NetSuite Suite Foundation Exam Flash Cards Part 1. Top Exam Questions and answers, 100% Accurate. Rated A+

NetSuite Suite Foundation Exam Flash Cards Part 1. Top Exam Questions and answers, 100% Accurate. Rated A+ 3 Types of Customer Payments: - -EFT (electronic funds transfer), Paypal on web store, Credit Card processing ACH (what is it, and it is the only way to do what?) - -Automated Clearing House (process transactions through ACH network for EFT) The only way to pay vendors in NS. EFT - -Electronic Funds Transfer (transfer directly from bank account) Nexus - -how to collect and pay taxes in different areas of the world (defines jurisdiction in which collect and pay taxes) Tax Control Accounts - -define tax types and do GL posting of indirect taxes (indirect taxes = Sales tax and VAT) Tax Types - -defines tax codes on balance sheet Tax Groups - -combines several tax codes and applies them to a transaction (group of tax codes to one transaction) Tax Codes - -determines the tax amount applied to a single transaction (as opposed to tax groups, which is a group of tax codes) Tax Schedule - -determines how NS calculates taxes for items in each nexus Where to set up tax periods - -setup > accounting > manage tax periods To set up taxes on an item record (2 steps) - -1. Setup > Accounting > tax schedule > new 2. Item record > accounting tab > choose tax schedule How to set up nexus (2 steps) - -1. Set up advanced taxes 2. Determined by customer choice Tax in all other countries - -International XX (no pre-coded tax) Tax in Japan - -Consumption Tax Tax in the UK - -VAT Tax in Canada - -GST and PST (precoded, yes, Tax reporting periods, no. Foreign trade settings, no) Tax in Australia - -GST Tax in the US - -State import tax (precoded, no, tax reporting periods no, foreign trade settings, no) Records - -store data as a specific record type (how and where data is stored) Forms - -used to enter, view, modify data in NS Transactions - -Any record involving the movement of money or value Lists - -Include people, places, or things (nouns) Which enable features cannot be disabled once enabled? (5 things) - -1. Multi-location inventory 2. Oneworld 3. Multiple Currencies 4.. Multi-language 5. Advanced Revenue Management Identify the general functionality that can be controlled under enable features. - -You can turn features on and off List the topics under enable features (10 things) - -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? - -Setup > accounting > manage tax periods Vendor payment methods - -ACH and Online Bill Pay Sales Orders (do they have accounting impact?) - -Transactions recording the sale of goods or services, no accounting impact What are Sales Orders generated by? (3 things) - -1. Receipt of purchase order 2. Entered as webstore purchase 3. Online order in customer