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Netsuite SuiteFoundation Exam Prep > ERP > Flashcards

ERP Flashcards

1
Q

True or False… A subsidiary can only have one tax nexus

A

False. Nexus Sublist is available to add multiple

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2
Q

What impact do inventory items have on the balance sheet and COGS?

A

Inventory items impact the balance sheet and are included in your cost of goods sold.

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3
Q

What impact do non-inventory items have on the balance sheet and COGS?

A

Non-inventory items do not impact the balance sheet and are not included in COGS because they are counted as operating costs.

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4
Q

What are the most important features of Advanced Inventory Management?

A

The Advanced Inventory Management feature enables you to

  • Tracks item Lead Time, Safety Stock, and Seasonal Demand
  • Based on previous purchases and sales of items, Netsuite calculates appropriate reorder points and preferred stock levels for items.
  • With Reorder Point replenishment, you enter settings on item records and NetSuite then anticipates future demand and suggests ordering actions.
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5
Q

What can you do if you do not want to use advanced inventory management stock replenishment calculations?

A
  1. You can override or disable the calculations to handle unusual circumstances
  2. You can disable advanced inventory mgmt for an individual item and can revert the lead time, preferred stock level, and reorder point back to the last manually entered value.
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6
Q

How can I create a CSV template to use for an import template?

A

Export a List view

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7
Q

True or False… When detecting duplicates, NetSuite should look at the email address in the exact same way, whether for a company or individual.

A

False. Duplicate detection uses the domain name for company evaluation and uses the full email address for contact, individuals.

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8
Q

How would you simultaneously edit/change multiple records at once?

A

Mass Update

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9
Q

Which features allow editing records directly from a list?

A

Inline Editing

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10
Q

True or False… Account Numbers are Mandatory in the Chart of Accounts

A

False. Turn on this feature at Setup > Accounting > Accounting Preferences > General

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11
Q

Which feature allows transacting business with vendors and customers in different currencies?

A

Multiple Currencies

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12
Q

If I want to sell an item at different prices, I use _________ __________

A

Price Levels

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13
Q

What type of pricing considers the number of items bought? ________ _________

A

Quantity Pricing

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14
Q

A __________ __________ decreases the amount a customer owes.

A

Credit Memo

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15
Q

Can I accept money from a customer in advance of an order in the system? If so, how?

A

Yes, Customer Deposit

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16
Q

I need more control of purchase orders approvals. What can I do in NetSuite?

A

Turn on Approvals for POs

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17
Q

A _________ is used to enter or view existing data

A

Form

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18
Q

This combines several tax codes that can be applied to one transaction- even if the taxes are paid to different jurisdictions. The ________ _______ Rate is the sum of these separate tax codes.

A

Tax Groups

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19
Q

True or False… Saved searches only expose standard NetSuite fields

A

False.

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20
Q

I need to start closing accounting periods. What can I do?

A

Go to Setup>Accounting>Manage Accounting Periods>Checklist

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21
Q

What do Tax Groups do?

A

Combine several tax codes that can then be applied to a transaction.

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22
Q

What do Tax Schedules do?

A

Determine how NetSuite calculates taxes for items in each nexus

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23
Q

The ___________ is how data is stored in NetSuite

A

Record

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24
Q

How can I maintain more control over Vendor Bills and the payment of those bills?

A

Turn on Vendor Bill approvals

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25
Q

The ___________ Manager provides links to configure NetSuite

A

Setup

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26
Q

What does a Tax Nexus define?

A

Defines jurisdictions in which you collect and pay sales and/or purchase taxes; required component of Advance Taxes functionality

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27
Q

Service Items allow _______________________________

A

Tracking time and recording billable hours

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28
Q

What is the purpose of Item Groups?

A

Displays as multiple line items when selected in a transaction. Purchasing / inventory is tracked at the member level. Members can be Inventory Items, Assemblies and Kits, Service Items. Can be mixed taxable / non taxable

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29
Q

A role is a set of _________ governing a user’s access to data

A

Permissions

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30
Q

What is the purpose of Tax Types?

