NetSuite SuiteFoundation Exam Flash Cards Part 1 Questions and Answers

NetSuite SuiteFoundation Exam Flash Cards Part 1 Questions and Answers 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 > nNetSuite SuiteFoundation Exam Flash Cards Part 1 Questions and Answers 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 > n