Asked by naaishariley 1. The two most common categories for categorizing financial transactions in QuickBooks Online are chart of accounts and products and services items. What 4 lists could you also use to categorize financial transactions? 2. Which 2 statements are true regarding
classes in QuickBooks Online? 3. What are 2 options for assigning classes? 4. Which statement is true about Location tracking in QuickBooks Online? 5. Which 2 statements about Location tracking in QuickBooks Online are true? 6. Which 2 customizations need to be made to see the profitability of products and services for a specific job or jobs? 7. Which 2 of these statements are true for projects in QuickBooks Online? Peter's Properties records rental income and expenditures on behalf of numerous landlords. Peter needs to track by landlord, by property, and by tenants. 8. Which one method of monitoring income and expenditure would be most appropriate, especially if the client needs to re-charge expenses for costs incurred to maintain properties? 9. Carla's Contracting wants to start doing time and materials jobs. She does not have the ability to mark an expense as Billable. Why might this be? 10. Your client, Sadie's Car Parts, has set the
following Expense settings: She has incurred the following billable charges for a particular customer. Because she uses markup, she does not enter a sales price when setting up items. Assuming there's no sales tax, what is the total amount of the billable charges for this customer? 11. Which 2 statements are true about billable expenses? 12. Which statement is true about time tracking and billable time in QuickBooks Online?Vendor/Employee
Expense Cost
Item Cost
Delayed charge
Time
Billable rate per hour
Ellis Equipment Rental
500.00
Hicks Hardware
750.00
John Johnson
10
20
Sam Samson
450.00
4
50
Tom Thompson
1000.00
- The starting day of the working week can be changed
- Unlimited time tracking users can be invited to enter their own time in all subscription levels of QuickBooks Online
- When no service item is specified on the timesheet, QuickBooks won't bring the time onto the invoice
- Employees can never see and edit their billing rates in QuickBooks Online
13. The employees of Marsha's Market track their own time using QuickBooks Online basic time tracking. She has asked how to view all the time entered this year for one particular employee.
Which report should she run?
- Unbilled Time
- Recent/Edited Time Activities
- Time Activities by Vendor Detail
- Time Activities by Employee Detail
- Time Activities by Employee Summary
14. Stanley Smith, Attorney-at-Law, has the following types of charges for his clients. For which of these options would you enter a delayed charge?
- Title insurance payment of behalf of client
- Staff time entered in QuickBooks Online
- Monthly retainer
- Court recording fees
- Parking expense from a client meeting
15. What advantage does the Unbilled Charges report have vs. the Unbilled Time report in QuickBooks Online?
- It displays entries in terms of their dollar value
- Any user of QuickBooks Online can run this report
- Only the Accountant user of QuickBooks Online can run this report
- It includes billable expenses and delayed charges in addition to unbilled time
16. Which 2 statements are true about estimates and progress invoicing in QuickBooks Online?
- An invoice can be created for more than the estimate, even when the estimate is closed
- Multiple invoices can be created from one estimate
- Progress invoicing is only available in QuickBooks Online Plus or Advanced
- Multiple estimates can be added to one invoice
- A progress invoice can be made recurring
17. What is the process for adding multiple estimates to an invoice?
- Customers > Select customer > Select multiple estimates > Batch actions > Create invoice
- + New > Invoice > Enter Customer > Select multiple estimates from drawer
- All sales > New transaction > Progress invoice
- Open existing estimate > Create invoice > Select multiple estimates from drawer
Answer & Explanation
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Answered by jericamaglinte
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