NetSuite Practice Set

(Beta Draft)

Cedric Ian Patalcorin

William Sucuahi
 INTRODUCTION

Information is one of the vital resources of a company. The accounting

department is the biggest contributor of this information in the entire
enterprise. The information provider should provide timely and precise
information to make good decisions.
As computer applications became mainstream, transforming data into
informationhas gradually migrated into computerized spreadsheets.
Gradually, accounting systems like Enterprise Resource Planning (ERP)
integrates business process to provide user the best information they can
use. The technological development today like the internet makes ERP
became cloud-based and makes information available anytime and
anywhere.
NetSuite is one of leading cloud-based business management software
provider in the world. Its mission is to provide companies around the globe,
cloud-based, unified systems that deliver unprecedented capabilities to drive
their business. It is a software as a service (SaaS) and it is available on
demand.Below is general perspective of NetSuite business management
system.
The following are the key benefits of using NetSuite:
• Comprehensive financials including accounting, budgeting, financial
reporting and more
• Get instant visibility into real-time financial and operational
performance across your entire company
• Streamline all back-office processes across financial management,
revenue management, order management, billing and inventory
management
• Improve accountability and compliance with robust, auditable
accounting and powerful reporting
• Reduce IT costs and get automatic upgrades with an ERP solution
delivered completely in the cloud
• Get secure access to your financial from anywhere – all you need is
web browser or mobile device
• Drives efficient integrated processes from order to cash through to
procure to pay.
This practice set provides the students' good material to practice
computerized accounting using NetSuite.

The students are expected to generate the following reports and schedules:
1. Statement of Financial Position
2. Income Statement
3. Statement of Cash Flow
4. Sales per customer
5. Sales per products
6. Customer Balances Summary
7. Vendors Balances Summary
To use the material, assume that you are assignedin the accounting
department of the company.To begin read first thegeneral instructions.
General Instructions
1. Enter company information.
2. Setup the company.
3. Create chart of accounts.
4. Create Vendors List.
5. Create Customers List.
6. Create Items List.
7. Work on the daily transactions. Place a tick mark in every transaction.

Example:
Vendor PO Done
Name No. Item Qty.
DYBI 3 Best – Cola 7200 ✓
Best – Orange 7200 ✓
 Chapter 1

Getting Started
COMPANY
The company is engaged in retailing food products and selling them over the
internet. In addition, the company operates from Monday to Friday only to give the
employees time to spend with their family and perhaps be engaged in other
productive livelihood activities (e.g. gardening, farming, etc.).
In recording disbursements, the company uses the voucher system.
Moreover, perpetual system is used in recording the inventories.

LOGGING IN
Open any web browser (recommended Mozilla Firefox and Google Chrome)
and go to www.netsuite.com.

Fig. 1

Click Customer Login and you will redirected to customer login page (Fig. 2).
Enter your email address and the password.
 Fig. 2

Once logged in you will be asked to provide security features and to change your
default password.

USER INTERFACE
The NetSuite interface contains center, dashboard and portlets.Each user has
a variety set of tabbed pages, called center. The center varies from user to user
depending on their role in company. The one shown above is the center of an
administrator. But there are pages that is common to each user and that is Home,
Activities, Document and Setup.
 Center

Portlet

Dashboard

Meanwhile, dashboard is a collection of real-time data relevant to the page

and to the role of the user viewing the page. Dashboard content is displayed in a
variety of portlets, dynamic data display windows. Some portlets provide direct
access to raw data, while others display data that has been synthesized into critical
business metrics, such as key performance indicators (KPIs), performance
scorecards, trend graphs, and report snapshots. Other portlets allow you to display
data from Web site RSS feeds.

Personalized Dashboard
To edit the dashboard follow steps listed below:
1. Click Personalize Dashboard located in the Settings portlet.
2. Click Calendar.
3. Then close the Add Content window by clicking close icon.
4. Then try to rearrange the portlet by dragging it using mouse pointer.
Set Preferences
Setting personal preferences allows you to personalized NetSuite specific to
your role and personality. The page displays options for virtually all aspects of your
NetSuite account. The features enabled in your account, and your NetSuite role
affect which subtabs and options display on the Set Preferences page.
To set your personal preferences:
1. Go to Home > Set Preferences.

