Partial reconciliation can be only done manually.

False

What can be a result of creating an internal reconciliation? There are 2 correct answers
Remove an A/R Invoice from the open invoices list that appear when opening a new Incoming
Payment
Remove an A/P Invoice from the vendor aging report

What can be a result of creating an internal reconciliation? There are 2 correct answers
Remove an A/R Invoice from the open invoices list that appear when opening a new
Incoming Payment
Remove an A/P Invoice from the vendor aging report

You added an Incoming Payment for partial payment of an A/R invoice. How does this affect
reconciliation?
The customer debt is reconciled partially for the amount paid.

An internal reconciliation is performed in the local currency if the business partner account
currency is set to All Currencies.
True

Once you reverse a reconciliation, all the related postings are reversed as well.
False

You need to perform internal reconciliation manually after running the Payment
Wizard. False

A manual reconciliation is a type of user reconciliation.

True

Internal reconciliation refers to the matching and clearing of open credit items to
open debit items within an account.
True

As the accountant in your company, you spend a lot of time reconciling open customer debts and
payments. Which 2 options can help you make the procedure shorter?

Automatic reconciliation

Semi automatic reconciliation

It is possible to reconcile transactions of two business partners with each other.

True

When an invoice is reconciled with a payment, the debit side of the business partner
is reconciled with the credit side.
True

You added an Incoming payment but forgot to choose the invoice in the payment and a
reconciliation was not made. What is the best practice to solve this issue?
Perform a reconciliation using the Business Partner Internal Reconciliation window.

Which two of these transactions trigger a system internal reconciliation?

A credit memo based on an invoice

A payment for a vendor based on an A/P Invoice

Accounting basics

An invoice always creates a journal entry. True

Which type of account reflects business partner transactions in the chart of accounts?

Control account
Assets, Expenses, and Drawings accounts are generally in credit
False

The account balance represents the difference between the total debit transactions
and the total credit transactions

True

A journal entry must be balanced

True
Credit transactions always increase the liability. True

The journal entry for an outgoing payment typically involves a vendor and a bank account.

True

What would be the consequence of choosing the option Payment on Account in the Outgoing
Payments window?
The open invoice will not be reconciled with the payment

Order the process steps you take when the customer uses checks for payments.

Invoice

Incoming Payment

Deposit

An incoming payment typically debits the customer account

False

When adding an incoming payment using bank transfer as payment means, the
house bank is debited.
When adding an incoming payment using bank transfer as payment means, the house bank is
debited.

True
Which 2 payment means will typically involve a clearing (suspense) account in the incoming
payment transaction?

Credit card

Checks

It is possible to split the amount due among several means of payment.

True

Defining a payment method for a business partner is a pre-requisite for running the
Payment Wizard.

True

After you created a deposit with multiple checks, it is possible to cancel one of the checks.
True

Which tool would you use to create outgoing and incoming payments in a batch?

Payment wizard

In the incoming payment, you see an asterisk in one of the invoice rows. What does the asterisk
indicate?
The invoice is due

What are 3 possible outcomes of the payment wizard run?

Incoming Payments

Outgoing payments

Bank file

The Payment Wizard does NOT consolidate payments by business partners

Bank reconciliation

A bank statement can be imported automatically.

True
Another name for bank reconciliation is external reconciliation.
True

A bank reconciliation is performed before receiving the bank statement.

False
The main purpose of bank reconciliation is to ensure all transactions performed in
the bank are recorded in the accounting ledger.
True
While reviewing the bank statement, you notice that a certain bank transfer amount is slightly
different than the amount recorded in the ledger, due to rounding. How can you reconcile this
record externally?
Post a balancing transaction

Bank reconciliation and internal reconciliation are two different processes in SAP Business One.

True

What is the result of all types of bank reconciliation?

The bank statement row is reconciled with the bank record in the accounting ledger.

Which 2 types of balances can you view in the Profit and Loss Statement?

The balance of the profit and loss accounts

The company's expenses balance

In the profit and loss statement you can display balances of business partners.
False

Total assets = total liabilities + equity

True
The Trial Balance report is a draft of the Balance Sheet report
FALSE

The Trial Balance report displays only balance sheet accounts. FALSE
Which 2 reports display the balance of the cost of sales accounts?

Trial Balance

Profit and Loss Statement

The Balance Sheet presents the company’s value.

TRUE

Cash flow

In the Cash Flow report, what is a security level?

The level of certainty that the transaction will turn into cash
In the aging report, how does the system calculate the age of an open invoice?
According to the difference in days between the date of the invoice and aging date.

Which feature in SAP Business One allows you to send customer reminder letters regarding
debts?
Dunning wizard

Where can you see a consolidated balance of a business partner that is both a customer and a
vendor?
In the Aiging report
The Cash Flow report can only display transactions recorded in the accounting
ledger.

FALSE

The Cash Flow report displays only cash accounts.

FALSE

In which report can you easily see open transactions for all customers?
Aging report

The Cash Flow report forecasts changes in cash holding accounts.

true