Module#3: Creating Adjustment, Receipt, and Refund Batches

Question 1

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C: Correct and Fix any outdated batches or posts

Answer 1

A: Correct Errors made in Posted or Open Documents

Question 2

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

Answer 2

A: True

Question 3

After a batch has been created and each time a batch has been edited, the batch must be printed

A: True
B: False

Answer 3

A: True

Question 4

Adjustment batches can be viewed in the A/R _______ form

A: Adjustment Batch List
B: Adjustment Entry
C: Both

Answer 4

A: Adjustment Batch List

Question 5

True or False:

The Accounts Receivable module does not send adjustment data to Bank Services.

A: True
B: False

Answer 5

A: True

Question 6

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

Answer 6

B: Adjustments

Question 7

When payments are received from your customers, you must enter them as receipts.

A: True
B: False

Answer 7

A: True

Question 8

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

Answer 8

A: A/R Receipt

Question 9

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

Answer 9

A: allows you to record receipts against customer accounts.

Question 10

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

Answer 10

B: records partial payments of an invoice that has not yet been recorded.

Question 11

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

Answer 11

C: is used to record overpayments as well as payments when the invoice is not known.

Question 12

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

Answer 12

D: is selected when you want to apply a posted prepayment, an unapplied cash transaction or a credit note to a customer’s account

Question 13

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

Answer 13

E: allows you to enter a receipt that will not be applied to a customer’s account

Question 14

Prepayments can be entered and applied to a document in the A/R Receipt Entry form and the Prepayments form

A: True
B: False

Answer 14

A: True

Question 15

The Quick Receipt Entry form enables you to enter _________ without applying them to documents.

A: Invoices
B: Ledgers
C: Receipts

Answer 15

C: Receipts

Question 16

What feature can you use to look up receipts based on certain criteria?

A: Receipt inquiry
B: Invoice inquiry
C: Ledger inquiry

Answer 16

A: Receipt inquiry

Question 17

True or False:

The A/R Quick Receipt Entry form enables you to enter receipts without applying them to documents.

A: True
B: False

Answer 17

A: True

Question 18

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

Answer 18

C: Prepayment

Question 19

True or False:

The Receipt Inquiry feature is used to look up receipts based on certain criteria.

A: True
B: False

Answer 19

A: True

Question 20

You can view posted receipts for each customer on the ________ tab of the A/R Customer Inquiry form.

A: Receipts
B: Refunds
C: Adjustments

Answer 20

A: Receipts

Question 21

Refunds can be applied against: (Select all that Apply)

A: receipts
B: credit notes
C: prepayments
D: unapplied cash

Answer 21

A: receipts
B: credit notes
C: prepayments
D: unapplied cash

Question 22

True or False:

Batches don’t need to be posted before a refund can be issued

A: True
B: False

Answer 22

B: False

Question 23

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

Answer 23

A: the bank or cash account to be used.

Question 24

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

Answer 24

B: The amount of the cash refunded

Question 25

Refunds can be applied against: (select all that apply) ``` A: prepayments B: receipts C: unapplied cash D: invoices E: credit notes ```

Answer 25

A: prepayments B: receipts C: unapplied cash E: credit notes

Question 26

True or False: Before processing a refund the batch must be deleted. A: True B: False

Answer 26

B: False

Question 27

The Refund Inquiry command is located in the A/R ________ folder. A: Setup B: Transactions C: Customers

Answer 27

B: Transactions

Question 28

Posted refunds for each customer can be viewed on the _________ tab of the Customer Inquiry form. A: Receipts B: Adjustments C: Refunds

Answer 28

C: Refunds

Question 29

What button would you click if you wanted to display documents in the table? A: Go B: Zoom C: Inquiry D: Finder

Answer 29

A: Go

Question 30

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

Answer 30

B: increasing, decreasing

Question 31

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

Answer 31

D: Printing the Adjustment Posting Journal

Question 32

When payments are received from your vendors, you must enter them as receipts. A: True B: False

Answer 32

B: False

Question 33

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

Answer 33

D: Prepayment

Question 34

To apply the receipt to a document, double‐click No in the ______ column. A: Apply B: Applied Amount C: Net Balance D: Receipt Amount

Answer 34

A: Apply

Question 35

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

Answer 35

B: A/R Receipt Entry form and Prepayment form

Question 36

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

Answer 36

C: Enables you to enter receipts without applying them to documents.

Question 37

You can use the Receipt inquiry feature to look up receipts based on certain criteria A: True B: False

Answer 37

A: True

Question 38

Refunds can be applied against: ``` A: Receipts B: Credit Notes C: Prepayments D: Unapplied Cash E: All of the Above ```

Answer 38

E: All of the Above