Advanced Accounting Tools Flashcards
7 cards from real QBO practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Advanced Accounting Tools flashcards as text
Which QuickBooks Online feature allows you to allocate income and expenses across multiple departments or locations?
Answer: Classes and Locations
Classes and Locations in QBO allow segment-level tracking of income and expenses across departments, regions, or business units.
In QuickBooks Online, what is the purpose of the 'Reclassify Transactions' tool available in the Accountant Tools menu?
Answer: To move transactions to a different account, class, or location in bulk
Reclassify Transactions lets accountants bulk-move posted transactions to correct accounts, classes, or locations without editing each one individually.
Which report in QuickBooks Online Advanced provides a fully customizable grid view similar to a spreadsheet for deeper financial analysis?
Answer: Spreadsheet Sync
Spreadsheet Sync in QBO Advanced pushes live QBO data into Excel, enabling pivot-table-style analysis with two-way sync capability.
When using QuickBooks Online's Fixed Asset Manager, what triggers the creation of a depreciation journal entry?
Answer: Running the Calculate Depreciation function for a period
You must run the Calculate Depreciation function in Fixed Asset Manager to generate the depreciation journal entry for the selected period.
A client needs to track project profitability including labor costs. Which QBO feature should you enable?
Answer: Projects with Time Tracking
The Projects feature combined with Time Tracking allows QBO to allocate labor costs, expenses, and revenue to individual projects for profitability reporting.
What is the maximum number of custom fields available per form type in QuickBooks Online Advanced?
Answer: 12
QBO Advanced allows up to 12 custom fields per form type, enabling businesses to capture additional data on invoices, bills, and other transactions.
Which QuickBooks Online feature enables automated approval workflows for purchase orders and bills before they are posted?
Answer: Workflows (Approvals)
QBO Advanced's Workflows feature lets you define multi-step approval chains so bills or POs above a threshold must be approved before payment.