Payables and Expenses Workflow 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 Payables and Expenses Workflow flashcards as text
A client accidentally applied a vendor credit to the wrong bill. How do you fix this in QBO?
Answer: Open the bill payment and uncheck the credit, then re-apply to the correct bill
Open the bill payment where the credit was applied, uncheck it from the wrong bill, save, then apply it to the correct bill.
Which QBO feature allows you to automatically import and categorize credit card transactions from your bank?
Answer: Bank Feeds (Connect Bank)
Bank Feeds (Connect Bank) pulls in credit card and bank transactions automatically for review and categorization in QBO.
When setting up a recurring bill in QBO, which recurrence type creates a bill automatically without any user review?
Answer: Scheduled
A Scheduled recurring transaction in QBO creates and posts the bill automatically on the specified interval without requiring user action.
A company records a prepaid insurance payment covering 12 months. In QBO, how should this be initially recorded?
Answer: Debit Prepaid Insurance (asset) for the full amount
Prepaid expenses are recorded as assets (Prepaid Insurance) initially, then expensed monthly via journal entry as the coverage is consumed.
In QBO, what does the 'Location' tracking field allow you to do that 'Class' tracking cannot?
Answer: Assign transactions to a physical business location or profit center
Location tracking in QBO is designed to segment financials by physical store, office, or profit center, complementing Class which is used for departments or product lines.
A vendor issues a statement showing a balance different from QBO's Accounts Payable balance. Which QBO report best helps you reconcile the difference?
Answer: Accounts Payable Aging Detail
The AP Aging Detail report lists every open bill and credit by vendor with dates and amounts, making it easy to match against the vendor's statement line by line.
Which user permission level in QBO allows a bookkeeper to enter and pay bills but prevents them from viewing payroll data?
Answer: Standard User with limited access (no payroll)
A Standard User role with customized access can grant bills and expense permissions while specifically excluding payroll visibility.