2 min read
ERP Software Business and Accounting Terms: Assessment Quiz (Part 2)
Denise Phillips Thu, Jul 18, 2013
As Sage 100 ERP software consultants, there are alot of business and accounting terms to know. Over the years, we have helped hundreds of clients get trained and up and running on ERP software solutions. A great way to start with training is to make sure we are speaking the same language. Here are some to some business and accounting terms we work with every day. Take a few minutes to test your knowledge of some common business and accounting terms.
Match up the business and accounting terms with the meanings and check out part 1 of this ERP software blog series for additional terms. See answers below…
ERP Software Business and Accounting Terms:
1. Shipping Log
2. General Statement of Credit
3. Allowance for Doubtful Accounts
4. Bad Debts
5. Lockbox
6. Remote Deposit Capture
7. Blanket Purchase Order
8. Capitalization Limit
9. Purchase Requisition
10. Procurement Card
11. Procurement Card Reconciliation
ERP Software Business and Accounting Meanings:
A. A mailbox operated by a bank, to which the customers of the company send their payments. The bank deposits all payments received into the company's bank account, and posts scanned images of all payments on a secure website, which the company can access.
B. A credit card used to acquire goods and services for a business. The business is typically directly obligated to pay any liabilities incurred with a procurement card.
C. The amount paid for an asset, above which a company records it as a fixed asset. If the amount is less than that amount it would be changed to an expense in the period incurred.
D. A periodic letter sent to customers informing them of a credit balance on their account.
E. The use of a scanning device at the company to create a legal, scanned image of both sides of a check, which is then uploaded to the bank as a valid deposit. The check used for the scan is not deposited.
F. Invoices not paid by customers.
G. A form completed by someone requisitioning goods or services. The purchasing department uses this form as the basis for its purchasing activities. This is not a legal document.
H. A purchase order that covers a number of deliveries over multiple time periods. It is typically used for recurring purchases.
I. A reverse account that offsets the total amount of accounts receivable outstanding in the general ledger. The allowance represents management's best estimate of the amount of A/R that will not be paid by customers.
J. The review of variances between the monthly statement issued by a credit card provider and the receipts associated with the procurement card linked to that statement.
K. This is a document that is either manually maintained by the shipping department or automatically in a computer system, as shipping documents are created. The log lists the date and time of each shipment, as well as the method of transportation and the name of the customer. It may also contain a link to a reference document, such as a customer number.
Answers: 1(K) 2(D) 3(I) 4(F) 5(A) 6(E) 7(H) 8(C) 9(G) 10(B) 11(J)
Please CONTACT US at Convergence Technologies, Ltd. for any questions related to ERP software and business and accounting related questions. As a Sage 100 ERP and Sage CRM consulting firm, we can help you with business process review, Sage 100 ERP and Sage CRM system support and training, custom programming (we are one of 70 Sage Master Developers authorized in the U.S.), planning and project management, implementation, and report design. Other products supported are Sage HRMS, Sage Fixed Assets and Sage Timesheet. We also sponsor User Groups to help Sage 100 ERP customers get the most out of their investment. Visit our website www.converg-tech.com or call us at 260-748-4866.
Photo courtesy of www.freedigitalphotos.net.
1 min read
ERP Software Business and Accounting Tems: Assessment Quiz (Part 3)
As Sage 100 ERP software consultants, we understand that there are alot of business and accounting terms to know and it can start to get confusing....
Business Management Software Selection 7 Reasons Sage X3 is the Best Next Step
Why Sage X3 is the Best Step Forward for Business Management Software Selection In a previous article we revealed 4 things to consider before you...