NetSuite SuiteFoundation Exam Flash Cards Part 1 Draded A+

3 Types of Customer Payments: - 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?) - 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 taxes2. 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 ManagementIdentify 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