Module#6: Performing Period‐End Tasks Flashcards
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
A: process of Comparing and Matching figures from your accounting records against those in your bank statement
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
True
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
C: Both
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
A: Batches
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
B: Errors
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
A: Report that enables you to compare company’s transactions with a bank statement
What is the Reconcile Statements
A: Used to perform a bank reconciliation
B: Used to print Statements
C: Used to Reconcile different accounts
A: Used to perform a bank reconciliation
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
A: Discrepancies
D: All
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
A: Reconcile Statements
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
D: All of the Above
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
A: All the Transactions that have been posted in Sage 300 that affect bank accounts
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
B: A Record of your Reconciliation entries that can be compared to your Bank Statement
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
B: to display all outstanding checks and other withdrawals
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
E: All
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
E: All
Once a bank reconciliation is balanced, you can post it.
A: True
B: False
A: True
The majority of companies divide their fiscal year into ________ accounting periods, which correspond to the twelve calendar months
A: Twelve
B: Ten
C: Eleven
A: Twelve
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
C: Both
Open batches can be viewed in the G/L Batch List form
A: True
B: False
A: True
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
A: Individually
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
B: General
The Source Ledger column contains the ________ form for the subledger in which the batch originated
A: Long
B: Middle
C: Short
C: Short
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
A: True
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
A: True
You can move selected applications to and from
A: Available Applications Box
B: Check Applications Box
C: Both
C: Both
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
A: Let’s the program correct minor errors during integrity check
What kind of minor errors will be fixed?
A: All Errors
B: Depends on the Application
C: Ones that are manually selected
B: Depends on the Application
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
D: All
When should a separate backup be done?
A: Beginning of the Month
B: Middle of the Month
C: Month End
C: Month End
How many Tabs are in the Source Journals Report Form
A: One
B: Two
C: Three
D: Four
C: Three
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
H: All of them
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
A: To Print Financial Statements required by your business
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
E: All of the Above
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
A: Income and Expense
Be sure to complete any month‐end procedures for the current period before beginning your year‐end tasks
A: True
B: False
A: True
Sage 300 doesn’t have any required year end procedures
A: True
B: False
A: True
Prior to performing your year end tasks, you shouldn’t backup your data to a secure location
A: True
B: False
B: False; You should
It is not important that this backup file is not overwritten
A: True
B: False
B: False, it is important
Posting Journals are records of every transaction that is posted to the General Ledger.
A: True
B: False
A: True
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
A: True
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
A: True
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
E: All
The transactions that are created when you create a new year are placed in the ________ period.
A: Opening
B: Middle
C: Closing
C: Closing
Once year end processing is complete, it isn’t important to backup your files before you begin entering new transactions
A: True
B: False
B: False
Period‐end maintenance is optional, and can be performed at any time.
A: True
B: False
A: True
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
E: All
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
D: Zero
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
A: True
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
A: True
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
C: Both
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
B: Workflow
Sage 300 provides you with Visual Process Flows for frequently used tasks.
A: True
B: False
A: True
Visual Process Flows are available for many of Sage 300’s modules.
A: True
B: False
A: True
The Transaction Listing Report enables you to compare your company’s transactions with your bank statement.
A: True
B: False
A: True
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
E: All
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
B: Bank Reconciliation Status report
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
A: Income and Expense
The available Visual Process Flows are displayed in the
Visual Process Flows folder.
A: True
B: False
A: True
The Visual Process Flow available for the General Ledger is
A: Account Transactions
B: G/L Transactions
C: Bank Transactions
B: G/L Transactions
The Reconcile Statement Form has
A: Bank Code B: Statement Date C: Reconciliation Date D: The balance on the bank statement. E: All
E: All
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
A: Bank Reconciliation
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
A: the period that income and expense accounts are closed to at year‐end. It is the last day of the fiscal period.
