Bookkeeping And Accounting Basics! Trivia Quiz

1. After creating a payment, from the Payment Edit screen, which tab would allow you to create disbursements?

Main tab

AR Summary tab

Create Disbursements tab

None of the Above

The Create Disbursements tab would allow you to create disbursements after creating a payment from the Payment Edit screen. This tab is specifically designed for the purpose of creating disbursements, so it is the correct option to choose in this scenario. The Main tab and AR Summary tab do not have the functionality to create disbursements, and selecting "None of the Above" would be incorrect as there is a specific tab for creating disbursements.

Explanation

The Create Disbursements tab would allow you to create disbursements after creating a payment from the Payment Edit screen. This tab is specifically designed for the purpose of creating disbursements, so it is the correct option to choose in this scenario. The Main tab and AR Summary tab do not have the functionality to create disbursements, and selecting "None of the Above" would be incorrect as there is a specific tab for creating disbursements.

2. To see all uncleared payments, credits, debits, and invoices that are available for disbursement, you would use which "Fetch" button when creating disbursements?

Fetch & Apply

Fetch All Credits

Committ Disbursements

Fetch All

To see all uncleared payments, credits, debits, and invoices that are available for disbursement, you would use the "Fetch All" button when creating disbursements. This button allows you to retrieve all the relevant information in one go, including all the payments, credits, debits, and invoices that need to be disbursed. It provides a comprehensive view of all the available transactions, making it easier to manage and process disbursements efficiently.

Explanation

To see all uncleared payments, credits, debits, and invoices that are available for disbursement, you would use the "Fetch All" button when creating disbursements. This button allows you to retrieve all the relevant information in one go, including all the payments, credits, debits, and invoices that need to be disbursed. It provides a comprehensive view of all the available transactions, making it easier to manage and process disbursements efficiently.

3. Posting payments allows you to:

Post payment to customers accounts and not disburse.

Post payment and apply to the oldest invoices.

Post payments and disburse to specific invoices.

All the above.

Posting payments allows you to perform multiple actions. Firstly, you can post payment to customers' accounts without actually disbursing the funds. Secondly, you can post payment and apply it to the oldest invoices, ensuring that the oldest debts are settled first. Lastly, you can post payments and disburse them to specific invoices, allowing for targeted allocation of funds. Therefore, the correct answer is that posting payments allows you to do all of the above actions.

Explanation

Posting payments allows you to perform multiple actions. Firstly, you can post payment to customers' accounts without actually disbursing the funds. Secondly, you can post payment and apply it to the oldest invoices, ensuring that the oldest debts are settled first. Lastly, you can post payments and disburse them to specific invoices, allowing for targeted allocation of funds. Therefore, the correct answer is that posting payments allows you to do all of the above actions.

4. Select the correct workflow for posting a payment for a customer and applying it to a specific invoice.

Create Payment > Fetch ALL > (double click) on line item to apply > COMMITT DISBURSEMENTS button

Create Payment > COMMITT DISBURSEMENTS button > Fetch ALL > (double click) on line item to apply

COMMITT DISBURSEMENTS button > Create Payment > Fetch ALL > (double click) on line item to apply

Fetch ALL > (double click) on line item to apply > COMMITT DISBURSEMENTS button > Create Payment

The correct workflow for posting a payment for a customer and applying it to a specific invoice is to first create the payment, then fetch all the line items, double click on the line item to apply the payment, and finally click on the COMMITT DISBURSEMENTS button. This sequence ensures that the payment is properly recorded and applied to the correct invoice.

Explanation

The correct workflow for posting a payment for a customer and applying it to a specific invoice is to first create the payment, then fetch all the line items, double click on the line item to apply the payment, and finally click on the COMMITT DISBURSEMENTS button. This sequence ensures that the payment is properly recorded and applied to the correct invoice.

5. Posting Payments, Credit Memos, and Debit Menos is done from which pull-down menu on the Bookkeeping view?

Post

Received On Account

Payments

Customers

The correct answer is "Received On Account" because when posting payments, credit memos, and debit memos in the bookkeeping view, the action of receiving money or applying it to a customer's account is done under the "Received On Account" option in the pull-down menu. This option allows the bookkeeper to record and track the payments and adjustments made by customers towards their account balances.

Explanation

The correct answer is "Received On Account" because when posting payments, credit memos, and debit memos in the bookkeeping view, the action of receiving money or applying it to a customer's account is done under the "Received On Account" option in the pull-down menu. This option allows the bookkeeper to record and track the payments and adjustments made by customers towards their account balances.