|Which of the following statements as regards open item clearing is/are correct? Open items are complete transactions. A transaction is cleared whenever a clearing posting has been carried out for an item. Documents with open items can be archived and stay in the system even if some open items are not cleared. A clearing transaction always creates a clearing document. SAP ERP provides two basic transaction for clearing, namely "account clearing" and "posting with clearing".
Which of the following statements as regards posting with clearing is/are correct? In posting with clearing, you enter the clearing document amount and then select the open items that are to be cleared. If the total amount of open item is equal to the amount of clearing document, the system clears the open items by creating at least one clearing items. If the total amount of open item does not equal to the amount of clearing document, the system allows you to post the difference. It cannot be carried out for several accounts, account types and for any currency simultaneously. It can be carried out manually or automatically using automatic payment program.
Which of the following statements as regards account clearing is/are correct? Using clear account function, you select open items from an account that balance to zero then the system automatically marks them as cleared and creates a clearing doc. The clearing doc number and clearing date is entered in the cleared items. The clearing date can be the current date or user defined. It works for any accounts managed on an open item basis in S/L but not in G/L. It can only be performed manually.
Which of the following statements as regards automatic clearing program is/are correct? The user can clear open items for G/L and S/L accounts with the automatic clearing program. It groups together the items of an account that have the same entries in some fields. User criteria and accounts to be cleared must be defined for it first in customizing. If the balance in local currency of the items within the group is zero, the system automatically clears them and creates clearing documents.
If valid, the automatic clearing program groups together the items of an account that have the same entries in the following fields: Reconciliation account number Currency Special G/L indicator Maximum of six freely defined criteria from doc header or line item such as assignment field, etc.
The automatic clearing program does not clear the following: Noted items Statistical postings and certain special G/L transactions relating to bills of exchange Down payments Items with tax entries.
Which of the following statements as regards assignment field is/are correct? The system automatically fills the assignment field for a line item when you post items accdg to the "Sort Field" entry in the master record. It can be a combination of upto three fields, maximum characters is 20, and can be alphanumeric. The line item sorting in the line item display and clearing functions is based on the assignmet field. All of the above None of the above.
Statement 1: Clearing a credit memo with an open item invoice is an example of posting with clearing.
Statement 2: Posting a payment for an open invoice with a resulting zero balance is an example of account clearing. Only Statement 1 is correct Only Statement 2 is correct Both statements are correct Both statements are incorrect.
A manual payment is processed in the following steps: 1st 2nd 3rd.
The document header for manual payment consists of the following sections: Payment header Bank data Open item selection.
Which of the following as regards processing open items is/are correct? Activate the required line items first before you assign a payment. The amount entered is assigned to the appropriate line items and their cash discount. You can only post the document if the amount entered is the same as the amount assigned. You can change the cash discount by overwriting the absolute cash discount or by changing the cash discount rate. You can activate/deactivate line items by double-clicking the amount.
Which of the following statements is/are incorrect? You can only post a complete document once the debits and credits agree. In performing cross-company code payments, you have to assign a clearing transaction to the payor co. code and payee co. code. Once the document has been reset clearing, the clearing data is removed from the items. All of the above None of the above.
Types of tolerance group in financial accounting: Tolerance groups for employees Tolerance groups for G/L accounts Tolerance groups for customer Tolerance groups for vendor.
Tolerance groups for employees controls the following: Upper limits for posting transactions Permitted payment differences Clearing transactions Posting residual items from payment differences Tolerances for payment advice notes.
Tolerance groups for G/L account controls the following: Upper limits for posting transactions Permitted payment differences Clearing transactions Posting residual items from payment differences Tolerances for payment advice notes.
Tolerance groups for customer/vendor controls the following: Upper limits for posting transactions Permitted payment differences Clearing transactions Posting residual items from payment differences Tolerances for payment advice notes.
Which of the following statements as regards tolerance groups is/are correct? You have to carry out only two steps to use tolerance groups, i.e., you define tolerance groups and assign it accordingly. It is defined by a group key, currency code and company code only. The group key is a four-character numeric key. The group key "___" (blank) is the standard tolerance group. If no tolerance groups are assigned, group key other than "___" (blank) applies. Tolerance groups controls the automatic postings of cash discount adjustments and unauthorized customer deductions.
Which of the following statements as regards payment differences is/are correct? The entries in the tolerance groups are always in local currency. If there are two tolerance groups (e.g. for employees and customers), payment differences have to be within the specifications of both groups to be handled automatically. The higher value between the two applies. If the difference is tolerable, it is automatically posted as either cash discount adjustment or unauthorized deduction. If not, it is processed manually. If the difference is immaterial, the system may automatically adjust the cash discount upto a certain amount or to write it off to a special account.
If payment difference is too large for clearing, you can do the following: Partial payment. Posted as a residual item. Payment on account. Written off by manually entering a new posting item. Post to an account (difference posting) assigned to a reason code and automatic determination.
Which of the following statements as regards manual processing of payment difference is incorrect? All the documents in the account remains as open items if you opt to use partial payment. A new document is created with reference to the original documents if you use post the difference as residual items. You cannot assign more than one reason code to a payment difference. Reason codes are assigned to difference postings, partial payments and residual items only.
The reason codes can be used to analyze and postprocess payment differences. Additional function includes: Controls the type of payment notice sent to the customer. Controls the account where a residual item is posted. Automatic posting of a residual item to a specified G/L account. Exclusion of residual items from credit limit checks since it is disputed.
The customer/vendor tolerance groups contain entries that control the residual items. These specifies the following: Whether the residual items of the partial payment are the same as those of the cleared item or whether the payment terms are fixed. Whether cash discount is granted only partially. By specifying a dunning key, whether the residual item has a maximum dunning level or is printed separately. All of the above. None of the above.
Which of the following statements as regards exchange rate (FX) difference is correct? The system posts FX differences automatically as realized gains or losses to the income/expense account that you defined during configuration. The realized difference is then stored in the cleared line item. All reconciliation account and all G/L accounts must assigned revenue/expense accounts for realized gains/losses. All of the above. None of the above.
Which of the following statements as regards exchange rate (FX) difference is correct? FX differences, due to fluctuations in FX rate, are also posted when open items are valuated for the financial statements. FX differences from valuation are posted to another FX difference account and FS adjustment account. When clearing a valuated open item, the system reverses the BS correction account and posts the remaing FX difference to the realized FX difference account. All of the above. None of the above.
One realized gain/loss account arises from FX differences can be assigned to the following: To all currencies and currency types Per currency and currency type Per currency Per currency type.