A

Define where the paid or collected tax is tracked on the balance sheet and used to define tax codes

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31
Q

True or False… Drop Shipments impact inventory

A

False. They do not impact inventory or asset accounts.

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32
Q

What is the purpose of Kits and Package Items

A

Displays as one line item, but you can choose to print all members of the kit. Members must be setup in same subsidiary. Revenue is by the kit.

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33
Q

Which portlet helps track orders through the order to cash process?

A

Reminders

34
Q

On a saved sales order, which subtab allows you to view billing and fulfilment transactions?

A

Related Records

35
Q

True or False… You cannot enforce sales order approval

A

False.

36
Q

Pricing Groups allow you to

A

assign customer-specific price levels for groups of items

37
Q

What do these abbreviations mean? CUS, VEN, PO

A

Customer, Vendor, Purchase Order

38
Q

I want to save data entry time on a transaction that occurs monthly. What type of action can I take on a transaction?

A

Memorized Transaction

39
Q

If using OW, each subsidiary record is associated with the _________, or “groups”, in which it must pay taxes. They can be set after saving a subsidiary record for the first time.

A

Nexus

40
Q

NetSuite will automatically create one ______ per subsidiary

A

nexus

41
Q

In many countries, governments require buyers to withhold a portion of the amount they pay to sellers or service providers, and to remit this withheld amount to the local tax agency. ____________ ____________ ensures that the government is able to collect the income tax due from those transactions.

A

withholding tax

42
Q

These represent movement of money, product, services

A

transactions

43
Q

What is Consolidated Reporting?

A

It allows for the currency translation from each subsidiary’s base currency of the parent entity. Balances of subsidiaries are translated to the base currency of the consolidated report using consolidated exchange rate

44
Q

With the NetSuite _________ _________ _________ SuiteApp, you can generate an extract of general ledger data to a format that complies with government statutory requirements. The exported data also provides a way for you to back up or archive critical transaction data that has an impact on the general ledger.

A

Tax Audit Files

45
Q

True or False… You cannot setup past and future accounting periods

A

False.

46
Q

True or False… You cannot do Cash Basis reporting

A

False. Setup > Accounting»AccountingPreferences > General Ledger or on each report edit and go to More Options

47
Q

True or False… Tax control accounts can be set up manually

A

True, but only through the Tax Control Account Setup

48
Q

True or False… A tax nexus defines the tax jurisdiction, where business is transacted

A

True.

49
Q

True or False… Tax schedules are a functionality of Advanced Taxes and determine the tax treatment of items purchased and sold

A

True.

50
Q

True or False… Inventory items can also include serialized and lot numbered inventory if those features have been enabled

A

True.

51
Q

True or False… Non-inventory items are only available for purchase

A

False. For Purchase, For Resale, For Sale

52
Q

Service items cannot be fulfilled

A

False.

53
Q

Name the three NetSuite classifications available for reporting and the GL

A

Location, Class, Department

54
Q

True or False… Combine the use of classifications with the general ledger account to simplify your chart of accounts

A

True.

55
Q

True or False… count numbers are mandatory in NetSuite’s Chart of Accounts

A

False.

56
Q

__________ __________ determine how much tax is paid on each transaction line item. For NetSuite to calculate correct values on transaction records and tax reports, make sure it is set up correctly.

A

Tax Code

57
Q

At what point in the sales order fulfillment process will there be an accounting impact?

A

A sales order will not have an accounting impact until the items ships or the invoice is billed. Item fulfillment debits COGS and credits INVENTORY ASSETS (customer return does the reverse); invoicing debits AR and credits SALES INCOME (credit memo does the reverse).

58
Q

Why is it not advisable to create a standalone Return Authorization (RMA)?

A

It will not impact the GL if you create a standalone return. You should always create an RMA from an sales order if possible

59
Q

What impact do services have on balance sheet and COGS?

