MB7-514 - NAV 5.0 C/SIDE Introduction
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Which of the following statements is TRUE for the way the Close Income Statement batch job works with an additional reporting currency?
The batch job posts closing entries directly to the general ledger and not to a journal batch.
A level 1 reminder containing an additional fee of USD 7.50 is issued to a customer attached to the FOREIGN reminder term but no customer ledger entry containing the fee is created. What is the reason for this?
The Post Additional Fee field in the Reminder Terms window does not contain a check mark.
Which of the following statements is TRUE about dimensions?
Only global dimensions are stored directly on the G/L entries.
What field must equal zero before you can post a General Journal?
When you activate the additional reporting currency and convert the existing G/L entries to additional reporting currency (ACY), what exchange rate or rates are used?
All entries are converted using the LCY to ACY exchange rate that exists at the work date.
In the Apply Customer Entries window, which of the tabs must contain an entry so that you are allowed to post?
If you want to see the dimensions assigned to the entries in a specific G/L account, you must use the:
G/L Entries Dimension Overview window
One of the consequences of closing a fiscal year is that you:
Cannot reopen the year.
In using Vendor Priority, the Suggest Vendor Payments batch job applies the following rules to determine which invoices to suggest: Choose the 2 that apply.
Only vendor entries that can be paid fully are suggested.
All Priority 1 vendor entries that can be fully paid within the Available Amount (LCY) are suggested first.
Your client wants all posted customer entries to contain the SALES Department Code. You can achieve this by using which of the following?
Account Type Default Dimensions
There are several Balancing fields that are available to track the application at the bottom of the Apply Vendor Entries window. Mark the fields that are balancing fields. Choose the 3 that apply.
Amount to Apply
What is the Debit/Credit field on the Chart of Accounts Card used for?
To establish the normal type of transactions posted to this account.
You want to create a column to show the same information for the previous accounting period for comparison with the accounting period specified in the account schedule Date Filter. To achieve this, you:
Enter "-1P" in the Comparison Period Formula field in the Column Layout.
Which of the following statements are correct for budgets? Choose the 2 that apply.
You can select which values to show as lines and which values to show as columns.
The Copy G/L Budget function includes an adjustment factor.
General Business Posting Groups are: Choose the 2 that apply.
Set up in the Financial Management area
Assigned to Vendor Cards
Which of the following statements is TRUE with regard to the interest period for finance charge terms (that is, the period that relates to the interest rate percentage)?
You can enter any number of days.
In order to reverse Vendor Ledger Entries, the following must be true: Choose the 3 that apply.
The Vendor Ledger Entries must not already have been reversed.
The total amount of G/L Entries must equal zero.
Only entries with the Journal Batch Name field filled in can be reversed.
In a cash receipt journal, you have entered a payment of EUR -25,000.00. You now want to apply this payment to two customer ledger entries of EUR 15,000.00 and USD 9,000.00. Which option must you select in the Appln. between Currencies field in the Sales & Receivables Setup window to be able to apply these entries?
You have posted a cash payment of 290 which appears incorrectly on the bank statement as 209. When completing the bank reconciliation, how can you record this difference?
Enter the bank statement amount in a reconciliation line with the Type of "Difference".
A customer has several invoices and credit memos so that the customer's balance is now negative. You have entered a Cash Receipt Journal and applied all the credit memos and invoices. What else must occur so that when you post the journal it will bring the customer balance to 0. Choose the 3 that apply.
The Amount field must be positive in the Cash Receipt Journal window.
The Document Type must be Refund in the Cash Receipt Journal window.
The total amount for the applied credit memos must be larger than the total applied invoice amounts.
The Adjust Exchange Rates process will not update which of the following records?
Item Sales Price
Your client wants the program to automatically assign a set of dimensions to every transaction posted for a specific customer. This is achieved by setting up:
The Adjust Exchange Rates batch job is used to:
Update the LCY Balances on Customer, Vendor, and Bank Account ledger entries that contain a Currency Code.
What technique does Microsoft Dynamics NAV use to allow multiple users access to the database at the same time?
Which of the following statements is TRUE for the Trial Balance report?
The report lists G/L accounts and shows debit and credit net change and balance for each account.
