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SAGE INTACCT IMPLEMENTATION EXAM WITH QUESTIONS AND
CORRECT ANSWERS (VERIFIED AND WELL DETAILED ANSWERS)
LATEST UPDATE 2024/
General Ledger: What rolls an account's ending balance, for each reporting period into the retained earnings accounts, effectively making the balance forward for the account zero? - CORRECT ANSWER Non-closing accounts General Ledger: What GL configuration option prevents users from entering a journal entry or other transaction that does not balance for the current dimension? - CORRECT ANSWER Enforce JE balancing General Ledger: What does an entity translate to for transacting in a multi-entity shared environment? - CORRECT ANSWER Location General Ledger: What would cause a JL journal entry to fail? - CORRECT ANSWER Modifying template header titles General Ledger: What do you enable to require approvals for all transactions in a particular journal? - CORRECT ANSWER Journal Entry approvals General Ledger: What records are used to track non financial data, such as employee headcount or the number of members? - CORRECT ANSWER Statistical Accounts General Ledger: What process prevents entries and/or changes to a ledger for a specific period? - CORRECT ANSWER Closing the books
General Ledger: Which type of journal entry is used for posting to a closed period?
- CORRECT ANSWER Adjusting Purchasing: What enables to categorize items for the purpose of posting to specific GL Accounts when using Advanced Workflows in the purchasing application? - CORRECT ANSWER Item GL Group Purchasing: PO for a certain qty of item, need to pay for lesser qty. What setting in the PO transaction definition controls how you would process this transaction? - CORRECT ANSWER Partial Conversion Handling Purchasing: What dimension represents goods or services purchased from a vendor? - CORRECT ANSWER Item Purchasing: How does the system determine what type of transactions require aproval, what approvals are required, and the sequence of approvals? - CORRECT ANSWER Approval Policies Purchasing: What transaction definition setting requires at least one debit/credit account pair defined? - CORRECT ANSWER Transaction Posting set to Accounts Payable Accounts Receivables: What would you view to see all of the following information: customer aging info, amount due and amount paid, and total payments received? - CORRECT ANSWER Statement Accounts Receivables: What transaction type decreases the amount a customer owes you? - CORRECT ANSWER Credit memo
Accounts Receivables: What field name must be unique when importing customers in a .csv import template? - CORRECT ANSWER CUST_NAME Time & Expense: What provides recognizable names to the G/L accounts used in expense reports in the T&E application? - CORRECT ANSWER Expense types Time & Expense: What option enables approvals for paying employee expense reports? - CORRECT ANSWER Expense reports approvals Time & Expense: How is the manager field used in the employee information screen? - CORRECT ANSWER Vendor bill approval Time & Expense: What record is tied to the employee dimensions so an employee can submit their own expense reports from the T&E application? - CORRECT ANSWER User Order Entry: What do sales orders, sales quotes, and sales invoices represent in the Order Entry application? - CORRECT ANSWER Transaction Definitions Order Entry: How are permissions used within the Order Entry application? - CORRECT ANSWER Restrict users to enter transactions within a specific transaction definition Order Entry: When pricing items in sales transactions, the system determines the calculated amount of the line by using the unit price and the: - CORRECT ANSWER Unit of measure Order Entry: What associates an Order Entry transaction with the appropriate icon on the overview map and with the applicable transaction menu grouping in the application menu? - CORRECT ANSWER Workflow category
Order Entry: What can automatically default item prices in an Order Entry sales invoice when assigned to the transaction definition? - CORRECT ANSWER Price lists Order Entry: How would a client company add an additional step to their Order Entry workflow that is unique to their business when they are currently using a Quickstart workflow? - CORRECT ANSWER Use advanced workflow to recreate the workflow with the additional step. Order Entry: Where on the item information screen would you specify an item is restricted for use in Order Entry transactions only? - CORRECT ANSWER Item Type Order Entry: What happens when advanced Workflow is enabled in the Order Entry application? - CORRECT ANSWER Advanced workflow is enabled in the Order Entry, Purchasing, and Inventory applications Reporting: If you plan to use the project, customer, item, and employee dimensions, they should first be enabled where? - CORRECT ANSWER GL Configuration Reporting: What field in the GL accounts screen ensures the account's balance flows through to the system's pre-defined QuickStart financial reports? - CORRECT ANSWER Account Category Reporting: How do you save a standard report with the present time periods, filters, and format settings? - CORRECT ANSWER Memorize