A

Services do not impact the balance sheet but are a direct cost of delivering goods and services so they are included in COGS

60
Q

Name the four standard NetSuite data (record) types

A

Entity, Transaction, Item, CRM

61
Q

What is a Tax Control Account?

A

Accounts in your GL or chart of accounts to which amounts computed for indirect taxes are posted (ex: sales tax)

62
Q

________ _______ is used to define tax codes. In the advanced Taxes feature they are also linked to a specific country (example: when creating a tax code for the United States, the dropdown list for the field includes Sales Tax. If you are creating a tax code for the United Kingdom, then the list of available ones include VAT.)

A

Tax Type

63
Q

What is a Tax Audit File?

A

Tax authorities in many parts of the world require an export of general ledger (GL) data for auditing purposes to determine whether businesses are correctly reporting their tax returns. This file also enables tax payers to provide their electronic records to tax auditors in support of their tax returns, and for auditors to review accounting records.

64
Q

These determine how NS calculates taxes for items in each Nexus (like PST and GST). For most countries, goods and services are charged the same rate across the country so there is no need for __________ ________to be set up. (part of advanced taxes)

A

Tax Schedule

65
Q

Acronym for Return Authorization Record

A

RMA (Return Materials Authorization)

66
Q

What are the proper steps in the customer return process?

A
  1. Receive request from customer for item return and create RMA for manager approval
  2. RMA approved by manager (Sales Order in Reverse)
  3. Customer-returned items received (reverse of order fulfilment)
  4. Issue a Customer Credit Memo (invoice in reverse) or Refund Authorized Customer Return (cash sale in reverse)
  5. Closing Line Items on a Customer Return Authorization
    Closes one or more lines on a return authorization for items you no longer expect to receive.
67
Q

Can you name some of the different types of sales orders?

A
  • Standard Sales Order - Cash Sale
  • Standard Sales Order - Invoice
  • Standard Sales Order
  • Standard Sales Order - Progress Billing
68
Q

True or False… An Invoice is open until paid.

A

True.

69
Q

Non-Inventory items can be converted to…

A

Inventory, Serialized Inventory, Lot Numbered

70
Q

What is a memorized transaction?

A

A transaction you set up to recur in NetSuite either automatically or based on a reminder. Can be used for checks, journal entries, sales transactions, statements and more.

71
Q

What are two things you must setup for a memorized transaction to become functional?

A
  1. The template that configures the transaction type and specifications.
  2. The definition which sets the parameters for when and how many transactions to create.
72
Q

List two limitations of memorized transactions

A
  1. User cannot post in Locked Periods unless they have special permission.
  2. Cannot be be posted in closed periods
73
Q

What two pricing strategies can you find as subtabs on the customer record?

A
  • Group pricing

- item pricing

74
Q

What pricing strategy can you modify on any item record?

A

Price level

75
Q

True or False… Price levels must be defined as specific prices

A

False. You can optionally use the markup/discount % field

76
Q

Where do you setup new price levels?

A

Setup > Accounting > Setup Tasks > Accounting Lists > New

77
Q

How do you access the Enable Features page?

A

Setup > Company > Setup Tasks > Enable Features

78
Q

True or False…You will Bill Expenses to Customer when if you wish to charge them for an item that was ordered for their project.

A

False. In this case you should Bill Items to Customer. Bill Expenses to customer for subcontractor fees for example.

79
Q

How do you bill time to a customer?

A
  1. To create the time expense: Transactions > Employees > Track Time
  2. To create the bill: Transactions > Sales > Create Invoices.
    Mark appropriate time on Billable Time subtab on invoice
80
Q

How do you bill expenses and items to customer?

A
  1. Create purchse order
  2. Transactions > Payables > Bill Purchase Orders
  3. Create Invoice or Cash Sale and mark the correct expense on the Billable Expenses subtab.
81
Q

How does the Advanced Receiving function change your AP process compared to standard receiving?

A

Advanced Receiving allows you to receive items and expenses before receiving a bill

Netsuite SuiteFoundation Exam Prep (5 decks)

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