NETSUITE ERP CONSULTANT COMPREHENSIVE EXAM
QUESTIONS AND SOLUTIONS RATED A+
✔✔what is the implication of: persuade the customer to forego this requirement -
✔✔After running NS for two years, comparative reports will then be available
✔✔what is the implication of: import custom records in place of transactions - ✔✔this
will not show on financial reports
✔✔which permissions allow a user to impact data in bulk? - ✔✔suitescript, csv import
(NOT web query, export lists, publish search)
✔✔Assign quantity on hand at the time of creating item records - ✔✔manual entry, csv
import, web services, valid in non-one world only
✔✔enter the inventory worksheet on the day of go-live - ✔✔manual entry and csv
import only
✔✔enter the inventory adjustment on the day of go-live - ✔✔manual entry and web
services only
✔✔enter purchase transations on the day of go-live - ✔✔manual entry, csv import, web
services, one world does not matter
✔✔124 subsidiaries, plus 1 root (125) maximum - ✔✔inactive subsidiary does not count
towards the total
✔✔If subsidiaries share multple Nexuses, setup in the correct order - ✔✔1. International
Tax, 2. Subsidiary, 3. Tax Agency, 4. Nexus, 5. Tax Codes, groups, schedules, types,
periods
✔✔6 tax editions - ✔✔International, US, Japan, UK, Canada, Australia
✔✔contacts associated with 1 sub may be linked to a customer/vendor associated with
another sub - ✔✔transactions are never against the contact
✔✔sub-customers associated with 1 sub can be linked to parent customers associated
with another sub - ✔✔only if accept payment thru parent is disabled
✔✔tax period - ✔✔expressly for the tax reporting in all non-US & non-Canada editions,
& set up is similar to the setup of accounting periods
✔✔nexus - ✔✔defines jurisdiction in which you collect & pay sales and/or purchase
taxes; required component of Advanced tax functionaltiy
, ✔✔tax control account - ✔✔define tax types & contain GL postings of indirect taxes
such as VAT and sales tax
✔✔tax type - ✔✔defines where the paid or collected tax is tracked on the balance sheet
& used to define tax codes
✔✔tax code - ✔✔determines tha amount of tax applied to each line item on your
transaction
✔✔tax group - ✔✔combines several tax codes that can then be applied to a transaction
✔✔tax schedule - ✔✔determines how NS calculates taxes for items within each nexus
✔✔tax agency - ✔✔defines a vendor record as the taxing authority to which taxes are
paid on behalf of customers, from the tax code
✔✔Year End Automatic Close - ✔✔no JE required, closing the period per a normal
close will finalize the year
✔✔Year End Manual Close - ✔✔manually post the year end journal entry to zero
amounts in P&L and post to Retained Earnings
✔✔consolidated exchange rates - ✔✔3 rates are maintained for each period-parent-
subsidiary: current, average, historical
✔✔consolidated exchange rates versus currency exchange rates - ✔✔Consolidated
applies to: consolidated reports, set per accounting period, base currency for one pair of
related subsidieares, manually edited in the Consolidated Exchange Rates Table
✔✔consolidated exchange rates versus currency exchange rates - ✔✔Currency
exchange rate applies to: transactions, "as of" effective date, base currency and one
foreign currency, manually add new rows to Currency Exchange Rates
✔✔each subsidiary has a base currency - ✔✔
✔✔subsids can manage & report their books in local currency - ✔✔
✔✔currency list must include the base currency of each subsid and any other currency
in which transactions will be recorded - ✔✔
✔✔use consolided exchange rates to translate transactions and balances between
base currency & the currency you are reporting in (1 of the parent currencies) - ✔✔
QUESTIONS AND SOLUTIONS RATED A+
✔✔what is the implication of: persuade the customer to forego this requirement -
✔✔After running NS for two years, comparative reports will then be available
✔✔what is the implication of: import custom records in place of transactions - ✔✔this
will not show on financial reports
✔✔which permissions allow a user to impact data in bulk? - ✔✔suitescript, csv import
(NOT web query, export lists, publish search)
✔✔Assign quantity on hand at the time of creating item records - ✔✔manual entry, csv
import, web services, valid in non-one world only
✔✔enter the inventory worksheet on the day of go-live - ✔✔manual entry and csv
import only
✔✔enter the inventory adjustment on the day of go-live - ✔✔manual entry and web
services only
✔✔enter purchase transations on the day of go-live - ✔✔manual entry, csv import, web
services, one world does not matter
✔✔124 subsidiaries, plus 1 root (125) maximum - ✔✔inactive subsidiary does not count
towards the total
✔✔If subsidiaries share multple Nexuses, setup in the correct order - ✔✔1. International
Tax, 2. Subsidiary, 3. Tax Agency, 4. Nexus, 5. Tax Codes, groups, schedules, types,
periods
✔✔6 tax editions - ✔✔International, US, Japan, UK, Canada, Australia
✔✔contacts associated with 1 sub may be linked to a customer/vendor associated with
another sub - ✔✔transactions are never against the contact
✔✔sub-customers associated with 1 sub can be linked to parent customers associated
with another sub - ✔✔only if accept payment thru parent is disabled
✔✔tax period - ✔✔expressly for the tax reporting in all non-US & non-Canada editions,
& set up is similar to the setup of accounting periods
✔✔nexus - ✔✔defines jurisdiction in which you collect & pay sales and/or purchase
taxes; required component of Advanced tax functionaltiy
, ✔✔tax control account - ✔✔define tax types & contain GL postings of indirect taxes
such as VAT and sales tax
✔✔tax type - ✔✔defines where the paid or collected tax is tracked on the balance sheet
& used to define tax codes
✔✔tax code - ✔✔determines tha amount of tax applied to each line item on your
transaction
✔✔tax group - ✔✔combines several tax codes that can then be applied to a transaction
✔✔tax schedule - ✔✔determines how NS calculates taxes for items within each nexus
✔✔tax agency - ✔✔defines a vendor record as the taxing authority to which taxes are
paid on behalf of customers, from the tax code
✔✔Year End Automatic Close - ✔✔no JE required, closing the period per a normal
close will finalize the year
✔✔Year End Manual Close - ✔✔manually post the year end journal entry to zero
amounts in P&L and post to Retained Earnings
✔✔consolidated exchange rates - ✔✔3 rates are maintained for each period-parent-
subsidiary: current, average, historical
✔✔consolidated exchange rates versus currency exchange rates - ✔✔Consolidated
applies to: consolidated reports, set per accounting period, base currency for one pair of
related subsidieares, manually edited in the Consolidated Exchange Rates Table
✔✔consolidated exchange rates versus currency exchange rates - ✔✔Currency
exchange rate applies to: transactions, "as of" effective date, base currency and one
foreign currency, manually add new rows to Currency Exchange Rates
✔✔each subsidiary has a base currency - ✔✔
✔✔subsids can manage & report their books in local currency - ✔✔
✔✔currency list must include the base currency of each subsid and any other currency
in which transactions will be recorded - ✔✔
✔✔use consolided exchange rates to translate transactions and balances between
base currency & the currency you are reporting in (1 of the parent currencies) - ✔✔
