Page 61 - UNANET GOVCON: CLOSING A FISCAL PERIOD

7. What should be done after all Accounts Payable transactions have been recorded
and verified for the fiscal period?
a) Close Accounts Payable (Vendor Invoice and Payment) Posting
Features - This is the correct response because This action locks the AP
subledger and prevents further changes which is the correct step after AP
reconciliation is complete.
b) Close Accounts Receivable (Customer Payment and Deposit) Posting
Features - This is an incorrect response because This is a separate process
related to customer transactions.
c) Close Customer Invoice Posting Feature - This is an incorrect response
because This is a separate process related to customer transactions.

8. In Unanet, what transactions can the Accounts Receivable department verify have
been processed for the fiscal period?
a) Deposits - This is an incorrect response because This is only part of the
process; verifying individual customer payments is also required.
b) Customer payments - This is an incorrect response because This is
incomplete without verifying that the payments were properly deposited
c) Both deposits and customer payments - This is the correct response
because The AR department is responsible for the full cycle of managing
money owed by customers, which includes recording payments and making
deposits.

9. When verifying fiscal period transaction balances, what value should the total on the
Accounts Receivable Aging Report?
a) Accounts Receivable beginning balance on the GL Summary (Trial Balance) -
This is an incorrect response because This reflects the balance from the start
of the period, not the end.
b) Accounts Receivable ending balance on the GL Summary (Trial
Balance) - This is the correct response because The AR Aging report is a
subledger report that provides detail for the Accounts Receivable account on
the general ledger. The totals must match to ensure the subledger and
general ledger are in agreement.
c) Accounts Payable ending balance on the GL Summary (Trial Balance) - This
is an incorrect response because Accounts Payable is unrelated to Accounts
Receivable.

APPENDIX A: ANSWER KEY Page 61
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