WizXpert well knows the need of candidates, who are going to appear in the QuickBooks Online certification exam 2020, so we are here with the QuickBooks Online Certification Exam Answers 2020 that is specially designed to let you study harder, take your time and try to pass the exam.
You only have three attempts to clear the complete test. If in case you do not clear the exam in the first three attempts of the QuickBooks Online Certification Exam, then you will be locked for 60 days. you can re-appear in the certification test again, after 60 days.
Some Sample QuickBooks Online certification exam answers 2020
- QuickBooks Online has some great features. Clients can use Online Invoicing, which will track when they’ve been viewed and paid. Online Invoicing even allows for customer queries via online messages directly linked to the invoice. You now need to enable this feature in the new client company you’re setting up. Take a look at the steps below
- Select the Gear icon, and select Account and Settings, under the Your company column)
- _____________ and scroll down to the Online delivery section
- _____________ to ensure that Attach invoice as pdf is unchecked Can you identify the missing steps?
- Step 2: Select the Sales tab,
- Step 3: From the drop-down list, Click on Online invoice.
- Your client has asked you to turn on warnings for duplicate check and bill numbers in their QuickBooks Online company. Take a look at the steps below.
- Under Your Company, select Account and Settings
- Select Advanced tab
- In the Other preferences section, select the option to warn if duplicate check number is used and warn if duplicate bill number is used
- Starting at the QuickBooks Online Dashboard, which option would complete the following steps?
- Step 1: Select the Gear icon,
- Step 5: Select Save
- Your client doesn’t want to pay a monthly fee for their QuickBooksPayments merchant account. What another option is available to them, and wherein QuickBooks Online can they sign up for QuickBooksPayments?
Answer: There is another plan which means the customer pays the transaction charge; In the Billing and Subscription tab of Account and Settings.
- Your client has moved and needs you to modify the business address of the company in QuickBooks Online. Take a look at the steps below.
- Sign in to your QuickBooks Online Accountant account
- You’ll see the client company dashboard
- Select Account and Settings6. Select the Pencil icon in the Address section of the Company tab
- What are the missing steps to get you to the screen to edit the address for your client?
- Step 2: Select the client company from the Client Switcher drop-down in the green header bar.
- Step 4: Select the Gear icon.
- A great feature of QuickBooks Online is that there are other lists you can utilize to make it easier to fill in forms. Where would you go to find these lists?
Answer: Go to the Gear icon and select All Lists
- Where can you go to QuickBooks Online to import a list of products and services?
Answer: Select the Gear icon and under the Tools column, select Import Data, then Products and services.
- What is the difference between “Profit and Loss Report” and the “Balance Sheet Report”?
- P&L shows activities: income and expenses to arrive to Net Income (Profit) for a specific time period.
- The Balance Sheet shows values: Assets and Liabilities to arrive at Equity (Net Worth) as of a specific date.
- The Net income from the Profit & Loss pass through the equity section in the balance sheet
- The Chart of Accounts lies at the heart of a QuickBooks Online company. Which 5 of the following statements are true about the Chart of Accounts, how to make changes to the Chart of Accounts, and how products and services are linked to the Chart of Accounts?
- To add a new account, you open the Chart of Accounts by selecting Accounting from the left navigation, then select New to open the Account window
- The Sales of Product Income account is a default account when inventory is turned on Uncategorized Income and Uncategorized Expense are default accounts for online banking activity
- If you add a new account, the category type determines on which financial statement this account will show
- Delete an account from the Chart of Accounts if it is not relevant to your business
- If you want to give one or more of your employees access to Your Practice, what types of user permissions can be set up?
Answer: Regular or custom user, Company administrator, Reports only and Time Tracking only.
- Look at the following 2 statements: Statement 1 -“QuickBooks Online _____________ is the do-it-for-me option; a complete payroll service with a team of US-based payroll experts to take care of payroll for your client.”
Statement 2 -“You can also link up ____________ with QuickBooks to simplify workflow and save yourself a significant amount of time. You’ll benefit from a seamless, end-to-end experience that translates a client’s QuickBooks Online books into a tax return.”Identify the products that fit in the spaces to correctly complete the statements.
Answer: Statement 1: Full-Service Payroll; Statement 2: ProConnect Tax Online
- Your client wants to transfer $500 from their checking account into a savings account to cover tax liabilities for sales made last month. Where should they start the process?
Answer: Navigate to the Quick Create icon, then find the Transfer link.
- Look at these two sentences about Undeposited Funds.
- By posting to Undeposited Funds, you can create a single bank deposit for multiple payments, making it easy ___________.
- When receiving a payment, make sure _________________.
Which of the options below correctly fills in the blanks?
Answer: To match your bank register with your bank statement; 2. the Deposit to account is Undeposited Funds
- You have a client business who uses invoicing, the Accounts Receivable workflow and they use the Banking screen to record a customer payment received. They select an income account and then select Add. What 2 problems will this cause?
- Their Accounts Receivable balance will not be accurate
- The income account will show duplicate income
- When would you use the Add other funds to this deposit grid in a Deposit Transaction? Identify the 3 correct options below.
- When an employee reimburses the company
- You receive a tax refund from the IRS
- When a company doesn’t record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts
- Which 2 of the transactions and tools in the list are Posting transactions?
- Credit memos
- Vendor credits
- Which option has the correct information about how a delayed charge is used, and how it is created and linked to an invoice?
Answer: Use a delayed charge to record a fee that you want to invoice in the future. The first step is to select a Delayed charge from the Quick Create menu, and then add to an invoice later by selecting Add when the customer invoice is created.
