Module#4: General Ledger Processing Flashcards by Scott-Elgin Nunn

How many years of history does Sage 300 allow you to enter?

A: 99 Years
B: 100 Years
C: 80 Years

A: 99 years

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Sage 300 allows you to post future years

A: True
B: False

B: False

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Sage 300 allows you to post to previous years

A: True
B: False

A: True

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Before you start entering balances, its a good idea to _________ that you are working in the correct fiscal year

A: Single Check
B: Double Check
C: Triple Check

B: Double Check

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Historical Data you enter depends on your company’s situation

A: True
B: False

A: True

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A General Ledger batch is

A: Group of Journal Entries
B: Where G/L Batch is located
C: Other Journal Entries

A: Group of Journal Entries

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Journal Entries are entered where?

A: Accounts Journal
B: G/L Journal Form
C: Anywhere

The G/L Journal Form

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What must a batch include?

A: One Journal Entry
B: One with a balancing debit and credit amounts
C: Both

C: Both: least one journal entry with balancing debit and credit amounts

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There are certain conditions that batches must satisfy before they can be posted:

A: They must balance.
B: The accounts numbers used in the entries must be active and valid.
C: The source codes must be valid, and
D: The dates must be in an open fiscal period.
E: All of the above

E: All of the above

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General Ledger batches can come from individual journal entries but but also can come from other sources such as:

A: Sage 300’s subledgers, such as Accounts Payable and Accounts Receivable
B: recurring entry transactions
C: entries created from allocation accounts
D: previously exported transactions that are imported
E: non‐Sage 300 applications. Sage 300 accepts a number of different file formats, such as CSV and spreadsheet files
F: All
G: A to C
H: D and E

F: All

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Journal Entries are used to record what?

A: Historical Balances
B: Current Year Transactions
C: Both

C: Both; historical balances and current year transactions

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Transactions must be entered how?

A: Multiple Fiscal Period Year
B: Single Fiscal Period
C: Both

B: Single fiscal period

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Debits must equal Credits

A: True
B: False

A: True

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Each Debit and Credit line in an entry is called a what?

A: Debit
B: Detail
C: Credit

B: Detail

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What are the fields of the G/J Journal Entry Form

A: Batch Number
B: Batch Description
C: Entry Number
D: Entry Description
E: Document Date
F: Year/Period
G: Source Code
H: Entry Mode
I: Auto Reverse
J: All

J: All

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Define Batch Description

A: Helps Define the Batch
B: Helps Identify Batches Later
C: Let’s you write the Batch Description

B: Helps Identify Batches Later

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Define Entry Description

A: Locates an Entry
B: Defines the Entry
C: Saves the Entry

A: Locates an Entry

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Define Document Date

A: The Default Date entered in Document and Posting Date Field
B: The Date the Document was created
C: The Date the Document was edited

A: The Default Date that was entered in Document and Posting Date Field

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Define Year/Period

A: Beginning of the Year
B: Reflects the Session Date
C: Its when the Year and Period Ends

B: Reflects the Session Date

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Define Source Code

A: Entered Automatically based on selections
B: The Sage 300 Building Code
C: A Way to edit Sage 300 from behind the scenes

A: Entered Automatically based on selections

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What are the types of Entry Modes

A: Quick
B: Normal
C: Both

C: Quick and Normal

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Normal Entry Mode is the Default and Requires you to enter _______, Field by Field

A: Data
B: Information
C: Contacts

A: Data

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Quick Entry Mode is the Date entered in the _________________ fields is repeated in each subsequent line

A: Contacts and Information
B: General ledger and Accounts
C: Reference and Description

C: Reference and Description

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Auto Reverse should be selected if you would like a __________________ entry created for the first day of the period.

A: Reversing journal
B: New Journal
C: G/L Journal

A: Reversing journal

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Each Field can be up to how many characters long? A: 40 Characters B: 50 Characters C: 60 Characters

C: 60 Characters

An Account Number can be entered using: A: The Finder B: Typing an Account Number C: Both

C: Both; The Finder or by typing the account number

The Description of the Account is entered Manually A: True B: False

B: False, it's entered Automatically

A different date can be entered in each detail line without affecting the fiscal year and period A: True B: False

A: True

The Source Ledger Column is used for what reason A: Indicates the Ledger from where the entry originated B: Let's you edit the Ledger Column C: Shows the Source of where the Ledger is

