MYCPE ONE

QuickBooks - QBO

Assessment Details

The QuickBooks - QBO evaluates candidates on their knowledge and practical application skills across the following categories:

  • Month-End Close Ownership: Owning the month-end cycle, this topic covers using QBO close features, review checklists, and locking periods to ensure timely, controlled financials. Questions test sequencing close steps, managing access and closing dates, and confirming the file is ready for reporting.
  • Cash vs Accrual Implications: Switching between cash and accrual views, this topic addresses how QBO report basis affects income, expenses, AR/AP visibility, and decision-making. Questions test interpreting differences, identifying transactions driving basis gaps, and choosing the appropriate basis for specific reporting needs.
  • Journal & Adjusting Entries: Reviewing journal entries, this topic covers creating, validating, and approving adjusting entries while preserving auditability and correct account impacts. Questions test spotting improper postings, using supporting documentation, confirming effective dates, and ensuring adjustments flow to the right financial statements.
  • Reconciliation Exception Handling: When reconciliations break, this topic focuses on diagnosing discrepancies, resolving exceptions, and restoring reliable bank and credit card reconciliations. Questions test using discrepancy tools, identifying changed cleared items, correcting duplicates, and choosing the right fix without corrupting prior periods.
  • Cleanup & Reclassification: Cleaning up messy books, this topic covers using QBO reclassification tools and accountant workflows with controls that prevent silent financial statement drift. Questions test selecting eligible transactions, applying consistent coding rules, documenting changes, and confirming reclasses do not break reconciliations or reporting.
  • AR/AP Controls: Controlling receivables and payables, this topic covers reviewing aging reports, investigating stale items, and handling write-offs and credits with clear documentation. Questions test identifying root causes of aging issues, applying credits correctly, and confirming balances tie to underlying transactions.
  • Sales Tax Setup & Review: QBO sales tax setup and transaction review sit here, including taxable item settings, customer tax status, agency or rate assignments, and liability drilldowns. Questions test diagnosing wrong or missing tax on forms, reviewing jurisdiction effects, and tracing how QBO calculated the liability.
  • Projects, Classes, Locations Tracking: Tracking profitability by segment, this topic covers using projects, classes, and locations to tag transactions and produce job costing style reports. Questions test choosing the right dimension, setting them up, enforcing consistent use, and interpreting segmented P&L and project profitability outputs.
  • Inventory & COGS Integrity: Maintaining inventory integrity, this topic covers validating quantities, purchase and sales postings, and cost flows that drive COGS and inventory asset balances. Questions test spotting inventory valuation problems, correcting common setup issues, and reconciling inventory reports to the general ledger.
  • Advanced Reporting & Delivery: For leadership-ready insights, this topic covers customizing QBO reports, building management packages, and automating delivery while preserving consistent filters and bases. Questions test designing useful report views, saving templates, scheduling distribution, and creating dashboards that answer specific operational questions.

This test ensures candidates possess practical readiness to perform tasks efficiently with accuracy and compliance.

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