Netsuite financial user - Study guides, Class notes & Summaries

Total number of subsidiaries in OneWorld - 124 subsidiaries in addition to the root for 125 total Elimination Subsidiary - -Sales between subsidiaries, Inventory transfers between subsidiaries, Loans between subsidiaries -Doesn't count towards subsidiary count -Cannot be a parent subsidiary -Only for journal entries, not for other transactions What should you do before creating subsidiaries? - -Plan organization structure -Build in Sandbox account then in Production account (subsidiaries...

NetSuite Financial User Certification Questions and Answers

Netsuite Financial User Practice Exam Questions And Answers 3) Which three steps are required to prevent someone from accessing some accounts but not others? Customize the role to restrict access by segment Designate Department | Class | Location on the account Tag the Employee record to Department | Class | Location 4) How does enabling Accounting features affect the chart of accounts? New accounts are automatically added to the chart of accounts when needed

Subsidiary : separate legal entity 125 : max number of subs (new) elimination subsidiary : where you balance out consolidation Yes : Can different subsidiaries have different fiscal calendars? No : Can subsidiaries be deleted after they have been created Department 2 | P a g e : Usually assigned to teams 50 : max # of locations allowed 3 types of financial statements : Balance Sheet, Income Statement, Statement of Cash Flows Account Type : How does NS group/categorize accounts...

NetSuite Financial User Certification Exam Questions and Answers Subsidiary - ANSWER ️️ separate legal entity Elimination subsidiary - ANSWER ️️ Nets out income/expense entries between subs; keeps the books accurate (only JE's, no transactions) Number of total subsidiaries? (max) - ANSWER ️️ 75 (elimination does not count) How do subsidiaries act in consolidated reports? - ANSWER ️️ They roll up to the parent Subsidiary Best Practice - ANSWER ️️ Diagram and hierarch...

NetSuite Financial User Certification Questions And Answers 3 types of financial statements Balance Sheet, Income Statement, Statement of Cash Flows Account Type How does NS group/categorize accounts? Inactive, non-posting 2 characteristics of summary accounts 1 How many subsidiaries can a bank account be linked to? Yes Can you create an invoice without a SO? Sales Order 1st step in A/R process

NetSuite Financial User Certification Exam Questions and Answers Rated A+ Subsidiary - ANSWER ️️ separate legal entity 125 - ANSWER ️️ max number of subs (new) elimination subsidiary - ANSWER ️️ where you balance out consolidation Yes - ANSWER ️️ Can different subsidiaries have different fiscal calendars? No - ANSWER ️️ Can subsidiaries be deleted after they have been created Department - ANSWER ️️ Usually assigned to teams 50 - ANSWER ️️ max # of locations al...

separate legal entity : Subsidiary max number of subs (new) : 125 where you balance out consolidation : elimination subsidiary Can different subsidiaries have different fiscal calendars? : Yes Can subsidiaries be deleted after they have been created : No Usually assigned to teams 2 | P a g e : Department max # of locations allowed : 50 Balance Sheet, Income Statement, Statement of Cash Flows : 3 types of financial statements How does NS group/categorize accounts? : Account Typ...