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Sage 300 Accounts Payable > Module#1: Getting Started with Accounts Payable Module > Flashcards

Module#1: Getting Started with Accounts Payable Module Flashcards

1
Q

The Accounts Payable Module is used for:

A: Maintain funds owed by your company for goods and services
B: Process Transactions such as purchases, debit and credit notes
C: Perform all cash disbursement transactions, such as tax remittances, cash payments and monthly payments
D: All of the Above

A

D: All of the Above

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2
Q

The accounts Payable module maintains what type of info for use in processing transactions

A: Vendor
B: Customer
C: Sales
D: All

A

A: Vendor

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3
Q

Checks for payments to vendors with invoices due or discounts available can be….

A: Manually generated and printed
B: Automatically generated and printed
C: Both

A

B: Automatically generated and printed

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4
Q

True or False: The Accounts payable module doesn’t use a batch system to process transactions?

A: True
B: False

A

B: False, it does

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5
Q

How do you activate Sage 300 Modules?

A: By Data Activation
B: By Starting up Sage
C: By Database Dumping

A

A: A: By Data Activation

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6
Q

True or False: You should always back up your data before proceeding?

A: True
B: False

A

A: False

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7
Q

Once you activate A/P Module you must…

A: Browse Around
B: Define Settings and Options
C: Activate General Ledger

A

B: Define Settings and Options

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8
Q

What does the A/P Module enable you to do?

A: Manage anything related to payable
B: Manage anything related to receivables
C: Manages the General Ledger

A

A: Manage anything related to payable

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9
Q

Accounts payable options can be defined on the __________ form found in the _________ Folder

A: A/P Options, Accounts Payable Setup
B: A/P Support, Accounts Payable Setup
C: A/P Options, Accounts Payable System

A

A: A/P Options, Accounts Payable Setup

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10
Q

What are the Four tabs in the A/P Options

A

Company
Processing
Transactions
Numbering

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11
Q

The Company tab in the A/P options has how many boxes?

A: 1
B: 2
C: 3
D: 4

A

C: 3

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12
Q

The names for the 3 boxes in the company tab are what?

A

Contact Name
Telephone
Fax Number

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13
Q

What does the Company Tab contain?

A: The Company Info
B: The Vendors
C: The Payable Receipts

A

A: The Company Info

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14
Q

What does the processing tab contain?

A: Processing Options
B: Different types of statistical info
C: Both

A

C: Both

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15
Q

True or False

It is a good idea to force the printing of all batches before they are posted as it helps you check for errors?

A: True
B: False

A

A: True

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16
Q

True or False:

By Default, statistics are kept

A: True
B: False

A

A: True

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17
Q

True or False:

Statistics include info such as the year to date amount of invoices and the average days to pay

A: True
B: False

A

A: True

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18
Q

True or False:

Not by Default, Tax is included in your company statistics

A: True
B: False

A

A: False, it is by default

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19
Q

You have the option of accumulating stats by:

A: Fiscal Year
B: Calendar Year
C: Both

A

C: Both

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20
Q

If you select Calendar year in the Accumulate Box what does it do?

A: Statistics will begin on December 31st
B: Statistics will begin on January 1
C: Statistics will begin middle of the month

A

B: Statistics will begin on January 1

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21
Q

The Length of Time that Statistics are accumulated and reported is selected in the _______ Box

A: Period Type
B: Segment
C: Destination

A

A: Period Type

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22
Q

How many Options are there when you select the Period Type Box and what are they?

A

9

Weekly
Seven Days
Bi-Weekly
Four Weeks
Monthly
Bi-Monthly
Quarterly
Semi-Annually
Fiscal Period
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23
Q

What is the Aging Period Table used for?

A: Create Overdue Payables
B: Aged Cash Requirements Reports
C: Both

A

C: Both

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24
Q

Credit notes, debit notes, and prepayments that have not been applied to a specific invoice are called….

A: Unplayable
B: Unapplied
C: Misplaced

A

B: Unapplied

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25
Q

True or False:

Before you can activate Accounts Payable, you must activate Tax Services first and then Bank Services

A: True
B: False

A

A: True

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26
Q

True or False:

The Accounts Payable module is used to maintain the funds owed to your company for goods and services provided to your customers.

A: True
B: False

A

B: False

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27
Q

The Posting default date used in posting transactions is the _________ date

A: Document
B: Created
C: End

A

A: Document

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28
Q

The Default method for entering Taxes on all documents in the A/P Module is selected in:

A: The Taxes Box
B: The Default Tax Amount
C: The A/P Tax Account

A

B: The Default Tax Amount

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29
Q

True or False:

You Can choose Calculate to let the system calculate taxes based on the taxes defined for the Vendor or item.

A: True
B: False

A

A: True

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30
Q

True or False:

You can Select Distribute to enter taxes manually and, if required, have the system distribute the tax to each individual detail line

A: True
B: False

A

A: True

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31
Q

True or False:

The bank account that your company generally uses when you make payments can be entered in the Default Bank Code box.

