Module#3: Processing Adjustment and Payment Batches

Question 1

You can view your adjustment batches in the ________ form.

A: Adjustment Entry
B: G/L Batch List
C: Adjustment Batch List

Answer 1

C: Adjustment Batch List

Question 2

True or False: Adjustments are used to correct errors made in posted documents such as incorrect amounts or distributions to incorrect accounts.

A: True
B: False

Answer 2

A: True

Question 3

Select the types of batches you can post In the A/P Post Batches form. Select all the correct answers.

A: Payment
B: Invoice
C: Adjustment
D: Recurring

Answer 3

A: Payment
B: Invoice
C: Adjustment

Question 4

Which functions are you able to perform directly from the A/P Adjustment Batch List form? Select all the correct answers.

A: delete a batch
B: post a batch
C: create a new batch
D: update data

Answer 4

A: delete a batch
B: post a batch
C: create a new batch
D: update data

Question 5

Which processing method in Accounts Payable allows you to use the A/P Payment Entry form to write checks manually and record them, or have Accounts Payable print the checks for you when you enter them into a batch?

A: Invoice Entry
B: Create Payment Batches
C: Payment Entry

Answer 5

C: Payment Entry

Question 6

Posted payments for each Vendor can be viewed on the
_______ tab of the Vendor Activity form.

A: Aging
B: Payments
C: Transactions

Answer 6

B: Payments

Question 7

When you select Print/Post on the A/P Payment Batch List form the __________ form opens.

A: Post Payments
B: A/P Payment Entry
C: Print Checks

Answer 7

C: Print Checks

Question 8

True or False: Prepayments cannot be entered at the time of invoice entry.

A: True
B: False

Answer 8

B: False

Question 9

True or False: The Control Payments feature can only be used to change information for a single document.

A: True
B: False

Answer 9

B: False

Question 10

Before you can process a payment batch, you must set up at least one

A: Invoice
B: Control Payment
C: Payment Selection Code

Answer 10

C: Payment Selection Code

Question 11

In the Vendor Selection Range section on the A/P Payment Selection Codes form, you can define which Vendors are to be paid based on which criterion? (Select all the correct answers)

A: Payment Code
B: Account Set
C: Terms Code
D: Vendor Number

Answer 11

A: Payment Code
B: Account Set
D: Vendor Number

Question 12

The Create Payment Batch method of generating payments allows you to create a payment batch to pay invoices due for a group of vendors.

A: True
B: False

Answer 12

A: True

Question 13

When a new batch is created, it will be assigned its own unique

A: Batch Number
B: Batch Patch
C: Batch Sequence

Answer 13

A: Batch Number

Question 14

The default date entered in the Batch Date box is the

A: Today’s Date
B: Session Date
C: End Date

Answer 14

B: Session Date

Question 15

Entering a description will help you identify batches at a later date.

A: True
B: False

Answer 15

A: True

Question 16

The ___________ and the ___________ are updated automatically as you prepare the batch.

A: Number of Entries, Minimal Total
B: Number of Letters, Subtotal Amount
C: Number of Entries, Total Amount

Answer 16

C: Number of Entries, Total Amount

Question 17

The next available _________ Number will be entered automatically in the corresponding box

A: Entry
B: Adjustment
C: Accounting

Answer 17

B: Adjustment

Question 18

The date entered in the ___________ Date box is used by Accounts Payable to age the adjustment.

A: Fiscal
B: Monthly
C: Adjustment

Answer 18

C: Adjustment

Question 19

The date entered in the _________ Date box is the date the document will be posted. It is used to determine the fiscal year and period.

A: Posting
B: Accounting
C: Monthly

Answer 19

A: Posting

Question 20

If you wish you can enter a reference to be displayed in the Posting Journal report in the Reference box. It can be up to ______ characters long.

A: 40
B: 50
C: 60
D: 70

Answer 20

C: 60

Question 21

If you selected a document that has been assigned a multiple payment schedule in the A/P Terms form, you must enter the payment number associated with the adjustment; otherwise, the number _____ will be entered in the Payment Number box.

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

Answer 21

A: 1

Question 22

The Accounts Payable module does send adjustment data to Bank or Tax services.

A: True
B: False

Answer 22

B: False, it does not send adjustment data

Question 23

If you create an adjustment that affects a Bank account, you must enter a similar transaction in _____________

A: Accounting
B: Bank Services
C: Data Entry Services

Answer 23

B: Bank Services

Question 24

If you create an adjustment that affects a tax account it will not be included in the Tax Tracking report

A: True
B: False

Answer 24

A: True

Question 25

Accurate tax information must be viewed in the ___________ A: A/P Ledger B: General Ledger C: Accounting

Answer 25

B: General Ledger.

