ERP exam Accounting Preferences

Allow Quick Close of Accounting Periods

With one click, this feature enables you to mark complete, each task in the period close checklist for one or moire open accounting periods. Note must have both the Set up accounting + period close management permissions to check this box. You must have the period closing management permissions to see this box.

Refund in Advance of Return

Allow sale to be refunded before item is returned

Default Commit Option on Order

Avail qtym complete qty, do not commit

Default Vendor Payments to be printed

Check if you prefer the To be Printed box to be checked by default when processing bill payments

Allow quantity discounts per price level on schedules

Check if you want to enter different quantity discounts for each price level on quantity pricing schedules

Use Strict Rules for the selection of Payment Processing Profiles

Check this box if you want to shop in the payment processing profile field only those payment processing profiles that support the selected payment method and the customers currency. If you use NetSuite OneWorld account, the payment processing profile must also support the customers subsidiary. This preference takes precedence over the restrict payment method by customer currency shopping preference

Use Card Security code for credit card transactions

Check this box to add a card security code field to SOs and sales made through your web store. Your customers are required to enter csc numbers during the checkout process in your website. This can prevent fraudulent orders from occurring

Use Legal Name in Account

Check this box to add the legal name field to the general ledger account record. This field is useful in countries where the legal name of an entity is required by law. When this preference is enabled the legal name field can be added to financial reports where account is an available component. It is also available in advanced searches, suitescript and odbc. If you clear the use legal name in account box after using the legal name field, the field is no longer available through the UI, suitescript, or odbc. However, system notes maintain an audit trail specific to the activity on the legal name field. This box is clear by default.

Anyone can set item Accounts

Check this box to allow any employee with access to item records to choose accounts on item accounts

Allow Users to Modify Rec Rec Schedule:

Check this box to be able to change the total amount on a revenue recognition schedule after it is initially created.

Centralize Purchasing in a Single location

Check this box to consolidate inventory purchasing into one location , if you handle inventory in several locations. You can order and receive all inventory in only one location and then transfer it to your other locations. When this preference is enabled go to transactions > order items to create your purchase order. Then after you receive the order, distribute the inventory to your locations by going to either of the following: Transactions > replenish location Transactions > transfer inventory

Void transactions using reversing journals

Check this box to create a reversing journal entry that voids checks and transactions on days or periods different than the original transaction date. Create a reversing JE by clicking the void button on the following transactions: check, bill payment, payroll liability payment, customer refund, tax payment, tax liability check. When you check this preference you can no longer void the following transactions: SO, estimate cash sale, invoice, return auth, credit return and credit memo.

Show All Transaction types in Reconciliation

Check this box to display all transactions in the reconciliation pages, including positive or negative amounts of certain transaction types. If you check the box and then reconcile a statement, you cannot clear the box unless you reverse the statement reconciliation.

Enable Sale payment operations on a sales order by automatically creating a customer deposit

Check this box to enable using credit card processing profiles and alternative payment method profiles that support sales request and do not support authorization. If you use this type of profile on sales orders, funds will be immediately captured from the shoppers account. and associated with the sales order as a customer deposit

Include reimbursement in sales + forecast reports

Check this box to include billable expenses in sales + forecast reports. If this preference is turned on, transactions that affect expense accounts are included in reports

Customer Credit limit handling includes orderes

Check this box to include orders that are entered but not yet billed when you make credit limit calculations. This ensures that customers do not place orders over their credit limit

Use Triangulation Calculation by NetSuite

Check this box to permit NS to use cross currency triangulation to calculate the exchange rate for a transaction where the two home currencies are not available from the selected rate provider. When you check this box, three anchor currency fields appear in which you can specify intermediate currencies to be used in the triangulated calculation.

