NetSuite Features and Preferences Questions Flashcards
Name 3 of 7 considerations for NetSuite accounts that do not have the Advances Taxes feature enabled:
For NetSuite accounts without the Advances Taxes feature, you must set up the following:
○ Tax Agency Vendors
○ Tax Control Accounts
○ Tax Types
○ Sales Tax Tables (for U.S. only)
○ Tax Periods (for all except U.S. and Canada)
○ Tax Codes, Tax Groups
○ Tax preferences on Setup > Accounting > Taxes > Set Up Taxes
What is the implication of clearing the “Enable Tax Lookup on Sales Transactions”?
Enable Tax Lookup on Sales Transactions - Clear this box if you do not want NetSuite to determine the correct tax code for customers based on their shipping addressed.
What is an alternative if you uncheck “Customers Default to Taxable”?
Customers Default to Taxable - Check this box if you want new customers to be charged tax by default. If you do not check this box, you can mark customers as taxable by checking the taxable box on customer records. Charities and nonprofit organizations are usually not taxable.
What is the advantage of checking “EXPENSE ALLOCATION” under “Enable Company Features”, “Accounting?
EXPENSE ALLOCATION
Check this box to account for fixed expenses without splitting them among individual departments, classes or locations in advance of incurring the expenses.
Use allocation schedules to create allocation journal entries on an ongoing basis that transfer funds from an expense account into one or more other accounts.
Which allocation feature (“Company” >”Enable Features”) > Accounting) is used in conjunction with Statistical Accounts?
“DYNAMIC ALLOCATION”
Check this box to dynamically calculate the weight of any statistical allocation, based on the balance of the statistical account through statistical journals, at the time the allocation journal is generated.
This feature also enables you to run multiple dynamic allocation schedules in a specific sequence, or batch.
This is an enhancement to the current fixed rate allocation where you must specify the fixed allocation weight for the entire life cycle of the allocation schedule.
This feature cannot be disabled after it has been used.
Setting "Company" >"Enable Features"> "Accounting" > "Advanced Features" > "Revenue Commitments" provides functionality that is most similar to:" A. Vendor Bill B. Sales Order C. PO D. Invoice
D. Invoice
Revenue Commitment exists so that a company can recognize revenue prior to billing customers. Revenue commitments appear and behave like an invoice in that both cause revenue recognition, based on sales orders and returns. However, an invoice creates a customer liability, while a revenue commitment does not trigger an invoice and customer liability.
Describe the setting located here: “Company” >”Enable Features”> “Accounting” > “Advanced Features” > “Consolidated Payments” allows for:
A.
Check the Consolidated Payments box to allows all payments, credits, and deposits to be accepted through the highest level customer in a customer-subcustomer hierarchy or through the individual subcustomer for whom the invoice is entered
Describe the setting located here: “Company” >”Enable Features”> “Accounting” > “Advanced Features” > “IN-TRANSIT PAYMENTS” allows for:
IN-TRANSIT PAYMENTS
Check the Consolidated Payments box to allows all payments, credits, and deposits to be accepted through the highest level customer in a customer-subcustomer hierarchy or through the individual subcustomer for whom the invoice is entered
Describe the setting located here: “Company” >”Enable Features”> “Accounting” > “Advanced Features” > “FOREIGN CURRENCY VARIANCE MAPPING” allows for:
Check this box to define posting rules that specify the accounts to which foreign currency variances post.
For information, see the help topic Foreign Currency Variance Mapping.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Sales” >
“MULTIPLE PRICES”
Check this box to be able to enter multiple sales prices for each item.
Multiple pricing allows you to customize sales prices for your customers.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Sales” >
“ALTERNATE SALES AMOUNT”
Check this box if you want to to calculate alternate sales amounts on sales orders, estimates, opportunities and return authorizations.
Alternate sales amounts can be used to calculate commission and sales forecasts and can be used to measure quotas.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Sales” >
“GROSS PROFIT”
Gross Profit = Sales – Costs
Gross profit estimates are based on a complex interaction of prices, discounts, costs, and ultimately gross profits at several levels. Gross profit estimates supply decision-making information to sales teams and executives throughout the sales process, from the opportunity stage early in the sales cycle on through to the issuance of an invoice. Check this box to enable use of gross profit.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Sales” >
“SUITEPROMOTIONS”
Check this box to allow multiple promotions to be added to a single order.
