How do you think Craig can benefit from connecting his bank and credit card accounts to QuickBooks Online? Select all that apply. Show All of his bank and credit card transactions will sync with QuickBooks Online so he doesn't have to enter them. He can check, categorize, and approve each bank transaction to make sure it's correct so he has full control. All of his bank and credit card transactions will be categorized into his QuickBooks Online automatically so he doesn't have to do anything. It will save him time because it will cut down on the amount of data he needs to enter Recommended textbook solutionsIntermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions
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Intermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions Accounting: What the Numbers Mean9th EditionDaniel F Viele, David H Marshall, Wayne W McManus 345 solutions Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions Question 1 (1st attempt) Apply it to an invoice **P211 of training notes and Web training ** 1) Hold on to it and apply it to a future bill*** 2) Apply it to an existing bill-**** Question 1 (2nd attempt) Expenses > Overview > Shortcuts > New Vendor Credit + New > Vendor Credit Workflows > Expenses > Vendor Credit Expenses Center > New Transaction > Vendor Credit **P
211 online training notes** 1) + New > Vendor Credit 2) Expenses Center > New Transaction > Vendor Credit Question 2 (1st attempt) When your client wants to make a deposit to a vendor When your client wants to record an SBA loan amount received-2nd attempt answer When your client wants to record sales from her upcoming trade show and provide sales receipts--(Note: according to the notes p212, this is not a deposit because it is a sales receipt because it is an invoice) When your client wants to group customer payments into a single deposit transaction*** When your client wants to apply a customer payment to an open invoice *P212 online training notes* When your client wants to record an SBA loan amount received When your client wants to group customer payments into a single deposit transaction Question 2 (2nd attempt) You receive a tax refund from the IRS To record a Vendor credit When an employee reimburses the company To record the payment of a bill You need to record an ACH payment of a customer invoice When a company doesn't record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts **P212-213 of training notes** 1) You receive a tax refund from the IRS 2) When an employee reimburses the company 3) When a company doesn't record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts Question 3 (1st attempt) (2nd attempt answer was correct) Recurring transaction **P214 of online training notes**(1st attempt) (2nd attempt answer was correct) P214 of online training notes Sales receipt (2nd attempt answer) Question 4 Payment links allow customers to pay via PayPal or Venmo Payment links never expire and can be used repeatedly with different customers Payment links can be used anytime a client wants to sell a product to a customer Payment links can only be used when a client has an active QuickBooks Payments account You can use payment links to send a request for payment on an existing invoice *P217 online training notes* 1) Payment links can be used anytime a client wants to sell a product to a customer 2) You can use payment links to send a request for payment on an existing invoice Question 5 (1st attempt) Only Accountant users can create adjusting journal entries Only Company admin users can create adjusting journal entries Only Accountant users and the Primary admin of the account can create adjusting journal entries Only the lead accountant can create adjusting journal entries **P220 online training notes** Only Accountant users can create adjusting journal entries Question 5 (2nd attempt) You can post to multiple accounts receivable and/or accounts payable accounts in the same journal entry When posting to the accounts receivable account, you must specify a customer When posting to the accounts receivable account, you must specify a vendor Total debits must equal total credits You can post to Products and Services in a journal entry When you want to invoice a client for a line on the journal entry **P219 online training notes** 2) When posting to the accounts receivable account, you must specify a customer 3) Total debits must equal total credits*** Question
6 (1st attempt) It ensures that payments to credit card accounts are categorized correctly It provides a lower rate than most credit cards to qualified small businesses It uses language that non-accountants can understand It provides a higher credit limit than most small business can get It helps clients stay on top of making payments on time **P223
online training notes** 2) It uses language that non-accountants can understand Question 6 (2nd attempt) It prevents common errors that affect the company's financial statements It prevents mis-categorization of credit card payment transactions It provides easy-to-understand language for non-accountant users It allows users to electronically pay their credit card balances from within QuickBooks It compares your client's credit card balances side-by-side It helps users identify which credit cards have interest rates that are too high **P223 online training notes** 2) It prevents mis-categorization of credit card payment transactions 3) It allows users to electronically pay their credit card balances from within QuickBooks Question 7 (1st attempt) Account and Settings + New in the Banking Center + New from the left-hand navigation Gear icon **Per system practice * + New from the left-hand navigation Question 7 (2nd attempt) Select the correct option from the dropdown. Reset Answers 2. Select the credit card account that is being paid 4. Enter the amount and the
