ERP CONSULTANT EXAM PREP QUESTIONS WITH 100% SOLVED ANSWERS!!

What are the default recognition rules when creating revenue recognition rules? - ANS Default Standard rule: defines revenue recognition plans that begin and end on the same date Default One-Time Direct Posting rule: All elements in a revenue arrangement use this rule when the source transaction includes a posting discount Default Percent Complete: This rule is for projects that are attached to a sales transaction. It appears only when the Projects feature is also enabled. Group Pricing, what is it? - ANS Price groups enable you to assign customer-specific price levels for groups of items. For example, you could create a pricing group called Laptops and associate the pricing group with all of your laptop items. When creating a SS what is the difference between applying and applied to transactions? - ANS Applying transactions are: transactions created from our transaction records (payments, and RMA) Applied to transactions are: transactions where our transaction records are created from (for invoices - Vendor bill, and sales orders) multi-book accounting close process - ANS Must follow the following checklist in order (unless you quick close): 1. Lock AR/AP/Lock ALL 2. Create Intercompany Adjustments, Revalue Open Foreign Currency Balances, and Calculate Consolidated Exchange Rates, provide necessary adjustments 3. If you have the GL audit numbering feature enabled, number the period 4. close the period A company does not import historical GLTB, how can they see the current GL? - ANS When is the "Bill" button not on a PO? - ANS When the user does not have enough permission What does the sourcing and filtering subtab do on custom fields? - ANS This allows you to create default a value on a custom field based on another field When using revenue commitment feature, these features (when available) apply to revenue commitments - ANS Allow Users to Modify VSOE Values on Transactions Prorate Revenue Recognition Dates for Partially Billed Sales Orders Item prices on vendors, for multi currency - ANS Reconciling bank statements - how to see a side by side history of imported bank data? - ANS Multi-currency customers - can you have diff currencies on parent./child customers? etc. - ANS How many currencies can a customer have? - ANS sub-lists types and uses - body and sublist-data - ANS Multi-shipping routes - what happens when this is enabled? - ANS What department netsuite or pre-configured with Fixed Assets module - ANS What are assembly items? - ANS inventory item made up of several components, but identified as a single item (created by combining raw materials in stock) you need to combine them with raw materials to upload them What formula can you use in saved searches, "CASE WHEN" or "CASE" are there more? and when to use each one? - ANS How to limit items based on vendors when bulk ordering items? - ANS On the bulk order page you can limit by all segments and vendors. When you select a vendor filter, only items that identify this vendor as "preferred vendor" an their item record will appear On a PO, what does the "Received" button do and what does the "shipped" status do on a, item shipment? - ANS When the PO is first saved it is "pending Receipt" and when you click "receive" and item receipt is opened: debit: inv asset credit: inv received - not billed When an item shipment is created from a SO and you mark it as shipped this gives the item shipment a GL impact and it is saying the goods have been shipped: Item shipment once shipped GL impact: Debit: COGS Credit: inv asset What is a vendor return authorization? What are the implications? - ANS This is the first step in the return process and it tells us how many items and what cost that we are requesting the vendor to give us (no GL impact) What item type is used when? - ANS Non-inv items ((for sale, resale, purch)- AR = for resale and sale, AP = for resale and purchase Service items (for sale, resale, purch)- AR = for resale and sale, AP = for resale, and purchase Inventory items (lot # and serialized) - used for both AR and AP What item type is used for not keeping in stock, but instead ordering from a vendor after an order is placed? - ANS Non-inventory item for resale After a vendor return authorization what is the next step? - ANS Have it approved, then select "return" This will create an item shipment (when we actually receive the items back in stock) How can you default a bank account for payroll - ANS Go to Setup Payroll Set Up Payroll. You can default the payroll expense, liabilities and funding account here under the "Default accounts" tab Inventory Costing recalculations - ANS When can you change currency on a customer or account? - ANS Know what workflow actions are and what they can do - ANS These are what you are creating the workflow for (usually I do set field value) but there are others. They all have triggers, action properties, and conditions. Some examples are : Add Button, Confirm Create Line Create Record Go to Page Initiate workflow Lock Record set field value etc What account can be used as a default intercompany auto-balance account? Summary account? - ANS What is a dynamic allocation schedule and what features/preferences relate to it? - ANS The dynamic allocation feature can be used when the statistical accounts feature is also enabled. Dynamic allocation enables you to use statistical accounts for the allocation to be based off of What two configurations are needed to charge a 3rd party shipping account? Features, preferences? - ANS to enable drop ship you need to enable the feature "Drop Shipments & Special Orders" and the preferences under "Drop Ship P.O. form list What permission is needed to email saved search results? - ANS Create level of Export Search and Full level of perform search After COA setup, what account type can be merged? - ANS You can merge one account into another if they are the same account type and the account you want to merge has no attached subaccounts On custom reports, what are the range types and what do they mean? - ANS - Last period - - Custom - - balance forward - etc - What filter is required when setting up a saved search for implement bank file generation? - ANS ^there are 15 filters here - not going to memorize What are two main advantages of inbound shipment management? - ANS - Track incoming shipments - Account for in-transit inventory and status across your organization - Apply landed costs to an entire shipment rather than individual item receipts - Streamline incoming shipment receiving and billing - Provide accounting support for ownership transfers What does allow cross-subsidiary viewing do on role setup? - ANS permit users logged in with that role to see data from subsidiaries other than those selected in the Subsidiaries list. What is standard costing in NetSuite one world? What else is needed once enabled? - ANS To enable: under enable features, make the inventory box checked, and check the standard costing box Once a cost category is automatically created. This category is used by default for all new inventory, assembly, and service item records you create. A return authorization is issued, what transaction is used to record money getting