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NetSuite ERP (Questions And Answers)
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NetSuite ERP (Questions And Answers)
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NetSuite ERP (Questions And Answers)Invoice GL Impact vs. Standalone Invoice Correct Ans - Debit AR/
Credit Sales Income.
Standalone: Debit AR/ Credit COGS
When are statement charges used? Correct Ans - Use instead of
invoice when you want to see several charge accumulate before billing a
customer. Debit AR/ Credit Sales Income
Non posting NS Transactions Correct Ans - Estimate
Liability Adjustment
Opportunity
Payroll Adjustment
Purchase Order
Return Authorization
Revenue Arrangement
Sales Order
Transfer Order
Vendor Return Authorization
Work Order
T/F Multi-location & multi-currency can be disabled after they are enabled
Correct Ans - False. Neither can be disabled
How many subsidiaries are supported in NS? Correct Ans - 74 subs, &
1 root
Note: set up base currencies before setting up
, Multiple Fiscal calendars Correct Ans - fiscal calendars can be set up
for each subsidiary
note: need to enable multiple calendars
Tax editions & international subs supported by NS Correct Ans - US,
CA, JAP, UK, AU, XX
What is the correct order to set up taxes if subsidiaries share nexuses?
Correct Ans - sub, tax agency, nexus, tax code
T/F Sub-customers can be linked across only if accept payment through
parent is disabled Correct Ans - True
purpose of a tax schedule Correct Ans - define treatment of items in
each nexus
Which tax editions have precoded tax? Correct Ans - Yes: US, CA, JAP,
AU, UK
No: XX
What type of tax for each of the tax editions? Correct Ans - US: state
tax imports
CA: GST/PST
JP: consumption tax
AU: GST
UK: VAT
XX: need to install bundle
Which tax editions have separate tax/reporting periods? Correct Ans -
Yes: JAP, AU, UK, XX --> can tie a fiscal calendar to a tax period if needed
No: US, CA
How to set up taxes? Correct Ans - Set up like accounting periods,
unless it's US/CA. Then use nexuses/tax codes
Define nexus Correct Ans - jurisdiction where you collect tax
1 per sub in a one world account is automatically set up --> can set up more if
needes
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