Module#3: Creating Adjustment, Receipt, and Refund Batches Flashcards
Adjustments are used to _________
A: Correct Errors made in Posted or Open Documents
B: Fix Mistakes and Problems with any of the posts
C: Correct and Fix any outdated batches or posts
A: Correct Errors made in Posted or Open Documents
It is important to note that the Accounts Receivable module does not send adjustment data to Bank Services. If you create an adjustment that affects a bank account, you must enter a similar transaction in Bank Services.
A: True
B: False
A: True
After a batch has been created and each time a batch has been edited, the batch must be printed
A: True
B: False
A: True
Adjustment batches can be viewed in the A/R _______ form
A: Adjustment Batch List
B: Adjustment Entry
C: Both
A: Adjustment Batch List
True or False:
The Accounts Receivable module does not send adjustment data to Bank Services.
A: True
B: False
A: True
are used to correct errors ________ made in posted or open documents as long as they have not yet been cleared using the Clear History feature.
A: Refunds
B: Adjustments
C: Credit Notes
B: Adjustments
When payments are received from your customers, you must enter them as receipts.
A: True
B: False
A: True
The ________ Entry form can be used to enter payments received from your customers to the Account Receivable module,
A: A/R Receipt
B: A/P Receipt
C: G/L Receipt
A: A/R Receipt
What do Receipts all you to do?
A: allows you to record receipts against customer accounts.
B: records partial payments of an invoice that has not yet been recorded.
C: is used to record overpayments as well as payments when the invoice is not known.
D: is selected when you want to apply a posted prepayment, an unapplied cash transaction or a credit note to a customer’s account
E: allows you to enter a receipt that will not be applied to a customer’s account
A: allows you to record receipts against customer accounts.
What do Prepayments Allow you to do?
A: allows you to record receipts against customer accounts.
B: records partial payments of an invoice that has not yet been recorded.
C: is used to record overpayments as well as payments when the invoice is not known.
D: is selected when you want to apply a posted prepayment, an unapplied cash transaction or a credit note to a customer’s account
E: allows you to enter a receipt that will not be applied to a customer’s account
B: records partial payments of an invoice that has not yet been recorded.
What does Unapplied Cash do?
A: allows you to record receipts against customer accounts.
B: records partial payments of an invoice that has not yet been recorded.
C: is used to record overpayments as well as payments when the invoice is not known.
D: is selected when you want to apply a posted prepayment, an unapplied cash transaction or a credit note to a customer’s account
E: allows you to enter a receipt that will not be applied to a customer’s account
C: is used to record overpayments as well as payments when the invoice is not known.
What does Apply Document do?
A: allows you to record receipts against customer accounts.
B: records partial payments of an invoice that has not yet been recorded.
C: is used to record overpayments as well as payments when the invoice is not known.
D: is selected when you want to apply a posted prepayment, an unapplied cash transaction or a credit note to a customer’s account
E: allows you to enter a receipt that will not be applied to a customer’s account
D: is selected when you want to apply a posted prepayment, an unapplied cash transaction or a credit note to a customer’s account
What does Miscel. Receipt do?
A: allows you to record receipts against customer accounts.
B: records partial payments of an invoice that has not yet been recorded.
C: is used to record overpayments as well as payments when the invoice is not known.
D: is selected when you want to apply a posted prepayment, an unapplied cash transaction or a credit note to a customer’s account
E: allows you to enter a receipt that will not be applied to a customer’s account
E: allows you to enter a receipt that will not be applied to a customer’s account
Prepayments can be entered and applied to a document in the A/R Receipt Entry form and the Prepayments form
A: True
B: False
A: True
The Quick Receipt Entry form enables you to enter _________ without applying them to documents.
A: Invoices
B: Ledgers
C: Receipts
C: Receipts
What feature can you use to look up receipts based on certain criteria?