As you can see there are various sub-tabs on the page to choose to edit your
preference.For instance, if you want to add your nickname in every message you
sent to the vendor just click the general tab and enter your nickname in the given
field together. You can also add a signature message at the end of every email. Click
appearance tab to change the color and style of your interface. Then click <Save> if
you are through.

Note: You can always click Mr. Help for more explanation
 ROLES
A role is a defined access configuration. For instance, salas manager access is
different from bookkeeper access in the system. This is the very essence of an ERP
system. Every users with disignated funtion (e.g. Sales, Accounting) in the company
can work independently but still using the same database.
To add role to your account, first you should be loggin as Administrator.
Unlike other role the administrator role which also called the super user can do
everything inside the system.
Go to Lists > Employees > Employees then follow the steps listed below.
1. Find your name in the list and click the edit button found on the left side of
the screen.
2. Enter your first name and last name in the Name field.
3. Click the Access tab found at the bottom of the page.

4. At the botom select Roles and click the dropdown arrow.

5. Select Accountant from the list. Click <Add>.

6. Click <Save>.
 7. Place the mouse pointer at role button located at the upper right most of the
page.

8. Click the your role as an Accountant and observe the difference.

COMPANY SETUP
Company Information
Before setting up company information, adjust first the phone number
format. To set phone number format click Setup > Company > General
Preference. In the phone number format choose (123) 456-7890 leave everything
as is and click Save.

To setup company information Click Setup > Company > Company Information
and fill in the form with the following data.
Company Name: (Your Name) Company
TIN: 17-123456
Legal Name: (Your Initials) Enterprise
Return email address: (Your email add)

Shipping Address:
Attention: (Name of your best friend)
Phone: (617) 222-9987
Address 1: Fox Hollow Ave.
City: Ada
State: Michigan
Zip: 49301

Enabling Feature
You can turn on or off any features in Netsuite. To enable features of Netsuite
go to Setup > Company > Enable Features. Enable some feature as stated below.
Company Accounting
Classifications Basic Features
√ Departments √ Accounting
√ Locations √ A/R
√ Classes √ A/P
ERP General √ Accounting period
√ Multiple Unit of Measure Advanced Features
Data Management √ Expense Allocation
√ Inline Editing √ Revenue Recognition
√ File Cabinet √ Multiple Budget
Transactions Items and Inventory
Basic Feature Items
Enable all √ Bar Coding and Item Label
Sales Inventory
√ Multiple Prices √ Inventory
√ Gross Profit √ Serialized Inventory
Shaping and Receiving
√ Advance Shipping
√ Pick, Pack and Ship
√ Shipping Level Integration
√ Advanced Receiving
Billing
√ Bill Costs To Customer
Payment Processing
√ Credit Card Payment

Note: Some feature may not be present, so just move to the next feature.
Tab not shown should be set to the default value.
Rename Records/Transactions
 In Netsuite you can customize the name of your records and transactions. Go
to Setup > Company > Rename Records/Transactions.
Rename the following field:
Name for Class: Product Lines
Leave everything as it is and then click <Save>.

Auto-Generated Numbers

The Set Up Auto-Generated Numbers page is where you choose to automatically

number certain records in the order they are created. You can also add prefixes and
suffixes to certain relationship records and transactions.

To generate auto number go to Setup > Company > Auto-Generated Numbers.

Enter the following as stated:

Entities
Enable Type Prefix Minimum Initial Allowed
Digits No. Override
Check Customer CU 5 10001 No
Check Employee EM 5 20001 No
Check Vendor VE 5 30001 No

Document Number
Type Prefix Minimum Initial No. Allowed
Digits Override
Cash Sales CI 5 10001 No
Credit Memo CM 5 20001 No
Deposit DS 5 90001 No
Inventory IA 5 90001 No
Adjustment
Invoice SI 5 40001 No
Item Fulfillment PS 5 50001 No
Item Receipt RR 5 60001 No
Journal JE 5 70001 No
Payment PV 5 90001 No
Purchase Order PO 5 30001 No
Return RA 5 90001 No
Authorization
Sales Order SO 5 80001 No

