MB6-507 - Microsoft Dynamics AX 4.0 Financials
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When setting up Methods of Payment in Accounts payable you determine that there is a need to validate that a check number is recorded before a payment is generated. How would you set up this type of validation control?
Use the Check Number payment control in the Payment Control option under Methods of Payment.
Your company wants to generate a number of sequentially numbered checks in the bank module. Which of the following is a requirement to allow sequentially numbered checks?
Select Fixed in the check numbering method.
An accounts payable clerk inadvertently entered a duplicate invoice for a vendor. The accounts payable coordinator needs to remove the duplicated invoice. Which of the following steps does the accounts payable coordinator perform?
Go into the vendor transactions and use the reverse transaction button
Enter an offsetting invoice journal and use open transaction editing form to settle the duplicate invoice
A customer's balance does NOT increase when a free text invoice is posted for the customer. Which of the following is the most likely cause of this problem?
The selected terms of payment are set up to be cash payment, and ledger account for settlement is filled in.
Which of the following needs to be done to check credit limit before updating a free text invoice?
Free text invoices are checked only if the parameter Check credit limit in free text invoice in the Account Receivable parameters is NOT set to None.
Which of the following determines which tax codes are used?
The codes present in both the Sales tax and Item sales tax groups.
The accounts payable coordinator generated and printed checks to pay a vendor. The controller verified the vendor balance and the balance had not been updated from the payment that was just generated. Which step is missing from the payment journal process?
Posting the payment journal
Which of the following describes the use of the Settlement field on the vendor's Posting profile?
To determine whether automatic settlement of the vendors is allowed.
Which of the following flows can be used for vendor invoice entry and registering?
Invoice register and Invoice approval journal.
What is the purpose of the period parameter field on the Method of Payments?
It indicates the way payments are summarized (e.g., per week, date, etc.).
You have several departments set up and need to run a financial statement for each one. How do you run them?
Go to General Ledger, Reports, Transactions, Periodic, Financial statement, under the focuses and change Main or Secondary focus when running the statements.
The accounts receivable manager has decided to give customers multiple cash discounts based on when the customers pay. The cash discounts are to be a 2% discount if paid in 5 days (5D2 cash discount code) followed by a 1% discount if paid in 14 days (14D1 cash discount code). Each of these cash discounts is currently set up. Which of the following steps will the accounts receivable manager complete to have these cash discounts be in effect?
Enter the 14D1 cash discount code in the Next Discount Code field on the 5D2 cash discount code.
Your organization has just decided to add an additional Accounts Payable clerk for the purposes of entering accounts payable invoices into the system. The new clerk is not familiar with the procedure and coding requirements of your organization. You want the new clerk to just record the invoices without entering the distribution. The experienced clerk will approve and establish the distribution for the invoices. Which journal should the new clerk use?
Invoice Pool Excl. Posting
A customer has promised to make a prepayment for a large order that will occur later in the year. The controller has created a new ledger account and entered the account as the summary account in the prepayment posting profile. Which of the following describes the steps that the controller must perform in Dynamics AX?
Enter the prepayment posting profile into the parameters of the Posting Profile with Prepayment field
Many organizations have the need to buy miscellaneous office supplies from different suppliers that they may use only once. You want to be able to use some standard terms for these types of suppliers without having to create separate vendor records each and every time. Which of the following describes how we accomplish this in Dynamics AX?
Create a default vendor and select this vendor for the One-time vendor account in the Accounts Payable parameters.
How do you indicate which company you are posting an intercompany transaction to?
Choose the company to post to on the General tab in the Offset Company Accounts field.
You are setting up a new yearly budgeted revenue divided into months with a pre-determined percentage allocation. How do you do this?
Use a period allocation key.
Which of the following is the purpose of using an invoice register?
To enter vendor invoices for subsequent approval.
The accounts receivable clerk is entering a payment from a customer. The customers payment has taken the cash discount although the payment is past the cash discount date. Which of the following describes the step that the accounts receivable clerk must perform to enter to process the payment with the cash discount and relieve the customers balance?
When marking the payment for settlement, change the Use Cash Discount field to Always
Your company wants to defer the cost of their insurance policies throughout the year to recognize the insurance policy costs every month. Which of the following describes how to accomplish this in Dynamics AX?
Create a new ledger accrual scheme and apply that accrual scheme in a general journal.
How should Dynamics AX be set up to make the following depreciation? Acquisition price 1000 1st. year 200 2nd. year 160 3rd. year 128
Create a depreciation profile with a reducing balance method.
How does one unsettle a settled Vendor invoice?
Use the Reverse function from the Closed-transaction editing form opened from the vendor form.
