How can the financial reports be kept separate when tracking finances for two wholly owned but distinct legal entities in one NetSuite account?
- A . use separate fiscal calendars
- B . use classes
- C . use the multi-book accounting feature
- D . use subsidiaries
which two steps are recommended to track travel expenses by department (choose 2)
- A . make department options
- B . use separate general ledger accounts for each internal department expenses
- C . make department mandatory
- D . share general ledger accounts between departments
How does NetSuite set up a company record when you buy from and sell to the same company?
- A . either the vendor or the customer can be set as "Parent of" the other record to link them
- B . NetSuite tracks this using the "Other relationship" functions to link the customer and vendor records
- C . NetSuite uses a single company record to track this combined relationship
- D . NetSuite uses unrelated customer and vendor records to track these
Which 3 statements are true about parent accounts in NetSuite (choose 3)?
- A . child accounts are created by setting the subaccount of field
- B . checking the summary box allows the posting of reversing journal entries to this account
- C . parent accounts can be posting or not posting
- D . parent accounts are created by setting the "parent of" field
- E . checking the summary box on the account record prevents anyone from posting activity to the account
which two settings are needed for billable items to appear on the customer invoice (choose 2)
- A . billable checkbox
- B . customer
- C . invoice number
- D . memo
which 2 record types can be applied to customer payment (choose 2)
- A . refund
- B . credit memo
- C . customer deposit
- D . cash sales
which transaction transfers the customer deposit liability to offset the invoice accounts receivable GL impact?
- A . sales order
- B . journal entry
- C . deposit application
- D . credit memo
A sales order should be billed when certain key project tasks have been completed
- A . time and material
- B . charge based
- C . fixed bid milestone
- D . standard
which statement is true about assigning a billing schedule to an item record?
- A . it forces all the lines on sales order to have billing schedule
- B . it requires that items on the same sales order have billing schedule of some kind
- C . it requires that all items on the sales order used same billing schedule
- D . it ensures that item will always have the billing default in correctly on the sales order
Which two statements are true about vendors and multicurrency (choose 2)
- A . vendors can have up to 5 currencies
- B . the currency on the purchase order can be changed at the point when purchase order is billed
- C . the primary currency is used for the credit limit
- D . to remove a currency from a vendor, you must first close any open transactions in that currency
- E . currencies must be added to the Vendor before being used on transaction
Characteristics of purchase order in NetSuite?
- A . purchase in the currency the of the vendor’s primary subsidiary
- B . purchase order must be in the primary currency of the vendor
- C . a purchase requisition is required before creating a purchase order
- D . purchase orders have no accounting/GL impact
Write Check transaction and a Pay Vendor transaction the difference?
- A . only pay vendor bill post to the general ledger
- B . only pay vendor bill reduces AP
- C . only write checks reduces AP
- D . only write checks is from bank account
To which account should the customer payments be posted, to consolidate all customer payments recorded through the day into one bank deposit at the end of the day?
- A . customer deposits
- B . Bank account
- C . undeposited funds
- D . accounts receivable
Bank accounts interact with subsidiaries?
- A . can be linked with no limit to multiple subsidiary
- B . can be linked with any number of subsidiaries in parent: child relationship
- C . can be linked up to 2 subsidiaries
- D . Must be linked with 1 subsidiary
The simplest way to post bank service fees … reconcile bank statement pages?
- A . post a write check transaction
- B . enter on the new deposit subtab
- C . Enter on the new charge’s subtab
- D . post journal entry
Which two boxes must be used to reverse the journal entry next month (choose 2)
- A . Defer entry
- B . memo
- C . pending approval
- D . Reversal date
- E . do not post until
What two transactions cause a Bill Variance journal entry to be posted?
- A . Item receipt
- B . purchase order
- C . bill payment
- D . purchase requisition
- E . Vendor bill
On which financial statements are invoices summarized?
- A . income statement
- B . Balance sheet
- C . account payable aging
- D . general ledger
Which is recommended for setting up new accounting periods?
- A . use one-day year end adjustment period for year-end closing journal entries to retained earnings
- B . create accounting period one at a time to avoid multiple open periods
- C . Use set-up full year to generate all periods at once for full year
- D . set up new year and new quarter at the beginning of the fiscal year
What are two considerations for managing multiple fiscal calendars? (Choose 2)
- A . A fiscal calendar can be used by multiple subsidiaries
- B . Periods are created separately for each fiscal calendar
- C . Periods are shared across fiscal calendars
- D . a subsidiary can have multiple fiscal calendars without multi-book
Which statement is true about inter-company journal entries?
- A . Minimum of four lines
- B . used to log intercompany eliminations
- C . balance within each subsidiary, they need not balance between subsidiaries
- D . maximum of six lines
Which statement is true about budgets in NetSuite?
- A . budgets must be entered manually
- B . budgets can only be created for income and expense accounts
- C . budgets hold setting for expenses will prevent overspending
- D . Multiple budgets can be created for the same year and criteria
Which two statement are true about setting up the intercompany expense allocation (choose 2)
- A . the source may be multiple subsidiary
- B . The target may be multiple subsidiaries
- C . The source must be one subsidiary
- D . the target can only be one subsidiary
Which expense allocation use case requires the use of statistical accounts?
- A . static division of rent-based location
- B . predefined split of marketing costs among sales channels
- C . even 50/50 split of receptionist salary based on department
- D . Division of recruiting based upon headcount
Which are 2 elements unto to setting up financial sections in NetSuite financial report? (Choose 2)
- A . custom sections are restricted to one account type
- B . formula rows calculate from the row immediately above
- C . Each financial section has its own header and summary row
- D . Each section can be customized to have multiple account types
What is the purpose of an elimination subsidiary?
- A . Entering non-posting transactions
- B . Posting non-auditable transactions
- C . Offsetting expenses between departments
- D . Offsetting intercompany transactions
Which three steps are required to prevent someone from accessing some accounts but not others?
- A . Assign a Currency to the account
- B . Use the NetSuite default standard role
- C . Customize the role to restrict access by segment
- D . Designate Department | Class | Location on the account
- E . Tag the Employee record to Department | Class | Location
How does enabling accounting features affect the chart of accounts?
- A . Accounts must be renumbered.
- B . Statistical accounts should be used for correct posting.
- C . The Administrator may need to create new accounts to use new features.
- D . New accounts are automatically added to the chart of accounts when needed
Which account type is non-posting?
- A . Statistical Account-*Statistical accounts are non-monetary accounts that can be used to maintain statistical information for a variety of metrics. For example, a statistical account could be established to maintain the employee headcount by the department in an organization.
- B . Deferred Expense
- C . Unbilled Receivable
- D . Other Current Liability
What is an example of a subsidiary?
- A . The direct sales division
- B . A clearing account
- C . A warehouse
- D . A wholly owned company