NetSuite ERP Certification Questions and Answers
(2022/2023) (Verified Answers)
1. Which record types can be restricted by Department>> Transaction,
Employ- ee, Partner, Item
2. Other ways to restrict by Department besides Records>> Restrict by
User Role. Limit Departments that you can assign to records.
3. What two methods are there for Year-End Closing, and which is
recom- mended>> Automatic (recommended) and Manual
4. Describe how to perform a manual Year-End close>> 1. Manually
Create journal entries to close income and expense accounts
5. What is a consideration to keep in mind when performing a year-end
man- ual close>> If you zero out the accounts, you'll prevent viewing
income statements for previous periods.
1/9
,6. What is locking a period>> Locking locks the tasks inside the period
close checklist. Users with override period restrictions permission can
post transactions even if the tasks are locked.
7. What is closing a period>> Prevents ALL users from posting entries to
the GL
8. Effect of multi-book accounting on closing books: Separate books can
be closed and opened/re-opened
9. To what sections can you limit posting transactions to with the
period close checklist>> 1. AP, AR, Payroll, Lock All
10.What adjustments can be made with the period close checklist>>
create intercompany adjustments, revalue open foreign currency
balances, calculate consolidated exchange rates, GL audit numbering
(if enabled)
11.Describe exampe use case for quick closing a period: Changing an
individ- ual transaction, and the closing the period while skipping the
2/9
, period close checklist
12.Are Tax Periods the same frames of time as Accounting Periods>> No
13.When should a tax period be closed>> Before running/filing any tax
reports, and after closing all previous periods for a subsidiary
14.What happens if you create a taxable transaction such as an invoice
and there's no open tax period in which the transaction can be reported>>
NS prevents saving the transaction
15.What happens for transaction taxes when a transaction is created for a
closed period>> The transaction taxes are reported for the next open
tax period
16.Considerations when deleting a transaction for a closed tax period>> It
can result in inconsistent GL impact
3/9
(2022/2023) (Verified Answers)
1. Which record types can be restricted by Department>> Transaction,
Employ- ee, Partner, Item
2. Other ways to restrict by Department besides Records>> Restrict by
User Role. Limit Departments that you can assign to records.
3. What two methods are there for Year-End Closing, and which is
recom- mended>> Automatic (recommended) and Manual
4. Describe how to perform a manual Year-End close>> 1. Manually
Create journal entries to close income and expense accounts
5. What is a consideration to keep in mind when performing a year-end
man- ual close>> If you zero out the accounts, you'll prevent viewing
income statements for previous periods.
1/9
,6. What is locking a period>> Locking locks the tasks inside the period
close checklist. Users with override period restrictions permission can
post transactions even if the tasks are locked.
7. What is closing a period>> Prevents ALL users from posting entries to
the GL
8. Effect of multi-book accounting on closing books: Separate books can
be closed and opened/re-opened
9. To what sections can you limit posting transactions to with the
period close checklist>> 1. AP, AR, Payroll, Lock All
10.What adjustments can be made with the period close checklist>>
create intercompany adjustments, revalue open foreign currency
balances, calculate consolidated exchange rates, GL audit numbering
(if enabled)
11.Describe exampe use case for quick closing a period: Changing an
individ- ual transaction, and the closing the period while skipping the
2/9
, period close checklist
12.Are Tax Periods the same frames of time as Accounting Periods>> No
13.When should a tax period be closed>> Before running/filing any tax
reports, and after closing all previous periods for a subsidiary
14.What happens if you create a taxable transaction such as an invoice
and there's no open tax period in which the transaction can be reported>>
NS prevents saving the transaction
15.What happens for transaction taxes when a transaction is created for a
closed period>> The transaction taxes are reported for the next open
tax period
16.Considerations when deleting a transaction for a closed tax period>> It
can result in inconsistent GL impact
3/9
