Reporting & 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 Reporting & Reconciliation flashcards as text
Which QuickBooks Online report shows all transactions that have been reconciled versus those still outstanding?
Answer: Previous Reconciliation Report
The Previous Reconciliation Report shows all cleared and outstanding transactions from past reconciliations.
A client notices their Profit & Loss report differs from their Balance Sheet net income. What is the most likely cause?
Answer: Accrual vs. cash basis mismatch in report settings
Running P&L on cash basis and Balance Sheet on accrual basis (or vice versa) causes net income discrepancies between reports.
When reconciling a credit card account in QBO, what does the 'Payments' section in the reconciliation screen represent?
Answer: Payments made to reduce the credit card balance
The Payments section shows credits to the credit card account, which reduce the amount owed.
A client wants a report showing customer balances grouped by how long they've been outstanding. Which report should you recommend?
Answer: Accounts Receivable Aging Detail
The A/R Aging Detail report groups outstanding customer balances into time buckets (Current, 1-30, 31-60, 61-90, 90+).
In QBO, what happens to the beginning balance in a new reconciliation if the previous reconciliation was undone?
Answer: It reverts to the balance from the reconciliation before the undone one
Undoing a reconciliation reverts the beginning balance to the ending balance of the previous reconciliation period.
Which QBO report would best help identify duplicate vendor payments?
Answer: Transaction List by Vendor
The Transaction List by Vendor shows all transactions per vendor chronologically, making duplicate payments easy to spot.
A reconciliation has a $50 discrepancy. After investigation, no error is found. What is the recommended QBO approach?
Answer: Create a journal entry to a Reconciliation Discrepancies account
QBO creates a Reconciliation Discrepancies account automatically when you force-finish, posting the difference there for later investigation.