NetSuite Financial User flashcards
NetSuite Financial User · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Chart of Accounts segment
- A configurable accounting dimension such as account, department, class, or location. A segment value posts only when assigned to the subsidiary's chart of accounts.
- Subsidiary
- A legal entity within NetSuite with its own currency, chart of accounts, and tax nexus. Every posting line carries a subsidiary, enabling consolidated and single-entity reporting.
- Double-entry posting
- Every transaction generates balanced debit and credit lines. NetSuite blocks posting when total debits do not equal total credits or an account is invalid for the subsidiary.
- Accounting period
- A defined date range that must exist and be unlocked before transactions post to it. Closed periods reject new postings unless an authorized user reopens them.
- Base currency
- The company-level currency in which consolidated books are reported. Each subsidiary may transact in its own currency, with conversion at the transaction-date exchange rate.
- Cumulative translation adjustment
- An equity account capturing exchange-rate differences when foreign subsidiary balances are translated into the parent currency for consolidation. It does not flow through income.
- Intercompany elimination
- When the Intercompany feature is enabled, NetSuite auto-generates due-to and due-from entries so transactions between subsidiaries net to zero on consolidated statements.
- Multi-book accounting
- A configuration where transactions post to a primary book and one or more secondary books with different accounting preferences, supporting dual GAAP or tax reporting.
- Sales order to invoice
- The order-to-cash path: sales order, then item fulfillment (inventory relief, no GL impact), then invoice (AR and revenue), then payment, deposit, and reconciliation.
- Item receipt accrual
- Receiving inventory against a purchase order accrues inventory received not billed. The later vendor bill clears that accrual and records the payable.
- Billing account
- A customer-level setting that controls deferred revenue treatment. Billing schedules post deferred entries, and revenue recognition schedules release revenue by period.
- Advanced Revenue Management
- A module using revenue arrangements, performance obligations, and allocation (fair value or SSP) to split and schedule revenue across multiple deliverables on a contract.
- Inventory costing method
- The valuation approach for inventory: Standard, Average, FIFO, or LIFO. It is set at the item or accounting preference level and changing it later is restricted.
- Approval routing
- Rules that require designated approvers before a transaction posts, driven by amount thresholds, subsidiaries, departments, or custom criteria. Unapproved transactions stay out of the GL.
- Realized FX gain or loss
- The difference between the exchange rate on the invoice date and the payment date. NetSuite posts it automatically when a foreign-currency invoice is paid.
- Journal entry reversal
- An approved journal entry cannot be edited. Corrections are made by posting a reversing entry, optionally scheduled to reverse on a future date or period.
- Vendor bill
- The payable document that records a vendor obligation. It clears any prior item receipt accrual and drives the AP balance until the bill payment is issued.
- Unapproved transaction
- A transaction pending workflow approval. It is saved but does not affect the general ledger or financial statements until all required approvers act.
- Financial Report Builder
- The tool that defines row and column layouts, segment expansion, and formulas for financial statements. Layouts are separate from report definitions and reusable.
- Trial balance
- A report listing account balances with total debits and credits for a period. It is reviewed during close to confirm the books balance before locking.
- Consolidated report
- A report run on the parent subsidiary with the consolidated flag, combining all child subsidiaries translated to the parent currency and eliminating intercompany balances.
- Current ratio
- Current Assets divided by Current Liabilities. It measures short-term liquidity and is calculated from balance sheet balances at a given period end.
- Gross margin
- Revenue minus cost of goods sold, divided by revenue. It shows the percentage of sales retained after direct product costs.
- Saved search
- A reusable query on transaction or GL records used for ad hoc analysis. Grouping, summary versus detail, and segment filters determine the output shape.
- Budget vs. actual
- A comparison of recorded budget amounts to posted actuals by account and period. Budgets are maintained per subsidiary and per accounting book.
- Exchange rate type
- The rate category applied when translating balances: current, average, or historical. The type chosen determines how foreign balances appear in consolidated reports.
- SuiteAnalytics Workbook
- A pivot-style analysis tool built on saved searches. Workbooks can be scheduled and emailed, and viewers see only data permitted by their role restrictions.
- Period Close Checklist
- The guided sequence for closing a period: lock all, reconcile bank and credit card accounts, review the trial balance, then close the period to block new postings.
- Segregation of duties
- A control principle enforced through role permissions so one user cannot both create and approve the same transaction, such as journal entries or vendor bills.
- System notes
- A transaction tab recording field-level change history with user and timestamp. It is the primary audit evidence for who changed what and when.
- GL Audit Numbering
- A feature that assigns gap-free sequential numbers to GL-impacting transactions, supporting compliance and audit requirements for complete transaction sequences.
- Bank reconciliation
- The process of matching bank statement lines to GL transactions. Unreconciled items must be investigated and resolved before the period is locked.