NetSuite Suite Foundations Exam Prep(verified)2023

NetSuite Suite Foundations Exam Prep(verified)2023SuiteBuilder is a point and click tool for customization True Use a _________ ________ to control how information is entered and viewed Custom Forms A custom record may be a better option than adding too many custom fields to an existing record True? Preparation for the Data Import is crucial to a successful import True? How can I create a CSV template to use for an import template? Export a List view All records may be imported via the import assistant False What sort of criteria can you set by going to Setup > Company > Duplicate Detection? Fields to match on, uses a saved search functionality. Which include email, name, etc. Not all fields are allowed. Custom fields are allowed on Customer, also address, first name, last name, phone Whether a company or an individual, NetSuite should look at the email address in the exact same way False. Duplicate detection uses the domain name for company evaluation and uses the full email address for contact, individuals. How would you simultaneously edit/change multiple records at once? Mass Update Which features allow editing records directly from a list? Inline Editing Account Numbers are Mandatory in the Chart of Accounts False Turn on this feature at Setup>>Accounting>>Accounting Preferences>>General You cannot setup past and future accounting periods False You cannot do Cash Basis reporting False. Setup>>Accounting>>AccountingPreferences>>General Ledger or on each report edit and go to More Options Subsidiary Create for each legal entity Opening Balance Balance for each general ledger account Classifications Facilitates financial segmenting using departments, classes, and locations Accounting Periods Ability to have transactions posted to a period, rather than just a date Tax agencies are whom we pay collected taxes True (as vendors) Tax control accounts can be set up manually True, but only through the Tax Control Account Setup A tax nexus defines the tax jurisdiction, where business is transacted True A subsidiary can only have one tax nexus False. Nexus Sublist is available to add multiple Tax schedules are a functionality of Advanced Taxes and determine the tax treatment of items purchased and sold True Inventory items can also include serialized and lot numbered inventory if those features have been enabled True Non-inventory items are only available for purchase False For Purchase, For Resale, For Sale Service items cannot be fulfilled False Name the three NetSuite classifications available for reporting and the GL Location, Class, Department True or False: Combine the use of classifications with the general ledger account to simplify your chart of accounts True Account numbers are mandatory in NetSuite's Chart of Accounts False Which feature allows transacting business with vendors and customers in different currencies Multiple Currencies What is base currency? Base currency is the currency used for your company's, subsidiaries', books The NetSuite _________________ supports localized handling of taxes NetSuite Edition True or False: Assemblies, Kits and Item Groups all act the same way in NetSuite False If I want to sell an item at different prices, I use _________ __________ Price Levels What type of pricing considers the number of items bought? _____________ __________________ Quantity Pricing Can you name some of the different types of sales orders? ______________ ______________ ______________ Standard Sales Order - Cash Sale Standard Sales Order - Invoice Standard Sales Order Standard Sales Order - Progress Billing A _____________ ______________ decreases the amount a customer owes. Credit Memo True or False: An Invoice is open until paid. True Can I accept money from a customer in advance of an order in the system? If so, how? Yes, Customer Deposit I received a partial quantity of PO line item, the vendor will never ship the remaining quantity. How should I handle the PO and billing the PO? ... I need more control of purchase orders approvals. What can I do in NetSuite? Turn on Approvals for POs How can I maintain more control over Vendor Bills and the payment of those bills? Turn on Vendor Bill approvals I want to save data entry time on a transaction that occurs monthly. What type of action can I take on a transaction? Memorized Transaction I need to start closing accounting periods. What can I do? Go to Setup>Accounting>Manage Accounting Periods>Checklist True or False: Reports cannot be customized False True or False: Saved searches only expose standard NetSuite fields False True or False: NetSuite's data structure incorporates many unique tables True NetSuite One World allows you to set up multiple _________ _________ in one NetSuite account, using subsidiaries Legal Entities