Accounts Payable

adjustments for any reason should always be made in _____

subledger of the vendor record

Use the Landed Costs feature to track

the expenses you incur when purchasing your inventory.

what are the three ways to enter a vendor credit

1. manually: discount or credit negotiated after receiving a bill or is independent or an existing bill 2.vendor bill: discount or credit for some or all items on an existing bill 3. vendor return: credit is associated through the vendor return authorization process

What is issued when a PO is received?

Item receipt

how are purchase request and purchase orders related?

PR can also be used to purchase items, materials, or services from vendors a PR must be converted into a PO before the purchase can be made create PR-> approve PR-> create a PO

If you set up a PO to skip approval it goes directly to what status

Pending receipt

the ____ is the first step in the AP process

Purchase Order

Nav path to write a vendor check

Vendors-> purchases -> write checks

Nav path to create a bill

Vendors-> purchases-> enter bills

adjustments for any reason should never be made through _____

a journal entry

what is a vendor credit

a transaction to show credit from a vendor that you can apply toward your payables account

what do you need to do after voiding a check?

create the voiding journal entry

when you bill a PO you _____ AP and _____ Inventory (credit or debit)

credit AP debit Inv

When you process a payment you _____ checking and ____ AP (credit or debit)

credit checking debit AP

What is a vendor credit

credit from a vendor that can be applied to your payables acount

why might you have a credit

credit may result form returned merchandise or negotiating a discount

Vendor credits can be applied to a bill on the ______ or on a ______

credit transaction, payment transaction

When you receive items you _____ unbilled inventory received and ____ inventory (credit or debit)

credit unbilled inv received debit inventory

____ applied against a vendor decreases the amount owed to the vendor

credits

Saving a check transaction records the expense directly to your books by _______ the expense account specified in the transaction detail, and _____ the bank account selected for the check.

debiting, crediting

AP reflect the _____ _____ resulting from purchasing goods or receiving services on account or not _____

debts owed credit

t/f: a purchase order has an accounting impact

f it has no accounting impact until you receive the order

t/f: when creating a vendor, the most important area to focus on is the vendor address

false

t/f: you can use write checks to record credit card transactions

false

t/f: you must create two separate POs for expenses and items

false

t/f: voiding a check removes it from the system

false Voiding a check sets its amount to 0 but does not remove it from the system, ensuring that you maintain the proper audit trail.

t/f: in order to pay a bill a PO must exist

false when a PO does not exist and no inventory is received, create a bill manually to pay for goods or services required

A PR is a _____ form

internal

What does an item receipt update

inventory quantities

the _____ is matched against on open PO

item receipt

what are the default subtabs on a PO

items shipping billing activities

what is an example of a manual bill

phone bill

When you create a PO you credit _____ and debit______

purchasing, inventory

t/f: AP has be enabled

true

t/f: purchase order have to be enabled

true

t/f: you are able to make a payment directly from an open bill

true

t/f: you can use write checks to record cash transactions

true

t/f: you can use write checks to record debit card transactions

true

t/f: you can assign an unlimited of subsidiaries to a vendor

trueish - you can assign a primary and unlimited number of secondary subsidiaries

the last step in AP is

vendor payment

how to void a check

vendor record -> financial subtab -> transaction tab-> edit the check -> void

nav path for new PO

vendors-> Purchases-> enter POs or personalize new bar to add PO

nav path for new bill credits

vendors-> accounts payable -> enter vendor credits

nav path to create new vendor

vendors-> lists-> vendors-> new or personalize new bar to add vendor

nav path to bill POs

vendors-> purchases -> bill POs or add a standard reminder to portlet

nav path when a PO is received

vendors-> purchases-> receive orders