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.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Payment Processing” > “SEND PURCHASE CARD DATA”
INCLUDE PURCHASE CARD DATA WHEN PROCESSING CREDIT CARD PAYMENTS ON SALES TRANSACTIONS.
With the Purchase Card Data module, NetSuite identifies when payments are made with a purchase card so you can take advantage of potential lower card processing fees.
Purchase cards, also called Level II and Level III cards, can bring cost savings to you, the merchant, and to your customers.
When you enter a credit card payment for a customer, NetSuite determines, based on the card’s bank identification number (BIN), whether or not it is a purchase card. It then passes the extended transaction data along with the payment authorization request for processing.
Describe the setting located here: “Company” >”Enable Features”> “Transactions” > “Payment Processing” > “PAYMENT INSTRUMENTS”
IMPROVED HANDLING OF VARIOUS PAYMENT INSTRUMENTS, INCLUDING PAYMENT CARDS AND TOKENS.
{….}
Payment instrument is a set of fields that can be used to charge a shopper without any action on the shopper’s side.
The shopper does not have to take any action when, for example, the Card on file box was previously checked, or a token that represents a payment card was previously created.
[…]
An User Interface with and without Payment Instruments becomes available.
[…]
The following full-fledged records become available: Payment Card, Payment Card Token, and General Token. Previously, you had to use the Customer Record to handle credit cards. With the Payment Instruments records, you can perform the following actions:
Describe the setting located here: “Company” >”Enable Features”> “Items AND Inventory” > “Items” > “DROP SHIPMENTS & SPECIAL ORDERS”
PURCHASE ORDERS CAN BE AUTOMATICALLY CREATED WHEN A SALES ORDER FOR A DROP-SHIP OR SPECIAL ORDER ITEM IS ENTERED
Check this box to drop ship items directly from your vendors to your customers.
Purchase orders for drop ship items are generated automatically and show the preferred vendor for the item and the customer’s shipping address.
Describe the setting located here: “Company” >”Enable Features”> “Items AND Inventory” > “Items” > “MERCHANDISE HIERARCHY””
ORGANIZE ITEMS IN A HIERARCHICAL STRUCTURE TO REPORT ON PRODUCT SALES AND INVENTORY.
Check this box to allow the creation of merchandise hierarchies that provide a customized organization of your company’s merchandise.
Merchandise hierarchies help you identify shopper buying and demand trends related to your merchandise.
Describe the setting located here: “Company” >”Enable Features”> “Items AND Inventory” > “Items” > “PERSONALIZED CATALOG VIEWS”
DIVIDE YOUR CUSTOMERS INTO GROUPS AND DEFINE WHICH CATALOG ITEMS EACH GROUP CAN ACCESS.
Check this box to enable Personalized Catalog Views. This feature enables you to tailor which items are available to which customers on the web store.
Describe the setting located here: “Company” >”Enable Features”> “Items AND Inventory” > “Inventory” > “ADVANCED BILL OF MATERIALS”
Check this box to use Advanced Bills of Materials.
Enabling this feature can introduce changes to assembly, item revision, manufacturing routing, work order, assembly build, and assembly unbuild records. These changes could affect customizations and integrations related to these records.
Before moving Advanced BOM to production, test it thoroughly in your sandbox or Release Preview account. If you can only test on production, do it during off peak hours.
Describe the setting located here: “Company” >”Enable Features”> “Items AND Inventory” > “Inventory” > “INVENTORY STATUS”
ALLOW ASSIGNMENT OF DEFINED STATUSES TO INVENTORY TO TRACK ITEM CONDITIONS OR REQUIREMENTS. STATUSES CAN BE CREATED TO SUIT YOUR NEEDS.
Describe the setting located here: “Company” >”Enable Features”> “Items AND Inventory” > “Inventory” > “ADVANCED INVENTORY MANAGEMENT”
AUTOMATICALLY CALCULATE REORDER POINTS AND PREFERRED STOCK LEVELS BASED ON HISTORICAL PURCHASE AND SALE DATA.
Describe the setting located here: “Company” >”Enable Features”> “Items AND Inventory” > “Inventory” > “SUPPLY ALLOCATION”
ALLOCATE DEMAND ORDERS BY CHANNEL TO INVENTORY AND FUTURE SUPPLY. After you enable this feature, when you enter demand orders such as sales or transfers, the allocation engine also considers planned inventory orders, such as transfer orders and work orders, to match supply with demand based on the date that supply is required. When Supply Allocation matches demand orders that have future ship dates to supply orders with future receipt dates, on-hand inventory remains available to fill immediate demand orders.
Describe the setting located here: “Company” >”Enable Features”> “Items AND Inventory” > “Inventory” > “DEMAND PLANNING”
CREATE ORDERS BASED ON FORECASTED DEMAND. Check the Demand Planning box to calculate demand for items, then use demand plans and supply plans to regulate inventory replenishment.
Note: You must enable the Advanced Inventory Management feature to use this feature.
Describe the setting located here: “Company” >”Enable Features”> “Items AND Inventory” > “Inventory” > “DISTRIBUTION RESOURCE PLANNING”
DISTRIBUTION RESOURCE PLANNING
OPTIMIZE INVENTORY LEVELS ACROSS MULTIPLE LOCATIONS.
Describe the setting located here: “Company” >”Enable Features”> “Items AND Inventory” > “Inventory” > “AVAILABLE TO PROMISE”
CHECK ITEM AVAILABILITY BASED ON OUTSTANDING TRANSFER ORDERS, PURCHASE ORDERS, WORK ORDERS, AND SALES ORDERS. The Available to Promise feature gives purchasing and sales departments visibility into the projected ship date of goods during the quote and order processes. It enables you to check item availability based on outstanding transfer orders, purchase orders, work orders, and sales orders.
Describe the setting located here: “Company” >”Enable Features”> “Items AND Inventory” > “Inventory” > “MANUFACTURING WORK IN PROCESS”
ALLOWS WIP TRACKING WITH WORK ORDER ISSUE AND COMPLETION AGAINST A WORK ORDER. For manufacturers who use work orders for assembling raw materials to produce items, the Manufacturing Work In Process (WIP) feature tracks the work order through the entire production process in steps, from gathering materials through assembly on the shop floor and finally stocking finished goods.
Describe the setting located here: “Company” >”Enable Features”> “Items AND Inventory” > “Inventory” > “MANUFACTURING ROUTING AND WORK CENTER”
RECORD QUANTITY COMPLETIONS, RESOURCE COST, AND OVERHEADS AGAINST A LIST OF WORK ORDER OPERATIONS. Check the Manufacturing Routing and Work Center box to record quantity completions, resource costs, and overheads against a list of work order operations.
Describe the setting located here: “Company” >”Enable Features”> “Items AND Inventory” > “Inventory” > “INVENTORY COUNT”
CONFIGURE AND EXECUTE INVENTORY COUNTS TO ENSURE ACCURACY. The Inventory Count feature supports improved tracking of inventory and tighter control over assets. When this feature is enabled, you can enter regular periodic counts of on-hand item quantities to maintain inventory accuracy. Keeping an accurate item count can help reduce required safety stock, which lowers your overhead costs
