GoldFinch Accounting Self Study Questions

True/False

1. Financial reports in GoldFinch can be run without closing the accounting period. (True)
2. The offset GL Account for intercompany reclass entries should be the Due To/Due From account of the receiving subsidiary. (True)
3. To revalue foreign currency GL account balances at month-end, a general journal must be created using the end-of-month date. (True)
4. Accounting Variables in GoldFinch can be configured with up to four custom fields and are used in financial reporting. (True)
5. It is recommended to run the Create Accounting Periods routine at year-end to set up periods for the following year. (True)
6. Multi-Ledgers must be enabled even if only one GL Ledger is used. (False)
7. Once Multi-Ledger Enabled is set to True, entries cannot post to ledger entry tables without a GL Ledger Code. (True)
8. The GL Ledger of the From Warehouse and To Warehouse must match when transferring inventory with non-zero valuation. (True)
9. The Exchange Rate Gain/Loss account must be set on the GL Ledger page. (False)
10. A hard close of the accounting period is optional for most companies but required for financial consolidation. (True)
11. The Daily Adjust Cost routine updates warehouse shipment and sales invoice line costs for accurate profitability reporting. (True)
12. Inventory Analysis compares GL Entry and Cost Entry data by warehouse only. (False)
13. Before running the Zero Out Costs routine, all purchase invoices must be posted and work orders finalized. (True)
14. Running the Eliminate Intercompany Transactions process creates a General Journal using the Elimination GL Ledger. (True)
15. Direct posting into the Current Year Earnings and Retained Earnings accounts is not allowed. (False)
16. When importing foreign bank transactions, the foreign and local amounts may differ due to exchange rates. (True)
17. The offset account used during import of beginning balances should not retain a balance or be used for future transactions. (False)
18. When importing outstanding checks and deposits, the total should match the bank account’s book balance. (True)
19. The same offset account can be used for beginning balances and trial balances, but must be zeroed out afterward. (True)
20. Customer Receipts can be applied to both open invoices and open credit memos. (True)
21. Credit Memos and Sales Invoices must have the same currency code and exchange rate to be applied together. (False)
22. A month must be closed before an accurate AR Aging report can be run. (False)
23. Every transaction must have a Cash Flow Category to run a Cash Flow Statement. (True)
24. Vendor Payment Batches can be summarized on the Bank Reconciliation screen. (True)
25. Standard Salesforce reports cannot display a running GL Balance by GL Account. (True)
26. The Bank Deposit function must be used to perform Bank Reconciliation. (False)

Multiple Choice

1. Where is the Starting Check No. defined when printing a computer check from Vendor Payments?

A. Company Setup
B. GL Account for the bank account
C. Vendor Account Setup
D. User Setup

✅ Answer: B

2. Which report is best for reconciling AR balances in GoldFinch?

A. Bank Reconciliation Report
B. AR Aging Report
C. Income Statement
D. Inventory Valuation Report

✅ Answer: B

3. During bank reconciliation, a fee appears that hasn’t been recorded. What should you do?

A. Create a Bank Adjustment (income category)
B. Create a Bank Adjustment (expense category)
C. Create a Purchase Order
D. Ignore it

✅ Answer: B

4. Should GL Ledger Codes be embedded in GL Account names?

A. Yes, always
B. Only for foreign currency ledgers
C. No, GL Ledgers share the same GL Accounts
D. Yes, but only for AP

✅ Answer: C

5. Who can update the currency code for a bank account with open amounts?

A. Any user with Accounting Admin permission
B. Only a GoldFinch consultant
C. The CFO
D. The user who created the GL Account

✅ Answer: B

6. Which is NOT part of Account Posting Setup configuration?

A. Sales GL Account
B. Sales Return GL Account
C. GL Ledger Codes GL Account
D. COGS GL Account

✅ Answer: C

7. What is the assignment priority for Accounting Variables?

A. User Setup → Account → Item → Transactions
B. Application Transactions → User Setup → Item → Account
C. Account → Item → User Setup → Transactions
D. Item → Transactions → Account → User Setup

