New World ERP - FM - Revenue Collections
Congratulations on completing Revenue Collections training! Now that you've been introduced to basic Revenue Collections processing you should be able to pass with 80% or better accuracy.
Good luck!
- 1.
Which is the correct path to follow for receipt entry?
- A.
Financial Management > Inquiries > Revenue Collections > Receipts.
- B.
Financial Management > Revenue Collections > Receipts.
- C.
Financial Management > Revenue Collections > 3rd Party Receivables.
- D.
Both A & B.
Correct Answer
B. Financial Management > Revenue Collections > Receipts.Explanation
The correct path to follow for receipt entry is Financial Management > Revenue Collections > Receipts. This path allows users to access the receipt entry functionality directly within the Revenue Collections module of the Financial Management system.Rate this question:
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- 2.
What should be entered into the "Received From" field?
- A.
The name of the person or business submitting payment.
- B.
The name of the cashier receiving payment.
- C.
It should be left blank.
- D.
New World Systems.
Correct Answer
A. The name of the person or business submitting payment.Explanation
The "Received From" field should be filled with the name of the person or business submitting payment. This information is important for record-keeping purposes and helps identify who the payment is coming from.Rate this question:
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- 3.
How can I see the totals for the receipt batch? (Check all that apply.)
- A.
In the Revenue Collections Batch List screen.
- B.
The Summary tab from the Revenue Collection Batch screen.
- C.
A running totals is provided while performing a receipt.
- D.
All of the above.
Correct Answer(s)
A. In the Revenue Collections Batch List screen.
B. The Summary tab from the Revenue Collection Batch screen.Explanation
You can see the totals for the receipt batch in two places: the Revenue Collections Batch List screen and the Summary tab from the Revenue Collection Batch screen. Both of these options provide information about the total amount collected in the batch.Rate this question:
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- 4.
What is required to Void a receipt?
- A.
The user name and password of an authorized user.
- B.
The first and last name of the person performing the void.
- C.
Thumbprint identity verification.
- D.
All of the above.
Correct Answer
A. The user name and password of an authorized user.Explanation
To void a receipt, the only requirement is the user name and password of an authorized user. The first and last name of the person performing the void and thumbprint identity verification are not necessary for voiding a receipt.Rate this question:
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- 5.
What is the difference between the G/L Date and the Payment Date?
- A.
The G/L Date drives what date is hit on the general ledger. The payment date records what date the payment was collected from the remitter.
- B.
The payment date reflects when the payment was deposited but the G/L date reflects when the deposit was cleared through the bank.
- C.
The G/L date reflects when the receipt was produced but the payment date does not.
- D.
All of the above.
Correct Answer
A. The G/L Date drives what date is hit on the general ledger. The payment date records what date the payment was collected from the remitter.Explanation
The G/L Date determines the date that is recorded on the general ledger, indicating when the transaction occurred. On the other hand, the Payment Date indicates the date when the payment was collected from the remitter. Therefore, the correct answer is that the G/L Date drives the date recorded on the general ledger, while the Payment Date indicates when the payment was collected.Rate this question:
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- 6.
Which report will provide the detailed receipt breakdown by payment code?
- A.
Receipt Transaction Report.
- B.
Receipts by Payment Code Report.
- C.
Receipts by G/L Distribution Report.
- D.
None of the above.
Correct Answer
B. Receipts by Payment Code Report.Explanation
The Receipts by Payment Code Report is the correct answer because it specifically provides a detailed breakdown of receipts based on the payment code. This report allows for a comprehensive analysis of receipts by categorizing them according to the payment code, providing a clear understanding of how different payment methods contribute to the overall receipt amount. The other options, such as the Receipt Transaction Report and Receipts by G/L Distribution Report, may provide different types of information but do not focus specifically on the breakdown by payment code.Rate this question:
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- 7.
Can more than one transaction be collected on a receipt?
- A.
Yes, the + icon can be utilized to add additional transactions to a single receipt.
- B.
Yes, but only if it is on a different payment code.
- C.
Yes, but only if collected separately.
- D.
No, only one transaction is allowed per receipt.
Correct Answer
A. Yes, the + icon can be utilized to add additional transactions to a single receipt.Explanation
The correct answer is that more than one transaction can be collected on a receipt by utilizing the + icon to add additional transactions. This suggests that the receipt can accommodate multiple transactions, allowing for convenience and efficiency in recording and organizing purchases.Rate this question:
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- 8.
What is the best way to locate a receipt when searching by the name of the remitter?
- A.
Financial Management > Inquiries > Payment Inquiry.
- B.
Financial Management > Inquiries > Revenue Collections > Receipts > Enter the name in the Received From field.
- C.
Run the Revenue Collections by G/L Distribution Report.
- D.
None of the above.
Correct Answer
B. Financial Management > Inquiries > Revenue Collections > Receipts > Enter the name in the Received From field.Explanation
To locate a receipt when searching by the name of the remitter, the best way is to go to Financial Management > Inquiries > Revenue Collections > Receipts and enter the name in the Received From field. This option allows for a specific search based on the remitter's name within the Revenue Collections module, making it easier to locate the desired receipt. The other options mentioned, such as running a report or going to the Payment Inquiry module, do not specifically cater to searching by the remitter's name.Rate this question:
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- 9.
Are all receipts entered into a receipt batch or can they just be entered individually?
- A.
Yes. All receipts must be entered into receipt batches.
- B.
No, receipts can be entered with or without a batch.
- C.
No, batches are not utilized in Revenue Collections.
- D.
None of the statements above are accurate.
Correct Answer
A. Yes. All receipts must be entered into receipt batches.Explanation
All receipts must be entered into receipt batches. This means that receipts cannot be entered individually, but rather they must be grouped together in a batch for entry.Rate this question:
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- 10.
To post a receipt batch in new world ERP, the following are required: (Check all that apply.)
- A.
The batch must be validated.
- B.
The Edit Listing must be printed.
- C.
The batch must be approved at the highest level.
- D.
The batch must balance to the funds on hand.
Correct Answer(s)
A. The batch must be validated.
C. The batch must be approved at the highest level.Explanation
In order to post a receipt batch in new world ERP, two requirements must be met. First, the batch must be validated, ensuring that all the data in the batch is accurate and complete. Second, the batch must be approved at the highest level, indicating that it has been reviewed and authorized for posting. These two steps ensure that the receipt batch is reliable and can be properly processed in the system.Rate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 18, 2023Quiz Edited by
ProProfs Editorial Team -
Sep 10, 2013Quiz Created by
Loftin Latrese
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