QBO Payables and Expenses Workflow 2

Question 1

A vendor sends a bill with net-30 terms. Which QBO feature automatically calculates the due date when you enter the bill?

Accepted Answer

Terms field on the bill form

Answer

Payment Schedule

Answer

Accounts Payable aging report

Answer

Recurring transactions

Question 2

When using the 'Pay Bills' screen in QBO, what does checking the 'Auto' checkbox next to a bill do?

Accepted Answer

Applies available vendor credits automatically

Answer

Marks the bill for automatic recurring payment

Answer

Schedules the payment via bank auto-pay

Answer

Splits the payment across multiple bank accounts

Question 3

A client wants to track mileage as a business expense in QBO. Which feature should you direct them to use?

Accepted Answer

Mileage tracking under the + New menu

Answer

Journal Entry with a mileage account

Answer

Expense form with a custom mileage field

Answer

Class tracking for vehicle costs

Question 4

Which report in QBO shows all outstanding bills grouped by how many days they are past due?

Accepted Answer

Accounts Payable Aging Summary

Answer

Vendor Balance Detail

Answer

Transaction List by Vendor

Answer

Unpaid Bills

Question 5

A bill was entered in QBO with the wrong vendor. What is the correct way to fix this?

Accepted Answer

Open the bill and change the Vendor field directly

Answer

Delete the bill and re-enter it

Answer

Use a journal entry to reclassify the payable

Answer

Void the bill and create a new one

Question 6

When recording a credit card expense in QBO for a business lunch, which field determines how it affects financial reports by department?

Accepted Answer

Class field

Answer

Memo field

Answer

Customer/Project field

Answer

Location field

Question 7

A vendor offers a 2/10 net 30 discount. In QBO, where do you set this up so early-payment discounts are captured automatically?

Accepted Answer

Vendor profile under Payment terms

Answer

Bill form's Discount field each time

Answer

Chart of accounts discount account

Answer

Accounts Payable settings