You can add a combination of order-level promotions, item-level promotions, and shipping promotions to any stackable order.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Shipping & Receiving “ >
“FULFILLMENT REQUEST”
Enable this feature to use the fulfillment request record in your fulfillment workflow. It is created from a sales order. A fulfillment request represents a list of items to be fulfilled at a location. When working with the fulfillment request, employees at the location can acknowledge it and then fulfill, reject, or cancel. They can also reject or cancel without acknowledging.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Shipping & Receiving “ >
“SHIPPING LABEL INTEGRATION”
GENERATE TRACKING NUMBERS AND SHIPPING LABELS WHEN YOU SHIP USING INTEGRATED SHIPPING ITEMS.
Check this box to integrate your NetSuite account with the shipping carriers you use, such as FedEx, UPS, and USPS/Endicia, to print shipping labels and track packages.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Shipping & Receiving “ >
“ADVANCED RECEIVING”
GIVES YOUR RECEIVING AND ACCOUNTING DEPARTMENTS SEPARATE PROCESSES FOR RECEIVING AND BILLING PURCHASE ORDERS.
Check the Advanced Receiving box to receive orders separately from bills.
With this feature, you can receive items before receiving a bill.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Shipping & Receiving “ >
“INBOUND SHIPMENT MANAGEMENT”
PROVIDES TRACKING AND MANAGEMENT OF INCOMING SHIPMENTS.
Check this box to create inbound shipments at Transactions > Purchases > Create Inbound Shipment.
Inbound shipments allow you to track key information relating to the progress of a shipment in a single place. Fields include, status, expected delivery date, bill of lading and so on.
Items can be assigned to the inbound shipment from multiple POs, and received directly from within the record. The feature supports bulk receiving and transfer orders
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Billing” >
“ADVANCED BILLING”
Check this box to create billing schedules to invoice sales over a range of time or a contract term, such as a one-year membership billed monthly. Billing schedules manage the billing process to track when to invoice customers and how much to bill.
The Advanced Billing feature requires that you also enable the Sales Orders feature.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Billing” > “CHARGE-BASED BILLING”
CHARGE-BASED BILLING ALLOWS BILLABLE VALUE TO BE EXPRESSED AS CHARGES AND BILLED TO CUSTOMERS.
Charge-Based Billing enables you to create billable charges for projects.
Charges are calculated according to charge rules. These charge rules can be based on fixed dates, project progress, milestones, expenses, or on time entries.
Enabling this feature adds the Charge-Based billing type for projects and a Create Charges page to your account.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Billing” > “ADVANCED SUBSCRIPTION BILLING”
CREATE ADVANCED SUBSCRIPTIONS AND BILL CUSTOMERS FOR THEM, INCLUDING USAGE, ENHANCED SUBSCRIPTION RENEWALS, AND LIMITS FOR VOLUME PRICING.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Billing” > “TIME-BASED PRICING”
CREATE SUBSCRIPTIONS THAT HAVE PRICING CHANGES AT DEFINED INTERVALS OVER TIME. EXAMPLES INCLUDE FREE TRIALS, INTRODUCTORY PRICING, ETC.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Billing” > “SUBSCRIPTION BILLING”
CREATE SUBSCRIPTIONS AND BILL CUSTOMERS FOR THEM.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Billing” > “ADD-ON ITEMS”
ADD NEW ITEMS TO A SUBSCRIPTION ANYTIME, EVEN AFTER THE START OF THE SUBSCRIPTION.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Payment Processing” > “CREDIT CARD SOFT DESCRIPTORS”
USE SOFT DESCRIPTORS FOR CREDIT CARD TRANSACTIONS.
Check this box to create a list of soft descriptors, such as brand names, to associate with items you sell.
When customers purchase items and receive credit card statements, the related soft descriptor shows with each charge instead of your company name.
Create soft descriptors at Setup > Accounting > Credit Card Soft Descriptors, and associate them with items on item records.