5.0 Customers & Sales Transactions QuickBooks ProAdvisor Practice Quiz

• A. Invoices
• B. All Sales
• C. Customers
• D. Products and Services

The Student Guide lists Invoices as one of the five Sales sub-tabs; clicking it filters the transaction list to show invoice transactions.

• A. Save and close
• B. Save and send
• C. Save and new
• D. Save

The Student Guide states Save and send saves the invoice and immediately sends it to the customer by email.

• A. Switching the deposit account triggers auto-application of any existing customer credits, causing an overpayment.
• B. The payment will not post to Accounts Receivable, leaving the invoice permanently open.
• C. The Deposit to field is sticky and retains the last-used selection; if the bookkeeper forgets to switch back, future payments may accidentally bypass Undeposited Funds.
• D. QBO prevents direct bank account selection in Receive Payment and requires Undeposited Funds in all cases.

The Student Guide warns that the Deposit to field is sticky, it stays on the last-used selection, so if a bookkeeper changes it for one transaction and forgets to change it back, future payments may inadvertently bypass Undeposited Funds.

• A. Sales Receipts must always use Undeposited Funds; selecting a direct bank account will post revenue to the wrong period.
• B. If Undeposited Funds is selected on a Sales Receipt, a separate Deposit transaction must be created or the funds will never clear the holding account.
• C. Sales Receipts using Undeposited Funds cannot be included in customer statements.
• D. The same sticky Deposit to field caution applies; the bookkeeper should pay attention to which account is selected each time a Sales Receipt is entered.

The Student Guide notes the same sticky field caution applies to Sales Receipts as to Receive Payments; the bookkeeper should check the Deposit to field every time to ensure the correct account is selected.

• A. QBO automatically applies the credit to the oldest open invoice for that customer.
• B. QBO moves the credit to a clearing account until the bookkeeper manually links it to an invoice.
• C. QBO holds the credit as unapplied until the customer calls to request application.
• D. QBO automatically issues a physical check refund to the customer for the credit amount.

The Student Guide states that when auto-applying credits is enabled, QBO automatically applies a Credit Memo to the oldest open invoice for that customer.

• A. Check the checkbox next to the specific invoice being paid and leave the other invoice unchecked.
• B. QBO applies all payments to the oldest open invoice first and this behavior cannot be changed without a credit memo.
• C. Enter two separate Receive Payment transactions, one per invoice, splitting the amount between them.
• D. Close the payment window and apply the payment manually through a journal entry referencing the specific invoice.

The Student Guide describes checking the checkbox next to the specific invoice the payment is being applied to in the Receive Payment screen; unchecked invoices remain open.

• A. The income account is credited twice, overstating revenue on the Profit and Loss.
• B. The original invoice remains open, overstating Accounts Receivable on the balance sheet.
• C. The checking account is debited twice, overstating the cash balance.
• D. The customer's credit balance becomes negative, triggering an automatic refund from QBO.

The Student Guide states that using a Deposit instead of Receive Payment leaves the original invoice open, which overstates Accounts Receivable on the balance sheet because the invoice has not been properly closed.

• A. All Sales shows only open, unpaid invoices filtered by overdue status.
• B. All Sales shows only posted transactions and excludes estimates and delayed charges.
• C. All Sales displays every sales-related transaction type including invoices, sales receipts, credit memos, payments, estimates, delayed charges, and delayed credits.
• D. All Sales shows combined customer and vendor transactions for the current fiscal period.

The Student Guide describes the All Sales sub-tab as showing every sales-related transaction type for customers, including invoices, sales receipts, credit memos, payments received, estimates, delayed charges, and delayed credits.