Handling sales returns and adjustments MCQs on Peach Tree
By: Prof. Dr. Fazal Rehman | Last updated: August 1, 2024
Which Peachtree feature is used to process a sales return?
a) Sales Return
b) Credit Memo
c) Sales Adjustment
d) Return Invoice
Answer: b) Credit Memo
How do you record a sales return in Peachtree?
a) Create a Credit Memo and apply it to the original invoice
b) Use the Sales Return option under the Transactions menu
c) Adjust the sales invoice amount manually
d) Delete the original invoice and issue a new one
Answer: a) Create a Credit Memo and apply it to the original invoice
What information is typically required when creating a credit memo for a sales return?
a) Original invoice number, customer details, and return items
b) Customer name, return reason, and refund amount
c) Return date, sales tax amount, and adjustment details
d) Credit limit, item quantity, and payment terms
Answer: a) Original invoice number, customer details, and return items
How can you adjust the amount of a sales invoice due to an error?
a) Use the Sales Adjustment feature
b) Issue a Credit Memo to correct the error
c) Edit the invoice and save the changes
d) Create a new invoice with the corrected amount
Answer: a) Use the Sales Adjustment feature
Which report in Peachtree can show details of all sales returns and credit memos issued?
a) Sales Returns Report
b) Credit Memo Report
c) Sales Adjustment Report
d) Aged Receivables Report
Answer: b) Credit Memo Report
To process a refund for a sales return in Peachtree, which action should you take?
a) Issue a refund check and apply it to the credit memo
b) Adjust the credit memo to include the refund amount
c) Use the Sales Adjustment feature to process the refund
d) Generate a refund invoice for the return
Answer: a) Issue a refund check and apply it to the credit memo
What is the primary use of the Sales Adjustment feature in Peachtree?
a) To adjust invoice amounts due to pricing errors or discounts
b) To process customer payments
c) To handle returns and issue credit memos
d) To create and manage sales orders
Answer: a) To adjust invoice amounts due to pricing errors or discounts
How do you ensure that a sales return is properly reflected in financial reports?
a) Record the return as a credit memo and verify it in the Aged Receivables Report
b) Manually update financial statements to include the return
c) Delete the original invoice and re-enter the return details
d) Create a new sales return report and reconcile it with the bank statement
Answer: a) Record the return as a credit memo and verify it in the Aged Receivables Report
Which Peachtree icon or menu option allows you to access sales adjustments?
a) Adjustments & Returns
b) Sales & Receivables
c) Transactions
d) Sales Orders
Answer: c) Transactions
What should you do if you need to correct a returned item’s quantity or price after the credit memo has been issued?
a) Issue an additional credit memo for the adjustment
b) Edit the original credit memo
c) Delete the initial credit memo and create a new one
d) Use the Sales Adjustment feature to update the credit memo
Answer: a) Issue an additional credit memo for the adjustment
