MB4-217 - Microsoft Business Solutions - Solomon 6.0 Financials
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Which ledger type is used to track the number of employees associated with each payroll expense account?
When a batch of payments is released, which Cash Account is used in the transactions created for the General Ledger?
The Cash Account specified in the batch when the payments are entered.
Which of the following modules integrates with the Accounts Receivable module either by sending information to AR or receiving information from AR?
When do Cash Flow items entered in the Cash Flow Item Maintenance screen update actual Cash Manager and General Ledger account balances?
They never update actual balances
The controller has decided that the subaccount will have 2 segments -- activity and location. Each segment has specific values and they want to prevent the use of invalid combinations of the segment codes during maintenance and data entry. All accounts are valid with all subaccounts. Which screens need to be used to define the subaccount information?
Flexkey Table Maintenance
Which Entry Type does NOT create General Ledger transactions?
The system created entry types that begin with the letter O.
Which procedure can be used to enter a voucher for an invoice and record a Manual Check that was hand written?
Voucher and Adjustment Entry then the Manual Check Entry
Voucher and Adjustment and use the Manual Check Tab to reference the check number that was written.
A payment was received from a customer but returned due to Non-Sufficient Funds. The Void payment process was used in Payment Application Inquiry/Reversal but the fee did not show up on the customer account. What would cause this problem?
The Charge NSF Fee option was not checked in the Payment Application Inquiry/Reversal screen.
The NSF fee amount is not specified in AR Setup.
When a discount is taken, what account is the discount amount posted to?
The Discount Account defined in the AP Setup screen.
A customer was defined in the Customer Maintenance screen with the ID "ADVWRK" and name "Adventure Works". At least one invoice has been entered for the customer. Which of the following cannot be changed in Customer Maintenance?
Which Allocation Method is used to allocate office supplies posted to an administrative account to each department based on the amount of office supply expense in each departmental subaccount?
What is the purpose of the Customer Class field?
Used to classify customers for reporting purposes
Defaults General Ledger accounts for the customer.
What is the importance of the transaction date field in the Cash Account Transactions screen?
The date determines when the transaction is included in the Bank Reconciliation.
The date is used to update the cash account balance in the Daily Cash Balance inquiry screen.
The Cash Account Transfers screen includes a Source account and a Destination account. What does the Destination account signify?
Bank account to be debited
Cash account the money will be transferred "to"
What happens when the "Transaction Description Default" in AR Setup is set to Customer ID and the user types an additional description on a transaction in the Invoice and Memo screen?
The Customer ID appends to the user entered data and the user entered data is truncated if it will not fit in the description field after the Customer ID is added.
General Ledger transaction and account history detail is being retained for one year. General Ledger was closed for the year in period 12-2005 and the Delete Detail option was checked. Which of the following functions may still be performed?
Print a Trial Balance Report for period 01-2005.
Inquire on account balances for period 06-2005.
Enter a batch to post to period 12-2005.
A client implementing Accounts Receivable has customers that are considered Retail and others that are Wholesale. Which of the following would allow customers to be grouped by these categories for reporting purposes?
If payments from customers are to be matched to specific customer invoices, which process should not be run?
Auto Payment Application
Which "Account Types" are recognized by Solomon?
Asset, Liability, Income, Expense
How often can the Bank Reconciliation process be performed?
As often as necessary up to once per day
What are the correct settings for the Fiscal Year and Calendar Year options in GL Setup for a company when the current fiscal year is 2004 and the fiscal year began on July 1, 2003?
Fiscal Year is 2004, End Calendar Year is checked.
Which document type entered in the Invoice and Memo screen does NOT leave an open balance when released?
A voucher was entered and released for the wrong vendor. To correct the problem, a Credit Adjustment was entered for the vendor. What should be done to correct the problem?
Enter a Debit Adjustment for the "incorrect" vendor for twice the amount of the original voucher.
Enter a voucher for the "correct" vendor.
How is a Credit Memo received for merchandise returned to a vendor entered in the system?
In Voucher and Adjustment Entry as a Debit Adjustment.