affected from the bank? - ANS Either a Customer Refund or a Cash Refund On item reallocation page, what fields can be set by the user? - ANS item location quantity committed What are the workflow release statuses and what do they do? - ANS - Released - - Not initiating - - Testing - - Suspended - What is a valid permission level for persist searches? And what does it do? - ANS Create - this is the only permission level for Persist saved searches When you use this feature it enables you to run a saved search automatically and at the same time generate a CSV file on a schedule What is milestone billing? And what must be enabled to use this? - ANS Project Management and Advanced Billing must be enabled to use milestone billing. Milestone projects bill customers for amounts based on reaching preset goals, or billing milestones in the project. Milestones mark a point in time that must be reached to trigger the associated billing. Then, you invoice customers for a portion of the total project amount. What is advanced billing? - ANS enables you to create billing schedules to invoice sales over a range of time or a contract term. For example, a service company can use advanced billing to manage recurring billing on sales such as a one-year membership billed monthly. How do you record 10 invoice items that were transferred from one location to a virtual location? - ANS ??? Not sure, must find out What is a virtual warehouse? - ANS a term used to describe the ability to see a holistic view of inventory across all channels and locations in a single place. It is also referred to as multi-location inventory management. Know what saved search settings affect KPI's - ANS When creating a SS for KPI's know the following - The name will be how it displays on the KPI list - do not use dates in the criteria - in the results section, only have one field that uses the summary type - attach a date filter to the saved search to analyze side by side results using date intervals in a KPI scorecard What is the purpose of consolidated exchange rates? - ANS ensure that currency amounts translate properly from child to parent subsidiaries for consolidated reports What must be done before setting up SS for payment processing page? - ANS The electronic bank payments bundle must be installed then you can create the saved search for file generation for AR following the correct criteria What is the purpose of elimination subsidiaries and how are they auto-created? - ANS When subsidiaries transact, you may have to eliminate the revenue and expenses at the consolidated level to remove the effect of transactions between subsidiaries. For example, intercompany transaction balances may require elimination for the following reasons: - Sales and services between subsidiaries - Inventory transfers between subsidiaries - Loans between subsidiaries What are alternate prices and when can they be used? - ANS Alternative prices are the same as multiple prices/price levels. This allows you to have discounts on items or just different prices. (you can select the price level on the line item of the transaction) We can use this when the "multiple prices" or "multiple currencies" is enabled. How to restrict accounts to certain users? - ANS on the users role, under the Restrictions tab, you can restrict by location, department or class. You can also use subsidiary restrictions (which also limits which accounts they can access) How to handle damaged items? - ANS You can create an inventory status change record to change the status of any inventory to "Damaged" which will make it ineligible for orders What happens when you create and are the owner of a SS and your access is removed? - ANS If the search is public - nothing happens, but you can switch the owner as an admin whenever. Your search is still there and you are still the owner because the employee record still exists. What is a work order and what does it track? - ANS track the quantities of assemblies that need to be built and the quantities of components, or member items, needed to do so. This type of transaction is available when the Assembly Items and Work Orders features are enabled and is used when the Allow Purchase of Assembly Items accounting preference is not enabled. What does "allow cross-subsidiary record viewing do?" - ANS Check this box to allow users logged in with this role to see, but not edit, records for subsidiaries to which the role is not granted access. What transactions do "entity fields" apply to? - ANS Any master data record (customer, vendor, employee etc) What is true about multi-location inventory? - ANS If you stock, sell, and fulfill items in more than one location, you can use the Multi-Location Inventory feature to manage the inventory for your distinct locations. This feature lets you associate each item and transaction with a location. You can track the purchase, sale, stock level and value of items in your locations, as well as transfer inventory between locations. What is true about a special order item? - ANS Use special orders to purchase and track items that might not follow regular inventory processing, such as immediate-need orders or orders for customized items. For example, you sell items that are customized by your vendor. You can track custom item orders as special order items. The sales order is not fulfilled with regular stock. It is fulfilled only when the linked order for the special item is received from the vendor. What is true about a drop ship item? - ANS When you drop ship an item, the item is sent directly from your vendor to your customer. The item is not processed in your inventory. What are tax Nexuses? What is true about them? - ANS A tax Nexus is a describe a tax jurisdiction or geographic area where you do business and which has its own tax regulations. (For Example: a Nexus can be a city, county, state country etc.) What does sort by, then by, do on a SS? - ANS The SS will sort by the first "sort" option, if there are empty values it will sort by the next "then by" sort option. There are two "then by" sort options on a SS What will sort by internal ID or Date do if the "descending/ascending" checkbox is left blank or selected? - ANS If descending is checked and sorting by internal ID: largest will be on top vice versa If descending is checked and sorting by date: most recent will be on top What is the permission to publish a dashboard? - ANS "Publish Dashboards permission" Comes default on a few admin roles What is the accounting impact of unbuilding an assembly? - ANS For example, Wolfe Manufacturing receives an order for one hundred mountain bikes. While building the bicycles, the customer cancels the order. Wolfe unbuilds the assembly items that are not sold, and maintains the stock as raw materials. Impact: For each assembly you unbuild: the assembly item stock level decreases the member item's individual stock levels increase What allows you to view a custom field on a header level of a custom transaction record? - ANS Once create the field is automatically visible? What are the impacts of Pick-Pack and Ship? - ANS Pick, and Pack have no GL impact. Once shipped, the GL impact on an item shipment (shipping to a customer) is: Debit: COGS Credit: Inventory Asset