date of payment **P223-224 of online training notes ** Question 8 (1st attempt) Gear icon > Transfer + New > Transfer Accounting > Transfer Dashboard > Transfer **P226 of training notesPer practice** Question 8 (2nd attempt) You can add a customer to the transfer transaction The Transfer feature can be used to transfer funds between income and expense accounts You can use a transfer to pay bills directly The Transfer feature can be used to move funds between two balance sheet accounts **P225-226 of training notes** The Transfer feature can be used to move funds between two balance sheet accounts Question 9 (1st and 2nd attempt) File upload **P227-230 online training notes* Question 10 (1st attempt) Receipts **Per practice** Question 10 (2nd attempt) Gear icon > Company settings > Expenses > Manage forwarding email Banking center > Receipts > Manage forwarding email Gear icon > Advanced > Automation > Manage forwarding email Banking center > Banking > Manage forwarding email **Per practice** Question 11 (1st attempt) Find transaction > Check box next to transaction > Select Exclude in banner Find transaction > Select Update in banner > Exclude Find transaction > Select Exclude under Action column Find transaction > Edit > Save and exclude **Per practice** Find transaction > Check box next to transaction > Select Exclude in banner Question 12 Pending tab **Per practice** Question 12 (2nd attempt) Bank rules can be copied, edited, or deleted Bank rules are only included in QuickBooks Online Advanced subscriptions Bank rules cannot automatically split transactions Bank rules can only be set up by an Accountant user in QuickBooks Online Bank rules can automatically add transactions to the register Bank rules can be prioritized **P240-241 online training notes**
Question 13 (1st attempt) Date **P251 of raining notes* Cleared status Question 13 (2nd attempt) Bank accounts can be reconciled only if they are connected through bank feeds Transactions added or matched in the Banking Center are automatically marked tentatively cleared** To begin the reconcile process, you need to enter the statement ending date and ending balance from the relevant bank statement** The primary admin can undo reconciliations Reconciliations must only be run at period end to estimate tax owed **Per practice** 2) To begin the reconcile process, you need to enter the statement ending date and ending balance from the relevant bank statement 3) To view the Bank statement, select History by account Question 14 (1st and 2nd attempt) Unreconciled report **P251-252** Question 15 (1st and 2nd attempt) Banking > History by account > Down arrow > Undo My accountant > History by account > Down arrow > Undo Reconcile > History by account > Down arrow > Undo Reports > Reconciliation Report > Down arrow > Undo P254 online training notes , per practice, and exam Reconcile > History by account > Down arrow > Undo
Question 16 (1st attempt) Recurring transactions can be disabled by the customer There is an option to include unbilled charges automatically on recurring invoices You can create recurring Bill payments to automate the accounts payable process*** You can use recurring Sales receipts with QuickBooks Payments You can make a Receive payment transaction recurring P256-257 online training notes 1) You can create recurring Bill payments to automate the accounts payable process 1) You can use recurring Sales receipts with QuickBooks Payments 2) You can make a Receive payment transaction recurring Question 16 (2nd attempt) A recurring journal entry **P256 online training notes** A recurring bill Question 14 (3rd attempt) It can identify transactions that were posted to the wrong account It can identify
transactions where the transaction date is in a future It can recognize if transactions have been excluded erroneously from bank feeds It automatically records bank fees and interest earned It can identify transactions where the transaction date is in a future period and the cleared date is in the statement period Question 15 (3rd
attempt) **P255 of online training notes** Accountant users only Which 2 statements are true about payment links in QuickBooks Online quizlet?Explanation: The 2 statements are true about payment links in QuickBooks Online are: You can use payment links to send a request for payment on an existing invoice and Payment links allow customers to pay via PayPal or Venmo. Payment links refers to a QuickBooks Desktop tool that you utilize to receive payments.
How many times are customers able to make a payment via a payment link before it expires?Payment Links are only for single use. It stays active as long as the customer did not use it to pay for the invoice and the transaction is still valid.
Where should your client go to find the transfer link in QuickBooks Online?Match a transfer in your imported bank transactions. Go to Bookkeeping, select Transactions, then select Bank transactions (Take me there) .. Select the bank account that the transaction is coming from.. Find and select the transaction to open it.. Select the Record as transfer radio button. ... . Select Record transfer.. What are the 3 types of billable charges in QBO?Step 1: Turn on billable expense. Markup rate.. Billable expense tracking.. Sales tax charge.. |