NetSuite ERP Certification-Related
Questions/131 Questions and Answers
Which record types can be restricted by Department? - -Transaction,
Employee, Partner, Item
-Other ways to restrict by Department besides Records? - -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? - -Automatic (recommended) and Manual
-Describe how to perform a manual Year-End close. - -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? - -If you zero out the accounts, you'll prevent viewing income
statements for previous periods.
-What is locking a period? - -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? - -Prevents ALL users from posting entries to the
GL
-Effect of multi-book accounting on closing books - -Separate books can be
closed and opened/re-opened
-To what sections can you limit posting transactions to with the period close
checklist? - -1. AP, AR, Payroll, Lock All
-What adjustments can be made with the period close checklist? - -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 - -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? - -No
-When should a tax period be closed? - -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? - -NS
prevents saving the transaction
-What happens for transaction taxes when a transaction is created for a
closed period? - -The transaction taxes are reported for the next open tax
period
-Considerations when deleting a transaction for a closed tax period: - -It can
result in inconsistent GL impact
-What should be done when editing or deleting a taxable transaction for a
closed tax period? - -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? - -No
-Where are tax period changes saved? - -System information
-How does NS determine transaction tax periods? - -From transaction's date
and open tax periods.
-Can tax periods be entered manually on a transaction record for standard
NS? - -No. The form can be customized to show the tax period column.
-Is the Multiple Calendars feature enabled by default? - -No
-Is Multiple Calendars feature available for non-OneWorld accounts? - -No
-Under what circumstances can the Multiple Calendars feature be disabled? -
-New Fiscal Calendars have not been assigned to Subsidiaries
-Can an entity record be saved as another type of entity record? - -Yes.
When one entity record is updated, the others are as well
-Consolidated Customer Payments feature - -Accept payments from either
top-level customer or the individual sub-customer.
-Consolidated Customer Payments feature invoice visibility: - -Invoices will
appear for all in the hierarchy when viewing the top-level customer
-Consolidated Customer Payments balance fields: - -consolidate balance,
overdue, days, consolidated deposit balance, consolidate unbilled orders,
consolidated aging fields
Questions/131 Questions and Answers
Which record types can be restricted by Department? - -Transaction,
Employee, Partner, Item
-Other ways to restrict by Department besides Records? - -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? - -Automatic (recommended) and Manual
-Describe how to perform a manual Year-End close. - -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? - -If you zero out the accounts, you'll prevent viewing income
statements for previous periods.
-What is locking a period? - -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? - -Prevents ALL users from posting entries to the
GL
-Effect of multi-book accounting on closing books - -Separate books can be
closed and opened/re-opened
-To what sections can you limit posting transactions to with the period close
checklist? - -1. AP, AR, Payroll, Lock All
-What adjustments can be made with the period close checklist? - -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 - -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? - -No
-When should a tax period be closed? - -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? - -NS
prevents saving the transaction
-What happens for transaction taxes when a transaction is created for a
closed period? - -The transaction taxes are reported for the next open tax
period
-Considerations when deleting a transaction for a closed tax period: - -It can
result in inconsistent GL impact
-What should be done when editing or deleting a taxable transaction for a
closed tax period? - -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? - -No
-Where are tax period changes saved? - -System information
-How does NS determine transaction tax periods? - -From transaction's date
and open tax periods.
-Can tax periods be entered manually on a transaction record for standard
NS? - -No. The form can be customized to show the tax period column.
-Is the Multiple Calendars feature enabled by default? - -No
-Is Multiple Calendars feature available for non-OneWorld accounts? - -No
-Under what circumstances can the Multiple Calendars feature be disabled? -
-New Fiscal Calendars have not been assigned to Subsidiaries
-Can an entity record be saved as another type of entity record? - -Yes.
When one entity record is updated, the others are as well
-Consolidated Customer Payments feature - -Accept payments from either
top-level customer or the individual sub-customer.
-Consolidated Customer Payments feature invoice visibility: - -Invoices will
appear for all in the hierarchy when viewing the top-level customer
-Consolidated Customer Payments balance fields: - -consolidate balance,
overdue, days, consolidated deposit balance, consolidate unbilled orders,
consolidated aging fields
