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NetSuite SuiteFoundation Exam Flash Cards Part 1 Questions and Answers
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NetSuite SuiteFoundation Exam Flash Cards Part 1 Questions and Answers
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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
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