Question

1. Your client wants to transfer $500 from their checking account into a savings account to cover tax liabilities for sales made that month.

   Where should they start the process?

   		Navigate to the + New button then find the Transfer link
   		Navigate to the Gear Icon then find the Transfer link
   		Navigate to the Sales screen then find the Transfer link
   		Navigate to the Banking screen then find the Transfer link

10 points   

QUESTION 5

1. Which one of these statements is true of Estimates in QuickBooks Online?

   		Estimates are non-posting transactions
   		Estimates data cannot be copies across to create a purchase order in QuickBooks Online
   		Estimate data cannot be used to create an invoice in QuickBooks Online

10 points   

QUESTION 6

1. Which of these options is true of using credit memos in QuickBooks Online?

   		Use credit memos when refunding cash directly to the customer
   		Use a credit memo to credit a customer’s Accounts Receivable balance so that the credit can be applied to the next invoice
   		There is no way to automatically apply credits to the next invoice
   		Credit memos are not essential when customers paid in cash

10 points   

QUESTION 7

1. Your client runs a smoothie stall at a festival. She gets paid in cash when she hands her customers the delicious smoothie.

   What transactions should she use to record these sales in QuickBooks Online

   		Invoice
   		Sales Receipt
   		Payment
   		Credit memo

Answer 1

Question 4 :

Option D. Navigate to the Banking screen then find the Transfer link

Explanation :

In order to transfer the amount we should go to the banking screen & select the transfer link.

Question 5:

Option C. Estimate data cannot be used to create an invoice in QuickBooks Online

Explanation :

Estimate data cannot be used to create an invoice in QuickBooks Online as the invoice needs to be created on actuals.

Question 6:

Option B.Use a credit memo to credit a customer’s Accounts Receivable balance so that the credit can be applied to the next invoice

Explanation :

Credit memos are to be used for settting the balance of the customer correctly.

Question 7:

Option B. Sales Receipt

Explanation :

As the transaction is a cash sale transaction, we have to use sales receipt.