NetSuite SuiteFoundation Exam Flash Cards Part 1 Questions with Correct Answers

3 Types of Customer Payments: Correct Answer EFT (electronic funds transfer), Paypal on web store, Credit Card processing ACH (what is it, and it is the only way to do what?) Correct Answer Automated Clearing House (process transactions through ACH network for EFT) The only way to pay vendors in NS. EFT Correct Answer Electronic Funds Transfer (transfer directly from bank account) Nexus Correct Answer how to collect and pay taxes in different areas of the world (defines jurisdiction in which collect and pay taxes) Tax Control Accounts Correct Answer define tax types and do GL posting of indirect taxes (indirect taxes = Sales tax and VAT) Tax Types Correct Answer defines tax codes on balance sheet Tax Groups Correct Answer combines several tax codes and applies them to a transaction (group of tax codes to one transaction) Tax Codes Correct Answer determines the tax amount applied to a single transaction (as opposed to tax groups, which is a group of tax codes) Tax Schedule Correct Answer determines how NS calculates taxes for items in each nexus Where to set up tax periods Correct Answer setup > accounting > manage tax periods To set up taxes on an item record (2 steps) Correct Answer 1. Setup > Accounting > tax schedule > new 2. Item record > accounting tab > choose tax schedule How to set up nexus (2 steps) Correct Answer 1. Set up advanced taxes 2. Determined by customer choice Tax in all other countries Correct Answer International XX (no pre-coded tax) Tax in Japan Correct Answer Consumption Tax Tax in the UK Correct Answer VAT