Hey so im brand new to an internship and QuickBooks, and I've been given a load of questions by my boss to answer and memorize but I'm extremely stuck on some of them. If anyone can give me the answers to any of them that would be amazing. Thank you
1) Your client refuses to connect their bank account to QB. What could you do instead to maximise the benefits of using the bank centre?
- Manually input all of the transactions
- Upload their bank statement as a CSV file
- Ask QBs care team to connect their bank
2) Your client has spent money at the supermarket on stamps and cakes using the debit card. This expense has appeared withing the For-Review section on your bank centre. What function do you need to use to allocate this payment to different categories and VAT codes?
- Split the transaction
- Find and match
- Add this transaction and then journal between different categories
- Use the transaction divide feature
3)Your client has paid for fuel using his debit card at three service station. These transactions are left within the review tab to be added to QB. Whats the quickest way to add these transactions when it is not necessary to use the PAYEE name?
-Create expenses manually from the new button and then match
-Individually modify each expense and then add
-Exclude all three, and then create a single transaction for the combined value
-Tick all three transactions update/modify the transactions batch and then accept/add transactions
4)A direct debit has appeared on the bank feed for HMRC for VAT. What must be done so that the transaction can be matched?
- Create an expense payable to HMRC and code to VAT suspense
- Use the record payment option against the filed return in the VAT centre
-Click on Pay VAT from within the bank feed
-Select pay taxes within the accountant tools
5)A single entry in the For review section of the bank centre relates to money received to pay two invoices. What steps do you need to take to match this entry?
- Exclude and manually receive payment using the new button
-Select the transaction use the find match feature and select the correct invoice to match
-Use the batch function to add/accept transaction
-Click match on the action column
6)Within the For Review section of the bank centre there are transactions that QB has identified as being a match. A matched transaction relates to which of the following?
- Only transfers made between bank accounts
- Only supplier payments(paid bills) and customer receipts(paid invoices)
-Only unpaid bills or unpaid invoices
-Unpaid bills/invoices, paid bills/invioces,transfers/expenses/sales receipts already recorded
7)Where can details of further training courses, marketing information and client analysis tools be found?
- The work area of the accountant dashboard
- The pro adviser area within the accountant dashboard
- My client workplace within the accountant dashboard
- Apps within the accountant dashboard
8)How is VAT affected if we delete or void a transaction from a period that has previously been filed?
- A VAT Adjustment journal will automatically be created that will correct the next return
- A VAT Error will be generated that will require a manual adjustment
- An exception is created that will adjust the total of the next VAT return
-A notification is sent to HMRC
9)What happens if a reconciled bank transaction is voided or deleted?
- It is not possible to delete a reconciled transaction
- An email notification is sent to the company administrator to advise of a change to a reconciled transaction
- A warning will appear within the bank reconciliation screen and a change will appear within the reconciliation history
- An entry is posted to reconciliation discrepancies
10)Your client has coded 56 payroll transactions with 0 rate VAT. How can we change them all to “no VAT” without having to edit them one by one?
- Edit the default VAT rate for Payroll expenses to NO VAT in the chart of accounts
- Ask the client to use reclassify transactions
-Use the batch edit feature using smart SmartScan within the VAT centre
-Use reclassify transactions in accountant tools
How can you create a profit and loss report to display month by month when current view displays a total only for the year to date?
- Change the display columns by at the top of the report to months and run report
- Amend the default report options to monthly company setting
- Go to management reports and choose the monthly report option
- Customise and change columns to months and run report
- Search for profit and loss by months in the report search box
Your client has 2 bank accounts, one is for the sale of products and the other for service income. What can they do to help make sure that customers deposit money into the correct account?
-Create a separate Quick books company file with different bank accounts in each
-Create a bank rule for this transaction
- the client will need to call them to remind them of the correct payment details
- Use custom form styles create two invoices templates. The add the relevant bank details in the footer section
13) Your client records different types of travel expenses, air and train fares. They would like to be able to report against these separately but would also like them grouped together. How would this be done?
- Create account codes travel 1 - air and travel 2 - train
- Turn on split categories in the advanced tab of company settings
- You will need a 3rd party app
- Set up airline travel and train travel as a sub account of travel expenses
Welcome to the Community forum, SMA2.
We can only answer certain questions for all small business owners here on this page. No worries. I've outlined some articles below to help answer those questions given by your boss:
- Import bank transactions using Excel CSV files
- Categorise and match online bank transactions in QuickBooks Online
- VAT exceptions and reports
- Void or delete transactions in QuickBooks Online
- Fix beginning balance issues if you've reconciled the account in the past QuickBooks Online
- Customise reports in QuickBooks Online
- Record and make bank deposits in QuickBooks Online.
Here's also a video tutorial to help manage your banking transactions: Watch step-by-step videos to learn your way around QuickBooks.
Don't hesitate to leave a comment below if you need additional information. I'm always right here to help you.