17: What 3 types of customer statements can be generated by QuickBooks Online?
- Statements that show a balance forward and then all activity between two specified dates
- Statements that show invoices created between two specified dates and their related payments
- Statements that show just open transactions
18. Clients can take payments from their customers’ credit cards via Online Invoicing if they have QuickBooks Payments set up. How does the customer interact with the invoice to access credit card payment features?
Answer: They select the Pay Now button.
19. Look at the following process for matching and adding deposit transaction from a bank feed:
- Select the line for that entry and you’ll see more information in the row that expands
- Select the Deposit link among suggested match(es) to view the deposit transaction
- Hit Cancel in the bottom left and you’ll go back to the banking area
- 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?
Answer: Hit Match on the right of the entry.
20. The ____________ lists each customer with an open balance. It lists the open invoices in different columns based on whether they are current or how long it’s been overdue, 30, 60 and 90+ days. What kind of report is being described here?
Answer: A/R Aging Summary report
21. Your client wants to understand the difference between cash-based and accrual-based reporting. Which is the best definition of cash-based reporting?
Answer: Cash-based reports display income as of the date the customer payment is received/recorded and expenses as of the date a vendor bill is paid
22. 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”.
- Select the Quick Create icon
- Select Recurring transactions
- Select New
- Now choose Expense as the new Transaction Type from the drop-down list and hit OK
- On the new screen, enter Sult Advertising monthly fees as the template name. The 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
- As the type, make it Scheduled. Which is true?
Answer: Only the statement is correct
23. Look at these steps for creating a project and a task in QuickBooks Online Accountant:
- Select Create a project in the top right
- Name the project Year-End
- Select the Client and enter four weeks from now as the due date
- Select Save
- Select your newly added Year-End project
- Type in the Task name – Bank reconciliation and close books
- Due date – two weeks from now10. Select Save Which option identifies the right steps for 1 and 7?
Which option identifies the right steps for 1 and 7?
- 1. Select Work from the left menu;
- 7. Select Add a Task
24. Your client, Client A, has a problem. He has a number of invoices that have not been paid by the customer after the customer became insolvent.
Another client, Client B, needs to adjust invoices because of small overpayments by the customer on a series of invoices dating back six months.
Which client or clients would need to use the Write off invoices feature of QuickBooks Online to get their books corrected, and can they perform the task themselves?
Select the option that has the correct answer for both parts of the question.
Answer: Only Client A would benefit from the Write off Invoices tool; No, the feature is only available to Accountant users via the Accountant Toolbox
25. You have a client who needs a QuickBooks Online solution that includes tracking for sales and sales tax. Which subscription level in QuickBooks Online would you recommend?
26: Taking care of pay reports for employees and subcontractors is a key task when preparing for the year-end. Which of the 2 forms below would need to be sent?
- W-2s are submitted for employees
- 1099s for subcontractors
In this article, we have discussed all the general matters or information of QuickBooks Online Certification Exam Answer 2020. Hope you have got a full resolution from this article. If you are still facing any problem, you can directly call our QuickBooks Support Expert [QuickBooks] and get the solution immediately.
Answer: Simple Start, Essentials, or Plus
27: Which subscription option, if any, includes online banking, access from any device at any time, and integration with a wide range of apps?
Answer: All QuickBooks Online Subscription levels.
28: Managing inventory and avoiding out-of-stock situations is critical to the success of this type of client. What type of client does this best describe?
Answer: Retail and eCommerce
29: When would you need to reclassify transactions and how would you do it in QuickBooks Online? Select the option that answers both parts of the question correctly.
Answer: To clean up large uncategorized expense accounts; go to Reclassify transactions in the Accountant Toolbox
30: You can find the link to the Voided/Deleted Transactions tool by selecting the ___________________. Which option correctly completes the sentence?
Answer: Accountant Toolbox
Three easy formulas to get QuickBooks Certified
Attend training class
Training classes are the most essential part of any certification exam, so choose your training center wisely and get started with the first step towards your success. If in case, you cannot find a class near your place then you can also have an option to take the online classes. For any query regarding the training classes, you can contact our Expert ProAdvisor Team to solve your issue.
As the QuickBooks Online certification exam is very challenging, so be ready to face any challenge. While preparing for the test, give an online test, solve mock test paper to grow up your confidence, and of course, it will help you with a fruitful outcome.
So, after the huge preparation(attend training classes, worked through the QuickBooks Study Guide, and also taken the practice tests), you are ready for the final step is to write the Final exam of QuickBooks Online certification 2020. I Hope, you’re ready to get it out of the park!
Important Point to keep in mind about QuickBooks Online Certification Exam
- You have to pass all modules with more than 80% marks.
- You only have three options for every module.
- Modules can be taken in any order.
- All test modules are independent of each other, however, if you fail module three times, it implies that you will fail the complete test.
- If you are not able to clear the test in three attempts (even just one module), then you will have to wait 60 days to reappear the test again and all modules (9 modules passed for the first time. No difference Falls only one segment failed 3 times).
Tips on how to successfully pass the certification
Hope, these following tips will help you:
Tip 1: Technical Tip
It is always a good practice to take tests in the INCOGNITO CHROME browser. You should also do this. If you need to open the incognito mode on the Chrome browser, then press and hold CTRL + Shift + n at the same time, and for Mac computer, press and hold command + shift + n.
Tip 2: Screenshot of the exams you passed
Sometimes there are Pixies available inside the Intuit server and sometimes candidates say that they don’t get credit for passing because of strange computer glitches.so that it will be good for you to take a screenshot of the exam you passed.
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