In the Receive Payment screen, QBO displays outstanding credits for the customer which can be checked to offset the selected invoice.

Question 2

What is the difference between a Delayed Charge and an Invoice in QBO?

Accepted Answer

A Delayed Charge is a non-posting placeholder that can be added to a future invoice; an Invoice is posted and affects A/R

Answer

A Delayed Charge does not post to the general ledger or create an A/R balance; it serves as a reminder to bill the customer and can be pulled onto a future invoice.

Question 3

In QBO, when you email an invoice directly from the Invoice form, what happens automatically?

Accepted Answer

The invoice status changes to 'Sent' and the email is logged in the activity

Answer

When you email an invoice from QBO, the status updates to Sent and QBO logs the email activity in the invoice's transaction history.

Question 4

A business wants every new invoice to default to a 'Due on Receipt' payment term. Where is this configured in QBO?

Accepted Answer

Account and Settings > Sales > Invoice and delivery preferences

Answer

The default payment term for all new invoices is set under Account and Settings > Sales > Invoice and delivery preferences.

Question 5

Which of the following best describes the 'Open Item' statement type in QBO?

Accepted Answer

Lists each unpaid invoice and credit individually without a prior balance forward

Answer

An Open Item statement lists every individual outstanding invoice and credit so the customer can see exactly which transactions make up their balance.

(QBO) Certified QuickBooks ProAdvisor Practice Test

(QBO) Certified QuickBooks ProAdvisor Practice Test

QBO Sales and Receivables Workflow 5