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NetSuite ERP Certification-Related :Questions And Answers Rated (A+)
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NetSuite ERP Certification-Related :Questions And Answers Rated (A+)
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NetSuite ERP Certification-Related :Questions AndAnswers Rated (A+)
Quiz :Which record types can be restricted by Department? -
√Answer :Transaction, Employee, Partner, Item
Quiz :Other ways to restrict by Department besides Records? -
√Answer :Restrict by User Role. Limit Departments that you can assign to
records.
Quiz :What two methods are there for Year-End Closing, and which is
recommended? - √Answer :Automatic (recommended) and Manual
Quiz :Describe how to perform a manual Year-End close. - √Answer :1.
Manually Create journal entries to close income and expense accounts
Quiz :What is a consideration to keep in mind when performing a year-end
manual close? - √Answer :If you zero out the accounts, you'll prevent viewing
income statements for previous periods.
Quiz :What is locking a period? - √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.
Quiz :What is closing a period? - √Answer :Prevents ALL users from posting
entries to the GL
Quiz :Effect of multi-book accounting on closing books - √Answer :Separate
books can be closed and opened/re-opened
Quiz :To what sections can you limit posting transactions to with the period
close checklist? - √Answer :1. AP, AR, Payroll, Lock All
Quiz :What adjustments can be made with the period close checklist? -
√Answer :create intercompany adjustments, revalue open foreign currency
balances, calculate consolidated exchange rates, GL audit numbering (if
enabled)
, Quiz :Describe exampe use case for quick closing a period - √Answer :Changing
an individual transaction, and the closing the period while skipping the period
close checklist
Quiz :Are Tax Periods the same frames of time as Accounting Periods? -
√Answer :No
Quiz :When should a tax period be closed? - √Answer :Before running/filing
any tax reports, and after closing all previous periods for a subsidiary
Quiz :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? -
√Answer :NS prevents saving the transaction
Quiz :What happens for transaction taxes when a transaction is created for a
closed period? - √Answer :The transaction taxes are reported for the next open
tax period
Quiz :Considerations when deleting a transaction for a closed tax period: -
√Answer :It can result in inconsistent GL impact
Quiz :What should be done when editing or deleting a taxable transaction for a
closed tax period? - √Answer :1. Open both the tax and accounting periods
2. Edit or delete the transaction
3. Reclose the periods
4. Submit an additional tax report to the tax authority to report the change
Quiz :Are tax periods tracked for deposits? - √Answer :No
Quiz :Where are tax period changes saved? - √Answer :System information
Quiz :How does NS determine transaction tax periods? - √Answer :From
transaction's date and open tax periods.
Quiz :Can tax periods be entered manually on a transaction record for standard
NS? - √Answer :No. The form can be customized to show the tax period
column.
Quiz :Is the Multiple Calendars feature enabled by default? - √Answer :No
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