Product Lines
Netsuite can breakdown company performance either by Product Lines or by
Department. To add product line go to Setup > Company > Classification > Classes
> New and then create the following Product Lines.
1. Food
2. Beverage

ACCOUNTING SETUP

Accounting Period
To monitor and control status of account effectively accounting must be
enabled. In NetSuite, one accounting period is equivalent to one month of
transaction.
To setup accounting period go to Setup > Accounting > Manage Accounting
Periods and the on the bottom right click <Setup Full Year>.
Then do the following steps:
1. Choose January in the First Fiscal Month.
2. In Fiscal Year End text box enter the current year.
3. Choose Calendar Month as Period Format.
4. Choose Ending Year of Period in Year End Period Name.
5. Check the One-Day Year-End Adj. Period.
6. Click <Save>
Chart of Account/Opening Balances
Setting up chart of account is one of basic step before making any transaction
in NetSuite. Each account is assigned one account type. Account types are used to
organize data in the master files or registers and in financial reports.
In NetSuite there is two type of account according to hierarchy namely,
Parent and Child account. The parent account is the main account while the child is
the sub account. All accounts by default is a parent account.
To setup chart of account go to Setup > Accounting > Manage G/L > Chart
of Account.
NetSuite provides default account filled in the chart of accounts. You can edit
them provided that the account is not been used in any transaction. You can also add
new account. To add new account follow the following steps:
1. Click <New>
2. In account type choose Bank
3. In name type Cash in Bank
4. Click <Save>
To add new subaccount follow the following steps:
1. Click <New>
2. For Account type choose Bank
3. For the Name type PBO Checking #2342228
4. In the Subaccount field select Cash in Bank.
5. If the Cash in Bank does not appear, go to Setup > Accounting >
Preferences > Accounting Preferences. Then check the Expand Account
List. Then click <Save>. Then repeat the process except no. 5.
6. Click <Save>
Add the following accounts
Sub account Done
Type Account Name of
Bank Cash in Bank
Bank PBO Checking #2342228 Cash in Bank
Bank CO Checking #3245690 Cash in Bank
Bank Petty Cash Fund
Accounts Receivable Accounts Receivable
Allowance for Doubtful
Other Current Asset Account
Other Current Asset Merchandise Inventory
Other Current Asset Prepaid Insurance
Other Current Asset Office Supplies
Accounts Payable Vouchers Payable
Accounts Payable Income Tax Payable
Accounts Payable BIR Payable
Accounts Payable SSS Payable
Accounts Payable Pag-Ibig Payable
Accounts Payable Philhealth Payable
Accounts Payable Salary Payable
Long Term Payable Loan Payable
Equity EK, Capital
Equity EK, Drawing
Income Sales
Income Sales Discount Sales
Sales Returns and
Income Allowances Sales
Other Income Interest Income
Cost of Goods Sold COGS
Cost of Goods Sold Inventory Variance
Expense Salary Expense
Expense Gas and Fuel Expense
Expense Repairs and Maintenance
Expense Depreciation
Expense Doubtful Account
Expense Internet Expense
Expense Rental Expense
Expense Transportation Expense
Expense Light and Water Expense
Expense Commission Expense
Expense Bank Service Charge
Expense Insurance Expense
Expense Supplies Expense
Security and Janitorial
Expense Expense
Expense Interest Expense
Expense Taxes and Licenses
Expense Miscellaneous Expense

Openning Balance
To setup openning balance go to Setup > Accounting > Enter Openning
Balance. Next, enter the balances shown below.
Account Name Debit Credit Done
PBO Checking #2342228 5,000,000
CO Checking #3245690 4,000,000
Petty Cash Fund 25,000
Prepaid Insurance 75,000
EK, Capital 9,100,000

Make it sure that the Out of Balance by value is zero. Then click <Save>.
Accounting Preference
To control the flow of accounting management user interface accounting
preferences must be set first. To set accounting preferences go to Setup >
Accounting >Preferences > Accounting Preferences and change the value as
stated:
NOTE: If not mentioned just leave it as it is.
General:
1. Expand Account Lists : Check
2. Aging Reports Used: Due Date
3. Require Approvals on Journal Entries: Uncheck
4. Allow Transaction Date outside of Posting Period: Warn

