Please guide me through this QBO practice exercise. Thank you in advance.

1/ The following steps relate to converting a QuickBooks Desktop company file to QuickBooks Online. Place the steps in the correct order. All steps will be used.

Open the QuickBooks Desktop Company file that you want to convert.	Choose: 7/6/5/3/1/4/2
Select an existing QuickBooks Online Company or create a new one.	Choose: 7/6/5/3/1/4/2
Select Start your Export.	Choose: 7/6/5/3/1/4/2
Enter your QuickBooks Online credentials to login or if a new user, Create a New Account.	Choose: 7/6/5/3/1/4/2
Click through the subsequent windows to start the conversion process.	Choose: 7/6/5/3/1/4/2
Sign into your new QuickBooks Online company.	Choose: 7/6/5/3/1/4/2
Click Company and select Export Company File to QuickBooks Online.	Choose: 7/6/5/3/1/4/2

2/ Customized forms can be accessed by selecting Custom forms in the Reports area.

Select one:

True

False

3/ Your company is a home remodeler that completes custom designs and installations for your customers. To better see the income, expenses, and labor costs associated with each design and installation you should use which of the following features?

Select one:

a. Projects

b. Locations

c. Custom reports

d. Sub-accounts

4/ ou are entering a bill for a new vendor. You realize that the vendor is not set up in the vendor list. How do you add the new vendor? Select all that apply.

Select one or more:

a.You must cancel out of the bill and go to the customer center and add the new customer first. Once the customer is added you can re-enter the bill.

b.You can quick add a vendor while on the new bill screen. You can choose to enter the details or just the name.

c.You can cancel out of the bill and go to the vendor center and add the new vendor. Once the vendor is added you can re-enter the bill.

d.You can open a second tab in QBO and select the icon to add the new Vendor.

5/ How do you setup a new recurring transaction?

Select one:

a.Select the +Newicon. Select Recurring Transaction.

b.Select theGearicon. Select Recurring Transaction from the List column. Select New.

c.Select the+New icon. Select Recurring Invoice.

d.Select theGear icon. Select Accounting & Settings. Select New Recurring Transaction from the Automation section of the Advanced tab.

6/ Select all of the following lists that can be imported into QuickBooks Online without the use of a specialized App?

Select one or more:

a. Journals

b. Invoices

c. Chart of Accounts

d. Vendors

e. Products and Services

7/ When setting up an Inventory item compared to a Service item in the Products and Services area what additional financial account(s) do you need to identify for the inventory item? Assume the service item is not purchased from a third party. Select all that apply. Select one or more:

a. Income account

b. Sales tax category

c. Inventory asset account

d. Expense account

8/ Which of the following statements is not true as it relates to automation in QuickBooks Online?

Select one:

a. Pre-filling a bill with the same information as a prior transaction with the same vendor is an example of an automated feature.

b. Recurring transactions are an example of an automated feature.

c. Application of credit memos is one of the automated features.

d. Automated features must all be turned on or all be turned off.

9/ You invoiced your customer for 12 items that were sold to the customer. The customer returned 3 of the items and paid for only 9 items. What type of transaction should you create in QBO to record the items that were returned?

Select one:

a. A credit memo

b. A refund receipt

c. A vendor credit

d. A sales receipt

10/ Place these steps in order to customize the accounts receivable aging summary report to include only 3 specific customers. Not all steps will be used.

a. Choose: Locate and select the Account Receivable Aging Summary report/ Drop-down on the customer filter and select the 3 customers/ Click Customize/ Select Aging and 3 periods/ Click Run report/ Select Filter/ Open Reports from the navigation bar

b. Choose: Locate and select the Account Receivable Aging Summary report/ Drop-down on the customer filter and select the 3 customers/ Click Customize/ Select Aging and 3 periods/ Click Run report/ Select Filter/ Open Reports from the navigation bar

c. Choose: Locate and select the Account Receivable Aging Summary report/ Drop-down on the customer filter and select the 3 customers/ Click Customize/ Select Aging and 3 periods/ Click Run report/ Select Filter/ Open Reports from the navigation bar

d. Choose: Locate and select the Account Receivable Aging Summary report/ Drop-down on the customer filter and select the 3 customers/ Click Customize/ Select Aging and 3 periods/ Click Run report/ Select Filter/ Open Reports from the navigation bar

e. Choose: Locate and select the Account Receivable Aging Summary report/ Drop-down on the customer filter and select the 3 customers/ Click Customize/ Select Aging and 3 periods/ Click Run report/ Select Filter/ Open Reports from the navigation bar

f. Choose: Locate and select the Account Receivable Aging Summary report/ Drop-down on the customer filter and select the 3 customers/ Click Customize/ Select Aging and 3 periods/ Click Run report/ Select Filter/ Open Reports from the navigation bar

11/ Your company has a new, not-for-profit customer. What tab on the customer setup record do you select to set the sales tax status?

