Module#3: Processing Adjustment and Payment Batches Flashcards
You can view your adjustment batches in the ________ form.
A: Adjustment Entry
B: G/L Batch List
C: Adjustment Batch List
C: Adjustment Batch List
True or False: Adjustments are used to correct errors made in posted documents such as incorrect amounts or distributions to incorrect accounts.
A: True
B: False
A: True
Select the types of batches you can post In the A/P Post Batches form. Select all the correct answers.
A: Payment
B: Invoice
C: Adjustment
D: Recurring
A: Payment
B: Invoice
C: Adjustment
Which functions are you able to perform directly from the A/P Adjustment Batch List form? Select all the correct answers.
A: delete a batch
B: post a batch
C: create a new batch
D: update data
A: delete a batch
B: post a batch
C: create a new batch
D: update data
Which processing method in Accounts Payable allows you to use the A/P Payment Entry form to write checks manually and record them, or have Accounts Payable print the checks for you when you enter them into a batch?
A: Invoice Entry
B: Create Payment Batches
C: Payment Entry
C: Payment Entry
Posted payments for each Vendor can be viewed on the
_______ tab of the Vendor Activity form.
A: Aging
B: Payments
C: Transactions
B: Payments
When you select Print/Post on the A/P Payment Batch List form the __________ form opens.
A: Post Payments
B: A/P Payment Entry
C: Print Checks
C: Print Checks
True or False: Prepayments cannot be entered at the time of invoice entry.
A: True
B: False
B: False
True or False: The Control Payments feature can only be used to change information for a single document.
A: True
B: False
B: False
Before you can process a payment batch, you must set up at least one
A: Invoice
B: Control Payment
C: Payment Selection Code
C: Payment Selection Code
In the Vendor Selection Range section on the A/P Payment Selection Codes form, you can define which Vendors are to be paid based on which criterion? (Select all the correct answers)
A: Payment Code
B: Account Set
C: Terms Code
D: Vendor Number
A: Payment Code
B: Account Set
D: Vendor Number
The Create Payment Batch method of generating payments allows you to create a payment batch to pay invoices due for a group of vendors.
A: True
B: False
A: True
When a new batch is created, it will be assigned its own unique
A: Batch Number
B: Batch Patch
C: Batch Sequence
A: Batch Number
The default date entered in the Batch Date box is the
A: Today’s Date
B: Session Date
C: End Date
B: Session Date
Entering a description will help you identify batches at a later date.
A: True
B: False
A: True
The ___________ and the ___________ are updated automatically as you prepare the batch.
A: Number of Entries, Minimal Total
B: Number of Letters, Subtotal Amount
C: Number of Entries, Total Amount
C: Number of Entries, Total Amount
The next available _________ Number will be entered automatically in the corresponding box
A: Entry
B: Adjustment
C: Accounting
B: Adjustment
The date entered in the ___________ Date box is used by Accounts Payable to age the adjustment.
A: Fiscal
B: Monthly
C: Adjustment
C: Adjustment
The date entered in the _________ Date box is the date the document will be posted. It is used to determine the fiscal year and period.
A: Posting
B: Accounting
C: Monthly
A: Posting
If you wish you can enter a reference to be displayed in the Posting Journal report in the Reference box. It can be up to ______ characters long.
A: 40
B: 50
C: 60
D: 70
C: 60
If you selected a document that has been assigned a multiple payment schedule in the A/P Terms form, you must enter the payment number associated with the adjustment; otherwise, the number _____ will be entered in the Payment Number box.
A: 1
B: 2
C: 3
D: 4
A: 1
The Accounts Payable module does send adjustment data to Bank or Tax services.
A: True
B: False
B: False, it does not send adjustment data
If you create an adjustment that affects a Bank account, you must enter a similar transaction in _____________
A: Accounting
B: Bank Services
C: Data Entry Services
B: Bank Services
If you create an adjustment that affects a tax account it will not be included in the Tax Tracking report
A: True
B: False
A: True
Accurate tax information must be viewed in the ___________
A: A/P Ledger
B: General Ledger
C: Accounting
B: General Ledger.
