NetSuite consolidated exchange rates are used in OneWorld accounts, and accounts that have multiple base currencies. These rates are used in consolidated reports to translate the subsidiary base currency balances to consolidated subsidiary currency. To get consolidated exchange rates, go to Lists > Accounting > Consolidated Exchange Rates.
Consolidated exchange rates ensure that currency amounts translate properly from child to parent subsidiaries for consolidated reports. The page includes consolidated exchange rates between the base currencies of each subsidiary and its parent or grandparent subsidiary each accounting period.
NetSuite creates initial consolidated exchange rates when associated subsidiaries and accounting periods are created. The initial values are derived from currency exchange rates in effect at the time. That means the latest currency exchange rates in the NetSuite currency exchange rate page will be used as consolidated exchange rates of newly created accounting periods.
Consolidated exchange rates can be updated at the end of each accounting period, as part of period close tasks. It is mandatory to calculate consolidated exchange rates by using the calculator in the NetSuite consolidated exchange rates page or update the rates from an external rate provider to NetSuite by using CSV import. There are budget exchange rates available in NetSuite to maintain distinct budget exchange rates between child and parent subsidiaries for use in the budgeting process.