Revaluing open currency balances in NetSuite is a key process for companies dealing with multiple currencies, ensuring that foreign currency balances are accurately reflected based on current exchange rates. This process adjusts the value of open Accounts Receivable, Accounts Payable, and other foreign currency accounts to reflect fluctuations in exchange rates at the end of an accounting period. To perform the revaluation, go to Transactions > Financial > Revalue Open Currency Balances. You’ll select the subsidiary, accounting period, and any specific accounts or customers/vendors you want to include.
Once executed, NetSuite generates a currency revaluation journal entry that records the unrealized gains or losses due to exchange rate differences. This ensures that your financial statements present an accurate and compliant view of your currency exposures. It’s important to review these entries and ensure the correct exchange rates are in place before running the revaluation. Automating this process each month can improve efficiency and help maintain accurate financial reporting across your global operations.