Which fiscal periods can be entered as the Period to Post in the Journal transactions screen?
Any Future Period
Any period in the current fiscal year
Any prior period as far back as the General Ledger history retention settings.
A batch of system checks was printed but the check forms were not placed in the printer. Which AP Check Processing option should be selected so that the checks can be reprinted using the same check numbers?
When is the "Accept Updates from GL Transactions" option not available for a particular account in the Cash Account Maintenance screen?
When the "Accept Updates from GL Transactions" option in the CA Setup screen has not been checked.
What transactions are created in the General Ledger for a vendor invoice for telephone expense when it is released in Voucher and Adjustment Entry?
Debit to the Telephone Expense account
Credit to the Vendor AP account
Which is the greatest number of "Budget" type ledgers can you create in Solomon?
Which modules send data to General Ledger?
The option to Accept Updates from General Ledger Transactions in the Cash Manager Setup screen is checked, but transactions entered in General Ledger are not updating Cash Manager. Which of the following could be the cause?
The option Accept Updates form General Ledger Transactions in the Cash Account Maintenance screen is not checked for the cash account of the transactions.
What happens when a Customer ID is placed on "Admin Hold"?
No new invoices may be entered for the customer.
Payments received from the customer may be entered and applied to invoices.
Which types of transactions can be entered in the Daily Cash Balances screen?
Transactions cannot be entered in this screen
What must happen in order to activate the "Balance Write-Off" button in Payment Application?
The "Write-off Limit" must be specified in AR Setup.
The Document Balance must be less than the "Write-off Limit".
What happens if the Generate Consolidation process is executed more than one time for a given fiscal period?
A new file is created containing only the amounts entered since the previous consolidation was calculated and processed.
What happens when the Generate Consolidation File process is executed?
A transaction file is generated containing one transaction line for each account/subaccount combination that has activity for the period.
Where are Account Classes defined?
The user creates the list in Account Class Maintenance
Which of the following document types display in the "grid" area of the Payment Application screen making them available to have payments applied to them?
Which situation below would allow the Manual Check screen to be used to issue a check?
The voucher to be paid must already be entered in the system.
The voucher to be paid cannot be in a payment selection batch.
When is the Order Management tab available in the Customer Maintenance screen?
The OM tabs are only available when the Order Management module is installed and set up.
When is the "Adjustment" batch type used?
Make a one-sided journal entry
What happens when a batch of Cash Account Transactions that contains payments that update Accounts Receivable is released in Cash Manager?
A batch is sent to the Accounts Receivable Payment Applications screen.
A batch of transactions is created in the General Ledger that debits the bank account and credits the AR Holding account.
How do you change the Default Ledger ID specified in the GL Setup screen?
Once set, this field cannot be changed.
A company assesses finance charges on over due invoices and then sends statements to customers each month. Which processes must be run before the Statements are printed?
Apply Finance Charges
Close Statement Cycle
Age Customer Detail (in either the Age Customer Detail screen or the Close Statement Cycle screen)
Voiding a check using the Void Check Entry screen causes which of the following things to occur in the system?
A new "Void Check" document is created and appears on the Check Register report with the original check.
The voucher that was paid by the check is reinstated and can be selected for payment again.
When is a Cash Manager account balance updated in the Cash Manager module?
When a batch from GL, AP, AR or CA is Released
Which are proper procedures to correct a transaction batch that was released and posted to period 07-2005 instead of 08-2005?
Enter a new batch to reverse the effect of the transactions in period 07-2005.
Enter a new batch with the appropriate transactions for period 08-2005.
Which ledger do transactions from the Accounts Payable module update?
Only the ledger in the "Default Ledger ID" field in the GL setup screen
A voucher was entered on 12/15/2003 with an amount coded to a 1099 box. The check that paid this voucher was dated 1/10/2004. Which describes how the 1099 box amount is updated?
The 1099 box is updated for year 2004.
How much is the batch total for a batch entered in Voucher and Adjustment Entry that contains a voucher for $10, a Debit Adjustment for $5 and a Credit Adjustment for $2?