Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

MAS > 4.2 Purchase Orders, Receiving, & Invoicing > Flashcards

4.2 Purchase Orders, Receiving, & Invoicing Flashcards

1
Q

What is the Purchase Orders application used for?

A

Create and modify purchase orders (POs)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are internal POs generated from?

A

A storeroom

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What can a storeroom-to-storeroom PO be likened to?

A
  • Transfer order, or
  • Internal PO
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Which applications are used to track the internal movement of items?

A

Purchase Orders
Inventory Usage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

List the applications that POs can be created from

A
  • PO
  • PR
  • RFQ
  • Inventory
  • Purchase Contracts
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

How are POs typically created?

A

From a PR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Which action streamlines the PO creation process?

When creating a PO from a PR

A

Copy PR Line Items to PO

In Purchase Requisitions application

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is required to approve a PO?

A

Monetary approval limit that is equal to or greater than the total cost of the PO

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Who sets the approval limits for each user, for POs?

A

System administrator

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What can be specified (customized), pertaining to PR conversion to PO?

A

PRs must be approved before any of the PR items can be assigned to a PO

Can also specify this

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the implications of configuring the setup (settings) to bypass validation of revisions to contracts associated with POs?

A

POs can be approved by any person in that group

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Purchase Orders application

Complete Receipts action

What does this do?

A

Changes all the Purchase Order lines to show that receipts have been completed, and no lines will be added to the purchase order

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Purchase Orders application

Impacts on status by Complete Receipts action

A

No status change on PO

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Purchase Order

Editability once approved

A

Most fields cannot be edited

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Purchase Order

How to edit after approval

A

Revision should be made

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Purchase Orders

List statuses

A
  • Waiting for Approval (WAPPR)
  • In Progress (INPRG)
  • Approved (APPR)
  • Canceled (CAN)
  • Closed (CLOSE)
  • Pending Revision (PNDREV)
  • Hold (HOLD)
  • Revised (REVISD)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Purchase Orders

Default status

A

Waiting for Approval (WAPPR)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Purchase Orders

Editability in WAPPR status

A

Some fields are read-only

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Purchase Orders

In Progress (INPRG) status

A

Indicates that a Purchase Order is being created and is not ready for approval

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Purchase Order Statuses > Approved (APPR)

Availability restrictions

What must the current status be?

A
  • WAPPR
  • INPRG
  • PNDREV
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Purchase Order Statuses > Canceled (CAN)

Availability restrictions

What must the current status be?

A
  • WAPPR
  • APPR
  • INPRG
  • PNDREV
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Purchase Orders

What occurs when a PO is cancelled?

Changed to status CAN

A

A Cancel PO transaction is sent to the supplier upon cancellation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

When can an approved PO not be cancelled?

A

If any of the following exist:
- One or more line items were received
- The supplier sent notification of delivery of items using an ASN transaction
- The supplier rejected the cancellation
- There is a pending revision for the PO

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Purchase Orders

Closed (CLOSE) status

What does this indicate?

A

Indicates that all of the line items were received

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Editability of PO in Closed (CLOSE) status

A

Stored as a history record that cannot be modified

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Purchase Orders

When is CLOSE (Closed) status not available?

A

Purchase Order is in PNDREV status

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Purchase Order Statuses > Pending Revision (PNDREV)

What does this indicate?

A

Indicates that a PO is being revised

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Purchase Order Statuses > Pending Revision (PNDREV)

Availability Restrictions

What must the current status be?

A
  • APPR
  • INPRG
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Purchase Orders

Restrictions on revision

A

There can only be one revision of a PO in PNDREV status at a time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Purchase Orders

Editability in PNDREV (Pending Revision) status

A

*If the cost and tax adjustments option is enabled:
*
The following costs for PO line items can be modified:
* Unit cost
* Line cost
* Tax cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Purchase Orders

Hold (HOLD) status

A

Indicates that a PO is being revised, and the associated receipts and invoices are not to be processed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

How long does PO remain in Hold (HOLD) status?

