NetSuite ERP Certification-Related Questions and Answers

NetSuite ERP Certification-Related Questions and Answers Which record types can be restricted by Department? - ANSWER ️️ Transaction, Employee, Partner, Item Other ways to restrict by Department besides Records? - ANSWER ️️ Restrict by User Role. Limit Departments that you can assign to records. What two methods are there for Year-End Closing, and which is recommended? - ANSWER ️️ Automatic (recommended) and Manual Describe how to perform a manual Year-End close. - ANSWER ️️ 1. Manually Create journal entries to close income and expense accounts What is a consideration to keep in mind when performing a year-end manual close? - ANSWER ️️ If you zero out the accounts, you'll prevent viewing income statements for previous periods. What is locking a period? - ANSWER ️️ Locking locks the tasks inside the period close checklist. Users with override period restrictions permission can post transactions even if the tasks are locked. What is closing a period? - ANSWER ️️ Prevents ALL users from posting entries to the GL Effect of multi-book accounting on closing books - ANSWER ️️ Separate books can be closed and opened/re-opened To what sections can you limit posting transactions to with the period close checklist? - ANSWER ️️ 1. AP, AR, Payroll, Lock All What adjustments can be made with the period close checklist? - ANSWER ️️ create intercompany adjustments, revalue open foreign currency balances, calculate consolidated exchange rates, GL audit numbering (if enabled) Describe exampe use case for quick closing a period - ANSWER ️️ Changing an individual transaction, and the closing the period while skipping the period close checklist Are Tax Periods the same frames of time as Accounting Periods? - ANSWER ️️ No