Items/Transactions:
1. Purchase Discount Account: Cost of Goods Sold
2. Default Income Account: Sales
3. Default COGS Account: Cost of Goods Sold
4. Default Payment Account: PBO Checking #2342228

Order Management:
1. Default Sales Order Status: Pending Fulfillment
Click <Save>

LISTS
Vendors List
To add vendor, go to Lists > Relationships > Vendors then click <New> and
follow the steps listed below:
1. Next to Type select Company.
2. In the Company Name field enter King’s Best.
 3. Click the <Address> Tab Below, Click the pencil sign (right side) and enter the
necessary data.
4. In the Attention Field, Enter the name of your mother.
5. In the Addressee Field enter Mrs. (Your Family Name).
6. In the Phone field type 0822259990.
7. In the Address1 Field type 256 Washington St. and in the City Field enter
your birth place.
8. Then select Philippines in the Country field.
9. Click <Add/Edit Button>.
10. Lastly click <Financial Tab> to enter opening balance.
11. In the Legal Name Field enter KFI
12. In the opening balance field enter 50,500.00.

Add the following data in vendors list. Use your birth place in the City field. In the
Attention Field just enter any name you like.
Address 1 Legal Opening
Company Name Phone Name Bal. Done
082224- 28 Emerald GCBI 30,000.00
Grips Cola 3390 Ave.
082222- 21 Diamond PDI 20,500.00
Pink Energy 2233 Ave.
082222- 34 Pacesetter YFI 96,700.00
Yammy Foods 1122 Ave.
082300- 67 Silver Ave. CDC 45,200.00
Company D 1333
National Office 082234- 89 Edify Ave. NOI 23,400.00
Store 6556
082221- 12 Crown NMC
Northern Motors 0001 Ave.
Bureau of 082300- 33 Bonifacio BIR
Internal Revenue 1444 St.
Star Life 082255- 45 Luna St. SLII
Insurance 5566
City Treasurers 082222- 67 St. Peter CTO
Office 1222 St.
Petty Cash
Custodian
Social Security 082234- 25 Laurel Ave. SSS
System 1234
082221- 82 Laurel Ave. HDMF
Pag-Ibig Funds 1234
082224- 23 Quezon PHI
Philippine Health 4321 Ave.

Customers List
To add customer go to Lists > Relationships > Customers then click <New> and
follow the steps listed below:
1. In the Custom Form field select Standard Client Form.
2. Next to Type select Company.
3. In the Company Name field enterAsai Convenience Store.
4. Click the <Address> Tab Below and enter the necessary data.
5. In the Attention Field, Enter Irene Surigao.
6. In the Addressee Field enter Miss Irene
7. In the Phone field type 0823001111.
8. In the Address1 Field type 28 Flores Vill. and enter Davao in the City Field
9. Then select Philippines in the Country field
10. Lastly click <Financial> Tab to enter opening balance.
11. In the Account Field enter Asai Corporation.
12. In the opening balance field enter 120,200.00.
Add the following data in customer list. Use your birth place in the City field. In the
Attention Field just enter any name you like.
 Opening
Company Type Phone Address 1 Legal Name Done
Bal.
Braga Minimart Company 0823002222 38 Bamboo Braga 35,900.00
Ave. Corporation
Balms Sari-Sari Company 0822221122 456 WES Roderick 67,750.00
Store Ave. Balmes
CJ Sari-Sari Company 0822221234 325 CJ and Co.
Store Banahaw
St.
Leanne Food Company 0822342345 27 Cipres Lea Dela Cruz 24,000.00
Mart Ave.
Alms Sari-Sari Company 0822221100 45 Samuel Joel Almasa 78,900.00
St.

