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Main ERP Consultant Exam Review/66 Questions and Answers/100% Accurate
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Main ERP Consultant Exam Review/66 Questions and Answers/100% Accurate
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Main ERP Consultant Exam Review/66 Questionsand Answers/100% Accurate
What are the default recognition rules when creating revenue recognition
rules? - -Default Standard rule: defines revenue recognition plans that begin
and end on the same date
Default One-Time Direct Posting rule: All elements in a revenue arrangement
use this rule when the source transaction includes a posting discount
Default Percent Complete: This rule is for projects that are attached to a
sales transaction. It appears only when the Projects feature is also enabled.
-Group Pricing, what is it? - -Price groups enable you to assign customer-
specific price levels for groups of items. For example, you could create a
pricing group called Laptops and associate the pricing group with all of your
laptop items.
-When creating a SS what is the difference between applying and applied to
transactions? - -Applying transactions are: transactions created from our
transaction records (payments, and RMA)
Applied to transactions are: transactions where our transaction records are
created from (for invoices - Vendor bill, and sales orders)
-multi-book accounting close process - -Must follow the following checklist
in order (unless you quick close):
1. Lock AR/AP/Lock ALL
2. Create Intercompany Adjustments, Revalue Open Foreign Currency
Balances, and Calculate Consolidated Exchange Rates, provide necessary
adjustments
3. If you have the GL audit numbering feature enabled, number the period
4. close the period
-A company does not import historical GLTB, how can they see the current
GL? - -
-When is the "Bill" button not on a PO? - -When the user does not have
enough permission
-What does the sourcing and filtering subtab do on custom fields? - -This
allows you to create default a value on a custom field based on another field
-When using revenue commitment feature, these features (when available)
apply to revenue commitments - -Allow Users to Modify VSOE Values on
Transactions
Prorate Revenue Recognition Dates for Partially Billed Sales Orders
, -Item prices on vendors, for multi currency - -
-Reconciling bank statements - how to see a side by side history of imported
bank data? - -
-Multi-currency customers - can you have diff currencies on parent./child
customers? etc. - -
-How many currencies can a customer have? - -
-sub-lists types and uses - body and sublist-data - -
-Multi-shipping routes - what happens when this is enabled? - -
-What department netsuite or pre-configured with Fixed Assets module - -
-What are assembly items? - -inventory item made up of several
components, but identified as a single item (created by combining raw
materials in stock)
you need to combine them with raw materials to upload them
-What formula can you use in saved searches, "CASE WHEN" or "CASE" are
there more? and when to use each one? - -
-How to limit items based on vendors when bulk ordering items? - -On the
bulk order page you can limit by all segments and vendors.
When you select a vendor filter, only items that identify this vendor as
"preferred vendor" an their item record will appear
-On a PO, what does the "Received" button do and what does the "shipped"
status do on a, item shipment? - -When the PO is first saved it is "pending
Receipt" and when you click "receive" and item receipt is opened:
debit: inv asset
credit: inv received - not billed
When an item shipment is created from a SO and you mark it as shipped this
gives the item shipment a GL impact and it is saying the goods have been
shipped:
Item shipment once shipped GL impact:
Debit: COGS
Credit: inv asset
-What is a vendor return authorization? What are the implications? - -This is
the first step in the return process and it tells us how many items and what
cost that we are requesting the vendor to give us (no GL impact)
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