Accounts Payable: Where do you enter a vendor bill that needs to include line items from two separate entities in a multi-entity shared environment? - CORRECT ANSWER Top Level Accounts Payable: In a cash basis company, when does the system post a vendor's bill expense account to the General Ledger? - CORRECT ANSWER Accounts Payable: What is the status of a vendor bill that can be reversed? - CORRECT ANSWER Unpaid Accounts Payable: What marks a check number unavailable for re-use and makes the vendor bill available to be paid again? - CORRECT ANSWER Voiding a check Accounts Payable: Which report displays a list of vendors to whom you owe or owed money and how many days you are past due? - CORRECT ANSWER Vendor Aging Accounts Payable: What transaction type increases the amount you owe to a vendor? - CORRECT ANSWER Credit Memo Company: It is not a best practice to set Slide-In permissions to 'Subordinate Company (anonymous slide-in users)' since all console users would appear as the same user with the name - CORRECT ANSWER CPAUser Company: What type of client environment shares vendors, customers, chart of accounts, and can create automatic inter-entity transactions? - CORRECT ANSWER Multi-Entity Shared
Company: What do you need to specify during company creation to use the out-of- the-box account groups and financial reports? - CORRECT ANSWER Quick start setup templates Company: When would you select to use custom accounting periods in a client environment? - CORRECT ANSWER 13 periods in a year Company: What type of user can add a journal entry in the system? - CORRECT ANSWER Business User Company: What record cannot be restricted in a multi-entity shared environment when entity restrictions are enabled? - CORRECT ANSWER GL Account Company: If a business user is assigned a role with permissions to approve employee expenses and another role to enter vendor bills, what functions will that user be able to perform in the system? - CORRECT ANSWER Approve Expenses and Enter Bills Company: When a company is created using the Service Industry Quickstart template, what records are not automatically created? - CORRECT ANSWER GL Account Company: What records are not automatically included in a client company created using a console template? - CORRECT ANSWER Transactions Company: A limited admin user cannot perform which function? - CORRECT ANSWER Create Admin Users
Cash Management: What check printing option requires ordering check stock in advance, using separate check stock for each checking account, and printing from one checking account at a time? - CORRECT ANSWER Pre-printed check stock 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 ME-002: User access Requirement: System should support restricting users to viewing and entering data in specific entities. Solution Description - CORRECT ANSWER On the User Entity tab, users can be restricted to only access and record data for specific entities. Related permissions: Administrative Permissions > Users: List, View, Add, Edit, Delete, Permissions GL-001: Accounts Requirements: System should allow specific users to create, edit, and delete General Ledger accounts. Solution type a. Standard functionality
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 Requirement: System should display a warning if the user tries to post a journal entry with a date in a future period. Where solution is found in Sage Intacct (if applicable) - CORRECT ANSWER Set the option If future GL posting date to Allow and warn. Related permissions: Administrative Permissions > Application Subscriptions: Configure 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 Description - CORRECT ANSWER General Ledger Configuration GL-004: Journal entries Requirement: System should support reversing journal entries Solution type a. Standard functionality b. Workaround c. Marketplace solution - CORRECT ANSWER a. Standard functionality GL-004: Journal entries Requirement: System should support reversing journal entries Where solution is found in Sage Intacct (if applicable) - 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
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 originate in the General Ledger; entries posted automatically from subledger must be corrected in the subledger. GL-006: Journal entries Requirement System should support functionality for editing dimensions on a posted journal entry. Solution Description - CORRECT ANSWER No configuration needed. Related permissions: Journal Entries: Edit GL-007: Journal entries Requirement: System should support automatically calculating and posting payroll. a. Standard functionality b. Workaround c. Marketplace solution - CORRECT ANSWER Marketplace solution GL-007: Journal entries Requirement: System should support automatically calculating and posting payroll. Where solution is found in Sage Intacct (if applicable) - CORRECT ANSWER n/a 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.
Requirement: System should support entering or importing budgets for budget to actual reports. a. Standard functionality b. Workaround c. Marketplace solution - CORRECT ANSWER Standard functionality 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 Requirement:System should provide financial reports that display summary or detail information, expanded dimensions, budget to actual comparisons, and period comparisons Where solution is found in Sage Intacct (if applicable) - CORRECT ANSWER Financial Reports list Note: The Financial Reports library is available to implementations that use a QuickStart Template.
