NETSUITE ERP CONSULTANT 2026 BUSINESS
PROCESS AUTOMATION WORKBOOK SOLVED
QUESTIONS COMPILATION
◉ Tax - If subsidiaries share multiple Tax Nexuses, what is the
correct order
Answer: 1. International Tax
2. Subsidiary
3. Tax Agency
4. Nexus
5. Tax Codes, groups, schedules, types, periods
◉ Tax - What are the 6 tax editions in NetSuite
Answer: International, US, Japan, UK, Canada, Australia
◉ Subsidiaries : Contacts associated with 1 sub may be linked to a
customer/vendor associated with another sub
Answer: Transactions are never against the contact
◉ Sub-customers associated with 1 sub can be linked to parent
customers associated with another sub
Answer: Only if accept payment thru parent is disabled
,◉ Tax - Tax Period
Answer: Defines a period over which your company tracks tax. A tax
period can be a month, a quarter, or a year, depending on the
frequency of your tax submissions or what your business has agreed
with the local tax agency. You can run monthly, quarterly, or annual
VAT/GST reports in NetSuite.
Available in all non-US & non-Canada editions
◉ Tax - Tax Nexus
Answer: A nexus is a tax jurisdiction. Nexuses are part of the
NetSuite Advanced Taxes feature, required for NetSuite OneWorld.
Each subsidiary must be associated with at least one nexus. The first
nexus is automatically assigned to a subsidiary based on the country
entered for the subsidiary's address. A subsidiary can have more
than one nexus. A nexus and its related tax items can be shared by
multiple subsidiaries.
◉ Tax - Tax Type
Answer: A tax type determines where the tax paid or collected is
tracked on the balance sheet. The balance sheet account to which
NetSuite posts the collection or payment of tax is called the tax
control account.
,◉ Tax - Tax Code
Answer: Contain information about tax rates and the types of
transactions that the tax codes should be applied to.
◉ Tax - Tax Schedule
Answer: Determine how NetSuite calculates taxes for items in each
nexus.
◉ Tax - Tax Group
Answer: Combines several tax codes that can then be applied to a
transaction, even if the taxes are paid to different jurisdictions.
◉ Tax - Tax Agency Vendor
Answer: These vendors represent taxing authorities to whom you
pay collected taxes.
◉ Year End Manual Close
Answer: Manually post the year end journal entry to zero amounts
in P&L and post to Retained Earnings
◉ Consolidated Exchange Rates vs. Currency Exchange Rates
, Answer: Consolidated applies to: consolidated reports, set per
accounting period, base currency for one pair of related subsidiaries,
manually edited in the Consolidated Exchange Rates Table
Currency exchange rate applies to: transactions, "as of" effective
date, base currency and one foreign currency, manually add new
rows to Currency Exchange Rates
◉ You can change the primary currency on a customer or vendor
record, resets the default for transactions, credit limits, and
aggregate balance
Answer: If primary currency is changed you must re-enter the credit
limit, cannot remove any currencies which have transactions against
them
◉ Advanced Inventory Management
Answer: Calculate reorder based on historical data;
Assumes demand is mostly constant;
Reordering based on reorder point may create excess inventory
◉ Demand planning
Answer: Ordering based on the expected demand. Demand can be
calculated based on:
* Outstanding CRM data (i.e. opportunities, estimates & sales orders
PROCESS AUTOMATION WORKBOOK SOLVED
QUESTIONS COMPILATION
◉ Tax - If subsidiaries share multiple Tax Nexuses, what is the
correct order
Answer: 1. International Tax
2. Subsidiary
3. Tax Agency
4. Nexus
5. Tax Codes, groups, schedules, types, periods
◉ Tax - What are the 6 tax editions in NetSuite
Answer: International, US, Japan, UK, Canada, Australia
◉ Subsidiaries : Contacts associated with 1 sub may be linked to a
customer/vendor associated with another sub
Answer: Transactions are never against the contact
◉ Sub-customers associated with 1 sub can be linked to parent
customers associated with another sub
Answer: Only if accept payment thru parent is disabled
,◉ Tax - Tax Period
Answer: Defines a period over which your company tracks tax. A tax
period can be a month, a quarter, or a year, depending on the
frequency of your tax submissions or what your business has agreed
with the local tax agency. You can run monthly, quarterly, or annual
VAT/GST reports in NetSuite.
Available in all non-US & non-Canada editions
◉ Tax - Tax Nexus
Answer: A nexus is a tax jurisdiction. Nexuses are part of the
NetSuite Advanced Taxes feature, required for NetSuite OneWorld.
Each subsidiary must be associated with at least one nexus. The first
nexus is automatically assigned to a subsidiary based on the country
entered for the subsidiary's address. A subsidiary can have more
than one nexus. A nexus and its related tax items can be shared by
multiple subsidiaries.
◉ Tax - Tax Type
Answer: A tax type determines where the tax paid or collected is
tracked on the balance sheet. The balance sheet account to which
NetSuite posts the collection or payment of tax is called the tax
control account.
,◉ Tax - Tax Code
Answer: Contain information about tax rates and the types of
transactions that the tax codes should be applied to.
◉ Tax - Tax Schedule
Answer: Determine how NetSuite calculates taxes for items in each
nexus.
◉ Tax - Tax Group
Answer: Combines several tax codes that can then be applied to a
transaction, even if the taxes are paid to different jurisdictions.
◉ Tax - Tax Agency Vendor
Answer: These vendors represent taxing authorities to whom you
pay collected taxes.
◉ Year End Manual Close
Answer: Manually post the year end journal entry to zero amounts
in P&L and post to Retained Earnings
◉ Consolidated Exchange Rates vs. Currency Exchange Rates
, Answer: Consolidated applies to: consolidated reports, set per
accounting period, base currency for one pair of related subsidiaries,
manually edited in the Consolidated Exchange Rates Table
Currency exchange rate applies to: transactions, "as of" effective
date, base currency and one foreign currency, manually add new
rows to Currency Exchange Rates
◉ You can change the primary currency on a customer or vendor
record, resets the default for transactions, credit limits, and
aggregate balance
Answer: If primary currency is changed you must re-enter the credit
limit, cannot remove any currencies which have transactions against
them
◉ Advanced Inventory Management
Answer: Calculate reorder based on historical data;
Assumes demand is mostly constant;
Reordering based on reorder point may create excess inventory
◉ Demand planning
Answer: Ordering based on the expected demand. Demand can be
calculated based on:
* Outstanding CRM data (i.e. opportunities, estimates & sales orders
