NetSuite Suite Foundation Practice Exam With Complete Solutions 2024

3 Types of Customer Payments: - Answer EFT (electronic funds transfer), Paypal on web store, Credit Card processing ACH (what is it, and it is the only way to do what?) - Answer Automated Clearing House (process transactions through ACH network for EFT) The only way to pay vendors in NS. EFT - Answer Electronic Funds Transfer (transfer directly from bank account) Nexus - Answer how to collect and pay taxes in different areas of the world (defines jurisdiction in which collect and pay taxes) Tax Control Accounts - Answer define tax types and do GL posting of indirect taxes (indirect taxes = Sales tax and VAT) Tax Types - Answer defines tax codes on balance sheet Tax Groups - Answer combines several tax codes and applies them to a transaction (group of tax codes to one transaction) Tax Codes - Answer determines the tax amount applied to a single transaction (as opposed to tax groups, which is a group of tax codes) Tax Schedule - Answer determines how NS calculates taxes for items in each nexus Where to set up tax periods - Answer setup accounting manage tax periods