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IMPLEMENTING SAGE INTACCT EXAM |
QUESTIONS & 100% CORRECT ANSWERS
(VERIFIED) | LATEST UPDATE | GRADE A+
ME-001: Intercompany transactions Requirement: 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 b. Workaround c. Marketplace solution Correct Answer: a. Standard functionality 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. Where solution is found in Sage Intacct (if applicable) Correct Answer: Company > Setup > Configuration > Entities 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 Description Correct Answer: The journal entry is automatically created based on the settings defined on the Inter-entity Setup page. Related permissions: Company > Entities: List, View, Add, Edit, Delete ME-002: User access Requirement: System should support restricting users to viewing and entering data in specific entities. Solution type a. Standard functionality b. Workaround c. Marketplace solution Correct Answer: Standard functionality ME-002: User access Requirement: System should support restricting users to viewing and entering data in specific entities. Where solution is found in Sage Intacct (if applicable) Correct Answer: Company > Admin > Users, roles & groups > Users
Requirements: System should allow specific users to create, edit, and delete General Ledger accounts. Where solution is found in Sage Intacct (if applicable) Correct Answer: General Ledger > All > Accounts > General Ledger Accounts GL-001: Accounts Requirements: System should allow specific users to create, edit, and delete General Ledger accounts. Solution Description Correct Answer: No configuration needed. Related permissions: Journal Entries: Reverse GL-002: Accounts Requirement: System should support recording non-monetary numeric transactions, such as employee headcount and square footage. Solution type a. Standard functionality b. Workaround c. Marketplace solution Correct Answer: Standard functionality
GL-002: Accounts Requirement: System should support recording non-monetary numeric transactions, such as employee headcount and square footage. Where solution is found in Sage Intacct (if applicable) Correct Answer: General Ledger > All > Accounts > Statistical accounts GL-002: Accounts Requirement: System should support recording non-monetary numeric transactions, such as employee headcount and square footage. Solution Description Correct Answer: No configuration needed. Related permissions: Statistical Journal Entries: List, View, Add, Edit, Delete, Reverse GL-003: Journal entries Requirement: System should display a warning if the user tries to post a journal entry with a date in a future period. Solution type a. Standard functionality b. Workaround c. Marketplace solution Correct Answer: a. Standard functionality GL-003: Journal entries
Correct Answer: On the journal entry or journal entry list, select Reverse. GL-004: Journal entries Requirement: System should support reversing journal entries Solution Description Correct 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 Correct Answer: a. Standard functionality GL-005: Journal entries Requirement:System should support recurring journal entries. Where solution is found in Sage Intacct (if applicable) Correct Answer: General Ledger > All > Journal entries > Recurring GL-005: Journal entries Requirement:System should support recurring journal entries.
Solution Description Correct Answer: No configuration needed. Related permissions: Recurring Journal Entries: List, View, Add, Edit, Delete GL-006: Journal entries Requirement System should support functionality for editing dimensions on a posted journal entry. a. Standard functionality b. Workaround c. Marketplace solution Correct Answer: Standard functionality GL-006: Journal entries Requirement System should support functionality for editing dimensions on a posted journal entry. Where solution is found in Sage Intacct (if applicable) Correct Answer: Go to the journal entry list view, next to the entry click Edit. Note: If Approvals are enabled, the submitter can recall a submitted transaction and edit it. Once a journal entry is approved, it can't be edited. You can only edit journal entries that
GL-007: Journal entries Requirement: System should support automatically calculating and posting payroll. Solution Description Correct Answer: Evaluate 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 Correct 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) Correct Answer: General Ledger Configuration GL-008: Approvals Requirement: System should support approvals for journal entries prior to posting. Solution Description
