Module#6: Performing Period‐End Tasks

Question 1

What is Bank Reconciliation

A: process of Comparing and Matching figures from your accounting records against those in your bank statement
B: A way to install Banking Software on Sage 300
C: Changing mistakes in any Banking transactions

Answer 1

A: process of Comparing and Matching figures from your accounting records against those in your bank statement

Question 2

Bank Reconciliation is It is an essential procedure performed at period‐end after the statement from the bank has been received.

A: True
B: False

Answer 2

True

Question 3

When you a complete a bank reconciliation it allows you to:

A: verify the accuracy of the records in the company’s account
B: catch any errors made by either the bank or the company in recording deposits or checks
C: Both

Answer 3

C: Both

Question 4

Before you begin a bank reconciliation, ensure that all the _________ that affect bank accounts for the period have been posted

A: Batches
B: Transactions
C: Places

Answer 4

A: Batches

Question 5

A bank reconciliation done regularly can reduce the number of _____________ in your accounts, and makes it easier to find missing purchases and sales invoices.

A: Fixtures
B: Errors
C: Problems

Answer 5

B: Errors

Question 6

The Transaction Listing Report is

A: Report that enables you to compare company’s transactions with a bank statement
B: Shows you how many transactions have been made by your company
C: Shows the final transactions for the month

Answer 6

A: Report that enables you to compare company’s transactions with a bank statement

Question 7

What is the Reconcile Statements

A: Used to perform a bank reconciliation
B: Used to print Statements
C: Used to Reconcile different accounts

Answer 7

A: Used to perform a bank reconciliation

Question 8

Performing a bank reconciliation enables you to uncover any possible ____________

A: Discrepancies
B: Issues
C: Problems

Discrepancies could include:
A: checks recorded as a lesser amount than what was presented to the bank
B: money received but not entered or
C: payments taken from the bank account without your knowledge
D: All

Answer 8

A: Discrepancies
D: All

Question 9

You will enter information found on your bank statement on the Summary tab of the ___________ form.

A: Reconcile Statements
B: Transaction Statements
C: G/L Statement

Answer 9

A: Reconcile Statements

Question 10

some of the reasons that your account may not balance:

A: A transaction, such as a service charge has not been posted.
B: The statement balance is incorrect.
C: A check or deposit cleared the bank with a different amount than recorded.
D: All Of the Above

Answer 10

D: All of the Above

Question 11

The Reconciliation Tab lists

A: All the Transactions that have been posted in Sage 300 that affect bank accounts
B: The way to change info on the Tabs
C: New ways to add Reconciliation

Answer 11

A: All the Transactions that have been posted in Sage 300 that affect bank accounts

Question 12

Whats the bank Reconciliation Status report

A: A Report that shows Status of Reconciliation
B: A Record of your Reconciliation entries that can be compared to your Bank Statement
C: Both

Answer 12

B: A Record of your Reconciliation entries that can be compared to your Bank Statement

Question 13

Why would you print the Bank Withdrawals Status report?

A: Because it helps show what went out of your Bank
B: to display all outstanding checks and other withdrawals
C: Both

Answer 13

B: to display all outstanding checks and other withdrawals

Question 14

What can you select in the Bank Withdrawals Status Report Form

A: The Withdrawal Date range
B: The Bank
C: The Application, for example AP or AR
D: which withdrawal statuses to print.
E: All

Answer 14

E: All

Question 15

In the Bank Deposits Status Report form that opens, you can select:

A: the Deposit Date range
B: the Bank
C: the Application
D: Which deposit statuses to print
E: All

Answer 15

E: All

Question 16

Once a bank reconciliation is balanced, you can post it.

