What is the functionality behind the 'Multiple Prices' feature?
(Sales and Billing Features)
Allows users to add multiple prices for one item on a transaction
Gives the ability to setup a default price level per customer for item
Gives users the chance to change an item cost last minute
Who can confirm the enabling of the sales and billing features?
Purchasing Manager
Administrator
Book keeper of Accounts
What is the functionality behind the 'Quantity Pricing' feature?
With this feature enabled you can add price levels by quantity and offer a discounted rate.
You can not add quantity price levels which has been set as a feature by default.
Quantity pricing allows costs to be easily added together by staff members.
Which costing methods are using in NetSuite?
FIFO
LIFO
Average
Standard
Group Average
Grouping
Schedules
Which item type should be used for items such as Software?
Kit
Assembly/Group
Inventory Item
Non-Inventory Item
You should plan costing methods prior to creating items as once the item has been setup with a costing method, it can NOT be changed?
Customers who sell physical inventory should utilize units of measure to provide greater flexibility and accuracy when tracking and selling inventory items?
What does it mean to define an Item Strategy?
It is the process of ensuring you have selected the correct item record types, pricing strategies and units of measure, usually prior to using the Item Master.
It is the process of deciding which items should be Kit or Assembly based on the different item types and pricing strategies.
To strategically define items in your own context.
Item Master - what are the best practices? - 3 answers.
For software or services companies that do not track inventory in NetSuite, always add the fulfillment step, even if you don't need to track fulfillments for reporting purposes.
For software or services companies that do not track their Inventory in NetSuite, add the fulfillment step but only when there is a need to track fulfillment for reporting purposes.
Set the "Can be Fulfilled / Received" preference for an item whenever tracking fulfillments.
While designing the Item Master, create items so that there is minimal need to override the default Billing and Amortization scheduled once the items are added to the transactions.
What should the Executive Team and Managers consider when defining the item strategy?
G/L Accounts (Income, Deferred Revenue, Expenses.
Item types (i.e. assembly, kit or group items)
Inventory item types only
Item configurations
Where can I go to setup the default accounts in NetSuite?
(Accounting Preferences, Items/Transactions)
Customization -> Setup -> Accounting -> Accounting Preferences
Customization -> Enable Features -> Accounting -> Items
The preference "Centralize Purchasing In A Single Warehouse" found under Accounting Preferences works by consolidating purchasing into one location or multiple locations. If you check the box you WON'T receive all stock in one warehouse.
In order to set the default Inventory Costing Method, we can go to Setup Customize Lists -> Inventory -> Inventory List( Setup, Customize, Lists -> Inventory -> Inventory List ) -> Accounting -> Accounting Preferences -> Cost Accounting -> Inventory Costing Method
An account register lists all the transactions impacting that account, and the total balance, for the reporting period selected?
Which 3 roles can VIEW Account Registers?
(Chart of Accounts)
Bookkeeper
Accountant
Finance Leader
Business Analyst
Your Chart of Accounts provides a destination for posting transactions and categorizes these transactions for tracking and reporting purposes.
Which 2 roles can create Financial or Non-Financial (Statistical) accounts?
When selecting the Account Type when setting up a Chart of Account, the General Rate Type is auto-populated based on the Account Type choice. Can this be changed?
For Chart of Accounts: If one or more subsidiaries are selected, then the account can only be selected for records and transactions associated with those subsidiaries. True or false?
For Chart of Accounts: If a subsidiary is selected, then transactions do NOT post to the account. It is used for reporting purposes only. True or false?
More than one subsidiary can be selected for the Account Chart of Accounts?
How do you set up automatic bank reconciliation for Chart of Accounts?
Select the appropriate Standing Order Saved Search
Select the 'Automate Bank Reconciliation' field and mark as true
Uncheck the 'Automate Bank Reconciliation' field so it is marked false
It is done automatically for you.
If the top-level parent subsidiary is selected and the 'Include Children' checkbox is checked, then all subsidiaries can access the account on the Chart of Accounts?
How would you make an Account for Chart of Accounts record solely for reporting purposes?
Check the Summary checkbox
Check the Eliminate Intercompany Transactions
Check the Revalue Open Balance for Foreign Currency Transactions
For Chart of Accounts - how can we ensure an account is selected for open balance currency revaluation?
Check the Revalue Open Balance for Foreign Currency Transactions box
Select a Cash Flow Rate Type option
Check the Use Confirm Transaction Matches and Reconcile Account Statement Pages
Custom Segments can be used for reporting purposes and go beyond reporting for just the main three custom segments in NetSuite - Department, Location and Class).
In order to create a custom segment you would need to go to:
... Setup Company( ..., Setup, Company ) -> ... Enable Features List, Records & Fields Preferences( ..., Enable Features, List, Records & Fields, Preferences ) > ... Custom Segments Order Management Transactions( ..., Custom Segments, Order Management, Transactions ) -> ... New( ..., New )
Which of the following seven options are Account types in NetSuite?
Accounts Receivable (Asset/Debit)
Accounts Payable (Liability/Credit)
Other Non-Current Assest (Asset/Debit)
Other Asset (Asset/Debit)
Costs of Goods Sold (Expense/Debit)
Credit Card (Liability/Credit)
Equity (Expense/Debit)
Bank Type (Asset/Debit)
Unbilled Receivable (Asset/Debit)
Other Mutual Assets (Asset/Debit)
Bank accounts and credit card accounts are NOT restricted to one subsidiary in NetSuite OneWorld?
Which of the following two are the correct statements?
Accounts Receivable type will reflect in AR Aging reports.
Accounts Receivable type will NOT reflect in AR Aging reports.
Accounts Payable type will reflect in AP Aging reports.
Accounts Payable type will NOT reflect in AP Aging reports.
Duplicate account names are not allowed in NetSuite?
Subsidiaries are NOT separate, legal entities for the purposes of taxation and regulation.
NetSuite Editions are defined on the subsidiary record. Each edition handles country specific taxes (sales and purchases).
Which of these are specific to NetSuite United States (US) - choose 3.
Pre-coded tax (State tax imports required)
Pre-coded tax (State tax imports NOT required)
Separate tax reporting periods
No separate tax reporting periods
No Foreign trade settling
Foreign trade settling
Which of these are specific to NetSuite Canada (CA) - choose 3.
Pre-coded tax, State tax imports required
Pre-coded tax, GST/PST
Which of these are specific to NetSuite United Kingdom (UK) - choose 3.
Pre-coded tax, tax imports required
Separate tax reporting periods, provides full EU reporting
Separate tax reporting periods, does not provide full EU reporting
Which of these are specific to NetSuite Japan (JP) - choose 2.
Pre-coded tax, consumption tax
Separate tax reporting periods, foreign trade settling
Which of these are specific to NetSuite Australia (AU) - choose 2.
Pre-coded tax, GST only
Which of these are specific to NetSuite International (XX) - choose 3
No pre-coded tax - install bundle to configure
No pre-coded tax - upload CSV for configuration
How many subsidiary records, in addition to the root subsidiary counting as an extra 1 record, can be created?
249
248
250
251
Root company may have many parent and child subsidiaries?
One Subsidiary is created for each separate reporting legal entity
