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General Ledger: Which one of the following rolls an account's ending balance, for each reporting period into the retained earnings accounts, making the balance forward for the account zero? - ANSWER Non-closing accounts
General Ledger: A ________ GL configuration option prevents users from entering a journal entry or other transaction that does not balance for the current dimension. - ANSWER Enforce JE balancing
General Ledger What does an entity translate to for transacting in a multi-entity shared environment? - ANSWER Location
General Ledger What would prevent a JL journal entry from posting? - ANSWER Modifying template header titles
General Ledger What do you activate so that all transactions for a particular journal require approvals? - ANSWER Journal Entry approvals
General Ledger: What accounts are utilized in tracking nonfinancial information, which may include employee head count or member totals? - ANSWER Statistical Accounts
General Ledger: What is the term applied to the process that prevents entries and/or changes to a ledger for any one specific period? - ANSWER Closing the books
General Ledger: What type of journal entry is made for posting to a closed period? - ANSWER Adjusting
Purchasing: What enables you to group items such that when you are using Advanced
Workflows in the purchasing application, items can be posted to various GL Accounts? - ANSWER Item GL Group
Purchasing: PO for a certain qty of item, need to pay for lesser qty. What setting in the PO transaction definition controls how you would process this transaction? - ANSWER Partial Conversion Handling
Purchasing: What dimension represents goods or services purchased from a vendor? - ANSWER Item
Purchasing: How does the system determine what type of transactions require aproval, what approvals are required, and the sequence of approvals? - ANSWER Approval Policies
Purchasing: What transaction definition setting requires at least one debit/credit account pair defined? - ANSWER Transaction Posting set to Accounts Payable
Accounts Receivables: Which of the following would you want to see all of the following information on : customer aging info, amount due and amount paid and total received? - ANSWER Statement
Accounts Receivables: What type of transaction will DECREASE the customers amount owed? - ANSWER Credit memo
Accounts Receivables: The system uses which type of account when a customer pays on the account to use it against total customer balance due? - ANSWER Balance forward
Accounts Receivables: Which feature provides names, which the user can easily identify against GL accounts when recording customer invoices? - ANSWER Account Labels
Accounts Receivables: Which feature controls customer discount calculation either on the entire transaction amount or only on total line items? - ANSWER AR Terms
Order Entry Order Entry What does each of these mean: sales order, sales quote and sales invoice in the Order Entry application? - ANSWER Transaction Definitions
Order Entry What is the functionality of security in the Order Entry application? - ANSWER Restrict users to enter transactions within a specific transaction definition
Order Entry: When pricing items in sales transactions, the system calculates the extended amount of the line by multiplying the unit price by the: - ANSWER Unit of measure
Order Entry: What is common to an Order Entry transaction that links it to its corresponding icon on the overview map and to the appropriate transaction menu grouping in the application menu? - ANSWER Workflow category
Order Entry: Which of the following can automatically default item prices in an Order Entry sales invoice when assigned to the transaction definition? - ANSWER Price lists
Order Entry: How would a client company add an additional step to their Order Entry workflow that is unique to their business when they are currently using a Quickstart workflow? - ANSWER Use advanced workflow to recreate the workflow with the additional step.
Order Entry: Which part of the item information screen would you specify that an item is restricted to use in Order Entry transactions only? - ANSWER Item Type
Order Entry: What happens when advanced Workflow is enabled in the Order Entry application? - ANSWER Advanced workflow is enabled in the Order Entry, Purchasing, and Inventory applications
Reporting: If you will be using the project, customer, item and employee dimensions, they must first be turned on in the _____ - ANSWER GL Configuration
Reporting: Which field on the GL accounts screen has the effect of balancing the account through to the system's pre-defined QuickStart financial reports? - ANSWER Account Category
Reporting: How would you memorize a standard report with the current time periods, filters and format settings? - ANSWER Memorize
Reporting: One good way to see if your account groups are mapped correctly is to. - ANSWER View the Account Group Hierarchy report
Reporting: What rolls-up and organizes General Ledger Accounts, creates headings, subtotals and hierarchies in reports, and is reusable across multiple reports? - ANSWER Account Groups
Reporting: Which of the following account group structure would be used to report total revenue per employee in a financial report? - ANSWER Statistical Category
Reporting: Which of the following works in tandem with reporting periods while running financial reports? - ANSWER As-Of-Date
Accounts Payable: In AP, which of the following is the approval based on? - ANSWER Bill Amount
Accounts Payable
What type of account will segregate cash and accrual transaction for reporting in the AP configuration screen? - ANSWER Journals
Accounts Payable
How can vendors be categorized for reporting? - ANSWER Vendor types
Accounts Payable
Company: What would you want to specify at the time of company creation to utilize the out-of-the-box account groups and financial reports? - ANSWER Quick start setup templates
