Review Answers: Section 4 - 93%
Review Answers: Section 4 - 93%
Review Answers
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• Q1
• From the For review tab in the Banking center, how can you exclude a bank
transaction that is a duplicate?
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Your answer:
Find transaction > Check box next to transaction > Select Exclude in banner
• Q2
• What’s the maximum number of conditions that can be set for a bank rule?
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Your answer:
5
• Q3
• What 3 transaction types can you assign in a rule for money-in transactions?
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Your answer:
Deposit
Credit card payment
Transfer
• Q4
• Which 3 statements regarding bank rules are true?
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Your answer:
Bank rules can be prioritized
Bank rules can be copied, edited, or deleted
Bank rules can automatically add transactions to the register
• Q5
• Which 2 statements are true regarding using bank rules in QuickBooks Online?
Edit answer
Your answer:
QuickBooks Online only applies one rule per
Rules apply to unaccepted transactions only
• Q6
• Which 2 options are benefits of using the Recurring transactions feature in
QuickBooks Online?
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Your answer:
You can use recurring Sales receipts with QuickBooks Payments
There is an option to include unbilled charges automatically on recurring invoices
• Q7
• Which 4 transaction types can be made into recurring templates?
Edit answer
Your answer:
Bill
Invoice
Transfer
Deposit
• Q8
• What is the default filter that is automatically applied when reconciling an account
in the Reconciliation dashboard?
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Your answer:
Statement ending date
• Q9
• Which statement is true about the Reconciliation Discrepancy report?
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Your answer:
It’s available if reconciling an account with reconciliation discrepancies
• Q10
• Which report displays the business’s Profit and Loss in picture form?
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Your answer:
Business Overview
• Q11
• What’s used to validate the bank and credit card account balances on a balance
sheet?
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Your answer:
Reconciliation reports
• Q12
• Which report shows the book (purchase or cost) value of inventory items with
quantity on hand?
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Your answer:
Inventory Valuation Summary (or Detail)
• Q13
• Where can you select this option for them?
Edit answer
Your answer:
Customize > General
• Q14
• How would she accomplish this?
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Your answer:
Copy an existing template under Management reports
• Q15
• Which 2 management report templates will be seen by default when accessing a
client’s books via QuickBooks Online Accountant?
Edit answer
Your answer:
Basic company financials
Expanded company financials
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