Question 26

After a batch has been created and each time a batch has been edited, the batch must be printed if you selected __________ in the A/P Options form A: Accounts must be printed B: Force Listing of Batches C: G/L forces listing

Answer 26

B: Force Listing of Batches

Question 27

The ________ form is used to display all adjustment batches, including posted and deleted batches, if you check the Show Posted and Deleted Batches box. A: A/P Adjustment Batch List B: G/L Adjustment Batch C: New Account opening Batch

Answer 27

A/P Adjustment Batch List

Question 28

Once a batch has been reviewed for errors and printed, it is eligible to be posted. A: True B: False

Answer 28

A: True

Question 29

A batch doesn't need to be posted immediately after creation; however, immediate posting of batches ensures that up-to-date information is available at all times. A: True B: False

Answer 29

A: True

Question 30

The ________ Journal shows a record of every entry posted. It is important to print the journal, as it is a crucial part of your audit trail. A: Posting B: G/L C: Accounting

Answer 30

A: Posting

Question 31

There are three methods to process payments in Accounts Payable A: True B: False

Answer 31

A: True

Question 32

Payment Entry Method allows you to do what? A: use the A/P Payment Entry form to write checks manually and record them B: Have Accounts Payable print the checks for you when you enter them into a batch. C: Both

Answer 32

C: Both

Question 33

Invoice Entry method allows you A: enter a payment when you enter an invoice using the A/P Invoice Entry form. B: Allows you to send invoices to customers requiring payment for services C: Both

Answer 33

A: enter a payment when you enter an invoice using the A/P Invoice Entry form.

Question 34

Create Payment Batches method allows you to A: generate payment batches to pay outstanding invoices based on certain criteria B: Create new batches for clients and customers to get paid for services C: Both

Answer 34

A: generate payment batches to pay outstanding invoices based on certain criteria

Question 35

The default bank code has been taken from the Payment tab of the A/P Options form A: True B: False

Answer 35

A: True

Question 36

You can choose from _______ different transaction types ``` A: 1 B: 2 C: 3 D: 4 E: 5 ```

Answer 36

D: 4

Question 37

What is a Payment transaction A: pays the outstanding amount to the Vendor. B: pays the outstanding amount to the Customer. C: pays the outstanding amount to the Services.

Answer 37

A: pays the outstanding amount to the Vendor.

Question 38

What is a Prepayment Transaction A: It allows you to enter a payment before the invoice is received. B: It allows you to enter a prepayment before the invoice is received. C: It allows you to enter a prepayment before the vendor is received.

Answer 38

B: It allows you to enter a prepayment before the invoice is received.

Question 39

The prepayment can be applied an existing document, against a document that is entered and posted or applied to a posted document at a later time. A: True B: False

Answer 39

A: True

Question 40

What is a Apply Document Transaction A: It allows you to apply a posted prepayment or credit note to an invoice, debit note or interest charge. B: It allows you to apply a posted payment or credit note to an invoice, debit note or interest charge. C: Both

Answer 40

A: It allows you to apply a posted prepayment or credit note to an invoice, debit note or interest charge.

Question 41

What is a Misc. Payment A :enter a payment from a service that has not yet been set up B: enter a payment from a invoice that has not yet been set up C: enter a payment from a vendor that has not yet been set up

Answer 41

C: enter a payment from a vendor that has not yet been set up

Question 42

The Batch Date is displayed in the _______ Date A: Monthly B: Fiscal C: Payment

Answer 42

C: Payment

Question 43

The Batch Date is also entered in the ______ Date box. A: Posting B: Fiscal C: Monthly

Answer 43

A: Posting

Question 44

The default Payment Code is displayed in the Payment Code box A: True B: False

Answer 44

A: True

Question 45

Payment batches can be viewed in the ________ Batch List form A: A/P Payment B: A/P Accounting C: G/L

Answer 45

A: A/P Payment

Question 46

The A/P Payment Batch List form is used to display all payment batches, including posted and deleted batches if desired. A: True B: False

Answer 46

A: True

Question 47

If the Print Check box was checked in the A/P Payment Entry form, checks are printed and then the batch is posted A: True B: False

Answer 47

A: True

Question 48

The default format displayed is an advice-check-advice format printed on ________ inch paper A: 11 by 17 B: 8.5 by 11 C: 10 by 15