After a batch has been created and each time a batch has been edited, the batch must be printed if you selected __________ in the A/P Options form
A: Accounts must be printed
B: Force Listing of Batches
C: G/L forces listing
B: Force Listing of Batches
The ________ form is used to display all adjustment batches, including posted and deleted batches, if you check the Show Posted and Deleted Batches box.
A: A/P Adjustment Batch List
B: G/L Adjustment Batch
C: New Account opening Batch
A/P Adjustment Batch List
Once a batch has been reviewed for errors and printed, it is eligible to be posted.
A: True
B: False
A: True
A batch doesn’t need to be posted immediately after creation; however, immediate posting of batches ensures that up-to-date information is available at all times.
A: True
B: False
A: True
The ________ Journal shows a record of every entry posted. It is important to print the journal, as it is a crucial part of your audit trail.
A: Posting
B: G/L
C: Accounting
A: Posting
There are three methods to process payments in Accounts Payable
A: True
B: False
A: True
Payment Entry Method allows you to do what?
A: use the A/P Payment Entry form to write checks manually and record them
B: Have Accounts Payable print the checks for you when you enter them into a batch.
C: Both
C: Both
Invoice Entry method allows you
A: enter a payment when you enter an invoice using the A/P Invoice Entry form.
B: Allows you to send invoices to customers requiring payment for services
C: Both
A: enter a payment when you enter an invoice using the A/P Invoice Entry form.
Create Payment Batches method allows you to
A: generate payment batches to pay outstanding invoices based on certain criteria
B: Create new batches for clients and customers to get paid for services
C: Both
A: generate payment batches to pay outstanding invoices based on certain criteria
The default bank code has been taken from the Payment tab of the A/P Options form
A: True
B: False
A: True
You can choose from _______ different transaction types
A: 1 B: 2 C: 3 D: 4 E: 5
D: 4
What is a Payment transaction
A: pays the outstanding amount to the Vendor.
B: pays the outstanding amount to the Customer.
C: pays the outstanding amount to the Services.
A: pays the outstanding amount to the Vendor.
What is a Prepayment Transaction
A: It allows you to enter a payment before the invoice is received.
B: It allows you to enter a prepayment before the invoice is received.
C: It allows you to enter a prepayment before the vendor is received.
B: It allows you to enter a prepayment before the invoice is received.
The prepayment can be applied an existing document, against a document that is entered and posted or applied to a posted document at a later time.
A: True
B: False
A: True
What is a Apply Document Transaction
A: It allows you to apply a posted prepayment or credit note to an invoice, debit note or interest charge.
B: It allows you to apply a posted payment or credit note to an invoice, debit note or interest charge.
C: Both
A: It allows you to apply a posted prepayment or credit note to an invoice, debit note or interest charge.
What is a Misc. Payment
A :enter a payment from a service that has not yet been set up
B: enter a payment from a invoice that has not yet been set up
C: enter a payment from a vendor that has not yet been set up
C: enter a payment from a vendor that has not yet been set up
The Batch Date is displayed in the _______ Date
A: Monthly
B: Fiscal
C: Payment
C: Payment
The Batch Date is also entered in the ______ Date box.
A: Posting
B: Fiscal
C: Monthly
A: Posting
The default Payment Code is displayed in the Payment Code box
A: True
B: False
A: True
Payment batches can be viewed in the ________ Batch List form
A: A/P Payment
B: A/P Accounting
C: G/L
A: A/P Payment
The A/P Payment Batch List form is used to display all payment batches, including posted and deleted batches if desired.
A: True
B: False
A: True
If the Print Check box was checked in the A/P Payment Entry form, checks are printed and then the batch is posted
A: True
B: False
A: True
The default format displayed is an advice-check-advice format printed on ________ inch paper
A: 11 by 17
B: 8.5 by 11
C: 10 by 15
B: 8.5 by 11
It is important to print the journal, as it is an important part of your audit trail.
