NetSuite ERP QUESTIONS AND ANSWERS GRADED A
Invoice GL Impact vs. Standalone Invoice Correct Answer: Debit AR/ Credit Sales Income.
Standalone: Debit AR/ Credit COGS
When are statement charges used? Correct Answer: Use instead of invoice when you want to
see several charge accumulate before billing a customer. Debit AR/ Credit Sales Income
Non posting NS Transactions Correct Answer: Estimate
Liability Adjustment
Opportunity
Payroll Adjustment
Purchase Order
Return Authorization
Revenue Arrangement
Sales Order
Transfer Order
Vendor Return Authorization
Work Order
T/F Multi-location & multi-currency can be disabled after they are enabled Correct Answer:
False. Neither can be disabled
How many subsidiaries are supported in NS? Correct Answer: 74 subs, & 1 root
Note: set up base currencies before setting up
Multiple Fiscal calendars Correct Answer: fiscal calendars can be set up for each subsidiary
note: need to enable multiple calendars
Tax editions & international subs supported by NS Correct Answer: US, CA, JAP, UK, AU, XX
What is the correct order to set up taxes if subsidiaries share nexuses? Correct Answer: sub,
tax agency, nexus, tax code
, T/F Sub-customers can be linked across only if accept payment through parent is disabled
Correct Answer: True
purpose of a tax schedule Correct Answer: define treatment of items in each nexus
Which tax editions have precoded tax? Correct Answer: Yes: US, CA, JAP, AU, UK
No: XX
What type of tax for each of the tax editions? Correct Answer: US: state tax imports
CA: GST/PST
JP: consumption tax
AU: GST
UK: VAT
XX: need to install bundle
Which tax editions have separate tax/reporting periods? Correct Answer: Yes: JAP, AU, UK, XX
--> can tie a fiscal calendar to a tax period if needed
No: US, CA
How to set up taxes? Correct Answer: Set up like accounting periods, unless it's US/CA. Then
use nexuses/tax codes
Define nexus Correct Answer: jurisdiction where you collect tax
1 per sub in a one world account is automatically set up --> can set up more if needes
US needs 1 for every state in which you collect taxes
tax code Correct Answer: amount of tax applied to item on transaction
tax schedule Correct Answer: per item per nexus
functionality of Advanced Taxes
determine the tax treatment of items purchased and sold
tax agengy Correct Answer: vendor making payment to on behalf of customers
tax schedules Correct Answer:
acceptable file types for importing bank data Correct Answer: OFX, QFX, QIF
T/F Elimination subs don't need to have the same currency as parent Correct Answer: false -
they need to have the same currency as parent sub
consolidated exchange rate Correct Answer: applied to consolidated reports, set per
accounting period
Invoice GL Impact vs. Standalone Invoice Correct Answer: Debit AR/ Credit Sales Income.
Standalone: Debit AR/ Credit COGS
When are statement charges used? Correct Answer: Use instead of invoice when you want to
see several charge accumulate before billing a customer. Debit AR/ Credit Sales Income
Non posting NS Transactions Correct Answer: Estimate
Liability Adjustment
Opportunity
Payroll Adjustment
Purchase Order
Return Authorization
Revenue Arrangement
Sales Order
Transfer Order
Vendor Return Authorization
Work Order
T/F Multi-location & multi-currency can be disabled after they are enabled Correct Answer:
False. Neither can be disabled
How many subsidiaries are supported in NS? Correct Answer: 74 subs, & 1 root
Note: set up base currencies before setting up
Multiple Fiscal calendars Correct Answer: fiscal calendars can be set up for each subsidiary
note: need to enable multiple calendars
Tax editions & international subs supported by NS Correct Answer: US, CA, JAP, UK, AU, XX
What is the correct order to set up taxes if subsidiaries share nexuses? Correct Answer: sub,
tax agency, nexus, tax code
, T/F Sub-customers can be linked across only if accept payment through parent is disabled
Correct Answer: True
purpose of a tax schedule Correct Answer: define treatment of items in each nexus
Which tax editions have precoded tax? Correct Answer: Yes: US, CA, JAP, AU, UK
No: XX
What type of tax for each of the tax editions? Correct Answer: US: state tax imports
CA: GST/PST
JP: consumption tax
AU: GST
UK: VAT
XX: need to install bundle
Which tax editions have separate tax/reporting periods? Correct Answer: Yes: JAP, AU, UK, XX
--> can tie a fiscal calendar to a tax period if needed
No: US, CA
How to set up taxes? Correct Answer: Set up like accounting periods, unless it's US/CA. Then
use nexuses/tax codes
Define nexus Correct Answer: jurisdiction where you collect tax
1 per sub in a one world account is automatically set up --> can set up more if needes
US needs 1 for every state in which you collect taxes
tax code Correct Answer: amount of tax applied to item on transaction
tax schedule Correct Answer: per item per nexus
functionality of Advanced Taxes
determine the tax treatment of items purchased and sold
tax agengy Correct Answer: vendor making payment to on behalf of customers
tax schedules Correct Answer:
acceptable file types for importing bank data Correct Answer: OFX, QFX, QIF
T/F Elimination subs don't need to have the same currency as parent Correct Answer: false -
they need to have the same currency as parent sub
consolidated exchange rate Correct Answer: applied to consolidated reports, set per
accounting period