A

Until the revision to the PO is approved

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Purchase Orders

Revised (REVISD) status

A

Indicates that a PO was revised

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Purchase Orders

Editability in REVISD status

A

Becomes a history record that cannot be changed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

When is a PO set to Revised (REVISD) status?

A

When a PO being revised is approved, the status of the previous version of the PO is set to revised

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Receiving application

A

Deals with receiving the Purchase Order line items and services at a site

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

PO status requirements, in order to create receipts

A

INPRG
APPR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

True/False: POs should be completely received

A

False: POs do not have to be completely received - there can be partial receipts as well

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

List the Receipt statuses

A

NONE
PARTIAL
COMPLETE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Receipt in NONE status

A

Indicates that there are no received line items associated to the selected purchase order record

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Receipt in PARTIAL status

What does this indicate?

A

Indicates that only part of the order has been received

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Receipt in PARTIAL status

In what scenario(s) would this occur?

A

The outstanding items may not have arrived yet or may have been returned to the vendor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Receipt in PARTIAL status

True/False: Receipts cannot be voided in this status

A

False: Receipts can still be voided

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Receipt in COMPLETE status

What does this indicate?

A

Indicates that all line items have been received

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Receipt in COMPLETE status

Describe what is allowed

Pertaining to voiding receipts, and/or materials/services

A

Receipts can still be voided
Materials and/or services can still be returned to the vendor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

True/False: Receipt statuses are also reflected on each line of the PO record

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

List the receipt line statuses for items that require inspection or serialization (Receipts)

A

WINSP - Waiting for Inspection
WASSET - Waiting for serialization
COMP - Complete

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Receipts

What is the holding location used for?

What are the corresponding receipt line statuses?

A

Where items that require inspection and/or serialization go to before they can be transferred to an appropriate storeroom (or direct issue location)

WINSP - Waiting for Inspection
WASSET - Waiting for Serialization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Receipts

What will cause receipt line status to change to COMP (Complete) - for items that require inspection and/or serialization?

What transaction is created, and what does this correspond to?

A

Once the item is inspected and/or serialized

A transfer transaction is created: where the item is moved from the holding location to its appropriate destination

50
Q

Receipt Line Statuses

Waiting for Inspection (WINSP)

What does this indicate?

A

Indicates that the line item is in the process of being received but has not yet been entered into inventory

51
Q

Receipt Lines Statuses > Waiting for Inspection (WINSP)

Where is the item physically located? How long does it stay there?

A

Holding location

Until the inspection is completed

52
Q

Receipt Line Statuses > Waiting for Inspection (WINSP)

Potential status changes for this line item

i.e. after inspection

A

WASSET, or
COMP
(depends on whether it is a rotating item)

53
Q

Receipt Line Statuses

Waiting for Serialization (WASSET)

A

Indicates that the line item is a rotating item that is waiting to have an asset number assigned to it

54
Q

Receipt Line Statuses > Waiting for Serialization (WASSET)

Where is the item located? What would be the next step?

Next step for physical location

A

The item is still in the holding location; it has not yet been sent to its appropriate storeroom or to its direct issue location

55
Q

Receipt Line Statuses > Waiting for Serialization (WASSET)

True/False: If the line item requires inspection, the inspection has already taken place

A

True

56
Q

Receipt Line Statuses > Waiting for Serialization (WASSET)

When will the status change, and what will it change to?

A

After the item has been serialized

COMP (Complete)

57
Q

Receipt Line Item Status

Complete (COMP)

A

Indicates that the line item has been received and if necessary inspected and serialized

58
Q

Receipt Line Item Statuses

What is created when the status changes to COMP?

What does this do?

A

Transfer transaction

Transfers the item to its appropriate store room or to its direct issue location

59
Q

What type of item has status COMP upon receipt?

A

Line item that is:
- Not rotating
- Does not require inspection

60
Q

What can be done if a receipt transaction is applied in error?

A

Receipt transactions can be voided

61
Q

Receipt Transactions

Define void

Verb

A

Reversal that brings the receipt back to its former state

62
Q

What is a voided receipt similar to, and what are the differences?