A: True
B: False

A

A: True

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32
Q

Check the ________________ box if you wish to edit or delete batches that were created using the Create Payment Batch feature

A Allow Edit of System Generated Batches
B: Increase The System
C: Allow Edit of the System

A

A Allow Edit of System Generated Batches

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33
Q

Batches can be edited or deleted in the A/P Payment Batch List form,

A: True
B: False

A

A: True

34
Q

In the Document Numbers table, you will specify the length, which can be a maximum of __________ characters long

A: 21
B: 22
C: 23

A

B: 22

35
Q

The prefix, can be up to ______ characters long and must be unique, and the next number to assign to prepayment documents,

A: Four
B: Five
C: Six

A

C: Six

36
Q

The Account Sets form lets you create groups of General Ledger account numbers.

A: True
B: False

A

A: True

37
Q

You must create at least one account set before you can add Vendor records.

A: True
B: False

A

A: True

38
Q

In the Account Set Code box, enter a code up to ___________ Characters long, and enter a description in the corresponding box.

A: Five
B: Six
C: Seven

A

B: Six

39
Q

If the Inactive box is checked, no __________ can be assigned to the account set

A: Vendors
B: Purchases
C: Sales

A

A: Vendors

40
Q

if a Vendor is already assigned to an account set and then the account set is changed to inactive, changes can still be made to the Vendor record until it is assigned to an active account set.

A: True
B: False

A

B: False

41
Q

The Last Maintained field is ___________ updated when a record is added or modified.

A: Manually
B: Automatically
C: Can be Both

A

B: Automatically

42
Q

A distribution code is a code ________ characters long that is used to identify which General Ledger account will be used when invoice and adjustment batches are posted.

A: one to six
B: two to seven
C: three to eight

A

A: one to six

43
Q

You can’t add as many distribution codes as you need,

A: True
B: False

A

B: False, you can add as many as you need

44
Q

You do not need to use distribution codes, but doing so can reduce data entry errors

A: True
B: False

A

A: True

45
Q

Distribution Sets are used to create sets of distribution

A: Values
B: Codes
C: Items

A

B: Codes

46
Q

To define a distribution set, enter a _______________ in the appropriate boxes.

A: Code and Description
B: Service and Item
C: Purchase and Sale

A

A: Code and Description

47
Q

What does Spread Evenly option do?

A: The amount will be spread evenly among the distribution codes in the set.
B: The Amount will spread evenly among all accounts that were assigned
C: To specify the percentage of the amount that is distributed to each distribution code.

A

A: The amount will be spread evenly among the distribution codes in the set.

48
Q

What does the Fixed Percentage option do?

A: The amount will be spread evenly among the distribution codes in the set.
B: The Amount will spread evenly among all accounts that were assigned
C: To specify the percentage of the amount that is distributed to each distribution code.

A

C: To specify the percentage of the amount that is distributed to each distribution code.

49
Q

What does the Manual option do?

A: The Amount will spread evenly among all accounts that were assigned
B: lets you enter amounts on the invoice manually.
C: Lets you select a specify code

A

B: lets you enter amounts on the invoice manually.

50
Q

What does the Fixed Amount option do?

A: The Amount will spread evenly among all accounts that were assigned
B: lets you enter amounts on the invoice manually.
C: lets you specify a fixed amount for each code.

A

C: lets you specify a fixed amount for each code.

51
Q

The Distribution Code is entered in the ______ Code column

A: Dist.
B: Inspect
C: Enter

A

A: Dist.

52
Q

Terms of purchase are:

A: Conditions established by the Vendor for payment of an invoice.
B: Conditions established by the Company for payment of an invoice.
B: Conditions established by the Purchases for payment of an invoice.

A

A: conditions established by the Vendor for payment of an invoice.

53
Q

In the Calculate Base for Discount With Tax box, you can select whether discounts are calculated with the tax included or excluded.

A: True
B: False

A

A: True

54
Q

Check the _________ Schedule box if the term allows for installment payments.

A: Multiple Payment
B: Single Payment
C: Combo Payment

A

A: Multiple Payment

55
Q

Once the Multiple Payment Schedule box option has been selected and saved, it can still be changed.

A: True
B: False

A

B: False, once it’s selected and saved it cannot be changed

56
Q

How do you define a terms code?

A

enter a code, up to six characters long, and a description in the appropriate boxes.

57
Q

In the Discount Type box, you will select the _________ that a discount for early payment is available.

A: First Day
B: Middle Day
C: Last Day

A

C: Last Day

58
Q

To define a payment code, enter a code, up to ________ characters long, and a description in the appropriate boxes.

A: 10
B: 11
C: 12

A

C: 12

59
Q

The G/L Integration form defines how Accounts Payable will interact with the General Ledger.

A: True
B: False

A

A: True

60
Q

The G/L Integration form enables you to determine how Accounts Payable produces and maintains information from posted transactions for General Ledger accounts.

A: True
B: False

A

A: True

61
Q

The G/L Integration form consists of two tabs:

A: Integration and Transactions.
B: Ledger and Accounts
C: Interactions and Transactions

A

A: Integration and Transactions.

62
Q

Terms of purchase are conditions established by the Vendor for payment of an invoice.

