Study Guide
NetSuite Financial User Exam
Study Guide: October 2020
NetSuite Financial User Study Guide: October 2020 | Copyright © 2019, 2020 1
Study Guide
Contents
About the Financial User Exam ..................................................................................................................... 3
Description of a Qualified Candidate: ........................................................................................................... 3
Maintaining Your NetSuite Certified Status: ................................................................................................. 3
Recommended Training and Background: .................................................................................................... 3
Subject Areas Covered by the Test: .............................................................................................................. 4
Sample Questions ......................................................................................................................................... 5
Study Suggestions ......................................................................................................................................... 5
NetSuite Financial User Study Guide: October 2020 | Copyright © 2019, 2020 2
Study Guide
About the Financial User Exam
Passing this exam confirms that you have the foundational knowledge necessary to navigate around the
NetSuite system and understand core NetSuite accounting and finance functionality. The credential
awarded for passing this exam is NetSuite Certified Financial User.
Description of a Qualified Candidate:
The candidate can navigate all finance/accounting pages of the NS application and understands where
to find resources. They can articulate the features and standard modules related to accounting. They
understand NetSuite release cycles and can find information about the product. They can articulate
NetSuite standard accounting process flows.
Maintaining Your NetSuite Certified Status:
For details about retake policy and ongoing requirements to maintain your certification or examination
status, see the NetSuite Certification Policy available on the NetSuite Certification webpage.
Recommended Training and Background:
• NetSuite: Financial Management (2 days)
Recommended Skill Level:
Three months' experience in accounting or finance roles using any system, and completion of the
NetSuite: Financial Management course.
NetSuite Financial User Study Guide: October 2020 | Copyright © 2019, 2020 3
Study Guide
Subject Areas Covered by the Test:
Topic Test Objective
Subsidiaries, Recognize what a subsidiary is, types of subsidiaries, and how they are used.
Classifications, Identify the general functionality of classifications (Departments|Classes| Locations) on
Chart of Accounts both transactions and reporting.
Identify implications of set up and restricting access to chart of accounts.
Identify the impact of setting the account type.
Accounts Recognize steps in NetSuite standard Accounts Receivable process flow.
Receivable Identify considerations when setting up Customer records.
Identify steps in creating NetSuite Invoices.
Identify steps in accepting customer payments.
Identify steps and GL impact in accepting customer deposits.
Identify steps of the credit and refund process.
Billing Schedules Identify steps in setting up and applying billing schedules
Accounts Payable Recognize steps in NetSuite standard Accounts Payable process flow.
Identify considerations when setting up Vendor records.
Identify steps in creating NetSuite purchase orders and bill.
Identify steps in paying vendors.
Banking and Recognize steps in NetSuite default banking transactions
Payment Identify implications of setting up cash and bank accounts.
Processing
Identify steps to reconcile monthly bank and credit card statements in NetSuite.
Journal Entries Recognize how journal entries are used.
Recognize differences between elimination and intercompany journal entries in setup and
usage.
Budgeting Identify steps to create and report on budgets in NetSuite.
Expense Identify steps in setting up and applying expense allocations in NetSuite
Allocations Recognize the difference between fixed and dynamic allocation modes.
Financial Reports Identify elements unique to Financial Report Builder Interface.
and KPIs Recognize the impact of NetSuite transactions on financial reports.
Period and Year- Recognize NetSuite recommended practices around period close and accounting/tax period
End Close structure.
Recognize options for separately managing multiple subsidiaries and multiple fiscal
calendars.
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Study Guide
Sample Questions
Sample Test is posted to the NetSuite Certification webpage and available here.
Study Suggestions
Recognize what a subsidiary is, the types of subsidiaries, and how they are used
How to study: Identify the different types of subsidiaries and their function. Become familiar with a
subsidiary’s role in financial reporting.
SuiteAnswers keywords: Subsidiary, Subsidiary Context in Reporting
Course addressing this topic: Financial Management
Identify the general functionality of classifications (Departments| Classes| Locations) on
both transactions and reporting
How to study: Identify the different types of Classifications and their function. Know how to properly
categorize and restrict a certain record using Classifications.
SuiteAnswers keywords: Classifications in NetSuite
Course addressing this topic: Financial Management
Identify implications of set up and restricting access to chart of accounts.
How to study: Review and understand the steps on how to create and restrict accounts in NetSuite.
Review the Accounting features related with the chart of accounts.
SuiteAnswers: Creating Accounts, Accounting Features
Course addressing this topic: Financial Management
Identify the impact of setting the account type.
How to study: Familiarize yourself with the different account types. Review the steps on how to assign
the account type on an account.
SuiteAnswers: Chart of Accounts Management
Course addressing this topic: Financial Management
Recognize steps in NetSuite standard Accounts Receivable process flow.
How to study: Master the steps and familiarize yourself with the function of each step of the standard
accounts receivable process.
Course addressing this topic: Financial Management
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Study Guide
Identify considerations when setting up Customer records.
