Question

What 2 reasons from the options shown here might mean a transaction needs to be excluded in bank feeds?(Select all that apply)

If the downloaded transaction was already recorded and reconciled in QuickBooks Online

If the bank downloads the same transaction more than once

If the posting date and actual payment date don’t match in the bank feed

If bank description doesn’t match the payee name

Read the following statement about recurring transactions in QuickBooks Online and the suggested steps to create one.
Statement: “Recurring transactions in QuickBooks Online can be set up to manage any of the first transactions in any workflow, like sales receipts, invoices, bills, journals, checks, deposits, or expenses”.
Suggested steps:
1. Select the Quick Create icon
2. Select Recurring transactions
3. Select New
4. Now choose Expense as the new Transaction Type from the drop-down list and hit OK
5. On the new screen, enter Sult Advertising monthly fees as the template name. Best practice is to list the “Name” (Vendor/Customer/Employee) in the Template name. This makes it easier to identify what Names have recurring templates
6. As the type, make it Scheduled.

Which is true?

Both are correct

Only the statement is correct

Only the suggested steps are correct

Neither are correct

Which 3 of the statements below are correct regarding reconciling a bank account in QuickBooks Online?(Select all that apply)

You can’t undo a reconciliation once it’s done

To reconcile you need to enter the Statement Ending Date and Ending Balance

The Reconciliation screen shows the summary calculation at the top (Beginning balance minus payments plus deposit)

Reconciliations are just a means of generating the reconciliation report for your records

To see the Reconciliation report, select View report after you’ve successfully reconciled the accou

ook at the following process for matching and and adding deposit transaction from a bank feed:

1. Select the line for that entry and you’ll see more information in the row that expands
2. Select the Deposit link among suggested match(es) to view the deposit transaction
3. Hit Cancel in the bottom left and you’ll go back to the banking area
4. Now that we’re satisfied that this is the right banking activity matched to the right QuickBooks Online Transaction, we can ______________.

Which option correctly completes the final step?

Hit Match on the right of the entry

Hit Accept on the right of the entry

Hit Save and close

Delete the entry

Your client wants to create a bank rule that has priority over other bank rules and automatically adds a transaction into the QuickBooks Online register. Is this possible?

Yes

No

Yes, but only in QuickBooks Online Plus

Answer 1

Ans-1: )

The 2 reasons which require a transaction to be excluded in bank feeds when using QuickBooks online are:

1. If the downloaded transaction was already recorded and reconciled in QuickBooks Online
2. If the bank downloads the same transaction more than once

As the above two scenarios indicate duplication of entries in the system, therefore they will be excluded.

Ans-2: )

Neither of the options is correct as:

1. The statement specifies that a template for recurring transactions can only be used to handle the first transactions in a workflow, which is incorrect.
2. The suggested steps instruct to choose expenses as the transaction type, while it can be either revenue or expenses as recurring transactions templates can be created for both revenues and expenses.

Ans-3: )

The following 3 statements are correct regarding reconciling a bank account in QuickBooks Online:

1. To reconcile you need to enter the Statement Ending Date and Ending Balance
2. The Reconciliation screen shows the summary calculation at the top (Beginning balance minus payments plus deposit)
3. Reconciliations are just a means of generating the reconciliation report for your records

The remaining two statements are incorrect because:

1. It is possible to undo a reconciliation
2. To see the Reconciliation report, select “Run” report after you’ve successfully reconciled the accounts.

Ans-4: )

To finish the process we will “Hit Match on the right of the entry“