A: True
B: False
A: True
General Ledger batches can be posted using the G/L Batch List form or the G/L Post Batches form in the General Ledger module
A: True
B: False
A: True
The Create Payment Batch method of generating payments allows you to create a payment batch to pay invoices due for a group of Vendors
A: True
B: False
A: True
Before you can process a payment batch, you must set up at least one ________ Code
A: Payment Interest
B: Payment Selection
C: Vendor Selection
B: Payment Selection
Open the Payment Selection Codes form by selecting the __________ icon in the A/P Setup folder.
A: Payment Selection Codes
B: Payment Accounting Codes
C: Selection G/L Codes
A: Payment Selection Codes
Once you have defined the Selection Codes, the Accounts Payable module can generate a payment batch based on the criteria that you selected.
A: True
B: False
A: True
In the Pay from Bank box you can’t enter or select the bank from which checks are drawn.
A: True
B: False
B: False
Use the _____ tab to select a range of documents and change their status.
A: Printing
B: Range of Documents
C: G/L Document
B: Range of Documents
After changes are made using the A/P Control Payments form, the documents selected for payment will not have changed
A: True
B: False
B: False, they will have to be changed
When you open the A/P Create Payment Batch form, all previously entered data will be displayed.
A: True
B: False
A: True
Click ________ at the bottom of the A/P Create Payment Batch form to create a Payment batch and clear the form.
A: Create
B: Generate
C: Design
B: Generate
________ batches are displayed in the General Ledger the same way as other payment batches in the G/L Batch List form.
A: System generated
B: Created
C: Designed
A: System generated
Which 2 options do you have to enter an adjustment
A: During the entry of the payment
B: During Posting in the Invoice Entry Form
C: Create an Adjustment batch.
D: Directly in the Posting Journal Report
A: During the entry of the payment
C: Create an Adjustment batch.
The Accounts Payable module does not send adjustment data to Bank or Tax 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
If you selected the Payment Code CHECK and you wish to hand write the check which box would you clear?
A: Post Check
B: Print Check
C: Clear Check
D: Write Check
B: Print Check
Define the Payment Entry form
A: allows you to A/P Payment Entry form to write checks manually and record them, or you can enter payments in a batch and have Accounts Payable print the checks for you when you enter them into a batch
B: allows you to generate payment batches to pay outstanding invoices base on
C: allows you to enter a payment when you enter an invoice
A: allows you to A/P Payment Entry form to write checks manually and record them, or you can enter payments in a batch and have Accounts Payable print the checks for you when you enter them into a batch
Define the Invoice Entry form
A: allows you to A/P Payment Entry form to write checks manually and record them, or you can enter payments in a batch and have Accounts Payable print the checks for you when you enter them into a batch
B: allows you to generate payment batches to pay outstanding invoices base on
C: allows you to enter a payment when you enter an invoice
C: allows you to enter a payment when you enter an invoice
Define the Create Payment Batches form
A: allows you to A/P Payment Entry form to write checks manually and record them, or you can enter payments in a batch and have Accounts Payable print the checks for you when you enter them into a batch
B: allows you to generate payment batches to pay outstanding invoices based on
C: allows you to enter a payment when you enter an invoice
B: allows you to generate payment batches to pay outstanding invoices based on
The Payment Selection Code allows you to define information about the payment batch, such as how documents are selected, and the bank to be used for payment. You are able to process a payment batch without setting up Payment Selection Codes
A: True
B: False
B: False
How would you Print the Pre-Check Register?
A: Click Register at the Bottom of the A/P Payment Inquiry Form
B: Click Register at the Bottom of the A/P Invoice Batch List Form
C: Click Register at the Bottom of the A/P Payment Batch List Form
D: Click Register at the Bottom of the A/P Create Payment Batch Form
D: Click Register at the Bottom of the A/P Create Payment Batch Form
