NetSuite ERP/69 Questions and
Answers
Invoice GL Impact vs. Standalone Invoice - -Debit AR/ Credit Sales Income.
Standalone: Debit AR/ Credit COGS
-When are statement charges used? - -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 - -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 -
-False. Neither can be disabled
-How many subsidiaries are supported in NS? - -74 subs, & 1 root
Note: set up base currencies before setting up
-Multiple Fiscal calendars - -fiscal calendars can be set up for each
subsidiary
note: need to enable multiple calendars
-Tax editions & international subs supported by NS - -US, CA, JAP, UK, AU,
XX
, -What is the correct order to set up taxes if subsidiaries share nexuses? - -
sub, tax agency, nexus, tax code
-T/F Sub-customers can be linked across only if accept payment through
parent is disabled - -True
-purpose of a tax schedule - -define treatment of items in each nexus
-Which tax editions have precoded tax? - -Yes: US, CA, JAP, AU, UK
No: XX
-What type of tax for each of the tax editions? - -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? - -Yes: JAP, AU, UK,
XX --> can tie a fiscal calendar to a tax period if needed
No: US, CA
-How to set up taxes? - -Set up like accounting periods, unless it's US/CA.
Then use nexuses/tax codes
-Define nexus - -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 - -amount of tax applied to item on transaction
-tax schedule - -per item per nexus
functionality of Advanced Taxes
determine the tax treatment of items purchased and sold
-tax agengy - -vendor making payment to on behalf of customers
-tax schedules - -
-acceptable file types for importing bank data - -OFX, QFX, QIF
-T/F Elimination subs don't need to have the same currency as parent - -
false - they need to have the same currency as parent sub
Answers
Invoice GL Impact vs. Standalone Invoice - -Debit AR/ Credit Sales Income.
Standalone: Debit AR/ Credit COGS
-When are statement charges used? - -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 - -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 -
-False. Neither can be disabled
-How many subsidiaries are supported in NS? - -74 subs, & 1 root
Note: set up base currencies before setting up
-Multiple Fiscal calendars - -fiscal calendars can be set up for each
subsidiary
note: need to enable multiple calendars
-Tax editions & international subs supported by NS - -US, CA, JAP, UK, AU,
XX
, -What is the correct order to set up taxes if subsidiaries share nexuses? - -
sub, tax agency, nexus, tax code
-T/F Sub-customers can be linked across only if accept payment through
parent is disabled - -True
-purpose of a tax schedule - -define treatment of items in each nexus
-Which tax editions have precoded tax? - -Yes: US, CA, JAP, AU, UK
No: XX
-What type of tax for each of the tax editions? - -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? - -Yes: JAP, AU, UK,
XX --> can tie a fiscal calendar to a tax period if needed
No: US, CA
-How to set up taxes? - -Set up like accounting periods, unless it's US/CA.
Then use nexuses/tax codes
-Define nexus - -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 - -amount of tax applied to item on transaction
-tax schedule - -per item per nexus
functionality of Advanced Taxes
determine the tax treatment of items purchased and sold
-tax agengy - -vendor making payment to on behalf of customers
-tax schedules - -
-acceptable file types for importing bank data - -OFX, QFX, QIF
-T/F Elimination subs don't need to have the same currency as parent - -
false - they need to have the same currency as parent sub
