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 customization option in QBO reports allows you to display only accounts with non-zero balances?
Answer: Show non-zero rows only (Rows/Columns > Non-zero)
Under Rows/Columns customization, selecting 'Non-zero' hides rows with $0.00 balances, decluttering the report.
A client running a cash-basis business wants to see income only when payment is received. Which report setting ensures this?
Answer: Cash
Setting the report to Cash basis shows income and expenses only when money actually changes hands, not when invoices are issued.
What is the purpose of the 'Trace' feature when reviewing a number on a QBO financial report?
Answer: It drills down to show the individual transactions making up that total
Clicking (tracing) any amount on a QBO report drills down to the underlying transactions that compose that total.
Which statement is TRUE about the QBO Balance Sheet report?
Answer: It reflects balances as of a single point in time
The Balance Sheet is a snapshot report showing assets, liabilities, and equity as of one specific date, not a range.
When reconciling in QBO and the statement ending balance is entered incorrectly, how should the ProAdvisor fix it?
Answer: Edit the ending balance field directly in the reconciliation window before finishing
The statement ending balance field in the reconciliation window can be edited at any time before clicking Finish Now.
A client's bank statement shows an NSF (returned check) fee. How should this be recorded during bank reconciliation in QBO?
Answer: Add the fee as a new expense transaction and clear it in the reconciliation
NSF fees should be entered as a new bank charge expense in QBO, then cleared during reconciliation to match the bank statement.
Which QBO report helps identify transactions categorized to incorrect accounts after a period is closed?
Answer: Reclassify Transactions Tool
The Reclassify Transactions tool (in Accountant Tools) lets ProAdvisors find and bulk-reclassify miscategorized transactions efficiently.