NetSuite Financial User Exam Questions with 100% Correct Answers

How can the financial reports be kept separate when tracking finances for two wholly owned distinct legal entities in one NetSuite account? Correct Answer Use Subsidiaries Which two steps are recommended to track travel expenses by department ? Correct Answer 1. Use separate general ledger accounts for each internal department expenses 2. Make department mandatory What was the AR Process Correct Answer Approve Sales Order > Fulfill sales order > Bill sales order A customer returns goods from sales order that if fulfilled and billed. What are the steps Correct Answer 1. Return Authorization 2. Receive Return 3. Credit Memo 4. Customer Refund Which account feature can tell in which section an account appears by default? Correct Answer Account Type How does NetSuite set up a company record when you buy from and sell to the same company? Correct Answer NetSuite tracks this using "other relationship" functions to link the customer and vendor records Which 3 statements are true about parent accounts in NetSuite? Correct Answer 1. Child accounts are created by setting the subaccount of filed 2. Parent accounts can be posting or non posting 3. Checking the summary box on the account record prevents anyone from posting activity to the account of the parents Which two settings are needed for billable items to appear on the customer invoice ? Correct Answer 1. Billable checkbox 2. Customer Which 2 record types can be applied to a customer payment? Correct Answer 1. Credit Memo 2. Customer Deposit Which transaction transfers the customer deposit liability to offset the invoice accounts receivable GL impact? Correct Answer deposit application