MB4-218 - Solomon 6.0 Project Management and Accounting
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The difference between Post Date and Estimated Post Date in a Billing Schedule means that during Scheduled Billing Release?
line items with a Post Date will create unbilled items or a draft invoice; line items with an Estimated Post Date not create unbilled items or a draft invoice.
Posting an Expense Report will result in the following?
Project-related expenses will be posted to the project and General Ledger and optionally to Accounts Payable.
In an Allocation Method Step, what is the difference between Calculate and Post and Subtotal and Post?
'Calculate and Post' uses Account Categories for selection; Subtotal and Post uses previous Allocation Method Steps.
What wildcard is available for Revenue Recognition General Ledger subaccount postings?
p - Project Subaccount
How does the Pay Labor Interface post when interfaced to an External File?
A comma-delimited file posts to the Solomon IV TMExtracts directory for timecards up to and through the selected Week Ending date.
Revenue posting GL accounts used in the Revenue Recognition process can be defined at which levels?
Project, Task and Project Controller Setup
Which of the following values are set up in Code Files?
In which of the following scenarios would it be appropriate to create a new Code Type?
A project user defined ID field must be limited to a user-defined list of values.
One segment of the project ID needs to be validated against a user defined table.
What is the most common usage of Password Maintenance?
To prompt for passwords during time and expense entry and approval.
What does "Recap" in Invoice Format Maintenance refer to?
Restating invoice line items without adding them into the invoice total.
Select all that applies for the purpose of the Transaction Date in Allocation Processor?
It is used as the transaction date for any allocation postings that are summarized or full detail is not checked in Allocation Method Setup.
What will result if the option to Require Use of Time Detail Screen is selected in Time & Expense Setup?
Transactions from Time Detail will be summarized in Timecard Entry.
What are the type of entries are made for Billing and Revenue Schedule released entries?
The Billing Schedule creates invoice line items; the Revenue Schedule creates journal transactions.
Invoice Reversal & Duplication can duplicate an invoice from month to month. What other process can generate a fixed billing amount each month?
Scheduled Billings & Revenue
What wildcards can be used in the debit and credit subaccount fields of each step in an Allocation Method?
s - source, t - task, e - employee, p - project
What are the rules for Billing Transaction Load?
Define which transactions are copied from PJTRAN to PJINVDET for billing purposes.
A schedule (Billing or Revenue) can have additional periodic line items added automatically by what periodical basis?
For each week, month or quarter.
What field for selection is the most common field to define in Flexible Report Column Maintenance?
How does the Pay Labor Interface post when interfaced to Solomon Payroll?
An unreleased Time & Dollar Batch posts to Payroll.
What approval routing options are possible when an Expense report status is changed from n Process?to ompleted?
An approval message can automatically be sent to the employee supervisor if the project to which expenses are entered does not first require project manager approval.
How is a Project pre-defined user ID Field activated?
By selecting the appropriate ID field in ID Maintenance and making it visible
A project is set up with a Revenue Recognition type of Completed Contract. Assuming the project is 75% complete, the postings generated during the Revenue Recognition process will be:
a debit to Unbilled and a credit to Deferred Revenue.
What is the primary function of the Default or System Task?
The default task is used when transferring AR invoices and payments.
The Revenue Recognition process is run in Final mode on May 25. On May 31, the Revenue Recognition process is run again before month end closing. If a project was 80% complete on May 25 and due to additional reclassification expenses posted to the project it is now 75% completed, what postings will be made by Revenue Recognition?
The 5% decrease will be posted to the project and general ledger.
Budgets are entered at what level of a project?
Budgets must always be entered for a project, task and Account Category combination.
Which of the following wildcards can be used in Billing Rules?
s - source, t - task, e - employee, p - project, b - bill with project
Which of the following best describe how Project Charge Entry batches post when they are released?
Units and Amounts to Projects.
How many different rate tables can be assigned to a project?
Two - an Allocator Rate Table and a Labor Rate Table
An Allocation Method can perform which of the following calculations?
Compare the total billable transactions to date to a cap, or maximum and stop processing when the maximum is reached.
Markup expenses by 10% for a specific vendor or by 25% for a specific project.
Create a General Ledger or project posting.
Which of the following is true about the way Revenue Recognition general ledger postings may be configured?
Revenue or Unbilled Revenue postings can be made.
Project Series requires what option for Multi-Company processing?
Multiple companies in one application database within one system database.
Which of the following system-defined code types used in Timecards for Projects is required under all circumstances?
How can an employee be deleted?
Change the employee Status to Purge and delete the record.
A consulting firm has 15 employees, who record their time on a daily basis, with lengthy notes about what work was completed. These notes should print on customer invoices. What is the best option for time entry?
How many different Allocation Methods can be assigned to a project?
In which fields can wildcards be used in an Allocation Method?
Project, Task, Company and GL Subaccount
Billed-to-Date and Contract Value Account Categories are generally of which type?
What is the Use Bill Amount checkbox in the Billing Rule used for?
If this box is checked, the adjusted amount for a transaction in Invoice & Adjustment Maintenance will be used for the secondary postings in a Billing Rule; otherwise the original amount will be used.
When is Invoice Review & Approval required?
It only required if Billing Information Maintenance has been set up to require approval for the project.
A salaried non-exempt employee works 50 hours in a week, 40 hours are regular hours and 10 hours are overtime. This employee's salary is $1,000 per week and $25 per hour. Assuming the employee worked on the same project all week, what is the cost to the project?
What is the difference between the Daily and Weekly option for Labor Transactions and Invoice Comments?
Selecting Daily will post one record per project\task\day to the timecard and labor distribution tables; selecting Weekly will summarize by project\task\week.
Which is true about Billing Transaction Load?
It can be automated to run after Allocation Processor.
It copies transactions from PJTRAN to PJINVDET.
Which status will invoices generated by the Automatic Invoice creation process have?
If an Allocation Method Step is created to calculate billing rates and the billing rates are the same for all projects for a specific customer, the key(s) defined in the rate hierarchy would be?
Project Master and Customer
How is the invoice date in Invoice Print used?
It assigned as the invoice date during Final Print but not for Preliminary or Reprint.
In the Week Maintenance screen, what is Salary Factor used to do?
Calculate the portion of an employee's salary that will post in that week.
At what level(s) are Project Budgets and EACs created?
For an Account Category within a Task within a Project.
What does the Section Type in Invoice Format Maintenance define?
The row format and summarization of data on an invoice.
Assuming, option to Cost Labor on Entry radio button is selected, and when using the Timecard or Timesheet with Rate/Amount Entry screens, rates and labor cost amounts are displayed when the following entry type is used?
The employee is set up with a Rate Type of HR in Employee Position/Rate Maintenance.
How can an incorrect Timecard be corrected?
If the status is 'In Process', it can be changed; if the status is 'Completed', a supervisor or manager must reject it; if the status is 'Posted' a Timecard Correction must be entered.