Select one:

a. Tax info

b. Payment and Billing

c. Additional info

d. Address

12/ How would you add a user that can only enter time but do nothing else?

Select one:

a.Select Account and Settings from theGearicon and then select Add User from the Usage tab. Add a Reports Only user.

b.Select Manage Users from theGear icon and select Add User. Add a Company Admin user.

c.Select Manage Users from theGear icon and select Add User. Add a Time Tracking Only user.

d.Select Account and Settings from theGear icon then select Add User from the Usage tab. Add a Time Tracking Only user.

13/ All of the following are benefits of using Apps with QuickBooks Online except which one?

Select one:

a. Industry-specific apps can tailor QuickBooks Online for the needs of unique clients

b. Apps may access sensitive data within your QuickBooks Online company file

c. Apps can offer deeper data insights with the expanded data tracking and reporting capabilities available with apps

d. Apps can handle tasks like accounts payable, time tracking, expense management, data collection

14/ After setting a closing date of 6/30/20x1 you selected the option to allow changes after viewing a warning. Which statement below is correct related to this option?

Select one:

a. No one can change a transaction that occurred before 6/30/20x1.

b. Anyone can change a transaction that occurred before 6/30/20x1 but will receive a warning before they can save it.

c. No one can change a transaction that occurs after 6/30/20x1.

d. You must have the password entered when setting the closing date in order to change a transaction that occurred before 6/30/20x1.

15/ Apps can increase the functionality of QuickBooks Online.

Select one:

True

False

16/ You want all customer invoices to have a due date 15 days after the invoice is created. Which option below accomplishes this?

New Term

Name: .......

A: Due in fixed number of days ( days)

B: Due by certain day of the month ( day of month)

C: Due the next month if issued within ( day of due date)

Select one:

a.Option A

b.Option B

c.Option B & C combined

d.Option C

17/ ....

Select one:

a. ....

b. ....

c. ....

d. ....

(noted that question 17 is the complete question. If not enough info, just skip it)

18/ Terms that are used on invoices _________ used on bills.

Select one:

a. are identified in the payment methods list and can be

b. come from the same list of terms

c. are stored in the customer center and cannot be

d. come from a separate list of terms than those

19/ For each transaction listed below, describe the impact to each of the following accounts in the chart of accounts. If there is no change to the account, select "No Impact".

			Accounts	Undeposited
	Transaction Type	Income	Receivable	Funds	Cash
a.	Invoice	Choose: Increase/Decrease/No Impact	Choose: Increase/Decrease/No Impact	Choose: Increase/Decrease/No Impact	Choose: Increase/Decrease/No Impact
b.	Receive Payment	Choose: Increase/Decrease/No Impact	Choose: Increase/Decrease/No Impact	Choose: Increase/Decrease/No Impact	Choose: Increase/Decrease/No Impact
c.	Credit memo	Choose: Increase/Decrease/No Impact	Choose: Increase/Decrease/No Impact	Choose: Increase/Decrease/No Impact	Choose: Increase/Decrease/No Impact
d.	Bank Deposit	Choose: Increase/Decrease/No Impact	Choose: Increase/Decrease/No Impact	Choose: Increase/Decrease/No Impact	Choose: Increase/Decrease/No Impact

20/ All of the following are reasons to consider moving to QuickBooks Payments from the traditional method of receiving a check and processing the payment except which one?

Select one:

a. Using QuickBooks Payments offers a more convenient way for customers to pay.

b. Using QuickBooks Payments eliminates the need for an additional app to process payments.

c. Using QuickBooks Payments will result in a fee for payment processing.

d. Payments received through QuickBooks Payments are automatically matched with the related invoice in QuickBooks Online.

21/ One of your employees incurred travel costs on behalf of a customer, Freeman Sporting Goods. The employee used the company credit card to pay for the hotel stay. As part of the agreement with Freeman Sporting Goods, your company can invoice the costs of travel to the customer with a 10% markup. You entered the hotel expense however when you create the customer invoice this expense was not able to be added to the invoice. Why did this occur?

Select one:

a.When setting up Freeman Sporting Goods as a customer, they were not identified as billable in the payment and billing tab

b.Billable expenses must be manually added to each line of the invoice

c.The billable expense feature is not activated in the company account and settings

d.The travel account in the chart of accounts was not identified as a billable expense account

22/ Which of the following is true about adding a new account to the chart of accounts?

Select one:

a. The options in the detail type field will change depending on what account type has been selected

b. Only your accountant can add new accounts to the chart of accounts

c. You can only add balance sheet accounts to the chart of accounts after the initial setup of the account

d. Each account in the chart of accounts must have an account name, account number and account type. The use of a sub-account and detail type is optional