Bill Prepayments: Test Pool (ML-Generated)

  1. What is a prepayment in Acumatica ERP?
    • An AP payment that records advance payments or down payments to vendors
    • An AR document that records advance payments or down payments from vendors
    • An AP document that records payments made after goods and services are provided
    • A financial document that records payments made to employees for their work
  2. What are the purposes of a prepayment request? (Select all correct responses.)
    • To record advance payments or down payments to vendors
    • To serve as an internal document that can be approved before the prepayment is actually paid to the vendor
    • To track the delivery of goods and services from vendors
    • To calculate the total amount owed to vendors for future transactions
  3. What do you do if the amount of the prepayment was not used by the vendor?
    • You create a refund for the prepayment.
    • You apply the unused amount of the prepayment to future bills from the vendor.
    • You cancel the prepayment and request a credit adjustment from the vendor.
    • You convert the unused amount of the prepayment into a credit memo for the vendor.
  4. On which form do you enter a vendor's prepayment request?
    • Bills and Adjustments
    • Checks and Payments
    • Release AP Documents
    • Approve Bills for Payment
  5. What cannot be applied or withheld on prepayments?
    • Taxes
    • Discounts
    • Fees
    • Penalties
  6. Which payment methods cannot be used with prepayments created in the simplified way?
    • Payment methods that require the printing of checks
    • Payment methods for electronic funds transfers
    • Cash payment methods
    • Credit card payment methods
  7. What is the purpose of a refund in relation to a prepayment?
    • To return any unused or partially used prepayment funds to the vendor
    • To transfer the funds to a different vendor
    • To apply the funds towards future purchases
    • To increase the amount of the prepayment
  8. What form do you use to release multiple prepayments?
    • Release AP Documents
    • Process Payments/Print Checks
    • Vendor Summary
    • Vendor Details