How to study: Familiarize yourself with the steps of creating a customer record. Review the multi-
currency feature.
Course addressing this topic: Financial Management
Identify steps in creating NetSuite Invoices.
How to study: Become familiar with the various ways to process Invoices. Review the GL impact of
inventory item transactions. Review the available SuiteApps for processing invoices.
Course addressing this topic: Financial Management
Identify steps in accepting customer payments.
How to study: Understand the elements of accepting and receiving customer payments. Review the GL
impact in accepting a customer payment. Review the available SuiteApps for processing customer
payments.
SuiteAnswers: Applying a Payment on the Customer Payment Page, Electronic Bank Payments
Course addressing this topic: Financial Management
Identify steps and GL impact in accepting customer deposits.
How to study: Review and investigate the GL impact and accounts that will be affected for a certain
customer transaction – customer payment, deposit, return.
Course addressing this topic: Financial Management
Identify steps of the credit and refund process.
How to study: Master the sequence of steps of processing customer credits and refunds. Become
familiar with the different sales transactions and the proper refund or credit transactions.
SuiteAnswers: Customer Credit Memos, Customer Refunds
Course addressing this topic: Financial Management
Identify steps in setting up and applying billing schedules
How to study: Review the steps in creating a billing schedule. Familiarize yourself with the different
types of billing schedules, their uses and limitations.
SuiteAnswers: Billing Schedules, Applying Billing Schedules, Creating Billing Schedules
Course addressing this topic: Financial Management
Recognize steps in NetSuite standard Accounts Payable process flow.
How to study: Become familiar with the sequence of steps in the Standard Accounts Payable process
flow.
Course addressing this topic: Financial Management
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Study Guide
Identify considerations when setting up Vendor records
How to study: Review the elements of creating a Vendor record in a OneWorld account.
SuiteAnswers: Adding a Vendor Record
Course addressing this topic: Financial Management
Identify steps in creating NetSuite purchase orders and bill.
How to study: Become familiar with the steps in creating a Purchase Order. Review the elements of
Accounts Payable transactions – creating Vendor bills, vendor bills approval, creating Purchase Orders.
SuiteAnswers: Entering a Purchase Order, Standard Vendor Bill Approval FAQ
Course addressing this topic: Financial Management
Identify steps in paying vendors
How to study: Review the elements of processing a vendor payment transaction – GL impact, vendor
credits.
Course addressing this topic: Financial Management
Recognize steps in NetSuite default banking transactions
How to study: Familiarize yourself with the steps in recording bank transactions. Review the elements of
bank transactions – GL impact, bank account types.
SuiteAnswers: Bank Transaction GL impact
Course addressing this topic: Financial Management
Identify implications of setting up cash and bank accounts
How to study: Review the nature of cash and bank accounts in NetSuite. Become familiar with the steps
in setting up Bank Accounts.
Course addressing this topic: Financial Management
Identify steps to reconcile monthly bank and credit card statements in NetSuite
How to study: Familiarize yourself with the steps in reconciling bank statements in NetSuite.
Course addressing this topic: Financial Management
Recognize how journal entries are used.
How to study: Familiarize yourself with the steps in creating and importing a Journal Entry. Review the
elements of journal entries in NetSuite – approving journal entries, reversing journal entries,
memorizing transactions, etc.
SuiteAnswers: Making Journal Entries, Approving Journal Entries, Reversing Journal Entries, Importing
Journal Entries, Memorizing a Transaction
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Study Guide
Course addressing this topic: Financial Management
Recognize differences between elimination and intercompany journal entries in setup and
usage
How to study: Review the steps in creating elimination journal entries. Review the steps in creating
intercompany journal entries
SuiteAnswers: Elimination Journal Entries, Making Intercompany Journal Entries
Course addressing this topic: Financial Management
Identify steps to create and report on budgets in NetSuite
How to study: Familiarize yourself with the steps in creating a budget. Review the capability of
subsidiary budgets in OneWorld.
SuiteAnswers: Setting Up a Budget, Subsidiary Budget Overview and the related topics.
Course addressing this topic: Financial Management
Identify steps in setting up and applying expense allocations in NetSuite
How to study: Become familiar with the steps in creating expense allocation schedules and
intercompany allocation schedules.
SuiteAnswers: Creating Expense Allocation Schedule, Creating Intercompany Allocation Schedule
Course addressing this topic: Financial Management
Recognize the difference between fixed and dynamic allocation modes
How to study: Review the characteristics of both the fixed allocation mode and the dynamic allocation
mode
Course addressing this topic: Financial Management
Identify elements unique to Financial Report Builder Interface
How to study: Review the steps in creating a custom report using the Financial Report Builder interface.
SuiteAnswers: Financial Report Builder Interface, Financial Report Builder Edit Layout Page
Course addressing this topic: Financial Management
Recognize the impact of NetSuite transactions on financial reports
How to study: Familiarize yourself with the different financial statements and their purpose – income
statement, balance sheet, statement of cash flows
Course addressing this topic: Financial Management
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