A: Receipt inquiry
B: Invoice inquiry
C: Ledger inquiry
A: Receipt inquiry
True or False:
The A/R Quick Receipt Entry form enables you to enter receipts without applying them to documents.
A: True
B: False
A: True
Prepayments can be entered and applied to a document in the A/R Receipt Entry form when you select _______ as the transaction type.
A: Apply Document
B: Unapplied Cash
C: Prepayment
C: Prepayment
True or False:
The Receipt Inquiry feature is used to look up receipts based on certain criteria.
A: True
B: False
A: True
You can view posted receipts for each customer on the ________ tab of the A/R Customer Inquiry form.
A: Receipts
B: Refunds
C: Adjustments
A: Receipts
Refunds can be applied against: (Select all that Apply)
A: receipts
B: credit notes
C: prepayments
D: unapplied cash
A: receipts
B: credit notes
C: prepayments
D: unapplied cash
True or False:
Batches don’t need to be posted before a refund can be issued
A: True
B: False
B: False
In the Cash Payment window you can select
A: the bank or cash account to be used.
B: The amount of the cash refunded
C: Both
A: the bank or cash account to be used.
In the Cash Amount box you can select
A: the bank or cash account to be used.
B: The amount of the cash refunded
C: Both
B: The amount of the cash refunded
Refunds can be applied against: (select all that apply)
A: prepayments B: receipts C: unapplied cash D: invoices E: credit notes
A: prepayments
B: receipts
C: unapplied cash
E: credit notes
True or False:
Before processing a refund the batch must be deleted.
A: True
B: False
B: False
The Refund Inquiry command is located in the A/R ________ folder.
A: Setup
B: Transactions
C: Customers
B: Transactions
Posted refunds for each customer can be viewed on the _________ tab of the Customer Inquiry form.
A: Receipts
B: Adjustments
C: Refunds
C: Refunds
What button would you click if you wanted to display documents in the table?
A: Go
B: Zoom
C: Inquiry
D: Finder
A: Go
If an amount is entered in the Table at the bottom of the A/R Adjustment entry form is in the Credit column, the selected account will be credited and the Accounts Receivable account will be debited, _________ the amount the customer owes. If an amount is entered in the Debit column, the selected account will be debited and the Accounts Receivable account will be credited, _________ the amount the customer owes.
A: decreasing, increasing
B: increasing, decreasing
B: increasing, decreasing
Processing adjustment batches consists of three steps, which of the following is not one of the them
A: Printing the Adjustment Batch Listing report,
B: Posting the adjustment batch, and
C: Printing the Adjustment Entry report
D: Printing the Adjustment Posting Journal
D: Printing the Adjustment Posting Journal
When payments are received from your vendors, you must enter them as receipts.
A: True
B: False
B: False
What Transaction type would you choose in the Receipt Entry form to record a prepayment to an invoice
A: Unapplied Cash
B: Apply Document
C: Receipt
D: Prepayment
D: Prepayment
To apply the receipt to a document, double‐click No in the ______ column.
A: Apply
B: Applied Amount
C: Net Balance
D: Receipt Amount
A: Apply
What are the two forms you can use to enter and apply prepayments
A: A/R Prepayment Entry Form and Prepayment Form
B: A/R Receipt Entry form and Prepayment form
C: G/L Receipt Entry form and Prepayment form
D: G/L Prepayment Entry form and Prepayment form
B: A/R Receipt Entry form and Prepayment form
What does the Quick Receipt Entry form enables you to do?
A: Enables you to quickly enter receipts and apply them to documents
B: Enables you to select the fields that will be copied automatically as you enter transactions into the form
C: Enables you to enter receipts without applying them to documents.
D: Enables you to save deposit slips to be printed at a later time
C: Enables you to enter receipts without applying them to documents.
You can use the Receipt inquiry feature to look up receipts based on certain criteria
A: True
B: False
A: True
Refunds can be applied against:
A: Receipts B: Credit Notes C: Prepayments D: Unapplied Cash E: All of the Above
E: All of the Above
