Question

Which 2 problems does the Pay down credit card workflow solve for clients? (Select all that apply) It helps clients stay on top of making payments on time It ensures that payments to credit card accounts are categorized correctly It provides a lower rate than most credit cards to qualified small businesses It uses language that non-accountants can understand

Answer 1

The Pay down credit card workflow solves for helping clients make payments on time and ensuring payments are categorized correctly which can prevent late fees and aid in proper financial management.

Step-by-step explanation:

The Pay down credit card workflow is designed to solve two primary issues for clients managing their credit card debts. Firstly, it helps clients stay on top of making payments on time, which is crucial to maintaining a good credit score and avoiding late fees. Credit card companies often charge a fee for late payments, and this can accumulate quickly if the payment remains unpaid. By ensuring on-time payments, clients can save on these potential costs.

Secondly, the workflow ensures that payments to credit card accounts are categorized correctly. Proper categorization is essential for managing personal finances and understanding spending habits. It also helps in balancing the checkbook accurately, which can prevent overdraft fees and the stress associated with mismanagement of funds. While correct categorization might seem trivial, it is fundamental for proper financial tracking and accountability.

Answer 2

B. It ensures that payments to credit card accounts are categorized correctly

D. It uses language that non-accountants can understand

Step-by-step explanation:

Pay down credit card workflow is a new feature that makes entering records in QuickBooks easier for users. The two prime benefits of this workflow are;

1. It ensures that payments to credit card accounts are well categorized well. Without this feature, users most times find it difficult to enter records correctly or they tend to duplicate entries. This new feature obtains vital information that helps the software to correctly credit the accounts.

2. It uses language that non-accountants can understand. This simplifies the process and makes it easier for the user to enter the right data that would help the software to correctly credit the accounts.