A: True
B: False

Answer 16

A: True

Question 17

The majority of companies divide their fiscal year into ________ accounting periods, which correspond to the twelve calendar months

A: Twelve
B: Ten
C: Eleven

Answer 17

A: Twelve

Question 18

The primary objective of month‐end processing is to:

A: Bring the Books into Compliance With generally accepted accounting Principles
B: Prepare Month-End Financial Statements
C: Both

Answer 18

C: Both

Question 19

Open batches can be viewed in the G/L Batch List form

A: True
B: False

Answer 19

A: True

Question 20

Open batches can be posted ______________ using the G/L Batch List form or in groups using the G/L Post Batches form if their status is ready to post.

A: Individually
B: Together
C: All in one

Answer 20

A: Individually

Question 21

When batches created in Sage 300’s sub ledgers are posted, batch information is created for the _____________ Ledger. This information can be viewed in the G/L Batch List form.

A: Account
B: General
C: Bank

Answer 21

B: General

Question 22

The Source Ledger column contains the ________ form for the subledger in which the batch originated

A: Long
B: Middle
C: Short

Answer 22

C: Short

Question 23

A data integrity check verifies that your data is error‐free. You should run a data integrity check before backing up your data.

A: True
B: False

Answer 23

A: True

Question 24

The data integrity check can only be run by your System Administrator, or a person assigned to a security group with authorization to check data integrity.

A: True
B: False

Answer 24

A: True

Question 25

You can move selected applications to and from A: Available Applications Box B: Check Applications Box C: Both

Answer 25

C: Both

Question 26

What does the Fix Minor Errors Option do? A: Let's the program correct minor errors during integrity check B: Installs a softwar that let's you fix errors C: Let's you fix errors manually

Answer 26

A: Let's the program correct minor errors during integrity check

Question 27

What kind of minor errors will be fixed? A: All Errors B: Depends on the Application C: Ones that are manually selected

Answer 27

B: Depends on the Application

Question 28

What are some ways Sage 300 can go wrong when it comes to posting A: power fluctuation, B: network problem C: hard disk problem D: All

Answer 28

D: All

Question 29

When should a separate backup be done? A: Beginning of the Month B: Middle of the Month C: Month End

Answer 29

C: Month End

Question 30

How many Tabs are in the Source Journals Report Form A: One B: Two C: Three D: Four

Answer 30

C: Three

Question 31

What can you select from the profile drop down list ``` A: A/R Clearing Journals B: Bank Reconciliation Report C: G/L Journal Entries D: Invoice Journal E: Purchase and Receipts Journal F: Reallocation Journal G: Transaction Journal H: All of them ```

Answer 31

H: All of them

Question 32

What can you use Financial Reporter for A: To Print Financial Statements required by your business B: To see all the Finanical reports over the month C: Both

Answer 32

A: To Print Financial Statements required by your business

Question 33

When you select print Financial Statements and then browse, there are various of types of what: ``` A: Balance Sheets B: Financial Analysis reports C: Forecast reports D: various types of Income Statements. E: All ```

Answer 33

E: All of the Above

Question 34

At the end of a company’s fiscal year, all ___________ and ___________ accounts must be closed to retained earnings and opened for the new year. A: Income and Expense B: Debit and Credit C: Revenue and Expenses

Answer 34

A: Income and Expense

Question 35

Be sure to complete any month‐end procedures for the current period before beginning your year‐end tasks A: True B: False

Answer 35

A: True

Question 36

Sage 300 doesn’t have any required year end procedures A: True B: False

Answer 36

A: True

Question 37

Prior to performing your year end tasks, you shouldn't backup your data to a secure location A: True B: False

Answer 37

B: False; You should

Question 38

It is not important that this backup file is not overwritten A: True B: False

Answer 38

B: False, it is important

Question 39

Posting Journals are records of every transaction that is posted to the General Ledger. A: True B: False

Answer 39

A: True

Question 40

If you will be resetting your batch numbers to one, you must clear your Posting Journals. Once they are cleared they can no longer be printed. A: True B: False

Answer 40

A: True

Question 41

Before you can use the Create New Year function, you must create the new year in the Fiscal Calendar in Common Services. A: True B: False

