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Vendor: Microsoft
Exam Code: MB3-701
Exam Name: Microsoft Dynamics GP 2013 Financials

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You enter and post an intercompany payables transaction.
Which type of transaction is created in the destination company?

A.    payables manual payment
B.    general journal entry
C.    payables transaction
D.    bank transaction

Answer: B

You need to reprint a batch of unposted vendor checks.
Which window should you use?

A.    Print Payables Checks
B.    Payables Batch Entry
C.    Select Payables Checks
D.    Post Payables Checks

Answer: D

You need to void a Payables Management invoice.
Which two are requirements to void the invoice? (Each correct answer presents part of the solution. Choose two.)

A.    The invoice must be posted.
B.    The invoice must be completely unapplied.
C.    The invoice balance must be SO.00.
D.    The invoice must be in history.

Answer: AB

You print all your financial statements for a specific fiscal period.
You need to prevent users from posting any Payables Management transactions to that fiscal period.
What should you do?

A.    Mark the purchasing series closed for that specific period in Fiscal Period Setup.
B.    Mark the specific period closed in Payables Year End Closing.
C.    Mark the specific period closed for the purchasing series in Period Consolidation.
D.    Mark the purchasing series closed for that specific period in Reconcile to General Ledger.

Answer: A

By default, how many aging buckets appear on the Payables Management Aged Trial Balance report?

A.    4
B.    5
C.    6
D.    7

Answer: A

You enter the Next Number in the Bank Reconciliation Setup window.
Which two types of transactions use the Next Number? (Each correct answer presents a complete solution. Choose two.)

A.    bank transactions with a transaction type
B.    cash receipts from Receivables Management
C.    bank deposits
D.    bank transactions with a receipt type

Answer: CD
Explanation: %20%20%20bank%20reconciliation.aspx

You do bank reconciliation.
You discover that a vendor check that was printed, posted, and fully applied was returned.
The check was returned because of an incorrect vendor check address.
You need to void and reprint the check.
Where should you void the check?

A.    Miscellaneous Checks
B.    Post Payables Checks
C.    Void Historical Payables Transactions
D.    Checkbook Maintenance

Answer: D

A check clears for an amount that differs from the posted transaction amount in the Bank Reconciliation module.
You record the difference in the Cleared Amount Entry window.
What is the result of recording the difference in the Cleared Amount Entry window?

A.    The General Ledger is updated with the difference.
B.    The cleared amount is recorded for reference.
C.    The transaction amount is updated with the new cleared amount.
D.    The checkbook balance is updated with the difference.

Answer: B

You need to print the Bank Transaction Posting Journal for all transactions that you post in Bank Transaction Entry.
When does the Bank Transaction Posting Journal print?

A.    After you post each of the transactions in Bank Transaction Entry.
B.    After you post the Bank Transaction batch in which the transactions were saved.
C.    After you post the transactions in Bank Transaction Entry and then select the transactions in Select Bank Transaction.
D.    After you post the transactions and close Bank Transaction Entry.

Answer: D

You need to save Report Writer reports to multiple file types.
Which three items are valid file types for Report Writer reports? (Each correct answer presents a complete solution. Choose three.)

A.    Microsoft Access file
B.    Text file
C.    XML file
D.    Microsoft Word file
E.    HTML file

Answer: BDE

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