Vendor Credit Limit Warnings

Check this box to receive a warning when you exceed the credit limit for a vendor. The setting you choose is applied to all employees unless you enable an override and allow individuals to set their own preference. To allow the company preference to be overridden an admin must go to setup>general pre, check the allow override box next to vendor credit limit warnings and click save. To set an individual preference, go to home > set pref and on the gernal subtab, check or clear the vendor credit limit warnings box and then click save

Require approvals on JE's

Check this box to require approval of je's entered by employees before they post to your gl. employees with approval permission can mark their je's approved when entering them. If you have enabled the je's approval routing accounting preference and are using suiteflow for je approval, this field does not apply

Require re-approval on edit of order

Check this box to require re-approval when someone edits a SO that was previously approved. If you edit w a role w permission to approve SO, status is not set to pending approval. Partially fulfilled SOs are not affected by this preference.

Use Account Numbers

Check this box to see both account numbers and names for general ledger accounts in dropdown lists, your chart of accounts and most financials reports. Clearing the check box will give you shorter fields on reports and forms.

Cash Basis Reporting

Check this box to set standard reports to be on a cash basis rather than accrual basis, for all reports where this choice is relevant. Also determines the default for relevant custom reports. You can modify this setting for an individual custom report by setting the cash basis option on the more options page of the report builder.

Show drop ship items on packing slips

Check this box to show drop ship items on packing slips. Then you can print a packing slip for your vendor to include with a drop-ship item and keep a consistent appearance for end customers.

Use Item Cost as Transfer Cost

Check this box to use the transfer price as a declared shipping value for reference only, such as for insurance or international shipping

Filter Bulk Fulfillment page by location

Check to be able to enter a quantity larger than the quantity remaining for an item on a fulfillment. Clear box to limit the quantity fulfilled to the quantity remaining on the fulfillment

Allow overage on item fulfillments

Check to be able to enter a quantity larger than the quantity remaining for an item on a fulfillment. Clear box to limit the quantity fulfilled to the quantity remaining on the fulfillment.

Invoice in advance of fulfillment

Check to invoice customers for fill amount prior to the complete fulfillment of an order. With this preference you can invoice your customers in advance for an entire order that is shipped in parts

Use web site template for fulfillment emails

Check to use same order confirmation email message for web store + non webstore orders

Default Transfer Order Incoterms

Choose one of the following to show by default on transfer orders Exwork - inventory ownership is transferred at the shipping point Delivered at Place Inventory ownership is transferred at the destination point

Create and Edit Inventory Transaction dated in closed periods

Clear this box to prevent changes to transactions that would result in inventory costing calculations in closed periods. Changes are not allowed in closed periods for new transactions or changes in fields that trigger inventory costing calculations for an item, even without posting to the GL. Check this box to allow changes in closed periods for new transactions or changes in fields that trigger inventory costing calculations for an item. Note: This preference in enabled in NS Oneworld accounts, this global preference affects all subsidiaries

Expand account lists

Clear this box to restrict lists to accounts most likely to be used. For example, income and expense accounts can be chosen on items to be resold , or expense accounts can be chosen on purchases. Check this box to enable additional choices in account lists. For example, you may need to select COGS and balance sheet accounts for items, or asset accounts for vendors.

Default Posting Period when transaction date in closed period

Current Period or First Open Period

Days Overdue for warning/hold

Define a grace period after the due date of invoices, after which, customers are unable to place new orders on terms until they have paid their overdue invoices

Create Revenue Journals in GL

Detail or Summary

Base invoice date on billing schedule date

Determines how the date + posting period are set on invoices and cash sales produced from billing schedules. Check to generate the date and posting period of an invoice or cash sale from the date and posting period of the next billing schedule instance

Perform Item Commitment After Transaction Entry

Determines whether NS automatically allocates items to orders or not. Check if user wants NS to automatically allocate items based on order line priority - the order w/ the highest priority will be filled and have items committed

Update Transaction date upon fulfillment status change

Enable the update transaction date upon fulfillment status change preference to pick items in one accounting period and ship in another accounting period. After the order status is marked shipped to save the order the transaction date of item fulfillment must be in an open accounting period and an accounting period must be selected. The period based on the shipped date shows by default in the accounting period must be selected. The period based on the shipped date shows by default in the accounting period field. After this preference is enabled netsuite can update the transaction date based on status changes.

