Manage Milestone Payments (Contracts)
- 1.When might it be appropriate to use a Milestone Payment Contract?
- A.
To spread payments across vendor deliverables
- B.
Always for large purchases or projects
- C.
When a Buyer determines it is appropriate
- D.
When the PO setting requires it
- 2.True or False? A scheduled payment warning in the system will inform an AP specialist that the invoice is related to a Milestone payment contract.
- A.
True
- B.
False
- 3.Why do you need to authorize sites on a Contract?
- A.
So rigs/locations can use the Contract for POs
- B.
To restrict Contract usage to PRs
- C.
To limit Contracts to Houston Buyers
- D.
So the Corporate Warehouse can use
- 4.A Contract field was greyed out and now is clear. What does this tell you?
- A.
You can revise the field
- B.
The field has been revised
- C.
You cannot revise the field
- D.
The field is locked
- 5.If you are in a Contract, what system function will let you revise it?
- A.
Go To > Contracts
- B.
Select Menu > Create Release PO
- C.
Select Menu > Revise Contract
- D.
Select Menu > View Revision History
- 6.True or False? Milestone invoices will arrive in an approver's Start Center Inbox for review and action.
- A.
True
- B.
False
- 7.Why might you place an invoice on Hold?
- A.
You have questions or there are discrepancies
- B.
To reject the invoice for payment
- C.
To reject it without telling anyone
- D.
To find more time in the day
- 8.Which application do you use to receive materials and services against a Milestone Contract?
- A.
Receiving
- B.
Purchase Orders
- C.
Invoice
- D.
Inventory
- 9.Who is responsible for identifying the need for a Milestone Contract?
- A.
Buyer
- B.
Accounts Payable Processor
- C.
Accounts Payable Manager
- D.
Purchasing Manager
- 10.True or False? The cost of a service or item is not the trigger for a Milestone Payment Contract.
- A.
True
- B.
False
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