Quiz Detail

Q1 . True or False? A scheduled payment warning in the system will inform an AP specialist that the invoice is related to a Milestone payment contract.

A True

B False

Q2 . Who is responsible for identifying the need for a Milestone Contract?

A Buyer

B Accounts Payable Processor

C Accounts Payable Manager

D Purchasing Manager

Q3 . Why might you place an invoice on Hold?

A You have questions or there are discrepancies

B To reject the invoice for payment

C To reject it without telling anyone

D To find more time in the day

Q4 . When might it be appropriate to use a Milestone Payment Contract?

A To spread payments across vendor deliverables

B Always for large purchases or projects

C When a Buyer determines it is appropriate

D When the PO setting requires it

Q5 . Why do you need to authorize sites on a Contract?

A So rigs/locations can use the Contract for POs

B To restrict Contract usage to PRs

C To limit Contracts to Houston Buyers

D So the Corporate Warehouse can use

Q6 . True or False? Milestone invoices will arrive in an approver's Start Center Inbox for review and action.

A True

B False

Q7 . Which application do you use to receive materials and services against a Milestone Contract?

A Receiving

B Purchase Orders

C Invoice

D Inventory

Q8 . A Contract field was greyed out and now is clear. What does this tell you?

A You can revise the field

B The field has been revised

C You cannot revise the field

D The field is locked

Q9 . True or False? The cost of a service or item is not the trigger for a Milestone Payment Contract.

A True

B False

Q10 . If you are in a Contract, what system function will let you revise it?

A Go To > Contracts

B Select Menu > Create Release PO

C Select Menu > Revise Contract

D Select Menu > View Revision History

Manage Milestone Payments (Contracts)

Q1 . True or False? A scheduled payment warning in the system will inform an AP specialist that the invoice is related to a Milestone payment contract.

Q2 . Who is responsible for identifying the need for a Milestone Contract?

Q3 . Why might you place an invoice on Hold?

Q4 . When might it be appropriate to use a Milestone Payment Contract?

Q5 . Why do you need to authorize sites on a Contract?

Q6 . True or False? Milestone invoices will arrive in an approver's Start Center Inbox for review and action.

Q7 . Which application do you use to receive materials and services against a Milestone Contract?

Q8 . A Contract field was greyed out and now is clear. What does this tell you?

Q9 . True or False? The cost of a service or item is not the trigger for a Milestone Payment Contract.

Q10 . If you are in a Contract, what system function will let you revise it?