Company: In a client environment, when would you choose to use custom accounting periods? - ANSWER 13 periods in a year
Company: What type of user can add a journal entry in the system? - ANSWER Business User
Company: Which of the following record cannot be restricted in a multi entity shared environment when entity restrictions are enabled? - ANSWER GL Account
Company: A business user is assigned a role to Approve Employee Expenses and also a role to Enter Vendor Bills. Which of the following is that user able to do within the system? - ANSWER Approve Expenses and Enter Bills
Company: A company that was created by utilizing the Service Industry Quickstart template has a number of records not created by default. - ANSWER GL Account
Company: When using a console template, there are some records that are not included with the client's company creation by default. - ANSWER Transactions
Company: A limited admin user -what can they NOT do? - ANSWER Create Admin Users
Company: To require a dimension value whenever a GL account is used in a transaction, you can specify a required dimension selection on the - ANSWER GL account screen
Cash Management: Which reconciliation method prompts you with cleared items to review before reconciling the checking account? - ANSWER Auto-match with review
Cash Management: Where would you enter checks and deposits that were open as of the last bank reconciliation you perfmed before your company migrated to Sage Intacct? - ANSWER Initial open items
Cash Management: What is the record that is associated with a credit card so you can pay off charges using Accounts Payable and it must be unique? - ANSWER Vendor
Cash Management: A checking account would need to be established at what level in order to take advantage of automated inter-entity transactions? - ANSWER Top level
Cash Management: What checking account field separates the transactions when you reconcile the accounts and must be unique - ANSWER GL account
Cash Management: For the transaction entry An inter-entity transaction is created based on what field in entity 1's checking account when entity 1 pays a bill for entity 2? - ANSWER Location ID
Cash Management: What does Cash Management create vendor bills from? - ANSWER Charge payoffs
Cash Management: Which of the following check printing options requires ordering check stock in advance, using separate check stock for each checking account, and printing from one checking account at a time? - ANSWER Pre-printed check stock
ME-001: Intercompany transactions
Requirement: System should automatically record an intercompany due to/due from transaction when one entity pays a bill that belongs to another entity.
- Solution type
a. Standard functionality
Users, roles & groups > Users
ME-002: User access
Requirement: System should be able to restrict users to only view and enter data in specific entities.
Solution Description - ANSWER On the User Entity tab, it is possible to restrict the users to access and record data only for certain entities. Related permissions: Administrative Permissions > Users: List, View, Add, Edit, Delete, Permissions
GL-001: Accounts
Requirements: System should allow specific users to create, edit, and delete General Ledger accounts.
Solution type
a. Standard functionality
b. Workaround
c. Marketplace solution - ANSWER a. Standard functionali
GL-001: Accounts
Requirements: The system shall provide all identified users with the capability to add, edit, and delete General Ledger accounts.
Where solution is found in Sage Intacct (if applies) - ANSWER General Ledger > All > Accounts > General Ledger Accounts
GL-001: Accounts
Requirements: System shall allow predefined users to create, edit, and delete General Ledger accounts.
Solution Description - ANSWER No configuration required. The related permissions include: Journal Entries: Reverse
GL-002: Accounts
Need: System should be able to record non-monetary numeric transactions such as employee headcount and square footage.
How - type
a. Out-of-the-box functionality
b. Workaround
c. Marketplace solution - ANSWER Out-of-the-box functionality
GL-002: Accounts
Need: System should be able to record non-monetary numeric transactions such as employee headcount and square footage.
Where in Sage Intacct - ANSWER General Ledger > All > Accounts > Statistical accounts
GL-002: Accounts
Requirement: System should allow recording of non-monetary numeric transactions such as employee headcount and square footage.
Solution Description - ANSWER No configuration required. RELEVANT PERMISSIONS: Statistical Journal Entries: View, Create, Edit, Delete, Reverse
GL-003: Journal entries
Requirement: System should warn user if user attempts to post a journal entry with a date in a future period.
Solution type
a. Standard functionality
Solution Description - ANSWER No configuration needed. Permissions needed: Journal Entries: Reverse
GL-005: Journal entries
Requirement:System should support recurring journal entries.
a. Standard functionality
b. Workaround
c. Marketplace solution - ANSWER a. Standard functionality
GL-005: Journal entries
Requirement: System should allow for recurring journal entries.
Where solution is found in Sage Intacct if applicable - ANSWER General Ledger > All > Journal entries > Recurring
GL-005: Journal entries
Requirement: System should allow for recurring journal entries.
Solution Description - ANSWER No configuration needed. Related permissions: Recurring Journal Entries: List, View, Add, Edit, Delete
GL-006: Journal entries
Requirement System should allow editing dimensions on a posted journal entry.
a. Standard functionality
b. Workaround
c. Marketplace solution - ANSWER Standard functionality
GL-006: Journal entries
Requirement System should support functionality for editing dimensions on a posted journal entry.
Select the fields that are incorrect and fill in with correct amount - ANSWER Pre-posting editing of a payroll journal entry to correct an error in data you should?
