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NETSUITE ERP CONSULTANT EXAM PREP 2024
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NETSUITE ERP CONSULTANTEXAM PREP 2024
Access Code: D7THL2E
Revenue Recognition - Revenue Commitment - ANSWER Separates
the billing and revenue recognition functions, enabling you to
recognize revenue and bill customers at different times and to
recognize revenue in amounts that differ from the amounts billed to
customers.
A revenue commitment is a non-posting transaction. It serves as the
placeholder for the revenue recognition schedule that generates the
posting revenue recognition journal entries
Revenue Recognition - VSOE - ANSWER Vendor-Specific Objective
Evidence (VSOE) feature to ensure that your company properly
recognizes revenue for products and services sold as part of a
bundle.
Revenue Recognition - Revenue Recognition Schedule - ANSWER
Determined the journal entries that need to be generated to record
the impact of item sales.
Revenue Recognition - Revenue Recognition Template - ANSWER
Indicate how revenue from associated items should be posted
Landed Cost - Landed Cost can be by - ANSWER Weight, Cost,
Quantity, or manual
Item Pricing - Pricing applied according to the quantity included in
the line item - ANSWER By Line Quantity
Item Pricing - Pricing is applied for all line items for the same item on
a transaction - ANSWER By Overall Item Quantity
,Item Pricing - Pricing is applied for all items in the same hierarchy -
ANSWER by Overall Parent Quantity
SQL Functions : NULLIF - ANSWER To avoid divide by zero errors; if
the results is zero, replace with null
SQL Functions : CASE - ANSWER Returns value based on different
conditions
SQL Functions : IS NULL - ANSWER Display "unassigned" in results if
blank
SQL Functions : TO_CHAR - ANSWER Display date by day of the week
SQL Functions : DECODE - ANSWER Compares 2 values, then
returns specified parameter if they match
Custom Records - Enable Optimistic Locking - ANSWER Causes the
system to check for conflicting updates when users attempt to save
updates to a custom record instance
Custom Records - Enable Inline Editing - ANSWER Allow records to
be edited directly when they display as a LIST
Custom Records - Enable System Notes - ANSWER Tracks all
changes made to a record
Custom Records - Allow Child Record Editing - ANSWER Allow
records to be edited directly when they display as a SUBLIST
True or False: A disabled field can display a default value - ANSWER
TRUE
True or False : A disabled field is not available for transaction line
(column) fields - ANSWER FALSE
True or False : If a field does not have a default, sourced, or custom
information, it will not display on a form - ANSWER FALSE
What is the impact of using the "Filter Using" setting when creating a
custom Trans Body field, beyond allowing the user to source data
,onto the transaction? - ANSWER This field allows the dynamic
filtering of the list/record field by a particular attribute
True or False : There is an "in Transit" option for inventory during
which time it is not counted as an asset for either subsidiary -
ANSWER FALSE
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
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