Managing accounts payable (AP) and accounts receivable (AR) MCQs on Peach Tree

1. Which Peachtree feature is used to manage outstanding vendor bills?
   a) Accounts Payable
   b) Vendor Payments
   c) Purchase Orders
   d) Bills
   Answer: a) Accounts Payable
2. How can you track overdue vendor payments in Peachtree?
   a) Use the Accounts Payable Aging Report
   b) Check the Vendor Payment History
   c) Review the Purchase Orders module
   d) Generate the Vendor List Report
   Answer: a) Use the Accounts Payable Aging Report
3. To record a vendor bill payment in Peachtree, which option should you use?
   a) Vendor Payments
   b) Purchase Orders
   c) Accounts Payable Adjustments
   d) Payment Receipts
   Answer: a) Vendor Payments
4. Which report helps you review all unpaid vendor bills?
   a) Unpaid Bills Report
   b) Accounts Payable Report
   c) Vendor Activity Report
   d) Purchase Orders Report
   Answer: b) Accounts Payable Report
5. When you need to correct an error in a recorded vendor payment, what should you do?
   a) Record a payment adjustment
   b) Delete the original payment and re-enter it
   c) Modify the payment details directly
   d) Create a new vendor payment for the correct amount
   Answer: a) Record a payment adjustment

Accounts Receivable (AR)

6. Which Peachtree feature is used to manage outstanding customer invoices?
   a) Accounts Receivable
   b) Customer Payments
   c) Sales Orders
   d) Invoice History
   Answer: a) Accounts Receivable
7. To track overdue customer invoices, which report should you use?
   a) Accounts Receivable Aging Report
   b) Customer Payment History Report
   c) Sales Transactions Report
   d) Invoice Summary Report
   Answer: a) Accounts Receivable Aging Report
8. How can you apply a payment to an outstanding customer invoice?
   a) Use the Apply Payments feature
   b) Record the payment in the Sales Orders module
   c) Update the invoice amount manually
   d) Create a new customer invoice for the payment
   Answer: a) Use the Apply Payments feature
9. What should you do if you need to issue a credit to a customer for a returned product?
   a) Use the Customer Credits feature
   b) Adjust the original invoice
   c) Create a new invoice for the credit amount
   d) Record a refund in the Customer Payments section
   Answer: a) Use the Customer Credits feature
10. Which Peachtree report helps you review all customer payments made during a specific period?
    a) Customer Payments Report
    b) Accounts Receivable Report
    c) Payment History Report
    d) Sales Transactions Report
    Answer: a) Customer Payments Report

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