Features, Benefits, and Licensing
Which two QuickBooks Online plans are ideal for freelancers, entrepreneurs, and small businesses that only sell services?
Simple Start and Self-Employed
Label the following statement as true or false.
When migrating desktop information to the online version of QuickBooks, the desktop information automatically updates to the newest version.
True
Name three types of user roles that do not count toward the QBO user limit.
Reports only, Time tracking only, and Take payments only users
Skills ?
The activities that a
person does well
Profit
The amount of money earned
over and above the amount spent
to keep the business operating.
How many user seats does the Advanced plan include?
25
What are the first three steps in migrating data to QuickBooks Online from the home page?
Users should select Settings, Import Desktop Data, and the Online Migration tool
Which user role has complete access to see and do everything with an account?
Company admin
Values ?
The principles a person lives by and the
beliefs that are important to the person.
Loss
When a business spends more
money than it earns.
Which QuickBooks Online plan includes five users?
The Plus Plan
What types of information will not migrate to QuickBooks Online?
Information using multicurrency functions and files with more than 350,000 transaction line items
Label the following statement as true or false. Only one user can be assigned the company admin role.
False
Personality ?
A set of unique qualities
that makes a person
different from all other
people.
Manufacturing business
A business that buys raw
materials, uses labor and
machinery to transform them
into finished products, and
sells the finished products to
individuals or other
businesses.
List three benefits of using QuickBooks Online.
a.It is cloud-based and accessible from anywhere with an internet connection
b. It allows off-site employees to access the account remotely
c. It eliminates the need to install software on computers
How does one reconcile accounts to ensure the data transfer was successful?
Run a profit and loss report and a balance sheet report for both the desktop and online accounts and ensure they match
Which user role does not have complete access to an account but can enter invoices, sales, and expenses and work with customer and vendor lists?
Standard user
Networking?
Making contacts with people to
share information and advice.
Capital
Money that investors, banks, or
business owners supply for a
business to begin.
What happens if a company allows more than the allotted number of users on their QBO plan to access and modify data?
It is a breach of the licensing agreement and can result in legal repercussions
What type of accounting should one use for the reconciliation process?
Accrual accounting
Name two types of user roles that count toward the QuickBooks user limit.
Company admin and Standard user
Audit
The review of a company’s accounting systems
and financial statements to confirm that they
follow generally accepted accounting principles.
Chapter
Legal permission to operate.