Cash Receipts
Where would you go to confirm if a cash receipt will flow to Cash Management?
A. System Admin | Installation | Accounts Receivable
B. Accounts Receivable | Maintenance | Transaction
C. System Admin | Installation | Cash Management
B. Accounts Receivable | Maintenance | Transaction
The details of a draw request is also called the _______________ of ____________.
A. Contract of License
B. Job of Cost
C. Schedule of Values
C. Schedule of Values
The details of a draw request is also called the Schedule of Values.
What report is used to confirm outstanding items for a bank reconciliation as of a certain date?
Transaction History Report
Where can you go to confirm if Accounts Payable checks should flow to Cash Management?
Cash Management Installation
If a bank reconciliation is out of balance, what report do you use to confirm if the totals are correct and, if so, what the next steps would possibly be?
GL Trial Balance at GL | Reports | Trial Balance
What kind of transaction code must be used to reverse a payment that has been applied to a customer invoice?
A. Payment-Type
B. Adjustment-Type
B. Adjustment-Type.
To confirm, navigate to AR | Maintenance | Transaction and access the transaction code.
True or False:
If a user has billed for retention on one billing item by clicking the "override retention" box, they will not need to click the box again until they want to bill for retention on that billing item again.
False
The "override retention" box will ALWAYS need to be selected for that billing item for the remainder of the contract billing.
What is the utility name for posting outstanding checks to the appropriate bank account reconciliations in Cash Management if the checks existed in Spectrum prior to the creation of the bank account in Cash Management?
Convert Outstanding Checks
True or False:
To confirm if a cash receipt should flow to Cash Management, you would navigate to System Admin | Installation | Cash Management.
False
You would confirm the transaction code used for the cash receipt and then look up the maintenance for said code at AR | Maintenance | Transaction
If a user does not use CM, where are the settings for the NACHA file?
A. Cash Management Installation and Payroll Installation
B. Payroll Installation and Payment Processing Cycle
C. Payroll Installation and Bank Reconciliation
B. Payroll Installation and Payment Processing Cycle
How is a deposit (or pre-payment) received from a customer entered into Spectrum?
A. Enter a Non-Customer Cash Receipt
B. Enter A Deposit by clicking Deposit in the Cash Receipts Entry screen
C. Enter a Cash Receipt without selecting a customer invoice
C. Enter a Cash Receipt without selecting a customer invoice
The transaction stays in the customer's open items until it can be applied to an invoice(s)
If there is a mistake on draw 2 and the client is on draw 3, how would you advise them to correct the mistake?
Reverse the draw request and create the 3rd draw using Draw Request Entry
What two locations need to be confirmed if a payroll check is not listed in a bank reconciliation?
A. Earnings History and Credit Card Reconciliation
B. Earnings History and Timecard History
C. Earnings History and Trial Balance
C. Employees Earnings History in Payroll and Trial Balance for Cash Account in GL.
True or False:
Access to a customer file can be Allowed or Disallowed via Function Security.
False - Function Security does not allow for customer-by-customer restricted access.
How do we recommend naming Account codes when creating them in CM?
A. Naming it the credit card vendor or banking establishment name - i.e. CHASE or VISA
B. Naming it the GL Code it is associated with in the General Ledger - i.e. 1000 or 2000
C. Naming it after your first pet and the street you grew up on - i.e. STEVE or MAPLE
B. Naming it the GL Code it is associated with in the General Ledger
If a user needs to reverse a cash receipt that has been applied to an invoice that isn't listed in their Open Items, where would you confirm if the invoice can or cannot be used in a cash receipt?
A. AR | Data Entry | Cash Receipts
B. AR | Data Entry | Customer Invoices
C. GL | Inquiries | Unposted Transactions
A. AR | Data Entry | Cash Receipts - enter cash receipts header details and then click "Entry by Invoice".
True or False:
If a change order was transferred onto a draw request and the draw request was subsequently reversed without reversing the transfer of the change order first, the user will need to create a new change order to resolve the issue.
False
Steps can be taken so that you can edit the change order in question.
True or False:
You can use the same GL account codes for Two cash accounts in Cash Management.
True
However, it would make it extremely difficult to reconcile as transactions for both accounts would post to the same General Ledger account making reconciliation difficult at best. We do NOT recommend this.
If a reconciliation is out of balance on the GL side only, it can be updated depending on the following installation setting:
A. Allow entry of opening balance
B. Post AP Transactions
C. Require reconciliation to balance with GL in order to update
C. Require reconciliation to balance with GL in order to update
What are the two differences between the adjustment entry screens for Bank and Credit Card Reconciliation?
A. There are less fields in bank recon and you don't have to enter an amount in CC recon
B. There is no type field and the number must = the difference amount in CC recon
C. The GL account code is not needed in bank recon and the amount field must not match the difference amount in CC recon
B. There is no type field and the number must = the difference amount in CC recon - i.e. - if the value is negative, a negative number must be entered into the Amount field for a credit card adjustment.
True or False:
If an invoice isn't listed in a customer's Open Items or in Cash Receipts - Entry by Invoice - it can still have an adjustment applied.
False.
While transactions can be entered so that financials for a particular situation can be adjusted, Spectrum will not allow any additional transactions applied against the AR Customer Invoice/Cash Receipt.
How do you impact a Schedule of Values billed amounts without impacting Accounts Receivable?
A. complete both updates for a draw request (AR | Data Entry | Draw Request) and then enter a credit memo in Customer Invoices (AR | Data Entry | Customer Invoices)
B. Update the draw request (first draw request update) and cancel the Sales Journal update (second draw request update) then delete the customer invoice (AR | Data Entry | Customer Invoice)
C. complete both updates for a draw request (AR | Data Entry | Draw Request)
B. Update the draw request (first draw request update) and cancel the Sales Journal update (second draw request update) then delete the customer invoice (AR | Data Entry | Customer Invoice)
If a circular adjustment is entered for a missing transaction in bank reconciliation, what do you do if only the statement side is out of balance once the adjustment has been updated?
Locate the adjustment and deselect it from clearing
True or False:
Adding a table to the audit log allows the user to access data from that table for transactions posted to it at any time.
False
Adding tables to the audit log is not a retro-active process. It will only audit data for the table as of the date it was added to the audit log.
Function Security does not allow for providing account-by-account restricted access; however, ______ - ______ _______ does.
Account-Based Security