A global company is performing its year-end close. The North American subsidiary uses a December 31st fiscal year-end, while the Australian subsidiary uses a June 30th fiscal year-end. The controller needs to run a consolidated financial report as of December 31st. Which statement accurately describes how NetSuite handles this scenario?
During the month-end close process, a junior accountant is unable to complete the 'Lock A/R' task on the Period Close Checklist. All other preceding tasks have been successfully completed. What is the most likely cause preventing this task from being marked as complete?
A company needs to allocate its monthly rent expense from a single corporate account to three departments: Sales, Marketing, and Operations. The allocation is fixed and based on square footage: Sales 50%, Marketing 30%, and Operations 20%. Which components must be configured on the Expense Allocation Schedule to achieve this? (Select THREE)
A controller is reviewing a dynamic expense allocation schedule that distributes IT costs based on departmental headcount. The schedule ran, but the resulting journal entry allocated amounts that are inconsistent with the current month's headcount figures. What is the most likely cause of this discrepancy?
A company sells a software product with a recurring annual license fee. However, to help customers with cash flow, they are billed in equal quarterly installments. Which type of billing schedule should be used to automate this process?
A project manager has marked several project tasks as complete. These tasks are associated with a 'Fixed Bid, Milestone' billing schedule on the related Sales Order. However, when the billing clerk goes to 'Bill Sales Orders', the order does not appear in the billing queue. What is the most likely reason?
The controller needs to post an accrual for professional fees at the end of January. This entry must be automatically reversed on February 1st to avoid overstating expenses in the next period. Which action should the user take when creating the initial journal entry?
A financial analyst is preparing a custom Income Statement using the Financial Report Builder. They need to display a subtotal for Gross Profit, which is calculated as Revenue minus Cost of Goods Sold. Which row type should be used to create the 'Gross Profit' line?
An accountant is reconciling the company's main checking account. They notice a $50 bank service charge on the bank statement that has not been recorded in NetSuite. What is the most efficient method to record this expense directly from the 'Reconcile Bank Statement' page?
A new 'Computer Equipment' fixed asset account has been created. The CIO wants to ensure that only employees in the IT Department can post transactions to this account. What is the most direct and enforceable method to achieve this in NetSuite?