ProBanking Flashcards
(31 cards)
-Which of the following statements regarding bank rules is FALSE? The FALSE statement regarding bank rules is:
“Bank rules can only be set up by an accountant user in QuickBooks.”
-What actions should you take when QuickBooks identifies an existing transaction that matches an uploaded receipt?
When QuickBooks identifies an existing transaction that matches an uploaded receipt, the correct actions to take are:
Compare the potential matches: Review the suggested matches to ensure the uploaded receipt corresponds to the existing transaction.
Select Match to connect it to the receipt: If the match is accurate, choose the Match option to link the uploaded receipt to the existing transaction.
Review it to make corrections or add missing info: If necessary, update the transaction with any missing details or correct information to ensure the record is complete and accurate.
-Which of the following statements correctly describe what bank-to-bank transfer matching does?
It identifies likely transfers of funds across connected accounts in the bank feed
-What happens when you accept the suggested match for this transaction?
“A new bill payment transaction is created and linked to the original bill transaction.”
-If you can’t find a matching transaction in QuickBooks for an item in the bank feed, what might the issue be?
A received payment was recorded directly into the Checking account for $540 and it was deposited at the bank at the same time as five other checks.
-When should you use the categorize option for a transaction in the bank feed?
When there’s no existing record of the transaction elsewhere in the client’s QuickBooks account
-Which statement is TRUE about recording a transaction as a transfer?
“It can be used to move money between different accounts in your client’s chart of accounts.”
-Your client received six checks from customers for outstanding invoices that will be deposited at the bank. What is the next step in QuickBooks?
“From the +New button, select Receive payment.”
What happens when payments that are held in the Undeposited Funds account are deposited at the bank and it’s recorded in QuickBooks?
“Increases (debits) the Bank account”
and
“Decreases (credits) the Undeposited Funds account.”
-How does QuickBooks establish the beginning balance for a reconciliation?
“It’s the sum of all transactions previously marked reconciled.”
-When reconciling, the Difference amount shows the difference between the statement ending balance and the cleared balance in QuickBooks. It automatically updates when you include or exclude a transaction. At what point in relation to it, should you select the Finish now button?
“As soon as the difference is zero.”
-What might lead to discrepancies in beginning balances?
All of the following scenarios can lead to discrepancies in beginning balances during reconciliation:
A reconciled transaction amount was changed:
Changing the amount of a previously reconciled transaction alters the totals of reconciled transactions, causing a discrepancy.
A reconciled transaction was voided:
Voiding a reconciled transaction changes its value to zero, impacting the beginning balance.
A reconciled transaction was deleted:
Deleting a reconciled transaction removes it from the account entirely, causing the beginning balance to no longer match.
A reconciled transaction was manually unreconciled in the register by changing the reconciliation status from reconciled (R) to cleared (C) or no status:
Removing the reconciliation status affects the total of reconciled transactions, leading to a discrepancy.
One or more transactions were manually marked as reconciled by changing their cleared status to R in the register:
Marking unreconciled transactions as reconciled without going through the reconciliation process can distort the beginning balance.
-Which of the following IS NOT included in a Reconciliation report for the period of the reconciliation?
“Changes that have happened to the reconciled transactions covered in the report since the reconciliation, if there are any.”
-Which of the following criteria CAN’T be specified in a bank rule condition?
“Transaction date.”
-Which of the following transaction types CAN’T be assigned in a rule for money-out transactions?
“Credit memo.”
-Which of the following statements is FALSE regarding a receipt that has been uploaded to QuickBooks and is showing in the Receipts tab of the Transactions center?
“Transactions in the For review tab in the Transactions center are included in QuickBooks’ search for existing transactions to match the receipt with.”
-Your client receives a bill for $5,000 for floor tiles for a house refurbishment they are doing. The bill is recorded in QuickBooks and your client pays the stone supplier $5,000. They don’t record that they have paid the bill. When the $5,000 appears in the bank feed, QuickBooks recognizes it as a linked match. What happens when you accept the suggested match for this transaction?
“A new bill payment transaction is created and linked to the original bill transaction.”
-What’s the motto when reviewing QuickBooks suggested matches for transactions in the bank feed?
“Trust the suggestion; verify that it’s correct.
-When should you use the categorize option for a transaction in the bank feed?
The correct answer is:
**“When there’s no existing record of
-Which statement is TRUE about recording a transaction as a transfer?
“It can be used to move money between different accounts in your client’s chart of accounts.”
-Your client received six checks from customers for outstanding invoices that will be deposited at the bank. What is the next step in QuickBooks
“From the +New button, select Receive payment.”
-When reconciling, the Difference amount shows the difference between the statement ending balance and the cleared balance in QuickBooks. It automatically updates when you include or exclude a transaction. At what point in relation to it, should you select the Finish now button?
“As soon as the difference is zero.”
-You have asked a new client to connect their bank account to their QuickBooks account to establish a bank feed. They are worried about giving QuickBooks access to their bank account, and are struggling with the connection process. What should you do?
“Reassure them and share Intuit’s How we keep your data safe article.”
-Which of the following statements regarding bank rules is FALSE? The FALSE statement is:
“Bank rules can only be set up by an accountant user in QuickBooks.”