A: Indicates the Ledger from where the entry originated

You can't enter a different source type for each detail line A: True B: False

B: False

How many characters can comments have up to? A: 200 Characters B: 255 Characters C: 300 Characters

B: 255 Characters

All Batches will be displayed on the Batch List Form A: True B: False

A: True

Checking The Force Listing of Batches Box must print the batch listing before posting a batch A: True B: False

A: True

In the G/L Batch listing Report form you can specify a selected range of A: Batch Numbers B: the Source Ledger (such as General Ledger or Accounts Payable) C: The range of dates that the batches were created. D: All

D: All

You can select to include Previously Printed Batches, Reference and Description fields and/or the Comments field A: True B: False

A: True

How can you post your batches? A: Provisionally B: Temporarily C: Both

C: Both

With Provisionally Batches they can edited or deleted until you post them permanently A: True B: False

A: True

When you post the batch permanently the provisional batches are deleted A: True B: False

A: True

The Provisional Separate option is where the Trial Balance is displayed with an ___________ column that includes provisionally posted data A: Extra B: Additional C: More

B: Additional

The Provisional Worksheet option is where the Trial Balance amounts include the _____________ posted data along with columns for entering debits and credits manually A: Provisionally B: Additional C: General Ledger

A: provisionally

Posting Permanently updates account info in the A: Accounts B: General Ledger C: Banks

B: General Ledger

A batch need not be posted immediately after creation however immediate posting of batches ensures that up-to-date ledger information is available at all times A: True B: False

A: True

Sage 300 assigns an alphabetical sequence, the Posting Sequence Number, to the posting process A: True B: False

B: False; it's numerical

Batches can't be posted individually using the G/L Batch List form or in groups using the G/L Post Batches form. A: True B: False

B: False

The Posting Journal shows a record of every entry posted A: True B: False

A: True

Posting Journal is selected manually in the Select Journal section. A: True B: False

B: False, it's selected by default

In the Date box you have the option of selecting A: Document Date B: Posting Date C: Both

C: Both; Document Date or Posting Date

You can select the range of Posting sequences to be included in the report. A: True B: False

A: True

You can sort your Posting Journal by A: Posting Sequence B: Account Number C: Both

C: Both

Financial statements, such as Balance Sheets and Income Statements can be printed from the _____________ folder. They are produced using the transaction data stored in the General Ledger. A: G/L Ledger B: Financial Reporter C: Accounts

B: Financial Reporter

Financial statements can be based on predefined specifications or you can design your own using the: A: Combined Accounts B: General Ledger C: Statement Designer

C: Statement Designer

Sage 300 uses Microsoft Excel to format, graph, and print your General Ledger data. A: True B: False

A: True

The Statement designer allows you to customize your financial statements. When you open the Statement Designer. A: True B: False

A: True

Before you create a new year, you must ensure that the fiscal calendar exists for the new fiscal year, and the default closing account has been specified in the G/L Options form A: True B: False

A: True

It isn't a good idea to print the Bank Reconciliation Status Report before you post the reconciliation A: True B: False

B: False

Once the reconciliation is posted, you can print the Reconciliation Posting Journal. A; True B: False

A: True

The majority of your day to day transactions are entered in the ____________ Entry form, which is accessed from the G/L Transactions folder. A: Accounting Journal B: G/L Journal C: Banking Journal

B: G/L Journal

Balanced journal entries can be added to the data entry table at the bottom of the G/L Journal Entry form A: True B: False

A: True

Alternatively, entries can be added line by line in the Journal Detail form. A: True B: False

A; True

Sage 300 comes with a built‐in Calculator that can be used when entering debit or credit amounts. A: True B: False

A: True

You can hide columns that you do not use by __________clicking the column heading and then clicking the Hide Column Name on the short cut menu. A: Left B: Middle C: right

C: right

Restore hidden columns by __________ clicking any column heading and then selecting Restore Column Name A: left B: right C: middle

B: right

A batch can only be deleted before it has been posted A: True B: False

A: True

Errors are placed in a new batch, allowing you to correct them. Errors can include A: Entries to a locked fiscal period B: Entries to accounts that do not exist C: Entries that do not balance D: All

D: All

True or False: When a batch is deleted, it is removed from the G/L Batch List form. A: True B: False

B: False

You can make entries in the General Ledger using the General Ledger Journal Entry form and the Journal Detail form. A: True B: False

A: True

Module#4: General Ledger Processing Flashcards

(66 cards)