Unit of Measure
The multiple unit of measurewill enable you to classify different type unit used to
purchase, stock and sale products. To setup unit of measure go to Lists >
Accounting > Units of Measure > New. Follow the steps listed below:
1. In the Type Name field enter Case1.
2. In the Name column enter Bottle.
3. In the Plural Name column enter Bottles.
4. In the Abbreviation column enter Btl
5. In the Plural Abbreviation column enter Btls
6. In the Conversion Rate column enter 1.
7. In the Base Unit select Yes.
8. Then click Add.
9. Using steps 2 to 5 add another unit name Case and Pallet.
10. In the Conversion Column enter 12 for Case and 120 for Pallet.
11. Click <Add> and lastly click <Save>.
Add the following data in customer list. Use your birth place in the City field. In the
Attention Field just enter any name you like.
 Type Name Plural Abbreviati Plural Conversion Base
Name Name on Abbreviat Rate Unit
ion
Case2 Bottle Bottles Btl Btls 1 Yes
Case Cases Cs Css 24
Pallet Pallets Plt Plts 480
Pack1 Piece Pieces Pc Pcs 1 Yes
Box Boxes Bx Bxs 100
Pack Packs Pk Pks 10
Pack2 Piece Pieces Pc Pcs 1 Yes
Box Boxes Bx Bxs 100
Pack Packs Pk Pks 20
Dozen Piece Pieces Pc Pcs 1 Yes
Dozen Dozens Dz Dzs 12
Box Boxes Bx Bxs 48

ITEM LIST
There are wide ranges of item records that can be created in NetSuite. The most
common type of item is Inventory Items, Non-Inventory Items and Services.
Inventory items include those goods for sale while non-inventory items include
inventory not for sale such as Property Plant and Equipment and inventory for sale
such scraps.
Inventory Items

Name Type SU PU SU Product Purchase Qty. on Description Base

Field Line Price Hand Price
Soft Cake Pack1 Pack Box Packs Food 350 28 Softy yummy 45.00
cake
Biskitco Pack2 Pack Box Packs Food 250 33 Soda Biscuit 70.00
Cookie Pack1 Pack Box Packs Food 350 40 Chocolate 45.00
Choco Bread
Nutri Case2 Case Pallet Cases Beverage 2,400.00 67 12oz Orange 192.00
Orange Juice
Yums Case2 Case Pallet Cases Beverage 2,400.00 34 12oz Cola 192.00
Cola
Nutri Case2 Case Pallet Cases Beverage 2,400.00 67 12oz 192.00
Mango Pineapple
Juice
Peak Case1 Case Pallet Cases Beverage 1,440.00 26 200ml 216.00
Energy Energy
Drink Drink
Peak Case1 Case Pallet Cases Beverage 1,440.00 46 200ml 216.00
Energy Energy
Drink – Drink –
Mint Menthol

To setup item go to Lists > Accounting > Items > New.Follow the steps listed
below:
1. Click <Inventory Item>.
2. In the Item Name Field enter Corny Cracker.
3. In the Unit Type field select Pack2.
4. In the Stock Units field select Pack.
5. In the Purchase Units field select Box.
6. In the Sale Units field select Pack.
7. In the Classification section, go to Product Line field and select Food.
8. Click <Purchase/Inventory> tab.
9. In the Costing Method select Average.
10. In the Purchase Price enter 200.00.
11. In the Purchase Description field enter “A delicious Corn Snacks”.
12. In the Quantity on Hand field enter 20.
13. Click <Sales/Pricing> tab.
14. In the Sales Description field enter “A delicious Corn Snacks”.
15. In the Base Price field enter 40.00.
16. Then click <Save>.
No need to set values in the accounting tab since this was already set in the
accounting preferences.The Web Store will be use later upon building company
webpage.

Shipping List

If you sell product online it is common to include shipping charges.

To setup shipping charges go to Lists > Accounting > Shipping Items. Do the
following steps:
1. In the Ship Name field enter Air23 Express.
2. In the Display Name Code field enter Air23.
3. In the Description Field enter Air 23 Express Fast delivery.
4. Click <Save>.
 DAILY TRANSACTIONS

DAY 1 (Monday)

1. Deposited P 50,000 cash in PBO Bank

2. Established Petty Cash Fund of P 10,000

3. Purchased inventory from vendors on account

a. Grips Cola
i. 1 pallet – Nutri Orange
ii. 1 pallet – Yums Cola
iii. 1 pallet – Nutri Mango
b. Pink Energy
i. 1 pallet – Peak Energy Drink
ii. 1 pallet – Peak Energy Drink Mint
c. Yammy Foods
i. 20 boxes – Soft Cake
ii. 40 boxes – Biskitco
iii. 20 boxes – Cookie Choco