A

Similar to: a return
Exception: cannot be considered for use on a credit invoice

63
Q

Voiding Receipts

A line item has been received and invoiced. Can it be voided?

A

No

64
Q

Voiding Receipts

True/False: Rotating items cannot be voided

A

False: Both rotating and non rotating items can be voided

65
Q

Voiding Receipts

Can you void a line item/service in status WINSP?

Waiting for Inspection

A

Yes

66
Q

Voiding Receipts

Can you void a line item/service that has not been inspected?

A

Yes

67
Q

Voiding Receipt Lines

Can you void receipt lines with the following properties: Serialized assets (COMP lines)

A

No

68
Q

True/False: Returned items cannot be voided

A

True

69
Q

True/False: Partially or fully returned receipts cannot be voided

A

True

70
Q

What kind of items can be returned?

List the rules that apply to these

A

Rotating assets and direct-issue items can be returned to vendors

  • The asset must be in the same storeroom it was received
  • The inventory cost must be equal to the line being reversed
  • Direct issue items cannot be returned if it was moved
71
Q

What is the Invoicing application used for?

A
  • Record vendor invoices for delivered materials or services as they are received
  • Debit and credit notes from vendors can also be recorded and invoice details can be matched against POs and receipts
  • Approved or paid invoices credit memos or debit memos can be reversed
  • Items that are part of the consignment inventory can be invoiced when items are used
72
Q

What kind of items can be returned?

A

Rotating assets and direct-issue items can be returned to vendors

73
Q

List the rules that apply to returning items

A
  • The asset must be in the same storeroom it was received
  • The inventory cost must be equal to the line being reversed
  • Direct issue items cannot be returned if it was moved
74
Q

Purpose of entering invoices in Maximo

A

Allows the creation of a three way match

75
Q

What is the 3-way match in Maximo?

A

Match invoice information against POs and receipts of materials and services

76
Q

When is the 3-way match enforced? What would be the next steps?

A

Receipt Required? selected on a PO line item

Invoice can then be approved and routed to accounts payable

77
Q

True/False: Invoices can also be created without receipts

A

True

78
Q

List the invoice types

A
  • Single PO
  • Multiple PO
  • No PO
79
Q

What is a Single PO invoice?

A

An invoice related to a single PO

80
Q

What is a Multiple PO invoice?

A

An invoice related to many POs

81
Q

What is a No PO invoice?

A

An invoice without a related PO

82
Q

What information is entered on a Multiple PO invoice?

A
  • General Invoice data on the Invoice tab
  • List related POs on the Invoice Lines tab
83
Q

What is entered on a Single PO invoice?

A

Information such as:
- Invoice number
- Corresponding PO number
- Any receipts recorded for the PO
- Information specific to the invoice

84
Q

What information is entered on a No PO invoice?

A

Invoice-specific information is entered into the application

85
Q

Describe a newly entered invoice (status ENTERED)

A

A newly entered invoice has some fields completed by default; some of these fields are read-only.

86
Q

What does a No PO invoice typically represent?

A

Typically such an invoice represents a bill for which there is no PR or PO

87
Q

What does status indicate after an invoice is created?

A

Its stage in the processing cycle

88
Q

List the invoice statuses

A

Entered (ENTERED)
Waiting for Approval (WAPPR)
Hold (HOLD)
Approved (APPR)
Paid (PAID)
Pending Reversal (PENDREV)
Reversed (REVERSED)
Scheduled (SCHED)
Cancel (CANCEL)

89
Q

Invoice Statuses > Hold (HOLD)

Describe an example

When would an invoice be placed in this status?

A

Received an invoice but have not received the items

90
Q

What is the default invoice status?

A

Entered (ENTERED)

91
Q

Editability of a PO in status Entered (ENTERED)?

A

An invoice with the status of Entered can be edited.

92
Q

Invoice Status > Waiting for Approval (WAPPR)

What does this indicate?

A

Invoice information has been entered, is ready for review and approval by the appropriate level of staff.