A: True
B: False

A

A: True

63
Q

Credit cards that will be used in Accounts Payable must be added in Bank Services.

A: True
B: False

A

A: True

64
Q

use _________ to specify how your Accounts Payable module will keep track of tax data.

A: Tax System
B: Tax Services
C: Tax Management

A

B: Tax Services

65
Q

For each Tax Authority you created, you must define the different type of Tax Classes for sales and purchases

A: True
B: False

A

A: True

66
Q

Tax Classes for sales are required for the Accounts

A: Payable Module
B: General Ledger
C: Receivable module

A

C: Receivable module

67
Q

Tax Classes for purchases are required for the Accounts

A: Payable Module
B: General Ledger
C: Receivable module

A

A: Payable Module

68
Q

Tax rates are based on the Tax Classes that are displayed in the Tax Rates form, for sales and purchases.

A: True
B: False

A

A: True

69
Q

True or False: You can view all the credit cards available for your company by opening the Bank Setup folder and then selecting Credit Card Types to open the Bank Credit Card Types form.

A: True
B: False

A

A: True

70
Q

You would use Tax Services to specify how your Accounts Payable module will keep track of tax data.

A: True
B: False

A

A: True

71
Q

The System Manager is an integral component of Sage 300. that provides tools for managing company data These tools include: (Select all that Apply)

A: Administrative Services
B: Tax Services
C: Common Services
D: Bank Services

A

A: Administrative Services
C: Common Services

72
Q

The Accounts Payable module is used for the following purposes except:

A: To perform all cash disbursements transactions
B: to maintain the funds owed by your company for goods and services provided by your suppliers
C: to maintain the funds owed by your company for goods and services provided by your customers
D: to process transactions, such as purchases, debit and credit notes, adjustments, and payments to Vendors
payments

A

C: to maintain the funds owed by your company for goods and services provided by your customers

73
Q

In the A/P Options - Company Tab the address information cannot be editted

A: True
B: False

A

A: True

74
Q

Where do you add Credit Cards that will be used in A/P

A: Tax Services
B: Administrative Services
C: Bank Services
D: Financial Reporter

A

C: Bank Services

75
Q

You should not use the General Ledger to enter transactions that affect bank accounts directly. To prevent doing so, bank accounts can be set up as __________ in the G/L Accounts form.

A: Operating Accounts
B: Admin Accounts
C: Principal Accounts
D: Control accounts

A

D: Control accounts

76
Q

Defines what an account Set is?

A: A code that is used to identify which G/L account will be used when invoice adjustment batches are posted
B: Used to specify the payment methods, such as cash, check or specific credit card
C: Enables the A/P Module to know which General Ledger accounts to be debited or credited
D: Are Conditions established by the Vendor for Payment of an invoice
E: Are used to improve efficiency of Data entry if you typically use the same G/L accounts when recording purchases from Vendor

A

C: Enables the A/P Module to know which General Ledger accounts to be debited or credited

77
Q

Define what a Distribution Code is?

A: A code that is used to identify which G/L account will be used when invoice adjustment batches are posted
B: Used to specify the payment methods, such as cash, check or specific credit card
C: Enables the A/P Module to know which General Ledger accounts to be debited or credited
D: Are Conditions established by the Vendor for Payment of an invoice
E: Are used to improve efficiency of Data entry if you typically use the same G/L accounts when recording purchases from Vendor

A

A: A code that is used to identify which G/L account will be used when invoice adjustment batches are posted

78
Q

Define what a Distribution Set is?

A: A code that is used to identify which G/L account will be used when invoice adjustment batches are posted
B: Used to specify the payment methods, such as cash, check or specific credit card
C: Enables the A/P Module to know which General Ledger accounts to be debited or credited
D: Are Conditions established by the Vendor for Payment of an invoice
E: Are used to improve efficiency of Data entry if you typically use the same G/L accounts when recording purchases from Vendor

A

E: Are used to improve efficiency of Data entry if you typically use the same G/L accounts when recording purchases from Vendor

79
Q

Define what Terms of Purchase is

A: A code that is used to identify which G/L account will be used when invoice adjustment batches are posted
B: Used to specify the payment methods, such as cash, check or specific credit card
C: Enables the A/P Module to know which General Ledger accounts to be debited or credited
D: Are Conditions established by the Vendor for Payment of an invoice
E: Are used to improve efficiency of Data entry if you typically use the same G/L accounts when recording purchases from Vendor

A

D: Are Conditions established by the Vendor for Payment of an invoice

80
Q

Define what Payment Codes is

A: A code that is used to identify which G/L account will be used when invoice adjustment batches are posted
B: Used to specify the payment methods, such as cash, check or specific credit card
C: Enables the A/P Module to know which General Ledger accounts to be debited or credited
D: Are Conditions established by the Vendor for Payment of an invoice
E: Are used to improve efficiency of Data entry if you typically use the same G/L accounts when recording purchases from Vendor

A

B: Used to specify the payment methods, such as cash, check or specific credit card

81
Q

The Payment Code Cash is Predefined in Sage 300

A: True
B: False

A

B: False

Sage 300 Accounts Payable (4 decks)

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