Handling vendor payments and adjustments MCQs on Peach Tree

By: Prof. Dr. Fazal Rehman | Last updated: August 1, 2024

1. Which Peachtree feature is used to record a payment made to a vendor?
   a) Vendor Payments
   b) Purchase Orders
   c) Bills
   d) Payment Receipts
   Answer: a) Vendor Payments
2. To apply a payment to an outstanding vendor bill, which Peachtree option should you use?
   a) Apply Payments
   b) Record Payment
   c) Bill Payment
   d) Payment Adjustment
   Answer: a) Apply Payments
3. When you need to adjust a vendor payment due to an error, which feature should you use?
   a) Payment Adjustments
   b) Vendor Payment History
   c) Vendor Credits
   d) Accounts Payable Adjustments
   Answer: a) Payment Adjustments
4. How can you track and manage overdue vendor payments in Peachtree?
   a) Use the Accounts Payable Aging Report
   b) Review the Vendor Payment History
   c) Check the Purchase Orders module
   d) Generate the Bills Report
   Answer: a) Use the Accounts Payable Aging Report
5. What information is typically required when entering a vendor payment?
   a) Payment amount, date, payment method, and applicable bills
   b) Vendor name, invoice number, and purchase order details
   c) Payment terms, delivery date, and vendor contact information
   d) Payment amount, bill reference number, and item description
   Answer: a) Payment amount, date, payment method, and applicable bills
6. To issue a credit or refund to a vendor, which Peachtree feature should you use?
   a) Vendor Credits
   b) Purchase Returns
   c) Bill Adjustments
   d) Payment Adjustments
   Answer: a) Vendor Credits
7. Which Peachtree report helps you review all vendor payments made during a specific period?
   a) Vendor Payments Report
   b) Accounts Payable Report
   c) Payment History Report
   d) Vendor Activity Report
   Answer: a) Vendor Payments Report
8. How do you handle a situation where a vendor payment is made in error and needs to be corrected?
   a) Record a payment adjustment or refund to correct the error
   b) Void the original payment and create a new one
   c) Adjust the payment amount directly in the Accounts Payable module
   d) Delete the payment record and re-enter it
   Answer: a) Record a payment adjustment or refund to correct the error
9. What action should you take to apply a partial payment to multiple vendor bills?
   a) Use the Apply Payments feature to allocate the payment to the respective bills
   b) Record separate payments for each bill
   c) Adjust the bill amounts manually to reflect the partial payment
   d) Create a credit note for the remaining amount
   Answer: a) Use the Apply Payments feature to allocate the payment to the respective bills
10. To ensure that vendor payments are correctly reflected in financial reports, which Peachtree task is essential?
    a) Reconcile vendor payments with the bank statement
    b) Update the Accounts Payable module
    c) Review the Payment History Report
    d) Verify payment amounts in the Purchase Orders module
    Answer: a) Reconcile vendor payments with the bank statement

More MCQs on Peachtree

• Main navigation areas (e.g., Customers & Sales, Inventory & Services)
• Using menus and icons
• Accessing and customizing reports
• Customer and Sales Management MCQs
  • Creating and managing customer records
  • Processing sales invoices
  • Handling sales returns and adjustments
• Inventory Management MCQs
  • Setting up and maintaining inventory items
  • Recording inventory purchases and adjustments
  • Tracking inventory levels and costs
• Vendor and Purchasing MCQs
  • Creating and managing vendor records
  • Recording purchase orders and bills
  • Handling vendor payments and adjustments
• Accounts Payable and Receivable MCQs
  • Managing accounts payable (AP) and accounts receivable (AR)
  • Generating and paying bills
  • Invoicing customers and receiving payments
• General Ledger and Journal Entries MCQs
  • Understanding the general ledger structure
  • Recording and adjusting journal entries
  • Managing and reconciling accounts
• Payroll and Employee Management MCQs
  • Setting up employee records
  • Processing payroll and employee deductions
  • Handling employee benefits and taxes
• Financial Statements and Reports MCQs:
  • Generating and interpreting financial statements (e.g., Balance Sheet, Income Statement)
  • Customizing and analyzing reports
  • Understanding key financial metrics
• Backup and Data Management MCQs
  • Performing and restoring backups
  • Managing data integrity and security
  • Handling data migrations and updates
• System Configuration and Setup MCQs
  • Setting up company information and preferences
  • Customizing forms and templates
  • Configuring system settings and user permissions
• Troubleshooting and Support MCQs
  • Common issues and solutions
  • Accessing help resources and support
  • Performing basic troubleshooting steps
• Integration and Advanced Features MCQs
  • Integrating with other software or systems
  • Using advanced features like job costing or project management
  • Exploring additional modules or functionalities MCQs