NetSuite ERP Certification-Related Questions
AND ANSWERS 100% CORRECT
Which record types can be restricted by Department? Correct Answer: Transaction, Employee,
Partner, Item
Other ways to restrict by Department besides Records? Correct 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? Correct Answer:
Automatic (recommended) and Manual
Describe how to perform a manual Year-End close. Correct 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? Correct
Answer: If you zero out the accounts, you'll prevent viewing income statements for previous
periods.
What is locking a period? Correct 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? Correct Answer: Prevents ALL users from posting entries to the GL
Effect of multi-book accounting on closing books Correct Answer: Separate books can be closed
and opened/re-opened
To what sections can you limit posting transactions to with the period close checklist? Correct
Answer: 1. AP, AR, Payroll, Lock All
What adjustments can be made with the period close checklist? Correct 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 Correct 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? Correct Answer: No
When should a tax period be closed? Correct 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? Correct Answer: NS prevents saving the
transaction
What happens for transaction taxes when a transaction is created for a closed period? Correct
Answer: The transaction taxes are reported for the next open tax period
Considerations when deleting a transaction for a closed tax period: Correct Answer: It can result
in inconsistent GL impact
What should be done when editing or deleting a taxable transaction for a closed tax period?
Correct 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? Correct Answer: No
Where are tax period changes saved? Correct Answer: System information
How does NS determine transaction tax periods? Correct Answer: From transaction's date and
open tax periods.
Can tax periods be entered manually on a transaction record for standard NS? Correct Answer:
No. The form can be customized to show the tax period column.
Is the Multiple Calendars feature enabled by default? Correct Answer: No
Is Multiple Calendars feature available for non-OneWorld accounts? Correct Answer: No
Under what circumstances can the Multiple Calendars feature be disabled? Correct Answer:
New Fiscal Calendars have not been assigned to Subsidiaries
Can an entity record be saved as another type of entity record? Correct Answer: Yes. When one
entity record is updated, the others are as well
Consolidated Customer Payments feature Correct Answer: Accept payments from either top-
level customer or the individual sub-customer.
Consolidated Customer Payments feature invoice visibility: Correct Answer: Invoices will
appear for all in the hierarchy when viewing the top-level customer
Consolidated Customer Payments balance fields: Correct Answer: consolidate balance, overdue,
days, consolidated deposit balance, consolidate unbilled orders, consolidated aging fields
AND ANSWERS 100% CORRECT
Which record types can be restricted by Department? Correct Answer: Transaction, Employee,
Partner, Item
Other ways to restrict by Department besides Records? Correct 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? Correct Answer:
Automatic (recommended) and Manual
Describe how to perform a manual Year-End close. Correct 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? Correct
Answer: If you zero out the accounts, you'll prevent viewing income statements for previous
periods.
What is locking a period? Correct 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? Correct Answer: Prevents ALL users from posting entries to the GL
Effect of multi-book accounting on closing books Correct Answer: Separate books can be closed
and opened/re-opened
To what sections can you limit posting transactions to with the period close checklist? Correct
Answer: 1. AP, AR, Payroll, Lock All
What adjustments can be made with the period close checklist? Correct 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 Correct 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? Correct Answer: No
When should a tax period be closed? Correct 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? Correct Answer: NS prevents saving the
transaction
What happens for transaction taxes when a transaction is created for a closed period? Correct
Answer: The transaction taxes are reported for the next open tax period
Considerations when deleting a transaction for a closed tax period: Correct Answer: It can result
in inconsistent GL impact
What should be done when editing or deleting a taxable transaction for a closed tax period?
Correct 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? Correct Answer: No
Where are tax period changes saved? Correct Answer: System information
How does NS determine transaction tax periods? Correct Answer: From transaction's date and
open tax periods.
Can tax periods be entered manually on a transaction record for standard NS? Correct Answer:
No. The form can be customized to show the tax period column.
Is the Multiple Calendars feature enabled by default? Correct Answer: No
Is Multiple Calendars feature available for non-OneWorld accounts? Correct Answer: No
Under what circumstances can the Multiple Calendars feature be disabled? Correct Answer:
New Fiscal Calendars have not been assigned to Subsidiaries
Can an entity record be saved as another type of entity record? Correct Answer: Yes. When one
entity record is updated, the others are as well
Consolidated Customer Payments feature Correct Answer: Accept payments from either top-
level customer or the individual sub-customer.
Consolidated Customer Payments feature invoice visibility: Correct Answer: Invoices will
appear for all in the hierarchy when viewing the top-level customer
Consolidated Customer Payments balance fields: Correct Answer: consolidate balance, overdue,
days, consolidated deposit balance, consolidate unbilled orders, consolidated aging fields
