Exam (elaborations)
NetSuite SuiteFoundation Exam Flash Cards Part 1 Questions and Answers
- Course
- Institution
NetSuite SuiteFoundation Exam Flash Cards Part 1 Questions and Answers
[Show more]
Content preview
NetSuite SuiteFoundation Exam Flash Cards Part 1 Questions and Answers 3 Types of Customer Payments: - Answer- EFT (electronic funds transfer), Paypal on web store, Credit Card processingACH (what is it, and it is the only way to do what?) - Answer- Automated Clearing House (process transactions through ACH network for EFT) The only way to pay vendors in NS.
EFT - Answer- Electronic Funds Transfer (transfer directly from bank account)
Nexus - Answer- how to collect and pay taxes in different areas of the world (defines jurisdiction in which collect and pay taxes)
Tax Control Accounts - Answer- define tax types and do GL posting of indirect taxes (indirect taxes = Sales tax and VAT)
Tax Types - Answer- defines tax codes on balance sheet
Tax Groups - Answer- combines several tax codes and applies them to a transaction (group of tax codes to one transaction)
Tax Codes - Answer- determines the tax amount applied to a single transaction (as opposed to tax groups, which is a group of tax codes)
Tax Schedule - Answer- determines how NS calculates taxes for items in each nexus
Where to set up tax periods - Answer- setup > accounting > manage tax periods
To set up taxes on an item record (2 steps) - Answer- 1. Setup > Accounting > tax schedule > new
2. Item record > accounting tab > choose tax schedule
How to set up nexus (2 steps) - Answer- 1. Set up advanced taxes
2. Determined by customer choice
Tax in all other countries - Answer- International XX (no pre-coded tax)
Tax in Japan - Answer- Consumption Tax
Tax in the UK - Answer- VAT
Tax in Canada - Answer- GST and PST (precoded, yes, Tax reporting periods, no. Foreign trade settings, no) Tax in Australia - Answer- GST
Tax in the US - Answer- State import tax (precoded, no, tax reporting periods no, foreign trade settings, no)
Records - Answer- store data as a specific record type (how and where data is stored)
Forms - Answer- used to enter, view, modify data in NS
Transactions - Answer- Any record involving the movement of money or value
Lists - Answer- Include people, places, or things (nouns)
Which enable features cannot be disabled once enabled? (5 things) - Answer- 1. Multi-
location inventory
2. Oneworld
3. Multiple Currencies
4.. Multi-language
5. Advanced Revenue Management
Identify the general functionality that can be controlled under enable features. - Answer-
You can turn features on and off
List the topics under enable features (10 things) - Answer- 1. Company
2. Accounting
3. Tax
4. Transactions
5. Items and inventory
6. employees
7. CRM
8. Analytics
9. Web Presence (e-commerce site)
10. SuiteCloud
How are tax periods set up? - Answer- Setup > accounting > manage tax periods
Vendor payment methods - Answer- ACH and Online Bill Pay
Sales Orders (do they have accounting impact?) - Answer- Transactions recording the sale of goods or services, no accounting impact
What are Sales Orders generated by? (3 things) - Answer- 1. Receipt of purchase order
2. Entered as webstore purchase
3. Online order in customer center
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