93
Q

Invoice Statuses

Which can be changed to status Waiting for Approval (WAPPR)?

A

ENTERED
HOLD

94
Q

Invoice Statuses

Which can be changed to Hold (HOLD)?

A

ENTERED
WAPPR

95
Q

Invoice Statuses > Hold (HOLD)

Describe when this would be used

A

If the invoice must not be approved or paid, you can change the invoice to Hold status.

96
Q

What invoice status(es) can be changed to Approved (APPR)?

A

ENTERED
WAPPR
HOLD

97
Q

Invoice Statuses > Pending Reversal (PENDREV)

What does this indicate?

A

Indicates that the invoice is in the process of being reversed.

98
Q

Invoice Statuses > Pending Reversal (PENDREV)

Provide example

A

If an error was made on the unit cost on the original invoice, you can reverse the invoice without having to create a return transaction.

99
Q

Invoice Statuses > Paid (PAID)

What happens if invoice status is changed directly to this without first approving the invoice?

A

Invoice is validated for approval criteria

100
Q

What closes all purchase orders associated with an invoice?

A

Close PO is selected on the Change Status window, and change the status to Approved

101
Q

What status(es) is an invoice status change to Paid (PAID) restricted to?

A

ENTERED
WAPPR
APPR
HOLD

102
Q

What happens if invoice status is changed directly to Paid without first approving the invoice?

A

Product approves the invoice

103
Q

Invoice Statuses > Paid (PAID)

Editability

A

Stored as a history record and cannot be modified

104
Q

What does invoice status Pending Reversal (PENDREV) indicate?

A

The invoice is in the process of being reversed

105
Q

Give an example of invoice status Pending Reversal (PENDREV)

A

If an error was made on the unit cost on the original invoice, you can reverse the invoice without having to create a return transaction.

106
Q

Invoice Statuses > Pending Reversal (PENDREV)

When is this available?

A

Only if the original invoice/credit memo/debit memo status is Approved or Paid

107
Q

invoice status Reversed (REVERSED)

A

Indicates that an approved or a paid invoice, credit memo, or debit memo has been reversed.

108
Q

Invoice status Scheduled (SCHED)

A

Indicates that the invoice is part of a payment schedule, set up for a specific contract.

109
Q

Restrictions on invoice status Scheduled (SCHED)

A

Invoices with this status can be created only from the Contracts applications.

110
Q

What status(es) is invoice status change to Cancel (CANCEL) restricted to?

A

ENTERED
WAPPR
HOLD

111
Q

Editability of canceled invoice

A

Stored as a history record and cannot be modified

112
Q

When creating an invoice, the invoice information is matched with…

A

the POs and receipt of materials and services

113
Q

Outside of PO line items, what other types of items can be invoiced?

A
  • Items without POs
  • Consignment items held in inventory
  • Items that do not require payment upon receipt
114
Q

Site/Org rules for Invoices with associated PO(s)

A

An invoice can be created with POs with sites different from the invoice site.

However, the invoice must be within the same organization as the PO site

115
Q

PO status restrictions for Invoices associated with PO(s)

A

PO status must be in:
APPR
INPRG
CLOSE

116
Q

When can PO line items be copied to an invoice?

A

invoice created for:
- single PO
- multiple POs for a single vendor
- POs whose sites are different from invoice site

services or items received that are not on the invoice can also be viewed (?)

117
Q

Implication of Receipt Required? checkbox selection, on any PO line items

A

The item must be received before the invoice can be approved

118
Q

What can be done when an original invoice contains errors?

Such as unit cost mistakes

A

The original invoice can be replaced by reversing it

119
Q

What does the replacement for the original invoice contain?

Replacement invoice

A

Updated information

120
Q

True/False: An invoice can be reversed without creating a return transaction

A

True

121
Q

What occurs when the reversal or pending reversal of an invoice is approved?

A

Any details part of the original invoice are reversed

All records related to the original invoice are updated with new information such as unit cost

Documents from the original invoice are added to the replacement invoice, and the original invoice becomes a history record.

MAS (50 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions