QuickBooks Online Essential Training – Accounting, Bookkeeping, and Financial Management
Fundamentals Study Guide
In QuickBooks Online, what is the purpose of setting up a vendor as a 1099 subcontractor? -
correct answer ✔✔to indicate that payments made to the vendor may be subject special
reporting requirements, such as creating a 1099-NEC form.
By designating a vendor as a 1099 subcontractor in QuickBooks Online, the user is indicating
that payments made to that vendor may be subject to 1099 reporting requirements. This
information can be used to generate the necessary tax forms and filings at the end of the year.
In QuickBooks Online, what information can be stored for each customer created in the system?
- correct answer ✔✔contact information, payment preferences, and transaction history
QuickBooks Online allows for much more information to be stored for each customer, including
contact information such as phone numbers, email addresses, and mailing addresses, as well as
payment preferences such as preferred payment methods and terms. In addition, transaction
history can be stored for each customer, providing a record of invoices, payments, and balances.
In QuickBooks Online, what is the purpose of setting up tag groups and tags? - correct answer
✔✔to categorize transactions for alternate reporting and analysis
Setting up tag groups and tags in QuickBooks Online allows users to categorize transactions for
alternate reporting and analysis purposes. Tags can be used to group transactions by specific
projects, locations, departments, or any other category that is relevant to the business. These
tags can then be used to generate alternate reports that separate financial statements and
operations reports.
Which accounts carry a balance in QuickBooks Online? - correct answer ✔✔Balance Sheet
Accounts such as Banks, Fixed Assets, Long Term Liabilities, etc.
, Any Balance Sheet account can have a beginning balance and carries a balance even if it's zero.
Which browser tool can be used to open multiple pages/screens in QuickBooks Online? - correct
answer ✔✔Multiple tabs
QuickBooks Online allows users to open multiple tabs in the same browser window, which can
be useful when working on multiple tasks at once. Users can simply click on the "+" icon next to
the existing tab to open a new tab, or they can use the keyboard shortcut Ctrl + T to do the
same thing. Once multiple tabs are open, users can switch between them by clicking on the
corresponding tab.
In QuickBooks Online, where can you go to customize your list income and expense categories?
- correct answer ✔✔In the Gear icon menu, under Chart of Accounts
To customize your "income/expense categories" AKA: Accounts, you go in the chart of accounts
in QuickBooks Online, users can go to the Gear icon menu and select "Chart of Accounts". From
there, they can drag and drop accounts to reorder them and click the pencil icon to edit an
account's name, description, or category.
In QuickBooks Online, what are some of the elements that can be customized in a custom form
style (template)? - correct answer ✔✔logo, font color, available fields, etc.
QuickBooks Online allows users to customize many elements of their custom form styles
(templates), including adding their company logo, changing font colors and sizes, choosing
available fields to include on the form, and adding custom fields for unique data. These
customization options help businesses to create forms that are on-brand and visually appealing
to customers.
In QuickBooks Online, where can you find the option to customize your company's sales forms,
such as invoices and receipts? - correct answer ✔✔In the Account and Settings menu, under the
Sales tab
Fundamentals Study Guide
In QuickBooks Online, what is the purpose of setting up a vendor as a 1099 subcontractor? -
correct answer ✔✔to indicate that payments made to the vendor may be subject special
reporting requirements, such as creating a 1099-NEC form.
By designating a vendor as a 1099 subcontractor in QuickBooks Online, the user is indicating
that payments made to that vendor may be subject to 1099 reporting requirements. This
information can be used to generate the necessary tax forms and filings at the end of the year.
In QuickBooks Online, what information can be stored for each customer created in the system?
- correct answer ✔✔contact information, payment preferences, and transaction history
QuickBooks Online allows for much more information to be stored for each customer, including
contact information such as phone numbers, email addresses, and mailing addresses, as well as
payment preferences such as preferred payment methods and terms. In addition, transaction
history can be stored for each customer, providing a record of invoices, payments, and balances.
In QuickBooks Online, what is the purpose of setting up tag groups and tags? - correct answer
✔✔to categorize transactions for alternate reporting and analysis
Setting up tag groups and tags in QuickBooks Online allows users to categorize transactions for
alternate reporting and analysis purposes. Tags can be used to group transactions by specific
projects, locations, departments, or any other category that is relevant to the business. These
tags can then be used to generate alternate reports that separate financial statements and
operations reports.
Which accounts carry a balance in QuickBooks Online? - correct answer ✔✔Balance Sheet
Accounts such as Banks, Fixed Assets, Long Term Liabilities, etc.
, Any Balance Sheet account can have a beginning balance and carries a balance even if it's zero.
Which browser tool can be used to open multiple pages/screens in QuickBooks Online? - correct
answer ✔✔Multiple tabs
QuickBooks Online allows users to open multiple tabs in the same browser window, which can
be useful when working on multiple tasks at once. Users can simply click on the "+" icon next to
the existing tab to open a new tab, or they can use the keyboard shortcut Ctrl + T to do the
same thing. Once multiple tabs are open, users can switch between them by clicking on the
corresponding tab.
In QuickBooks Online, where can you go to customize your list income and expense categories?
- correct answer ✔✔In the Gear icon menu, under Chart of Accounts
To customize your "income/expense categories" AKA: Accounts, you go in the chart of accounts
in QuickBooks Online, users can go to the Gear icon menu and select "Chart of Accounts". From
there, they can drag and drop accounts to reorder them and click the pencil icon to edit an
account's name, description, or category.
In QuickBooks Online, what are some of the elements that can be customized in a custom form
style (template)? - correct answer ✔✔logo, font color, available fields, etc.
QuickBooks Online allows users to customize many elements of their custom form styles
(templates), including adding their company logo, changing font colors and sizes, choosing
available fields to include on the form, and adding custom fields for unique data. These
customization options help businesses to create forms that are on-brand and visually appealing
to customers.
In QuickBooks Online, where can you find the option to customize your company's sales forms,
such as invoices and receipts? - correct answer ✔✔In the Account and Settings menu, under the
Sales tab