Correct Answer: Select the option to Enable journal entry approvals. Set the approver(s) for each journal that requires approvals. Note: In order to select approvers, you must first assign them permission to approve journal entries. Related permissions: Approve Journal Entries GL-009: Approvals Requirement: System should allow another user to approve a journal entry if the primary approver submitted the entry. a. Standard functionality b. Workaround c. Marketplace solution Correct Answer: a. Standard functionality GL-009: Approvals Requirement: System should allow another user to approve a journal entry if the primary approver submitted the entry. Solution Description Correct Answer: In the Approval options section, deselect Submitter can approve own entries. Then set up substitute approvers for each journal. Related permissions: Approve Journal Entries
GL-010: Budgets Requirement: System should support entering or importing budgets for budget to actual reports. Solution Description Correct Answer: No configuration needed. Related permissions: General Ledger > Budgets: List, View, Add, Edit, Delete GL-011: Reports Requirement:System should provide a general ledger report that displays summary or detail information. a. Standard functionality b. Workaround c. Marketplace solution Correct Answer: Standard functionality GL-011: Reports Requirement:System should provide a general ledger report that displays summary or detail information. Where solution is found in Sage Intacct (if applicable)
Correct Answer: General Ledger Report Set Show transaction presentation to Summary or Details GL-011: Reports Requirement:System should provide a general ledger report that displays summary or detail information. Solution Description Correct Answer: No configuration needed. Related permissions: Reports > General Ledger: Run GL-012: Reports Requirement:System should provide financial reports that display summary or detail information, expanded dimensions, budget to actual comparisons, and period comparisons a. Standard functionality b. Workaround c. Marketplace solution Correct Answer: Standard functionality GL-012: Reports
Correct Answer: Standard functionality CM-001: Banks Requirement:System should support recording transfers between bank accounts. Where solution is found in Sage Intacct (if applicable) Correct Answer: Cash Management > All > Transactions > Funds Transfer CM-001: Banks Requirement:System should support recording transfers between bank accounts. Solution Description Correct Answer: No configuration needed. Related permissions: Funds Transfers: List, View, Add, Reverse CM-002: Credit cards Requirement:Cash Management should support recording credit card transactions paid to vendors. a. Standard functionality b. Workaround c. Marketplace solution Correct Answer: b. Workaround
CM-002: Credit cards Requirement:Cash Management should support recording credit card transactions paid to vendors. Where solution is found in Sage Intacct (if applicable) Correct Answer: This is a workaround for Cash Management, but standard functionality in the system. Use Accounts Payable, not Cash Management, to track credit card payments made to vendors. CM-002: Credit cards Requirement:Cash Management should support recording credit card transactions paid to vendors. Solution Description Correct Answer: Cash Management supports credit card payments to payees; Accounts Payable supports credit card payments to vendors. These transactions should be entered as Accounts Payable bills (not Credit card transactions) and paid with a credit card in Accounts Payable. Set up credit cards in Cash Management to use them for payment methods in Accounts Payable. CM-003: Receipts
Correct Answer: The Other receipts transaction tracks receipts from payers, not customers. No configuration needed. Related permissions: Other Receipts: List, View, Add, Edit, Delete, Reverse CM-004: Payments Requirement:Cash Management should support recording payments made to payees (not vendors). a. Standard functionality b. Workaround c. Marketplace solution Correct Answer: Workaround CM-004: Payments Requirement:Cash Management should support recording payments made to payees (not vendors). Where solution is found in Sage Intacct (if applicable) Correct Answer: This is a workaround for Cash Management, but standard functionality in the system. Use General Ledger journal entries, not Cash Management, to track payments to vendors. CM-004: Payments
Requirement:Cash Management should support recording payments made to payees (not vendors). Solution Description Correct Answer: Cash Management supports payments to vendors, not payees. These transactions should be entered as General Ledger journal entries (not Cash Management transactions) and recorded directly to the cash GL account. Configure Cash Management Instructor Guide Page 314 Sage Group plc— Confidential Information No configuration needed. AP-001: Terms Requirement:System should provide these payment terms for use with vendor transactions: Net 7 Net 15 Net 30 Net 45 Due upon receipt a. Standard functionality b. Workaround c. Marketplace solution Correct Answer: Standard functionality
