NETSUITE ERP CERTIFICATION-RELATED QUESTIONS WITH 100% CORRECT ANSWERS

Which record types can be restricted by Department? CORRECT ANSWER Transaction, Employee, Partner, Item Other ways to restrict by Department besides Records? CORRECT 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? CORRECT ANSWER Automatic (recommended) and Manual Describe how to perform a manual Year-End close. CORRECT 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? CORRECT ANSWER If you zero out the accounts, you'll prevent viewing income statements for previous periods. What is locking a period? CORRECT 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? CORRECT ANSWER Prevents ALL users from posting entries to the GL Effect of multi-book accounting on closing books CORRECT ANSWER Separate books can be closed and opened/re-opened To what sections can you limit posting transactions to with the period close checklist? CORRECT ANSWER 1. AP, AR, Payroll, Lock All What adjustments can be made with the period close checklist? CORRECT ANSWER create intercompany adjustments, revalue open foreign currency balances, calculate consolidated exchange rates, GL audit numbering (if enabled) Describe example use case for quick closing a period CORRECT 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? CORRECT ANSWER No