The currency rate is changed on the 1st of every month. On the 1st of March, the rate is changed from 390 to 400. On the 4th of March, an invoice with a date of February 28th is made. Which exchange rate does the system use?
Where is the ledger account specified for interest earnings?
The interest code
Interest and collection letter procedures are set up on which of the following?
How should Dynamics AX be set up to make the following depreciation? Acquisition price 1000 1st. year 300 2nd. year 500 3rd. year 200
Create a depreciation profile with the manual method and set up the manual schedules according to the above.
At what stage can a check number be deleted from the Bank module?
When the check status is Created.
If you wanted to set up a sales tax value of 2.265% for Jefferson County Florida, where do you do this?
In the sales tax code form.
A controller would like to assign a department 60-Purchase and cost center 6010-Purchase when the accounts payable administrator creates vendor journals. Which of the following needs to be defined to restrict the available selections?
Dimension set hierarchy
Which of the following is the method used to set up fixed assets to link accounting information for the asset to tax information for the asset?
You can set up depreciation books for tax purposes.
The accounts receivable clerk is entering a payment from a customer. Which of the following journals can the accounts receivable clerk use to register the customer payment?
General Ledger General journal
Accounts Receivable Payment journal
Which of the following happens when using the Generate payment function from the Payment journal in Accounts payable?
A payment file or document such as check is generated.
The accounts receivable manager has received a prepayment from a customer. The set up for prepayments have been set up earlier by the controller. The accounts receivable manager has started an accounts receivable payment journal. Which of the following describes the step that the accounts receivable manager must perform to designate this transaction as a prepayment?
Check the prepayment box on the payment tab in the payment journal lines
If a sorter is purchased and mounted on a Photocopier which already is entered as a fixed asset, how is it possible to use multiple acquisitions ?
This can only be done if the Allow Multiple acquisitions checkbox is selected.
The Accounts Receivable parameter Cash-discount administration is set to Unspecific. Which of the following happens in the case described? Date Text Amount Cash-discount 01 Jan. Invoice 1 1000 50 Cash discount date 20 Jan. 15 Jan. Payment 980
The customer gets 20 in cash discount, and the invoice is settled 100 %.
You are entering transactions into a journal for an account and you choose Debit for your Balance control. What can you expect from the system?
That the total amount of the journal transactions will not make the balance for account go into credit.
How is a fixed asset depreciated?
From the General Ledger/Journals/Fixed asset use the Depreciation proposal button, edit the proposed lines, and then post them.
Which of the following describes if it is possible to set up Dynamics AX to use different number sequences for invoicing different customers?
Yes, it is possible by attaching customers to a number sequence group.
Your company has decided to use an invoice approval process. You have activated Approvals in the Journal Name and selected the approving group. When entering an invoice, how does the person entering signal that this invoice is ready for approval?
Select Report as ready from the Approval button.
A controller is having issues with the monthly reports that have accounting entries made to the wrong departments. The controller would like to ensure that the accounting entries are entered with the correct department. Which of the following describes how to accomplish this in Dynamics AX?
Create new dimension sets, hierarchies and rules based on the controllers requirements.
The controller has asked the accounts payable coordinator to make a payment to a vendor for two invoices with no due date and no cash discount date. The controller also gave the accounts payable coordinator the invoice numbers from the vendors account statement that was printed from Dynamics AX. Which of the following would have fewer steps for the accounts payable coordinator to select these invoices for payment?
Use the Settlement option to select the two invoice lines
Given the following information, which of the following happens when Invoice 1 is settled? Date Text Company Currency USD 01 Dec. Invoice 1 100 120 31 Dec. Unreal. exch. profit. 20 0 20 Jan. Payment 1005 120
Unrealized exchange adjustment of 20 is reversed and a realized exchange adjustment of 5 is posted.
Which of the following is determined on Payment Control on the Method of payment?
Which fields are mandatory when using this Method of payment.
How are derived Value models linked to the fixed asset?
It is linked to an asset or asset group.
One of the companies you are consolidating does business in a currency that has been fluctuating a lot. However, when you run your consolidation, you want to only use a closing rate for that period of the Monetary accounts. How would you set this up?
Enter an amount in the Monetary field on the currency and check the Monetary checkbox on the ledger account.
Which of the following is the result of selecting the checkbox Locked in Journal under the General tab of the Chart of Accounts?
It prevents posting on an account in the journal.
Where is it determined when the collection letter code is updated?
On the Update collection letter code in the Accounts receivable parameters.
Your company does not want any opening balances to transfer to the new year when the periodic job Opening Transactions is run. Which of the following would you set the Balance Account field to?
Which of the following methods are correct when creating a new tangible asset?
Create a new asset and select type=tangible on the General tab page.
Which of the following happens to the transactions if you delete a period in which transactions are posted?