MB3-528 - GP 10.0 Financials
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What function provides an option to designate a default printer for a specific task such as printing payables checks?
The System Administrator of the ABC Company completed all the security setups for a company. Where is security activated for the company in Microsoft Dynamics GP?
Company Setup window
Where can a default depreciation method be designated for a group of assets?
Book Class Setup
Which of the following statements are true about classes in Fixed Assets? Choose the 2 that apply.
At least one class is required.
Account groups can be assigned to a class.
An invoice is posted and fully applied to a payment. Later, the payment is voided. What happens to the invoice that is applied to the payment?
The invoice is returned to the Payables Open Transaction table
The Sales Manager is getting ready to set up salespeople for commission calculations. What must be done in Microsoft Dynamics GP prior to setting up salespeople?
Set up at least one sales territory.
What is the maximum account length and maximum number of segments for an account in Microsoft Dynamics GP?
66 and 10
A vendor, the ABC Company sent an invoice along with merchandise. The invoice is entered and posted in Payables Management. Some of the merchandise is later determined to be damaged. What can be done to temporarily prevent this invoice from being paid, but still allow other ABC Company invoices to be paid?
Place the individual invoice on hold.
The XYZ Company is a customer placed on hold. Which of the following document types can still be entered for the XYZ Company?
Which of the following statements are true regarding recurring batches in Payables Management? Choose the 3 that apply.
The recurring batch can be saved in the system indefinitely.
It is an efficient way to enter transactions that repeat on a frequent basis, such as monthly rent.
Each time the batch is posted, the posting date increments based on the selected batch frequency.
Which of the following credit limit options are available when setting up a customer? Choose the 3 that apply.
Assign a customer no credit.
Assign a customer unlimited credit.
Assign a customer an overall credit limit and also specify a credit limit for a specific aging period and beyond.
What is the function of the Posting Type field in Account Maintenance?
It determines which accounts are closed to retained earnings during the year-end close process.
When a transaction is entered in Payables Transaction Entry, which number is automatically generated by Microsoft Dynamics GP to uniquely identify the transaction?
The Vice President of Sales is proposing to change the account format so sales can be tracked more precisely. Assuming the account framework was set to the maximums allowed in Microsoft Dynamics GP for account length and segments, which of the following statements are true about changing the account format? Choose the 2 that apply.
The account format length can be changed from 10 characters to 11 characters.
Changes can be made to the account format before the chart of accounts has been entered.
Which date is used as the posting date in General Ledger if a batch of transactions is posted in summary from a subsidiary ledger in Microsoft Dynamics?GP?
Which of the following occurs during the year-end closing process in General Ledger? Choose the 3 that apply.
Profit and Loss account balances are closed to the retained earnings account.
Balance sheet accounts are summarized, bringing the balances forward as the accounts?beginning balance in the new fiscal year.
The General Ledger account balances are reconciled for the year.
What is the best way to track component (related) assets if the component might be linked to a different asset in the future?
The Master Asset ID field
Department Managers in the XYZ Company want to use Microsoft Excel to create initial budgets. How should these department budgets be entered into Microsoft Dynamics GP?
Import the budgets using the Excel Based Budgeting Wizard.
When first setting up a checkbook, what amount should be entered in the Last Reconciled Balance field in Checkbook Maintenance?
The ending balance from the most recent reconciled bank statement.
A remittance form automatically prints for a computer check in Payables Management in which of the following situations?
If there are more than twelve items that need to print on the check stub.
A customer walked into the store and purchased a phone. If the shipping method is pickup on a Receivables transaction, and the option in the Company Setup Options window to use the shipping method when selecting default tax schedules is selected, what tax schedule appears by default on the transaction?
The tax schedule assigned to your company
Two different salespeople were helping a customer that generated a sale. How can the commission be split between these salespeople?
Use the Commissions button in Receivables Transaction Entry and allocate fifty percent of the sale to each salesperson.
The Consultant that set up Receivables Management selected the Compound Finance Charge option in Receivables Setup. What does this allow?
This allows finance charging on a customer balance including unpaid previously assessed finance charges.
When are transactions moved to history in Bank Reconciliation?
