New World ERP - FM - A/P Invoice Payment - Quiz, Flashcards & Trivia

1. Which of the following is NOT a requirement for posting an invoice payment batch?

Validation.

Approval.

Check Register.

All are required.

All of the options listed (Validation, Approval, and Check Register) are requirements for posting an invoice payment batch. This means that none of them can be excluded or omitted when posting the batch. Therefore, the correct answer is that all of them are required.

Explanation

All of the options listed (Validation, Approval, and Check Register) are requirements for posting an invoice payment batch. This means that none of them can be excluded or omitted when posting the batch. Therefore, the correct answer is that all of them are required.

2. What information can be retrieved from doing a payment inquiry?

Transaction Type.

Payee Name.

Payment Date.

Any of the above.

A payment inquiry allows you to retrieve various information related to a payment transaction. This can include the transaction type, payee name, and payment date. Therefore, any of the above options can be retrieved from doing a payment inquiry.

Explanation

A payment inquiry allows you to retrieve various information related to a payment transaction. This can include the transaction type, payee name, and payment date. Therefore, any of the above options can be retrieved from doing a payment inquiry.

3. When voiding a check, which of the following is TRUE?

The invoice will be re-established.

The Invoice will be voided.

The user has the option to choose whether to re-establish the invoice, or void the invoice completely.

None of the above.

When voiding a check, the user is given the choice to either re-establish the invoice or completely void the invoice. This means that the user can decide whether they want to keep the invoice as is or remove it entirely from the records.

Explanation

When voiding a check, the user is given the choice to either re-establish the invoice or completely void the invoice. This means that the user can decide whether they want to keep the invoice as is or remove it entirely from the records.

4. Where can inquiries on Payments be made?

Financial Management > Reports > Accounts Payable > Accounts Payable Invoice Report.

Financial Management > Inquiries > Bank Accounts.

Financial Management > Inquiries > Payments.

Financial Management > Payment Processing > Payment Batches.

Inquiries on Payments can be made in the Financial Management module, specifically under the "Inquiries" section. The correct option is "Financial Management > Inquiries > Payments." This is where users can access information and details related to payments made within the system.

Explanation

Inquiries on Payments can be made in the Financial Management module, specifically under the "Inquiries" section. The correct option is "Financial Management > Inquiries > Payments." This is where users can access information and details related to payments made within the system.

5. Which path leads to the page where Payments can be voided?

Financial Management > Payment Processing > Payment Batches.

Financial Management > Accounts Payable > Invoice Payment Batches.

Financial Management > Payment Processing > Payment Reconciliation Batches.

Financial Management > Payment Processing > Void Payments.

The correct answer is "Financial Management > Payment Processing > Void Payments." This path leads to the page where payments can be voided.

Explanation

The correct answer is "Financial Management > Payment Processing > Void Payments." This path leads to the page where payments can be voided.

6. What is the proper navigation to set up a new check layout?

Maintenance > new world ERP Suite > System > Form Layout.

Maintenance > new world ERP Suite > System > Mail Merge Templates.

Maintenance > new world ERP Suite > System > new world ERP Settings.

Maintenance > new world ERP Suite > System > System Settings.

To set up a new check layout, the proper navigation is Maintenance > new world ERP Suite > System > Form Layout. This option specifically deals with the customization and configuration of form layouts, which includes check layouts. The other options mentioned, such as Mail Merge Templates, new world ERP Settings, and System Settings, do not directly relate to creating or modifying check layouts.

Explanation

To set up a new check layout, the proper navigation is Maintenance > new world ERP Suite > System > Form Layout. This option specifically deals with the customization and configuration of form layouts, which includes check layouts. The other options mentioned, such as Mail Merge Templates, new world ERP Settings, and System Settings, do not directly relate to creating or modifying check layouts.

7. Once checks have been printed, is there another step to execute before the transaction is sent to the general ledger for posting?

Yes, once the checks are printed, the batch still has to be posted.

Yes, once the checks are printed, the batch still has to be approved.

Yes, once the checks are printed, the batch still has to be validated.

No, once the checks are printed there is nothing more to do.

After the checks have been printed, there is still one more step to execute before the transaction is sent to the general ledger for posting. This step is to post the batch.

Explanation

After the checks have been printed, there is still one more step to execute before the transaction is sent to the general ledger for posting. This step is to post the batch.

8. Which statement about invoices with a hold payment reason is TRUE?

Invoices with a hold payment reason cannot be paid.

Invoices with a hold payment reason can only be paid if it has been approved by the department manager.

Invoices with a hold reason can always be paid. The hold payment reason is just for informational purposes.

None of the above.

Invoices with a hold payment reason cannot be paid because the hold indicates that there is an issue or concern with the invoice that needs to be resolved before payment can be made. The hold could be due to missing information, discrepancies, or other problems that need to be addressed. Until the hold is lifted, the invoice will remain unpaid.

Explanation

Invoices with a hold payment reason cannot be paid because the hold indicates that there is an issue or concern with the invoice that needs to be resolved before payment can be made. The hold could be due to missing information, discrepancies, or other problems that need to be addressed. Until the hold is lifted, the invoice will remain unpaid.

9. Which of the following statements is TRUE regarding the "Print Confirmations" command on the payment batch list screen?

This command is used to email users internally within new world ERP only.

This command is used to send an emailed copy of a check to a vendor.

None of the above.

The "Print Confirmations" command on the payment batch list screen is a useful tool that can be used to email vendors and inform them when their payment has been processed. This means that the command allows users to send confirmation emails to vendors, notifying them that their payment has been successfully processed. It is not limited to internal emails within the new world ERP system, nor is it used to send an emailed copy of a check to a vendor.

Explanation

The "Print Confirmations" command on the payment batch list screen is a useful tool that can be used to email vendors and inform them when their payment has been processed. This means that the command allows users to send confirmation emails to vendors, notifying them that their payment has been successfully processed. It is not limited to internal emails within the new world ERP system, nor is it used to send an emailed copy of a check to a vendor.

10. When the "Print" button is selected on the payment batch list screen, where are the checks sent?

The checks are sent to the default local printer.

The checks are sent to MyReports.

The checks will pop up on the screen for review.

None of the above.

The correct answer is "The checks are sent to MyReports." When the "Print" button is selected on the payment batch list screen, the checks are not sent to the default local printer or popped up on the screen for review. Instead, they are sent to MyReports, which is likely a system or software that manages and generates reports.

Explanation

The correct answer is "The checks are sent to MyReports." When the "Print" button is selected on the payment batch list screen, the checks are not sent to the default local printer or popped up on the screen for review. Instead, they are sent to MyReports, which is likely a system or software that manages and generates reports.