QBO Notes

Craig's Design and Landscaping Service has entered into a subcontracting agreement with Long General Contractors. The contract states a negotiated special price that should be used for each product and service item utilized in the jobs that Craig completes for Long. Which type of price rule should you recommend Craig use in this situation?  Fixed discount  Contract pricing  Custom price per item  Percentage Which 2 statements are correct regarding budgets in QuickBooks Online?  Budgets can be subdivided by class, customer, location, or project  A single budget can be set up to track across multiple years  Budgets are available in QuickBooks Online Essentials, Plus, and Advanced  Budgets can be set up based on the last fiscal year's financial data  Budgets can be created in Excel and imported into QuickBooks Online Essentials  Budgets can be created to track capital expenditures Where can you go to unmatch a transaction that your client has matched or added incorrectly within the bank feeds?  Bank register > Find transaction > Change reconciliation status  Open transaction > More > Unmatch  Reconciliation report > Find transaction > Undo  Bank reconciliation > Undo > Bank reconciliation  Banking > Categorized > Undo Which 2 actions does QuickBooks Online use to try and recognize bank feed items?  Automatically create rule, based on past transactions  Apply user-created rule  Match reconciled transactions  Match amounts to several invoices or bills  Match transactions already entered What account is automatically assigned if you do not select a category when recording a purchase transaction via the bank feeds?  Miscellaneous Expense  Uncategorized Asset  Uncategorized Expense  Ask My Accountant  Non-specified Expense How would you turn off the automatic category suggestions?  Turn it off in Account and Settings  Automatic category suggestions can't be turned off  Select the Disable suggested categorization checkbox  Deselect the Enable suggested categorization checkbox Bank rules are exported to what kind of file type?  CSV  XLS  PDF  TXT  XLSX When setting up corporate credit cards, why is it recommended that the parent account not be connected to bank feeds?  If the parent account is connected to bank feeds its sub- accounts cannot be connected to the bank  QuickBooks Online does not allow parent accounts to have bank feed connections  The parent credit card account cannot be reconciled if the bank feed is connected to it  It will create duplicate transactions When creating budgets in QuickBooks Online, which 2 are possible?  Budgets can be imported from a .txt file  Budgets can be subdivided by class, vendor, or customer  Budgets can be created for projects lasting multiple years  Budgets can be prepared on a monthly, quarterly, or annual basis  Multiple budgets can be created, and then copied and edited at any time A client has created a budget based on their customer, Lou's Luggage. They want a report that shows actuals versus budget for this customer by quarter for the whole year. Which 3 customizations are necessary?  Filter by Paid status  Select Lou's Luggage budget  Show grid Accounts vs. Quarters  Filter by Product/Service = Specified  Filter for Lou's Luggage customer What statement is true of the Cash flow Planner?  It's not available for QuickBooks Online companies that have Multicurrency enabled  The Cash flow Planner affects the general ledger  The Cash Flow Planner affects the Banking center  The Planner tab lists connected and unconnected bank and credit card accounts  Any past date can be used in the Cash flow Planner What 2 statements are true about the Grouping feature in the QuickBooks Online Banking center?  Once it's turned on, it cannot be turned off  It's available to Accountant users only  It's turned on via the Grid gear icon  It's available in the For review tab  It's available in