Microsoft Solomon 6.0 Project Management and Accounting Set 7

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Microsoft Solomon 6.0 Project Management and Accounting Set 7

What are the rules for Billing Transaction Load?

Define whether non-billable transactions are transferred to Flexible Billings. ✘ Define what transactions are displayed in Invoice & Adjustment Maintenance. ✘ Define which transactions are copied from PJTRAN to PJINVDET for billing purposes. ✘ Define whether unit, rate, amount, labor classification, employee, vendor, information etc. is loaded intoa billing transaction. ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

Invoice Reversal & Duplication can duplicate an invoice from month to month. What other process can generate a fixed billing amount each month?

Automatic Invoice Creation ✘ Invoice & Adjustment Maintenance ✘ Scheduled Billings & Revenue ✘ Construction Billing ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

The difference between Post Date and Estimated Post Date in a Billing Schedule means that during Scheduled Billing Release?

line items with a Post Date will post billable transactions to an invoice; line items with an Estimated Post Date will post non-billable transactions. ✘ line items with a Post Date will create an invoice; line items with an Estimated Post Date will createbillable transactions. ✘ line items with a Post Date will create unbilled items or a draft invoice; line items with an Estimated PostDate not create unbilled items or a draft invoice. ✘ line items with a Post Date will create unbilled items with an Available status; line items with anEstimated Post Date will
create unbilled items with a Hold status. ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

Which of the following wildcards can be used in Billing Rules?

s - source, t - task, e - employee, p project ✘ s - source, t - task, e - employee, p - project, b - bill with project ✘ s - source only ✘ t - task and p - project only ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

What is the Use Bill Amount checkbox in the Billing Rule used for?

If this box is checked, the adjusted amount for a transaction in Invoice & Adjustment Maintenance will be used for the secondary postings in a Billing Rule; otherwise the original amount will be used. ✘ If this box is checked, transactions entered directly into Invoice & Adjustment Maintenance will postusing the amount entered; otherwise they will post using an amount of zero. ✘ If this box is checked, the original amount for a transaction in Invoice & Adjustment Maintenance will beused for the secondary postings in a Billing Rule; otherwise the adjusted amount will be used. ✘ If this box is checked, the billing amount for a transaction will be used for posting; otherwise, the costamount will be used. ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

A schedule (Billing or Revenue) can have additional periodic line items added automatically by what periodical basis?

For each month, quarter or year. ✘ For each month. ✘ For each week, month or quarter. ✘ On an annual basis only. ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

Which of the following are rules for Invoice Posting?

Specify the Accounts Receivable account that is used for posting. ✘ Define the General Ledger postings when an invoice is posted using Invoice & Adjustment Posting. ✘ Determine whether transactions will post to the project, the General Ledger, or both. ✘ Define whether retention is calculated and posted on the project. ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

For each Report ID in Invoice Maintenance, for example, BI010, nine others exist, for example BI011 through BI019. How are these reports used?

The existing BI010 can be customized and saved as BI011 through BI019 to allow for different invoice formats. ✘ Only the base report, BI010 is an actual report. BI011 through BI019 are empty Crystal Report fileswhich must be created from scratch. ✘ The base reports, such as BI010, are used for invoices and the other reports BI011 through BI019 areused for aging reports. ✘ The base reports, such as BI010, are used for invoices created in Invoice & Adjustment Maintenanceand the other reports BI011 through BI019 are used for Scheduled Billings and Construction Billing reports. ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

If part of a billing transaction is put on Hold in Invoice & Adjustment Maintenance what is the result?

The Hold Units and Amount are available the next time an invoice is created. ✘ The Hold Units and Amount appear as an adjustment to the next invoice. ✘ The invoice must be defined as djustment?doc type. ✘ The Hold Units and Amount are written off to the adjustment account in Billing Rules. ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

10.

Which of the following will the Cost of Sales Method To-date method in Billing Rules do?

Debit Cost of Sales and credit WIP in proportion of the current revenue to the revenue to date. ✘ Debit Cost of Sales and credit WIP in proportion of the current revenue to the contract value. ✘ Debit Cost of Sales and credit WIP in proportion of the revenue to date to the contract value. ✘ Debit Cost of Sales and credit WIP in proportion of the billing to date to the contract value. ✔

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Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

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