NetSuite ERP questions with complete solution 2023

NetSuite ERP questions with complete solution 2023Invoice GL Impact vs. Standalone Invoice Debit AR/ Credit Sales Income. Standalone: Debit AR/ Credit COGS When are statement charges used? Use instead of invoice when you want to see several charge accumulate before billing a customer. Debit AR/ Credit Sales Income Non posting NS Transactions Estimate Liability Adjustment Opportunity Payroll Adjustment Purchase Order Return Authorization Revenue Arrangement Sales Order Transfer Order Vendor Return Authorization Work Order T/F Multi-location & multi-currency can be disabled after they are enabled False. Neither can be disabled How many subsidiaries are supported in NS? 74 subs, & 1 root Note: set up base currencies before setting up Multiple Fiscal calendars fiscal calendars can be set up for each subsidiary note: need to enable multiple calendars Tax editions & international subs supported by NS US, CA, JAP, UK, AU, XX What is the correct order to set up taxes if subsidiaries share nexuses? sub, tax agency, nexus, tax code T/F Sub-customers can be linked across only if accept payment through parent is disabled True purpose of a tax schedule define treatment of items in each nexus Which tax editions have precoded tax? Yes: US, CA, JAP, AU, UK No: XX What type of tax for each of the tax editions? US: state tax imports CA: GST/PST JP: consumption tax AU: GST UK: VAT XX: need to install bundle Which tax editions have separate tax/reporting periods? Yes: JAP, AU, UK, XX --> can tie a fiscal calendar to a tax period if needed No: US, CA How to set up taxes? Set up like accounting periods, unless it's US/CA. Then use nexuses/tax codes Define nexus jurisdiction where you collect tax 1 per sub in a one world account is automatically set up --> can set up more if needes US needs 1 for every state in which you collect taxes tax code amount of tax applied to item on transaction tax schedule per item per nexus functionality of Advanced Taxes determine the tax treatment of items purchased and sold tax agengy vendor making payment to on behalf of customers tax schedules ... acceptable file types for importing bank data OFX, QFX, QIF T/F Elimination subs don't need to have the same currency as parent false - they need to have the same currency as parent sub consolidated exchange rate applied to consolidated reports, set per accounting period base currencies for one pair of the related subs manually edit/auto calculate rows or both currency exchange rate applied to transactions and uses the as of effective date base currency and 1 foreign currency manually add new rows with effective dates or use exchange rate integration for auto daily updates what do you set up to handle processing between 2 currencies? default exchange rates how does multi-currency customers and vendors work in NS? both allow a base and alternate currency what is suite flow used for? conditionally enable fields based on role conditionally default data approval processing approval reminder emails lead nuturing automation based on changed to related records when to use suitescript? customer server requests from browser create transactional records sublist manipulation redirect user suitelet update related records copy, print, delete, attach records processing searches & dynamic searches web service calls scripted portlets entire new applications Netsuite limitations that need suitescript accessing a sublist calling web service updating a different record initiating a workflow on related record designing complex business logic inventory worksheet vs. adjust inventory inventory worksheet - exclusive of current inventory (whatever to enter is what the new inventory level is -->CSV importable -->not available for lot/serialized items adjust inventory - inclusive of current inventory(whatever you type in will be added or subtracted from current inventory levels -->considers fifo/lifo