QBO Sales and Receivables Workflow 2

Question 1

A customer pays only part of an outstanding invoice in QBO. What is the correct way to record this partial payment?

Accepted Answer

Receive payment and enter the partial amount, leaving the remaining balance open

Answer

Delete the original invoice and create a new one for the remaining balance

Answer

Create a credit memo for the unpaid portion

Answer

Apply a discount to reduce the invoice to the paid amount

Question 2

Which QBO report shows all outstanding customer balances grouped by how long they have been overdue?

Accepted Answer

Accounts Receivable Aging Summary

Answer

Customer Contact List

Answer

Open Invoices report

Answer

Sales by Customer Summary

Question 3

In QBO, what happens to inventory quantity on hand when you save a Sales Receipt?

Accepted Answer

Inventory quantity decreases immediately upon saving

Answer

Inventory is not affected until the item is shipped

Answer

Inventory quantity increases because a sale was made

Answer

Inventory is only updated when the receipt is printed

Question 4

A company wants to give a returning customer a 10% discount on their next invoice. Where in QBO can a default discount be set at the customer level?

Accepted Answer

The customer's profile under the Payment and billing tab

Answer

Company Settings > Sales > Discounts

Answer

Products and Services list

Answer

Chart of Accounts

Question 5

What is the purpose of the 'Undeposited Funds' account in QBO's sales workflow?

Accepted Answer

It temporarily holds payments received before they are grouped into a bank deposit

Answer

It holds funds that have been deposited but not yet reconciled

Answer

It tracks credit card refunds awaiting processing

Answer

It records revenue that has been invoiced but not yet collected

Question 6

In QBO, which transaction type should be used when a customer returns merchandise and you need to issue them a refund check?

Accepted Answer

Credit Memo followed by a Refund Receipt

Answer

Vendor Credit

Answer

Journal Entry to debit A/R

Answer

Delayed Credit

Question 7

Which QBO feature allows you to automatically email an invoice to a customer on a recurring schedule without manual intervention?

Accepted Answer

Recurring Transactions (Scheduled)

Answer

Delayed Charge

Answer

Progress Invoicing

Answer

Batch Invoicing