Smartbooks ERP Quiz

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Questions and Answers

Which tab allows you to enter the type of unit by which inventory is managed?

General Tab

Sales Tab (correct)

Header Data

Price List Tab

What is NOT included in the header data of a purchase order?

Item Code

Item Price (correct)

Item Category

Item Name

What functionality does procurement management within the Smartbooks Cloud ERP application provide?

Inventory forecasting

Automation of procurement activities (correct)

Expense tracking

Financial reporting

Which component allows you to handle tax group modifications for purchased items?

Price List Tab Signup and view all the answers

Where do you go to add supplier data in the system?

Customers/Suppliers > Suppliers Signup and view all the answers

What kind of permissions are established in the General Tab?

Visibility permissions Signup and view all the answers

What can be modified in the Price List Tab?

Item's final price and installment pricing Signup and view all the answers

What is one of the first steps in adding a customer master record?

Access Customers/Suppliers > Customers Signup and view all the answers

Which of the following is included in the header data of a Customer/Supplier Master Record?

Business Style Signup and view all the answers

What does the Accounting Tab in the Customer/Supplier Master Record contain?

Control Account and Tax Handling Information Signup and view all the answers

Which tab of the Customer/Supplier Master Record allows entering details for contact persons?

Contact Persons Tab Signup and view all the answers

The Payment Terms Tab contains data used by default in documents. Which of the following is NOT included in this tab?

Billing Address Signup and view all the answers

Which G/L accounts are integrated within the Item Master Record's structure?

Accounts for Inventory Valuation and Purchasing Signup and view all the answers

What is the primary purpose of issuing a Purchase Return document?

To reverse inventory or accounting transactions Signup and view all the answers

In the Addresses Tab of the Customer/Supplier Master Record, which type of address is always set to the company's address?

Delivery Address for Payable Documents Signup and view all the answers

What information is typically found in the General Tab of the Customer/Supplier Master Record?

Telecommunication Details and Default Values Signup and view all the answers

What is the function of an AP Voucher in the purchasing process?

It validates the invoice received from the supplier Signup and view all the answers

What is one of the main functions of the Purchasing Tab in the Item Master Record?

Entering procurement settings and rules Signup and view all the answers

Which statement is true regarding the creation of a Debit Memo?

A Debit Memo allows adjustments to an existing AP Voucher Signup and view all the answers

What does the AP Voucher directly reflect in the company's financial records?

An increase in the company's liability Signup and view all the answers

What happens to the tax account during the processing of an AP Voucher?

It is updated to reflect an increase in liabilities Signup and view all the answers

Which of the following is NOT a step in logging into Smartbooks?

Access the Smartbooks interface directly without logging in Signup and view all the answers

What is the purpose of the 'Reset Password' button in Smartbooks?

To unlock an account after a lockout Signup and view all the answers

Which of the following steps is NOT part of customizing user credentials in Smartbooks?

Change User ID Signup and view all the answers

What is included in the definition of Master Data as mentioned?

Information about customers and suppliers Signup and view all the answers

What happens once you update your password in Smartbooks?

The system logs you out automatically Signup and view all the answers

Which option correctly describes a type of Master Data?

Customer Data Signup and view all the answers

What will occur if the password is incorrectly entered several times?

The account may become locked Signup and view all the answers

Which of the following is correct regarding the User ID in Smartbooks?

User ID is fixed and used for logging in Signup and view all the answers

Which step is NOT part of the regular purchase process?

Purchase Returns Signup and view all the answers

In a purchase process involving a debit memo, which step does NOT occur before cash outflow?

Purchase Returns Signup and view all the answers

What is the correct order of steps for a purchase process that includes a goods return?

Purchase Order > Receiving > Purchase Returns > A/P Voucher > Cash Outflow – Supplier Signup and view all the answers

Which component is essential when processing an A/P Debit Memo?

AP Voucher Signup and view all the answers

In a regular purchase process, how is the cash outflow typically finalized?

After receiving the goods and processing the AP voucher Signup and view all the answers

What is the primary function of a purchase order in the purchasing process?

It serves as a commercial document detailing agreed quantities and price. Signup and view all the answers

Which document is generated when goods are received from a supplier?

Receiving Document Signup and view all the answers

In which situation would a purchase return document typically be used?

When a buyer returns defective or unacceptable items received from a supplier. Signup and view all the answers

What role does Smartbooks play in the purchasing process?

It integrates vendor selection with purchase order management. Signup and view all the answers

How does the accounting system respond when a purchase order is entered?

It does not post any value-based changes. Signup and view all the answers

What information can be viewed through reports after entering a purchase order?

Inventory levels based on order quantities. Signup and view all the answers

Which entity is responsible for creating the receiving document?

The storage location employee or office taking delivery. Signup and view all the answers

What is the nature of the Payable process?

It ensures a steady stream of materials when required by the company. Signup and view all the answers

Study Notes

Accounting Information System (AIS)

The document is related to an accounting information system (AIS) particularly for the Holy Angel University, School of Business and Accountancy.
The system is called Smartbooks.
Students are expected to log in to Smartbooks and understand the master data and expenditure cycle.
Accessing Smartbooks requires a registered FIT Portal account, a group/section code, and login credentials.
The system has various functionalities such as master data management (customers, suppliers, items), expenditure cycle management (purchase order, receiving, AP voucher, cash outflow), and financial reporting.
Some exercises described include adding customer/supplier master records, item master records, and bank accounts.
There are different types of master data, including customer, supplier, and item data.
Customer/supplier master record data includes header, contact persons, addresses, payment terms, and accounting information.
Item master record data includes header, purchasing, sales, inventory, and price list information.
The expenditure cycle includes purchase order, receiving document, purchase return, AP voucher, and payment.
Processes involving debit memos and goods return are also part of the system.
The system integrates with other modules for complete functionality (e.g., Treasury module).

Smartbooks Interface

Smartbooks has a user interface with modules, menus, and buttons.
Key modules include the modules menu, theme color, change password, messages, extension, theme, and logout.
The user interface includes options for customizing user credentials.

Customize User Credentials

Users can personalize their experience by changing their user name and password.
The User ID is not editable.
Users can input preferred new passwords.
Users can input the name, update their profile, and change their password.
After updating credentials, users are required to re-login.

Master Data

Master Data is vital for effective Smartbooks usage.
Master Data includes data for customers, suppliers, and items.
Item data descriptions are included in inventory or manufacturing by companies.
General ledger (G/L) accounts are used for transaction posting.

Data Structure of Master Data

Customer/supplier master record details include header, contact persons, addresses, payment terms, and accounting.
Item master records include header, general, purchasing, sales, inventory, and price list details.

Purchasing Documents and Reports

Purchasing documents documented include purchase orders, receiving documents, purchase return, AP voucher, debit memos, and payments.

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Description

Test your knowledge on the key functionalities and components of the Smartbooks Cloud ERP application. This quiz covers aspects such as inventory management, purchase orders, supplier data, and customer master records. Ensure you understand the different tabs and the information they hold!