Answer 48

B: 8.5 by 11

Question 49

It is important to print the journal, as it is an important part of your audit trail. A: True B: False

Answer 49

A: True

Question 50

General Ledger batches can be posted using the G/L Batch List form or the G/L Post Batches form in the General Ledger module A: True B: False

Answer 50

A: True

Question 51

The Create Payment Batch method of generating payments allows you to create a payment batch to pay invoices due for a group of Vendors A: True B: False

Answer 51

A: True

Question 52

Before you can process a payment batch, you must set up at least one ________ Code A: Payment Interest B: Payment Selection C: Vendor Selection

Answer 52

B: Payment Selection

Question 53

Open the Payment Selection Codes form by selecting the __________ icon in the A/P Setup folder. A: Payment Selection Codes B: Payment Accounting Codes C: Selection G/L Codes

Answer 53

A: Payment Selection Codes

Question 54

Once you have defined the Selection Codes, the Accounts Payable module can generate a payment batch based on the criteria that you selected. A: True B: False

Answer 54

A: True

Question 55

In the Pay from Bank box you can't enter or select the bank from which checks are drawn. A: True B: False

Answer 55

B: False

Question 56

Use the _____ tab to select a range of documents and change their status. A: Printing B: Range of Documents C: G/L Document

Answer 56

B: Range of Documents

Question 57

After changes are made using the A/P Control Payments form, the documents selected for payment will not have changed A: True B: False

Answer 57

B: False, they will have to be changed

Question 58

When you open the A/P Create Payment Batch form, all previously entered data will be displayed. A: True B: False

Answer 58

A: True

Question 59

Click ________ at the bottom of the A/P Create Payment Batch form to create a Payment batch and clear the form. A: Create B: Generate C: Design

Answer 59

B: Generate

Question 60

________ batches are displayed in the General Ledger the same way as other payment batches in the G/L Batch List form. A: System generated B: Created C: Designed

Answer 60

A: System generated

Question 61

Which 2 options do you have to enter an adjustment A: During the entry of the payment B: During Posting in the Invoice Entry Form C: Create an Adjustment batch. D: Directly in the Posting Journal Report

Answer 61

A: During the entry of the payment C: Create an Adjustment batch.

Question 62

The Accounts Payable module does not send adjustment data to Bank or Tax services. If you create an adjustment that affects a Bank account, you must enter a similar transaction in Bank Services A: True B: False

Answer 62

A: True

Question 63

If you selected the Payment Code CHECK and you wish to hand write the check which box would you clear? A: Post Check B: Print Check C: Clear Check D: Write Check

Answer 63

B: Print Check

Question 64

# Define the Payment Entry form A: allows you to A/P Payment Entry form to write checks manually and record them, or you can enter payments in a batch and have Accounts Payable print the checks for you when you enter them into a batch B: allows you to generate payment batches to pay outstanding invoices base on C: allows you to enter a payment when you enter an invoice

Answer 64

A: allows you to A/P Payment Entry form to write checks manually and record them, or you can enter payments in a batch and have Accounts Payable print the checks for you when you enter them into a batch

Question 65

# Define the Invoice Entry form A: allows you to A/P Payment Entry form to write checks manually and record them, or you can enter payments in a batch and have Accounts Payable print the checks for you when you enter them into a batch B: allows you to generate payment batches to pay outstanding invoices base on C: allows you to enter a payment when you enter an invoice

Answer 65

C: allows you to enter a payment when you enter an invoice

Question 66

# Define the Create Payment Batches form A: allows you to A/P Payment Entry form to write checks manually and record them, or you can enter payments in a batch and have Accounts Payable print the checks for you when you enter them into a batch B: allows you to generate payment batches to pay outstanding invoices based on C: allows you to enter a payment when you enter an invoice

Answer 66

B: allows you to generate payment batches to pay outstanding invoices based on

Question 67

The Payment Selection Code allows you to define information about the payment batch, such as how documents are selected, and the bank to be used for payment. You are able to process a payment batch without setting up Payment Selection Codes A: True B: False

Answer 67

B: False

Question 68

How would you Print the Pre-Check Register? A: Click Register at the Bottom of the A/P Payment Inquiry Form B: Click Register at the Bottom of the A/P Invoice Batch List Form C: Click Register at the Bottom of the A/P Payment Batch List Form D: Click Register at the Bottom of the A/P Create Payment Batch Form

Answer 68

D: Click Register at the Bottom of the A/P Create Payment Batch Form