When using the date compression option in the analysis view card, the Posting Date for the compressed entries will be the:
First date of the compressed period.
What information is entered in the Totaling field of a row in an Account Schedule if the Totaling Type field has the "Total Accounts" option selected?
The G/L Account Number for an End Total or Total Account.
How are menus assigned to users?
While in the Navigation Pane Designer, right-click the menu button of the menu that you want to assign, and then click Assign Users.
You have inserted a check mark in the "Calculate Interest" field for the reminder terms code REMINT. What else do you need to do to make sure the program calculates interest on reminders?
Enter a valid finance charge terms code on the cards for customers that are attached to the REMINT code.
In addition to summarizing per Vendor, you can also select what other option in the Suggest Vendor Payment window?
Summarize per Dimension
What is the purpose of printing the Closing Trial Balance report?
To provide the basis for the accountant's preparation of the annual accounts.
To post VAT adjustment entries when payment discounts are granted, you must click the Adjust for Payment Disc. field in the General Ledger Setup window and:
Place a check mark in the Adjust for Payment Discount field in the VAT Posting Setup window for the combinations you want to adjust.
The Original Pmt. Disc. Possible field is calculated using the Payment Discount % field on the Purchase Header if the Vendor Ledger Entry is created by posting what? Choose the 2 that apply.
For LCY Conversion Rounding to take place, the following accounts need to be set up in the Currency Card:
Conv. LCY Rounding Debit Account, Conv. LCY Rounding Credit Account
What setup is recommended to process cash sales in the program?
You must set up a Payment Method Code with a balancing account and post sales journals or documents using that code.
Which of the following is TRUE of closed VAT Entries?
VAT Entries will only be closed if you post the VAT settlement.
In regard to applying entries after posting, which of the following statements is TRUE?
It is strongly recommended that you only include one entry with Document Type = Payment or Refund when you apply already-posted entries.
Choosing the "Limited" option in Dimension Combination Setup allows which of the following?
The Dimension combination is allowed in only certain circumstances, and the values are defined.
What is the effect of using the Insert Conv. LCY Rndg. Lines function in journals?
The function inserts an LCY journal line that ensures that the journal is balanced both in foreign currency and LCY.
If you choose the "Variable" Recurring Method on a Recurring Journal, which one of the following describes how Microsoft Dynamics NAV will process the journal?
The Amount field on the journal will be changed to zero after posting.
The adjustment exchange rate used by the Adjust Exchange Rates batch job is determined by comparing the:
Ending Date in the Adjust Exchange Rates batch job with the Starting Date in the Currency Exchange Rates window.
The Adjust Exchange Rates batch job posts the exchange adjustments related to customer and vendor ledger entries to which G/L accounts?
Unrealized Gains and Unrealized Losses
In the General Ledger Setup window and the Currencies window, you define the maximum VAT difference allowed for LCY and each foreign currency. Do you need to do more before you can enter VAT manually in a purchase order document?
Yes, you have to put a check mark in the Allow VAT Difference field in the Purchases & Payables Setup window.
If Automatic Cost Posting is activated in Inventory Setup, what G/L Account from the General Posting Setup must be set up for the feature to work?
Cost of Goods Sold Account
In order to suggest the lines for the Bank Reconciliation, what must you do?
Enter the Statement Date and the Statement Ending Balance and then use the Suggest Bank Acc. Recon. Lines function.
Which of the following are available interest calculation methods for finance charge terms? Choose the 2 that apply.
Average Daily Balance
Which RIM Toolkit elements help to structure new data? Choose the 2 that apply.
Industry-specific setup data
Dimension Priorities for Sales Journal entries are set as "2" for the Item table and "1" for the Customer table. What is the effect?
If the Dimension code has a value from the Customer Table and the Item Table, then the Customer table takes priority.
What criteria must be satisfied before you can post the bank reconciliation?
The Statement Ending Balance must equal the Total Balance field and the Total Difference field must equal the sum of all reconciliation lines with the Type of "Difference."
If you want to post rounding differences when you apply entries in different currencies, what can you set for each currency in the corresponding field in the Currency window?
Appln. Rounding Precision