Banking and Reconciliation 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 Banking and Reconciliation flashcards as text
A ProAdvisor is reconciling a client's account and finds a transaction from a prior reconciled period that was edited. What warning does QBO display?
Answer: A warning that the prior reconciliation is now out of balance
QBO warns that editing a reconciled transaction will cause the previously reconciled period to be out of balance.
Which QBO feature allows you to review every addition, deletion, or edit made to transactions, including changes made during bank reconciliation?
Answer: Audit Log
The Audit Log in QBO tracks every change to transactions, including who made the change and when.
A downloaded bank transaction is for $500 but the corresponding QBO bill payment is $450. What should the ProAdvisor do?
Answer: Investigate the discrepancy before accepting or matching the transaction
A $50 discrepancy between a downloaded transaction and a recorded payment must be investigated to determine if it is a bank error or a recording error before proceeding.
In QBO, what is the function of the 'Split' option when categorizing a bank feed transaction?
Answer: Allows you to allocate one transaction amount across multiple categories or accounts
The Split option lets you distribute a single downloaded transaction across multiple expense categories, customers, or classes.
When setting up a bank rule in QBO, which match type provides the strictest filtering?
Answer: Is Exactly
'Is Exactly' requires the transaction description to match the rule text precisely, reducing the chance of false matches.
A client connected a bank feed but QBO stopped downloading transactions for 10 days. What is the first troubleshooting step a ProAdvisor should take?
Answer: Disconnect and reconnect the bank feed to refresh the connection
Disconnecting and reconnecting the bank feed is the standard first step to resolve a stalled transaction download.
Which statement about QBO's reconciliation for credit card accounts is correct?
Answer: You reconcile them the same way as bank accounts, comparing QBO charges to the monthly statement
QBO reconciles credit card accounts the same way as bank accounts — you compare recorded transactions to the statement and clear matching items.