4. Sold to customers on account

a. Braga Minimart
i. 4 cases Nutri Orange
ii. 4 cases Yums Cola
iii. 4 cases Nutri Mango
iv. 2 cases Peak Energy Drink
v. 2 cases Peak Energy Drink Mint
 vi. 3 boxes Soft Cake
vii. 6 boxes Biskitco
viii. 3 boxes Cookie Choco

5. Sold to customers on cash basis

a. 1 case Nutri Orange
b. 1 case Yums Cola
c. 1 case Nutri Mango
d. 1 case Peak Energy Drink
e. 1 case Peak Energy Drink Mint
f. 2 boxes Soft Cake
g. 3 boxes Biskitco
h. 2 boxes Cookie Choco

6. Purchased office supplies on account – P 10,000 worth from National Office

Store

DAY 2 (Tuesday)

1. Sold to customers on account

a. Balms Sari-Sari Store
i. 3 cases Nutri Orange
ii. 3 cases Yums Cola
iii. 3 cases Nutri Mango
iv. 1 case Peak Energy Drink
v. 1 case Peak Energy Drink Mint
vi. 2 boxes Soft Cake
vii. 4 boxes Biskitco
viii. 2 boxes Cookie Choco

2. Sold to customers on cash basis

 a. 2 cases Yums Cola
b. 1 case Peak Energy Drink
c. 3 boxes Soft Cake
d. 1 box Biskitco
e. 2 boxes Cookie Choco

DAY 3 (Wednesday)

1. Sold to customers on account

a. CJ Sari Sari Store
i. 3 cases Nutri Orange
ii. 3 cases Yums Cola
iii. 3 cases Nutri Mango
iv. 1 case Peak Energy Drink
v. 1 case Peak Energy Drink Mint
vi. 2 boxes Soft Cake
vii. 4 boxes Biskitco
viii. 2 boxes Cookie Choco

2. Sold to customers on cash basis

a. 1 case Nutri Orange
b. 1 case Nutri Mango
c. 1 case Peak Energy Drink Mint
d. 1 box Soft Cake
e. 4 boxes Biskitco
DAY 4 (Thursday)

1. Sold to customers on account

a. Leanne Food Mart
i. 4 cases Nutri Orange
ii. 4 cases Yums Cola
 iii. 4 cases Nutri Mango
iv. 2 cases Peak Energy Drink
v. 2 cases Peak Energy Drink Mint
vi. 3 boxes Soft Cake
vii. 6 boxes Biskitco
viii. 3 boxes Cookie Choco

2. Sold to customers on cash basis

a. 3 cases Yums Cola
b. 2 cases Peak Energy Drink
c. 1 box Soft Cake
d. 1 box Biskitco
e. 1 box Cookie Choco

DAY 5 (Friday)

1. Paid vendors for purchases made on Day 1

2. Sold to customers on account

a. Alms Sari Sari Store
i. 3 cases Nutri Orange
ii. 3 cases Yums Cola
iii. 3 cases Nutri Mango
iv. 1 case Peak Energy Drink
v. 1 case Peak Energy Drink Mint
vi. 2 boxes Soft Cake
vii. 4 boxes Biskitco
viii. 2 boxes Cookie Choco

3. Sold to customers on cash basis

a. 2 cases Nutri Orange
 b. 1 case Yums Cola
c. 1 case Peak Energy Drink Mint
d. 4 boxes Biskitco

DAY 6 (Monday)

1. Purchased inventory from vendors on account

2. Sold to customers on account

a. Braga Minimart
i. 4 cases Nutri Orange
ii. 4 cases Yums Cola
iii. 4 cases Nutri Mango
iv. 2 cases Peak Energy Drink
v. 2 cases Peak Energy Drink Mint
vi. 3 boxes Soft Cake
vii. 6 boxes Biskitco
viii. 3 boxes Cookie Choco

3. Sold to customers on cash basis

a. 1 case Nutri Orange
b. 1 case Yums Cola
c. 1 case Nutri Mango
d. 1 case Peak Energy Drink
e. 1 case Peak Energy Drink Mint
f. 1 box Soft Cake
g. 1 box Biskitco
h. 1 box Cookie Choco

4. Received payment from sales made to customers on account on Day 1

 DAY 7 (Tuesday)

