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Altnamealtname: Manage Currencies and Exchange Rates
Baserecordtypebaserecordtype: customrecord_ns_imp_req_module
Customformcustomform: Module Form
Isinactiveisinactive: No
Lastmodifiedlastmodified: 8/2/2018 11:38 am
Linenumberlinenumber: 28
Module descriptioncustrecord_ns_imp_module_description: In NetSuite, with the Multiple Currencies feature you can do business with customers and vendors that operate in foreign currencies. Exchange rate variances are calculated automatically and posted to your Exchange Rate Variance expense account when payments are made or received. You can create currency records, assign currencies to those you do business with and account for changes in exchange rates. You can also assign foreign currency prices to sales items. When you create a transaction involving a customer, vendor or partner, the transaction amounts are recorded in the currency selected on their record. The Currency Exchange Rate Integration feature updates your currency exchange rates on a nightly basis. This service includes more than 170 currencies from around the world. Each night, on the days the market is open, a new entry is added to the currency exchange rate table for the next day. On days when the market is not open, the last known rate is used. You must mark each currency record that you want automatically updated. The currency record must be marked before 9 PM Pacific Time to have the currency updated for the following day. This box is checked by default on all records after you turn on the feature. You can still set the exchange rate manually for any currency to override the automatic update. Additionally, you can turn off automatic updates for a currency at any time. For OneWorld accounts the following applies: Each subsidiary has its own base currency. Reports can be viewed in the currency of a subsidiary or in the currency of a parent subsidiary by using consolidated rates. Consolidated Exchange Rates A table of consolidated exchange rates exists to facilitate translation of amounts from child to parent subsidiaries.  Rates are maintained by accounting period.  Each rate type (Current, Average, Historical) is held for each subsidiary-parent relationship.  These rates can be input, or they can be copied or computed from the daily exchange rates.  The table of consolidated exchange rates will also include rates between subsidiaries and other ancestors that are computed by applying intermediate rates.  Those computed rates cannot be edited directly.<o:p></o:p> For Web Site Customers, the following applies: If your customers use more than one currency in their dealings with your company, you should also enable Multi-Currency Customers. You can display and sell web site items in any currency you set up in NetSuite. First, your customers choose their currencies on your web site. Then, all prices are automatically updated to display your customers' preferences. The first time customers visit your site, they can select a currency. This will convert all prices in your store to the currency they select. This includes prices in the shopping cart, checkout sequence, and in the Customer Center. When a shopper places his or her first order and registers at that time through Web site registration, the currency of that first order is set as the customer's primary currency on the customer record that is created. After a customer selects a currency and completes a transaction, that customer must use the same currency on all subsequent transactions on the Web Site.  Customers who register but do not order can change their primary currency during registration. You can add additional transaction currencies for a customer, but those currencies are only available for use through the Customer Center (Not available on My Account). For each currency that you use, you can customize the currency symbol. Customized currency formats apply to currency fields displayed on screen and on printed transactions.<div style="text-align: justify;"> </div>
Module processcustrecord_ns_imp_module_process: 1 Record to Report
Namename: 1.4
Ownerowner: Mihir Bhatnagar
Owneridownerid: 7
Recordidrecordid: 8
Rectyperectype: Module
Rectype 242 1695 maxnkeyrectype_242_1695_maxnkey: 258
Scriptidscriptid: value_54154_t1247005_856
Submitnext tsubmitnext_t: customrecordentry
Submitnext ysubmitnext_y: 242
Templatestoredtemplatestored: No
Typetype: custrecordentry
Versionversion: 6

No value 1

Parent modulecustrecord_ns_imp_parent_module: —

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1.4

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