Duplicate Number Warnings

Enable to see warnings when you enter a document number that you have used before. This would prevent 2 checks with the same number

Days Before Lot Expiration Warning

Enter the number of days in advance of a lot items expiration that you would like to receive a warning

Expenses (actuals from expense reports)

Group all expense categories into one expense category, show all expense categories as individual categories, or show only selected expense categories as individual categories - categories that are not selected will be grouped under expenses: other

Labor (actuals from timesheet):

Group all service items into one labor category, show all service items as individual categories or show only selected service items as individual categories - service items that are not selected and labor without a service item will be grouped under labor:other

Use PO Rate on Bills

If a vendor bill is linked to a PO, NS sets the vendor bill rate for items based on the item receipt rate. Clear box to use this method. If checked, use PO rate on vendor bills instead of receipt rate.

Customer credit limit handling

Ignore, Warn only, enforce holds

Default Revenue Recognition Journal Date to:

Last Day of Period or Current Date

Supported Inventory Costing Method

Lifo, fifo, average

Transactions types to exclude from forecast reports

Multi-select from transaction types

Show additional items on packing slips

None - only items being fulfilled in the shipment All items on order - all ordered items- any quantity yet to be fulfilled show in remaining - items completely fulfilled show on the packing slip Unfulfilled items on order - only unfulfilled + partially fulfilled

Show Only Open Transactions on Statements

On the statements page, if you enter a start date, open transactions for that start date appear. If you don not enter a start date, all open transactions appear. You can change this preference on the statements page for each statement you generate.

Open transaction on statements

Open transactions by today or by statement date

Default Transfer order status

Pending approval firm, pending approval open, pending fulfillment

Default Vendor Bill status

Pending approval or approved

Default order status

Pending approval or pending fulfillment

Default Return Authorization Status

Pending approval or pending receipt

Limit status on packing slip queue

Picked or packed

Preserve Transactions when payment is on Hold

Preserve customer payment transactions and cash sales transactions when payment fails due to a payment hold. Have the status unapproved payment status

Default Location for Orders

Select location to associate with SOs by default.Can be changed on SO, as needed

Item Commitment Transaction Ordering

Select one of the following to determine which order will have items committed to it when there is an open quantity. Order by expected ship date - commits based on the altest expected ship date Order by Order Priority - commits based on set customer priority regardless of transaction date or expected ship date Order by transaction date - commits only based on the latest transaction date

Minimum Period Window size

Set the number of unlocked current and future accounting periods for the accounting period window. The default is 1. Netsuite checks daily to verify that at least this number of current and future accounting periods are unlocked. It automatically unlocks the next future period as needed

Always allow Per Line Classifications on Journals

Set this preference to be able to enter line items classes departments and locations on journal entries. For Journal entries only, this preference overrides any other allow per line class/ dept/ locations preferences you have set.

Prorate Revenue Recognition dates for partially billed orders

This preference applies only to revenue recognition schedules that have rev rec date specified on sales order as the term source. The preference affects only the rev rec. start and end dates for the invoices. Amounts and periods on the rev rec. schedules are not affected

Allow overage on item receipts

To enter a quantity larger than the quantity remaining for an item on an item receipt

Show non-inventory items on printed forms

To show non-inventory items like serves or discounts on picking tickets and packing slips

Default Receiving Exchange Rate

Use Exchange Rate at the Time of Receipt, or Use Order Exchange Rate

Set Reversal Variance date equal to the reversing journal date when voided transaction is in a closed period

When void transaction using reversing journals is enabled this accounting preference is available. Check this box to require NetSuite to use the date specified in a reversing foreign currency gain and loss variances on voided transactions. If this box is not check netsuite uses the current date for variance and reversal lines rather than the date of the reversing journal entry.