1. Sold to customers on account

a. Balms Sari-Sari Store
i. 3 cases Nutri Orange
ii. 3 cases Yums Cola
iii. 3 cases Nutri Mango
iv. 1 case Peak Energy Drink
v. 1 case Peak Energy Drink Mint
vi. 2 boxes Soft Cake
vii. 4 boxes Biskitco
viii. 2 boxes Cookie Choco

2. Sold to customers on cash basis

a. 3 cases Yums Cola
b. 3 boxes Soft Cake
c. 4 boxes Biskitco

3. Received payment from sales made to customers on account on Day 2

DAY 8 (Wednesday)

1. Sold to customers on account

a. CJ Sari Sari Store
i. 3 cases Nutri Orange
ii. 3 cases Yums Cola
iii. 3 cases Nutri Mango
iv. 1 case Peak Energy Drink
v. 1 case Peak Energy Drink Mint
vi. 2 boxes Soft Cake
vii. 4 boxes Biskitco
 viii. 2 boxes Cookie Choco

2. Sold to customers on cash basis

a. 1 case Nutri Orange
b. 1 case Nutri Mango
c. 1 boxes Soft Cake
d. 2 boxes Biskitco
e. 1 box Cookie Choco

3. Received payment from sales made to customers on account on Day 3

DAY 9 (Thursday)

1. Sold to customers on account

a. Leanne Food Mart
i. 4 cases Nutri Orange
ii. 4 cases Yums Cola
iii. 4 cases Nutri Mango
iv. 2 cases Peak Energy Drink
v. 2 cases Peak Energy Drink Mint
vi. 3 boxes Soft Cake
vii. 6 boxes Biskitco
viii. 3 boxes Cookie Choco

2. Sold to customers on cash basis

a. 2 cases Nutri Orange
b. 2 cases Yums Cola
c. 2 cases Nutri Mango

3. Received payment from sales made to customers on account on Day 4

 DAY 10 (Friday)

1. Paid vendors for purchases made on Day 6

2. Paid vendors for office supplies purchased on account on Day 1, P 2,000 worth of
supplies still on hand.

3. Sold to customers on account

a. Alms Sari Sari Store
i. 3 cases Nutri Orange
ii. 3 cases Yums Cola
iii. 3 cases Nutri Mango
iv. 1 case Peak Energy Drink
v. 1 case Peak Energy Drink Mint
vi. 2 boxes Soft Cake
vii. 4 boxes Biskitco
viii. 2 boxes Cookie Choco

4. Sold to customers on cash basis

a. 1 case Nutri Orange
b. 3 cases Yums Cola
c. 1 case Nutri Mango
d. 2 cases Peak Energy Drink
e. 2 cases Peak Energy Drink Mint
f. 3 boxes Soft Cake
g. 5 boxes Biskitco
h. 1 box Cookie Choco

5. Received payment from sales made to customers on account on Day 5

6. Recorded accrued employees’ salaries for the past two weeks – P 30,000

7. Recorded accrued expenses for the past two weeks

a. Gas and Fuel Expense – P 3,000
b. Repairs and Maintenance – P 2,000
c. Internet Expense – P 1,000
d. Rental Expense – P 7,500
e. Transportation Expense – P 2,000
f. Light and Water Expense – P 750
g. Insurance Expense – P 1,000
h. Security and Janitorial Expense – P 10,000
i. Miscellaneous Expense – P 2,000

8. Withdrew temporarily P 15,000 for personal use.

 NetSuite Practice Set Rubric

Outstanding Satisfactory Needs

CRITERIA (5 Points) (4 Points) Improvement SCORE WEIGHT WEIGHTED
(3 Points) SCORE

CONTENT
(ACCURACY OF 0 – 5 Errors 6 – 10 More than 10 X 30
TRANSACTIONS, Errors Errors
& BALANCES)

PRESENTATION
(FINANCIAL 0 – 3 Errors 4 – 7 Errors More than 8 X 30
STATEMENT) Errors
PRESENTATION
(WEB STORE) Fully Semi- Not X 20
Functional Functional Functional

PUNCTUALITY Submitted Submitted Submitted X 20

IN SUBMISSION on or before a day after more than 2
deadline the days after the
deadline deadline
TOTAL WEIGHTED SCORE