Contributed to WCB PAYABLE - ANSWER According to the payroll journal entry and the report screen which of the following listed only the employer?
-Enter advances and discovered advances amount
-Enter Bonus and Commissions amount
-Edit the salary amount for a period - ANSWER In the payroll charge run journal, you cannot?
Select pay remittances in the payments journal and then select the supplier. - ANSWER To make payroll tax remittances?
-Enter payroll names and setting default
-Enter the linked payroll accounts for liabilities and expenses
-Enter the employee information and historical deduction - ANSWER What steps are involved in setting up the payroll ledger
NONE OF THE ABOVE - ANSWER Which one of the following statements about payroll linked accounts is correct?
NONE OF THE ABOVE - ANSWER To create an employee benefits you would?
Entitlements - ANSWER Paid sick leave and paid vacation time are examples of?
Inventory sales Report - ANSWER To report on the number of unit sold, revenue, cost of good sold and net profit, you would display The?
-Sales commissions were a successful incentive to improve sales results
Sales on discount term induced more people to purchase - ANSWER From these result, you might conclude?
Mark the journal entries as cleared - ANSWER Part of setting up account reconciliation for a bank account?
All payments that are wage or salary related - ANSWER The payroll journal may be used for only one of the following?
One should make sure to update the taxes - ANSWER When already in the process of correcting a data error in payroll entry after posting?
Changing the number of hours worked - ANSWER You can do what to a payroll journal entry after posting by?
After the employee has left the company - ANSWER You should enter a date of termination for an employee?
The sales journal in the salesperson field - ANSWER The salesperson for a sale is entered in?
Double clicking the error to select it and tulong the correct details - ANSWER Corrections may be made to any payroll ledger personal information field by?
Payroll names setting screen - ANSWER Setting for deduction and income are defined on?
Adding a user defined expense for each entitlement - ANSWER The steps to setup payroll entitlements include?
Accounts cannot be charged in adjustments journal entries - ANSWER Which statement is not true about inventory linked Accounts?
-The quantity on hand inventory
-The inventory summary reports - ANSWER In order to find out how many of an item you have left on-hand, you would print?
It is used to transfer inventory for general store use? - ANSWER Which one of the following statements about the item assembly journal is not true?
Can use the inventory and services module? - ANSWER A business that provides only services?
-Enter budget amounts for divisions
-Allocated transactions by dollar amount or percentage?
-Warn if allocation is not complete - ANSWER The setting options for entering division allocation?
Wage expense - Sales - $ 349.44 - ANSWER Allocated amounts is correct from the journal entry above?
-All division income reports will show the profits for the selected divisions
-Allocated revenues by double clicking the allocation column beside the amount
-You may print journal report with or without division allocations - ANSWER Which one of the following general statements about divisions is true?
May be entered automatically from the rates in the inventory ledger? - ANSWER Import duties on Purchased of inventory items?
Editing amount in the general ledger budget tan screen - ANSWER If budget forecast are incorect you can change the budget amounts by?
Where solution found in Sage Intacct if applicable - ANSWER n/a
GL-007: Journal entries
Requirement: System should support auto calculation and posting of payroll.
Solution Description - ANSWER Review payroll solutions in the Sage Intacct Marketplace.
GL-008: Approvals
Requirement: System should support approvals for journal entries prior to posti
a. Standard functionality
b. Workaround
c. Marketplace solution - ANSWER Standard functionality
GL-008: Approvals
Requirement: System should support approvals for journal entries prior to posting.
Where solution is found in Sage Intacct if applicable - ANSWER General Ledger Configuration
GL-008: Approvals
Requirement: System should support approvals for journal entries prior to posting.
Solution Description - ANSWER Select the check box to Activate journal entry approvals. For each journal that requires approval, select the approver(s). Note: You can only select approvers once you have given them permission to approve journal entries. Related permissions: Approve Journal Entries
GL-009: Approvals
Requirement: System should allow for a different user than the primary approver to approve a journal entry when the primary approver submitted the entry.
a. Standard functionality
b. Workaround
c. Market solution - ANSWER a. Out-of-the-box functionality
GL-009: Approvals
Requirement: System should allow another user to approve a journal entry if primary approver is submitting the entry.
Solution Description - ANSWER To start select Approval options click on Submitter can approve own entries so that check box is empty then set up the journals substitute approver. Permission for Related: Approve Journal Entries
GL-009: Approvals
Requirement: System should allow another user to approve a journal entry if the primary approver submitted the entry.
Where solution is found in Sage Intacct (if applicable) - ANSWER General Ledger Configuration
GL-010: Budgets
Requirement: System should support entering or importing budgets for budget to actual reports.
Where solution found in Sage Intacct, if applicable - ANSWER Budgets > All > Budgets
Budgets repository Note: Budgets can be imported on the Company Setup Checklist
