7.0 Banking, Feeds & Reconciliation QuickBooks ProAdvisor Practice Quiz

• A. .CSV, .QFX, .QBO, and .OFX
• B. .XLS, .CSV, .PDF, and .QBO
• C. .QFX, .OFX, .PDF, and .XML
• D. .CSV, .TXT, .JSON, and .QBO

The Student Guide states QBO supports manual transaction uploads in .CSV, .QFX, .QBO, and .OFX file formats.

• A. Transactions, Cleared, Matched.
• B. For Review, Reviewed, Excluded.
• C. Pending, Accepted, Rejected.
• D. Downloaded, Posted, Archived.

The Student Guide identifies the three Banking Center tabs as For Review (transactions awaiting action), Reviewed (accepted/matched transactions), and Excluded (transactions removed from consideration).

• A. Click Add on the transaction row, assign the appropriate account and payee, and save to post the transaction to QBO.
• B. Click Match and select the nearest QBO transaction even if amounts differ slightly.
• C. Move the transaction to the Excluded tab so it does not affect the books.
• D. Click Batch and use the batch action to auto-code all unmatched transactions at once.

The Student Guide states that for new transactions without a QBO record, the bookkeeper should click Add, assign the appropriate account, payee, and any other details, then save to create the transaction in QBO.

• A. Click Add to create a new separate record alongside the existing QBO check.
• B. Click Match to link the downloaded transaction to the existing QBO check, confirming the check has cleared the bank.
• C. Click Exclude to remove the bank transaction since the QBO check already exists.
• D. Delete the manually entered QBO check and let the bank feed version become the authoritative record.

The Student Guide instructs bookkeepers to click Match when a downloaded transaction corresponds to an existing QBO record, linking the two and confirming the transaction has cleared the bank.

• A. The bookkeeper must split the download file manually into two transactions and re-upload the corrected file.
• B. The transaction cannot be split in QBO; it must be entered as a single expense and adjusted with a journal entry later.
• C. Within the For Review transaction row, the bookkeeper expands the transaction and splits it across two or more categories that together total $500.
• D. The bookkeeper accepts the transaction as one expense then creates a second expense to correct the allocation.

The Student Guide states that from the For Review tab, a transaction can be expanded and split across multiple account categories, with the amounts for each category entered so they total the full transaction amount.

• A. In the For Review tab, click the transaction and select Unmatch to return it to For Review.
• B. In the Chart of Accounts, find the duplicated transaction and click Undo next to its entry.
• C. In the Audit Log, find the bank feed acceptance event and select Undo to reverse the action.
• D. In the Reviewed tab, find the accepted transaction and click Undo to return it to the For Review tab.

The Student Guide states that to undo an accepted or matched bank feed transaction, the bookkeeper goes to the Reviewed tab, finds the transaction, and clicks Undo to return it to the For Review tab.

• A. The bookkeeper sets conditions (such as the transaction description contains a specific word) and an action (such as categorize to a specific account and assign a payee), which QBO applies to future qualifying downloaded transactions.
• B. Bank rules define a scheduling interval for automatic bank feed updates and the account to receive all downloaded transactions.
• C. Bank rules set a dollar threshold above which downloaded transactions are automatically moved to the Excluded tab for manual review.
• D. Bank rules create recurring journal entries that post automatically each time a matching bank transaction is downloaded.

The Student Guide describes bank rules as having conditions (such as the bank text or description containing specific words) and actions (such as assigning a payee and account category), which QBO applies automatically to qualifying future downloaded transactions.

• A. Credit card accounts cannot be reconciled in QBO; only bank accounts support the Reconcile feature.
• B. Credit card reconciliation uses a separate CC Reconcile tool accessed from the Banking Center, not from the Accounting tab.
• C. When reconciling a credit card, the statement ending balance represents the available credit remaining on the card.
• D. Credit card accounts can be reconciled using the same Reconcile feature as bank accounts; the statement ending balance represents the amount owed on the card.

The Student Guide indicates that credit card accounts are reconciled using the same Reconcile feature; the key difference is that the statement ending balance represents the amount owed on the credit card, which is a liability balance.