QBO Online Setup 2

Question 1

When setting up a new QuickBooks Online company, which step must be completed before you can connect a bank account?

Accepted Answer

Complete the company profile including legal business name and address

Answer

Create at least one invoice

Answer

Set up payroll

Answer

Import a chart of accounts from Excel

Question 2

A client wants to migrate from QuickBooks Desktop to QuickBooks Online. Which tool is recommended for this conversion?

Accepted Answer

The built-in QuickBooks Desktop migration utility (Export to QBO)

Answer

Manual data re-entry

Answer

A third-party CSV import tool

Answer

Intuit Data Protect

Question 3

Which QBO subscription tier is required to track inventory using the First In, First Out (FIFO) costing method?

Accepted Answer

Plus

Answer

Simple Start

Answer

Essentials

Answer

Advanced

Question 4

During initial QBO setup, what does the 'closing date' setting in Account and Settings protect?

Accepted Answer

It restricts editing or deleting transactions before a specified date without a password

Answer

It prevents all users from logging in after business hours

Answer

It automatically closes open invoices at month-end

Answer

It locks the payroll module after each pay run

Question 5

When configuring sales tax in QuickBooks Online, which setup step automatically calculates the correct tax rate for each transaction?

Accepted Answer

Using the Automated Sales Tax feature linked to the customer's billing address

Answer

Manually entering tax rates on each invoice

Answer

Applying a single flat rate to all sales

Answer

Importing tax tables from the IRS website

Question 6

A ProAdvisor is setting up a client's QBO file and wants to enable the 'Multicurrency' feature. What is a critical warning to communicate before activation?

Accepted Answer

Once enabled, Multicurrency cannot be turned off

Answer

Multicurrency cannot be used with bank feeds

Answer

Multicurrency requires the Advanced plan

Answer

Multicurrency disables the sales tax module

Question 7

Which section of Account and Settings in QBO controls whether purchase orders are available in the company?

Accepted Answer

Expenses settings

Answer

Sales settings

Answer

Advanced settings

Answer

Payments settings