NetSuite ERP Consultant Professional Free Sample Questions

Record to Report · Identify how exchange rates are used throughout NetSuite

1. A

   The CTA is a manual journal entry required by the administrator to force the consolidated balance sheet to balance.

2. B

   The CTA is derived solely from the difference between the Historical Rate of the subsidiary's creation and the Current Rate at period close.

3. C

   The CTA is calculated based on the difference between the Current Rate used for Balance Sheet accounts and the Average Rate used for Income Statement accounts applied to Net Income.

4. D

   The CTA represents the realized gain/loss from foreign currency transactions within the subsidiary before consolidation occurs.

Record to Report · Identify the Best Practices of setting up the NetSuite Chart of Accounts

1. A

   Create a single COA for the corporate view and use Multi-Book Accounting with Chart of Accounts Mapping for statutory adjustments.

2. B

   Use Custom Segments to tag transactions as 'Statutory' or 'Corporate' and filter reports accordingly.

3. C

   Create separate GL accounts for every statutory requirement and filter them out on the corporate balance sheet.

4. D

   Implement a separate NetSuite instance for each country and consolidate manually in Excel.

Record to Report · Recognize NetSuite recommended Best Practices around period end close

1. A

   The inventory costing method is set to Standard Cost, which requires manual revaluation before closing.

2. B

   The 'Review Negative Inventory' task is optional and can be skipped if the overall inventory count is positive.

3. C

   A standalone Vendor Bill was created for an item before the Item Receipt was posted, causing a temporary negative asset value in the backend.

4. D

   An Item Fulfillment was posted with a date earlier than the corresponding Item Receipt, resulting in a negative quantity at that specific point in time.

Record to Report · Identify how NetSuite Segments are handled in NetSuite, and when to use custom segments

1. A

   Create a Custom Transaction Body Field of type 'List/Record'.

2. B

   Enable 'GL Impact' on the Custom Segment configuration page.

3. C

   Use the standard 'Class' segment and rename it to 'Sales Channel'.

4. D

   Create a Custom Segment for 'Sales Channel'.

Record to Report · Identify the constraints of features and functionality related to Journal Entries

1. A

   SuiteScript User Event script on Expense Reports

2. B

   Amortization Schedules

3. C

   Expense Allocation Schedules

4. D

   Shared Vendor Bills

Record to Report · Identify how NetSuite taxes are configured

1. A

   Create a new Nexus for the Canadian province and assign it to the subsidiary.

2. B

   Set the customer's currency to CAD.

3. C

   Enable the 'International Tax Reports' SuiteApp.

4. D

   Create a new Tax Code for GST/HST and select it on the invoice.