NetSuite SuiteFoundation Exam Part 1 with ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
verified answers ||\\//||
3 Types of Customer Payments: - correct answer✔✔EFT (electronic funds transfer), Paypal
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
on web store, Credit Card processing
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
ACH (what is it, and it is the only way to do what?) - correct answer✔✔Automated
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Clearing House (process transactions through ACH network for EFT) The only way to pay ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
vendors in NS. ||\\//|| ||\\//||
EFT - correct answer✔✔Electronic Funds Transfer (transfer directly from bank account)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Nexus - correct answer✔✔how to collect and pay taxes in different areas of the world
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
(defines jurisdiction in which collect and pay taxes) ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax Control Accounts - correct answer✔✔define tax types and do GL posting of indirect
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
taxes (indirect taxes = Sales tax and VAT) ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax Types - correct answer✔✔defines tax codes on balance sheet
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax Groups - correct answer✔✔combines several tax codes and applies them to a
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
transaction (group of tax codes to one transaction) ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax Codes - correct answer✔✔determines the tax amount applied to a single transaction (as
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
opposed to tax groups, which is a group of tax codes)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
, Tax Schedule - correct answer✔✔determines how NS calculates taxes for items in each
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
nexus
Where to set up tax periods - correct answer✔✔setup > accounting > manage tax periods
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
To set up taxes on an item record (2 steps) - correct answer✔✔1. Setup > Accounting > tax
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
schedule > new ||\\//|| ||\\//||
2. Item record > accounting tab > choose tax schedule
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
How to set up nexus (2 steps) - correct answer✔✔1. Set up advanced taxes
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
2. Determined by customer choice
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Tax in all other countries - correct answer✔✔International XX (no pre-coded tax)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax in Japan - correct answer✔✔Consumption Tax
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax in the UK - correct answer✔✔VAT
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Tax in Canada - correct answer✔✔GST and PST (precoded, yes, Tax reporting periods, no.
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Foreign trade settings, no) ||\\//|| ||\\//|| ||\\//||
Tax in Australia - correct answer✔✔GST
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax in the US - correct answer✔✔State import tax (precoded, no, tax reporting periods no,
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
foreign trade settings, no) ||\\//|| ||\\//|| ||\\//||
verified answers ||\\//||
3 Types of Customer Payments: - correct answer✔✔EFT (electronic funds transfer), Paypal
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
on web store, Credit Card processing
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
ACH (what is it, and it is the only way to do what?) - correct answer✔✔Automated
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Clearing House (process transactions through ACH network for EFT) The only way to pay ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
vendors in NS. ||\\//|| ||\\//||
EFT - correct answer✔✔Electronic Funds Transfer (transfer directly from bank account)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Nexus - correct answer✔✔how to collect and pay taxes in different areas of the world
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
(defines jurisdiction in which collect and pay taxes) ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax Control Accounts - correct answer✔✔define tax types and do GL posting of indirect
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
taxes (indirect taxes = Sales tax and VAT) ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax Types - correct answer✔✔defines tax codes on balance sheet
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax Groups - correct answer✔✔combines several tax codes and applies them to a
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
transaction (group of tax codes to one transaction) ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax Codes - correct answer✔✔determines the tax amount applied to a single transaction (as
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
opposed to tax groups, which is a group of tax codes)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
, Tax Schedule - correct answer✔✔determines how NS calculates taxes for items in each
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
nexus
Where to set up tax periods - correct answer✔✔setup > accounting > manage tax periods
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
To set up taxes on an item record (2 steps) - correct answer✔✔1. Setup > Accounting > tax
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
schedule > new ||\\//|| ||\\//||
2. Item record > accounting tab > choose tax schedule
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
How to set up nexus (2 steps) - correct answer✔✔1. Set up advanced taxes
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
2. Determined by customer choice
||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax in all other countries - correct answer✔✔International XX (no pre-coded tax)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax in Japan - correct answer✔✔Consumption Tax
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax in the UK - correct answer✔✔VAT
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax in Canada - correct answer✔✔GST and PST (precoded, yes, Tax reporting periods, no.
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Foreign trade settings, no) ||\\//|| ||\\//|| ||\\//||
Tax in Australia - correct answer✔✔GST
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Tax in the US - correct answer✔✔State import tax (precoded, no, tax reporting periods no,
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
foreign trade settings, no) ||\\//|| ||\\//|| ||\\//||