Drop ship fulfillment quantity validation

allow unequal quantities, warn only for unequal quantities , do not allow unequal quantities

Allow both mark shipped fulfillment and receipts on a drop shipment line

allow, warn only, do not allow

Enable accounting period window

automatically maintain a minimum number of unlocked current and future accounting periods

Default Commit Open on Transfer order

avail qty, complete qty, do not commit

Allow expenses on purchases

can add expenses for things such as rental fees and delivery of drop ship items to your POs. then the user can bill these expenses to a specific customer

Show uncommitted items on picking tickets

check box for picking tickets to include items that are not yet committed to the order ; means can include items that are not yet available to be picked

Use System Percentage of Completion for schedules

check this box if you want NetSuite to calculate the percentage of a project that has been completed based on the time logged against the project. Note: do not manually enter a percentage in the percent complete field on a project if you enable this preference. Clear this box if you want to manually enter the percentage of completion in the percent complete field on the project record

Consolidate projects on Sales transactions

check this box to associate a project with each line item on sales transactions. When you clear this box you can associate all items on a sales transaction with only one customer or project

Allow user events on bulk journal approval

check this box to execute user events such as suitescript and suiteflow after bulk journal approval

Get Authorization on Customer Center orders

check this box to require authorization for customers credit cards on sales orders placed by customer center users logged in to NetSuite.

Default items to zero received/fulfilled

check to default items to unfulfilled when you open a fulfillment transaction. Then you mark the items you want to fulfill on the fulfillment record

Scan individual items

check to scan the bar code for each item individually when receiving or fulfilling items

Allow adjusted expiration date to improve recurring payments

clear this box if you do not want payments as recurring for cash sale sales orders with billing schedules and memorized cash sale orders to be marked as recurring

Convert absolute discounts to percentage

convert a currency amount discount into percentage discounts spread across several invoices. If enabled, when a so that includes a currecny amount discount is billed on multiple invoices, the discount is applied evenly to all bills for that order instead of the entire discount being applied to the first bill

Send Email Confirmation when Order Cancelled

email sent to the customer when SO is cancelled

Maximum purchase lines to consolidate

enter a value in this field to define the maximum number of lines to consolidate on purchase orders. This definition applies in the following cases

Automatically email drop ship POs

have POs for drop ship items automatically emailed to the preferred vendor. email address must be entered on vendor record.

Default fixed date charge rule state

hold or ready

Default milestone charge rule state

hold or ready

Default project progress charge rule state

hold or ready

Default time based charge rule state

hold or ready

Default Amortization Journal Date to

last day of period or current date

Fulfilled based on commitment

limit to committed, allow uncommitted, ignore commitment

Transaction types to exclude from sales reports

multi-select from transaction types

Customers Can Pay Online

online payments require you to ave a merchant account w/ the ability to accept cc payments. NS can offer merchant account services or you can use your own.

Enforce minimum quantity on Return Authorization

requires that the quantity returned of an item is greater than or equal to the minimum quantity attribute on the item record

Allow users to modify amortization schedule

schedule amount must always equal the line amount

Default location for POs

select inventory location for default

Allow Transaction date outside of posting period

set a preference for handling mismatched transaction entry. Select one of the following: Disallow - When you choose this setting, users are not allowed to save a transaction unless the transaction date is within the date range for the posting period selected Warn - When you choose this setting users are warned when a transaction date is not within the date range for the posting period selected but they can click OK on the warning and save it anyway Allow - When you choose this setting useres can enter a transaction even if the date is not within the date range for the posting period selected. No warning is given to the user before the transaction is saved

Limit vendor list on items

set preference to filter the vendors available on so and the order items page. If enabled only vendors associated with an item show on the vendor list. If disabled all vendors show.

Gift certificate auth code generation

system generated, add on item, enter on order

Bill advanced of receipt

to bill POs before you receive them

Always print kit items on picking tickets

to print individual items that make up a kit on picking tickets

Aging report use:

transaction date or due date

Require Bins on All Transactions Except item receipts

when enabled any transactions entered that changes inventory levels and includes an item that uses bins will require you to select a bin for the item in order to save the transaction. If there is no bin fields on transaction, such as SOs and POs, bins are not required

Use Preferred Bin on Item Receipts

when enabled, the bin field on item receipts defaults to the preferred bin instead of leaving the field blank. disable to leave blank by default.