NETSUITE ERP ACTUAL PAPER 2026
QUESTIONS SOLUTIONS GRADED A+
◉ Other ways to restrict by Department besides Records? Answer:
Restrict by User Role. Limit Departments that you can assign to
records.
◉ What two methods are there for Year-End Closing, and which is
recommended? Answer: Automatic (recommended) and Manual
◉ Describe how to perform a manual Year-End close. Answer: 1.
Manually Create journal entries to close income and expense
accounts
◉ What is a consideration to keep in mind when performing a year-
end manual close? Answer: If you zero out the accounts, you'll
prevent viewing income statements for previous periods.
◉ What is locking a period? Answer: Locking locks the tasks inside
the period close checklist. Users with override period restrictions
permission can post transactions even if the tasks are locked.
,◉ What is closing a period? Answer: Prevents ALL users from
posting entries to the GL
◉ Effect of multi-book accounting on closing books Answer:
Separate books can be closed and opened/re-opened
◉ To what sections can you limit posting transactions to with the
period close checklist? Answer: 1. AP, AR, Payroll, Lock All
◉ What adjustments can be made with the period close checklist?
Answer: create intercompany adjustments, revalue open foreign
currency balances, calculate consolidated exchange rates, GL audit
numbering (if enabled)
◉ Describe exampe use case for quick closing a period Answer:
Changing an individual transaction, and the closing the period while
skipping the period close checklist
◉ Are Tax Periods the same frames of time as Accounting Periods?
Answer: No
◉ When should a tax period be closed? Answer: Before
running/filing any tax reports, and after closing all previous periods
for a subsidiary
, ◉ What happens if you create a taxable transaction such as an
invoice and there's no open tax period in which the transaction can
be reported? Answer: NS prevents saving the transaction
◉ What happens for transaction taxes when a transaction is created
for a closed period? Answer: The transaction taxes are reported for
the next open tax period
◉ Considerations when deleting a transaction for a closed tax
period: Answer: It can result in inconsistent GL impact
◉ What should be done when editing or deleting a taxable
transaction for a closed tax period? Answer: 1. Open both the tax
and accounting periods
2. Edit or delete the transaction
3. Reclose the periods
4. Submit an additional tax report to the tax authority to report the
change
◉ Are tax periods tracked for deposits? Answer: No
◉ Where are tax period changes saved? Answer: System information
QUESTIONS SOLUTIONS GRADED A+
◉ Other ways to restrict by Department besides Records? Answer:
Restrict by User Role. Limit Departments that you can assign to
records.
◉ What two methods are there for Year-End Closing, and which is
recommended? Answer: Automatic (recommended) and Manual
◉ Describe how to perform a manual Year-End close. Answer: 1.
Manually Create journal entries to close income and expense
accounts
◉ What is a consideration to keep in mind when performing a year-
end manual close? Answer: If you zero out the accounts, you'll
prevent viewing income statements for previous periods.
◉ What is locking a period? Answer: Locking locks the tasks inside
the period close checklist. Users with override period restrictions
permission can post transactions even if the tasks are locked.
,◉ What is closing a period? Answer: Prevents ALL users from
posting entries to the GL
◉ Effect of multi-book accounting on closing books Answer:
Separate books can be closed and opened/re-opened
◉ To what sections can you limit posting transactions to with the
period close checklist? Answer: 1. AP, AR, Payroll, Lock All
◉ What adjustments can be made with the period close checklist?
Answer: create intercompany adjustments, revalue open foreign
currency balances, calculate consolidated exchange rates, GL audit
numbering (if enabled)
◉ Describe exampe use case for quick closing a period Answer:
Changing an individual transaction, and the closing the period while
skipping the period close checklist
◉ Are Tax Periods the same frames of time as Accounting Periods?
Answer: No
◉ When should a tax period be closed? Answer: Before
running/filing any tax reports, and after closing all previous periods
for a subsidiary
, ◉ What happens if you create a taxable transaction such as an
invoice and there's no open tax period in which the transaction can
be reported? Answer: NS prevents saving the transaction
◉ What happens for transaction taxes when a transaction is created
for a closed period? Answer: The transaction taxes are reported for
the next open tax period
◉ Considerations when deleting a transaction for a closed tax
period: Answer: It can result in inconsistent GL impact
◉ What should be done when editing or deleting a taxable
transaction for a closed tax period? Answer: 1. Open both the tax
and accounting periods
2. Edit or delete the transaction
3. Reclose the periods
4. Submit an additional tax report to the tax authority to report the
change
◉ Are tax periods tracked for deposits? Answer: No
◉ Where are tax period changes saved? Answer: System information