✅ Answer: A

8. What must be done before enabling Multi-Ledgers?

A. Create multiple ledgers
B. Set default currency to USD
C. Contact a System Admin
D. Assign ledgers to users

✅ Answer: C

9. When should the Warehouse segregation option be used for inventory valuation?

A. When duplicating items isn't feasible
B. When items span multiple ledgers
C. When ledgers have the same base currency
D. For service items

✅ Answer: A

10. How is the exchange rate calculated for foreign transactions in GoldFinch?

A. Transaction rate ÷ GL Ledger base rate
B. Transaction factor ÷ Company currency
C. Transaction rate × Ledger conversion rate
D. Document date rate × Exchange rate

✅ Answer: A

11. Which field auto-populates with the remaining amount when applying a Customer Receipt?

A. Payment Type
B. Applied Payment
C. Pending Applied Discount
D. Remaining Amount

✅ Answer: B

12. Which fields must be added to Customer Receipt to enable AR Bypass?

A. Sales Order and Revenue GL Account
B. Applied Payment and Processing Fee
C. Document No. and Description
D. Bypass AR and Revenue GL Account

✅ Answer: D

13. What date is used as the Application Date when applying a Customer Receipt?

A. Invoice Posting Date
B. Customer Receipt Posting Date
C. Credit Memo Date
D. Today's system date

✅ Answer: B

14. You notice Inventory Valuation doesn’t match the GL. What should you run?

A. Close Accounting Periods
B. Inventory Quantity Resync
C. Adjust Cost Batch
D. Inventory Analysis

✅ Answer: C, D

15. Before creating a Consolidation Period, what must be completed?

A. All subsidiaries must have closed and currency adjusted
B. Inventory Analysis must balance
C. Elimination journal must exist
D. Parent must be hard-closed

✅ Answer: A

16. After entering a Consolidation Period for subsidiaries with different base currencies, what’s the next step?

A. Inventory Quantity Resync
B. Create a Consolidation Exchange Rate record
C. Hard-close the accounting period
D. Update user permissions

✅ Answer: B

17. When should you run Inventory Zero Out Costs?

A. After Inventory Resync & Posting
B. After AR/AP Aging Reports
C. After Adjust Cost Batch Routine
D. After posting consolidation records

✅ Answer: C

18. What does the Eliminate Intercompany Transactions step do?

A. Reconciles warehouse balances
B. Reverses intercompany GL entries and converts them into the parent company's base currency
C. Converts sales to work orders
D. Adjusts cost for zero-quantity items

✅ Answer: B

19. If Qty. Base On Hand doesn’t match the Remaining Qty., what should you do?

A. Adjust manually in the GL
B. Re-run Adjust Cost Routine
C. Create a manual journal in the parent ledger
D. Run Inventory Quantity Resync

✅ Answer: D

20. When importing beginning balances, what date should you use?

A. First day of the current month
B. One day before go-live
C. Last day of the prior fiscal year
D. Same day as go-live

✅ Answer: B

21. When importing outstanding checks for foreign accounts, which is NOT required?

A. Posting Date
B. Currency Code
C. Document No.
D. Exchange Rate Provider

✅ Answer: D

22. Current Year Earnings and Retained Earnings are calculated based on settings in:

A. Accounts Receivable
B. GL Setup
C. Company Setup
D. Inventory Valuation

✅ Answer: C

23. What should you do with the offset account after posting a trial balance?

A. Leave it for adjustments
B. Zero it out
C. Lock it
D. Map it to Retained Earnings

✅ Answer: B

24. After configuring GL Accounts, what steps ensure transactions are posted accurately?

A. Update Company Setup
B. Assign to new periods
C. Update Account Posting Setup
D. Update each GL Summary

✅ Answer: A, C

25. How should a foreign currency revaluation journal be reversed?

A. Unpost all
B. Offset with the same date
C. Reverse, clone, and post in the following month
D. Update the conversion rate manually

✅ Answer: C

26. Where is permission to unpost transactions configured?

A. User Permissions
B. Company Setup
C. User Setup
D. User Profile

✅ Answer: C