Answer 41

A: True

Question 42

When you create a new year: A: new account records are created for the new year B: the oldest fiscal sets and transaction history are removed if they are older than ninety nine years C: revenue and expense accounts are closed to retained earnings D: the current year is changed to the new year. E: All

Answer 42

E: All

Question 43

The transactions that are created when you create a new year are placed in the ________ period. A: Opening B: Middle C: Closing

Answer 43

C: Closing

Question 44

Once year end processing is complete, it isn't important to backup your files before you begin entering new transactions A: True B: False

Answer 44

B: False

Question 45

Period‐end maintenance is optional, and can be performed at any time. A: True B: False

Answer 45

A: True

Question 46

Period End Maintenance enables you to ``` A: Delete inactive accounts B: Clear transaction details C: Clear fiscal sets older than the number of years you selected in the G/L Options form D: reset batch numbers. E: All ```

Answer 46

E: All

Question 47

In order to delete inactive accounts, they must have a balance of ______ for the current year and any previous years where transaction history has been retained. Also it can’t be the default closing account on the G/L Options form. A: One B: Two C: Three D: Zero

Answer 47

D: Zero

Question 48

You can delete transaction detail history older than the number of years you specified on the Posting tab of the G/L Options form. A: True B: False

Answer 48

A: True

Question 49

You have the option to delete fiscal set history older than the number of years you specified on the Posting tab of the G/L Options form. A: True B: False

Answer 49

A: True

Question 50

Before you can select to reset batch numbers to 1, you must have A: posted all open batches B: printed and cleared all posting journals. C: Both

Answer 50

C: Both

Question 51

Visual Process Flows are __________ diagrams that can be used to guide you through and access tasks that are done frequently A: Engraved B: Workflow C: Design

Answer 51

B: Workflow

Question 52

Sage 300 provides you with Visual Process Flows for frequently used tasks. A: True B: False

Answer 52

A: True

Question 53

Visual Process Flows are available for many of Sage 300’s modules. A: True B: False

Answer 53

A: True

Question 54

The Transaction Listing Report enables you to compare your company’s transactions with your bank statement. A: True B: False

Answer 54

A: True

Question 55

Select the reasons that may cause your account to not balance: A: bank entry may have been made for the wrong amount. B: transaction, such as a service charge has not been posted. C: check or deposit cleared the bank with a different amount than recorded. D: The statement balance is incorrect. E: All

Answer 55

E: All

Question 56

Which report can you print if the Out of Balance by amount in the Reconcile Statements form does not equal zero? A: G/L Report B: Bank Reconciliation Status report C: Accounting Report

Answer 56

B: Bank Reconciliation Status report

Question 57

At the end of a company’s fiscal year, all ____________ Accounts must be closed to retained earnings and deleted for the new year. A: Income and Expense B: Credit and Debit C: Revenue and Expense

Answer 57

A: Income and Expense

Question 58

The available Visual Process Flows are displayed in the Visual Process Flows folder. A: True B: False

Answer 58

A: True

Question 59

The Visual Process Flow available for the General Ledger is A: Account Transactions B: G/L Transactions C: Bank Transactions

Answer 59

B: G/L Transactions

Question 60

The Reconcile Statement Form has ``` A: Bank Code B: Statement Date C: Reconciliation Date D: The balance on the bank statement. E: All ```

Answer 60

E: All

Question 61

Printing the Bank Withdrawals Status report is useful, since after the ___________ is posted, some information will no longer be available. A: Bank Reconciliation B: Bank Transactions C: Bank Referral

Answer 61

A: Bank Reconciliation

Question 62

The closing period is A: The Period that income and expense accouts are closed to at Year end B: The Period that income and expense accouts are closed to at the beginning of the Year C: The Period that income and expense accouts are closed to at Middle of the Year

Answer 62

A: the period that income and expense accounts are closed to at year‐end. It is the last day of the fiscal period.