When they are reconciled in Bank Reconciliation
How many aging periods can be set up in Payables Management?
Lisa posted an invoice and later realized she selected the wrong payment terms, which calculated an incorrect due date for the invoice. How can she change the due date on the invoice? Choose the 2 that apply.
Void the invoice and reenter it with the correct due date.
Use the Edit Payables Transactions window to change the due date.
What is the result if a purchases account is entered in Vendor Account Maintenance and an additional purchases account is also set up and is selected to default on the transaction?
Both accounts default on the transaction, with the entire purchases amount defaulting on the purchases account from the Vendor Account Maintenance window.
How should a customer be set up if their transactions need to be consolidated at the end of each period?
Select a balance type of Balance Forward.
A line item on a purchase order is a fixed asset purchase. The item needs to be added as an asset in Fixed Assets. How is integration from Purchase Order Processing by Receipt Line triggered?
By marking a line item as a Capital Item when the item is entered on a purchase order or receivings transaction
In what order do the accounts for a Payables Management transaction default?
Looks first to the vendor record, then to Posting Accounts Setup
Which of the following statements are true about scheduled payments in Receivables Management? Choose the 2 that apply.
Interest can be calculated using simple or compound methods.
An invoice must be posted prior to creating the scheduled payment.
What are the requirements to void an invoice in Receivables Management? Choose the 2 that apply.
The invoice must be unapplied.
The invoice must still be in the open table.
After printing a General Ledger Trial Balance report and financial statements for the same period, the Accounting Manager notices that the balances for some accounts are different when comparing the two reports. What does the accounting manager need to do?
Run the reconcile year routine and reprint the reports to see if it fixes the data.
Which processes are saved by User ID in Fixed Assets?
Depreciation Projections and Select Assets
A check written to the XYZ Company to pay an invoice was incorrectly posted in Payables Management and it updated the checkbook in Bank Reconciliation. How should this check be voided in Microsoft Dynamics GP?
Void the check payment in Payables Management and it automatically updates Bank Reconciliation.
Which of the following tasks can be completed using the Mass Modify Chart of Accounts feature?
A range of accounts can be inactivated.
How is the batch total calculated for a Payables Batch?
Absolute value of all documents
The Controller of the XYZ Company is unhappy because many data entry errors are made by users entering single transactions that are posted without edit list reviews. What step(s) can be taken in Microsoft Dynamics GP to help encourage that these practices are corrected?
Clear the allow Transaction Posting option in Posting Setup and select the 'Require Batch Approval' option and enter an approval password
A company enters all sales transactions as General Ledger transactions. The company wants to use the tax features (details and schedules) in General Ledger. Where must they go to activate this feature?
Company Setup Options
What process can be run to estimate what the depreciation expense is going to be for a specific asset in the next five years?
When do Payables checks update the checkbook balance in Bank Reconciliation?
When the check is posted in Payables Management
If accounts are not entered for a customer in Customer Maintenance, where does the system look for account numbers to default on transactions?
Posting Accounts Setup
Selena, the accounting manager, is concerned because there is going to be some adjusting entries that need to be made to accounts in General Ledger. Selena does not want to close the year until after these adjustments are made. How many open years does Microsoft Dynamics GP allow?
Which of the following is a depreciation sensitive field?
The Payables Clerk selected to print checks and sent the checks to a printer. Which of the following options are available to the Payables Clerk after printing a batch of checks? Choose the 3 that apply.
Reprint a range of checks
Void all checks
Tess prints a transaction history report and some transactions entered are not on the report. When are transactions moved to history in Receivables Management?
During the paid transaction removal process
If 'Allow Account Entry' is not selected (cleared) in Account Maintenance for an account, which of the following can occur?
The account can be used if it is set up as a default posting account in Posting Accounts Setup or it defaults from a master record.
Edit lists can be printed from which of the following windows in Microsoft Dynamics GP? Choose the 2 that apply.
Batch Entry windows
Transaction Entry windows
Which transaction types in Payables Transaction Entry can be entered in recurring batches? Choose the 2 that apply.
When will a posting journal be generated from the Apply Payables Document window? Choose the 2 that apply.
When a discount is taken
When a writeoff is taken