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