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12 Cards in this Set
- Front
- Back
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What three guidelines apply when you are deciding whether or not to set up a customer in your customer list?
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Consider if you want to sell goods to the customer on credit, if you want to issue Slaes orders or quotes to the customer, and if you want to keep detailed track of sales to the customer.
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What is the purpose of the credit limit field in the Receivables Ledger?
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To set a limit on credit granted ot th ecustomer, and to receive a warning when this limit is exceeded.
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What account is debited when a "Pay Later" sale is created?
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Accounts Receivable.
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If a customer is exempt from paying a particular sales tax, this should be recorded in the customer record. True or False?
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True
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Sales Invoices are automatically sequentially numbered by Simply Accounting. True or False?
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True
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You can enter payment terms for a customer's sales invoice that are different from those entered in the customer record. True or False?
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True
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The <one-time customer> option can be used for sales with immediate payment. True or False?
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True
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The Sales Invoice in Simply Accounting makes provision for giving a cash discount when the customer pays immediately. True or False?
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True
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For what purpose do you use a sales quote?
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To quote a customer a price for goods and services he/she wants to buy,
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How do you void or cancel a posted customer invoice? a. Go through the process to adjust the invoice, and then repost an invoice for a zero (nil) amount.
b. Go through the process to adjust the invoice, then click the "Reverse invoice" button on the toolbar. |
b
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When you post a receipt from a customer, the accounts receivable account is debited and the bank account is credited. True or False?
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False (The Bank is debited and accounts receivable is credited).
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What report will display the individual invoices issued and receipts posted for a specific customer?
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The Customer Aged Detail Report.
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