Create Foreign Currency Variance Posting Rules

To create foreign currency variance posting rules: 

1. Go to Setup > Accounting > Foreign Currency Variance Posting Rules > New. 

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2. Rule Name – Enter a unique name for the rule. 

3. Description – Enter a short description of the rule if needed.  

4. Destination Account – Provide an account for posting the revaluation amount as per the current rule. Foreign currency variances post to this destination account when the source or revaluation transaction matches the rule. Multiple rules can have the same destination account. The list of destination accounts shows all accounts of the Other Income and Other Expense account types.  

5. Inactive – Check this box if you want to disable the rule. Inactive rules are included on the Foreign Currency Variance Posting Rules page. However, they are ignored during revaluation processing. 

6. Select the fields and values in the criteria subtab. The rule will run based on the criteria added in the rule. Standard fields, custom fields, and custom segments will be listed in the fields. Criteria with custom fields or custom segments apply to source transactions only. 

The other available fields are as follows: 

• Account – This field refers to the posting account on the source transaction. Use this field, for example, to add criteria to match specific accounts payable accounts on vendor bills. 
• Account Type – The field refers to the account type of the posting account on the source transaction. Use this field, for example, to add criteria to match all accounts of the account type Accounts Receivable. 

• Accounting Book – This field refers to the accounting book of revaluation transactions. This field is available only when the Multi-Book Accounting feature is enabled.  
• Class – This field refers to the Class field of source transactions. 
• Country – This field refers to the Country field of the subsidiary of the source transaction and is available only in NetSuite OneWorld implementations. 
• Currency – Source Transaction – This field refers to the Currency field of source transactions. 
• Date – Revaluation -This field refers to the Date field of revaluation transactions. 

• Date – Source Transaction –  This field refers to the Date field of source transactions. 
• Department –  This field refers to the Department field of source transactions. 
• Gain/Loss –  This field indicates whether the revaluation transaction is a gain or a loss. 
• Is Intercompany –  When you select Yes as the value for the field, source transactions match the rule only when the line to be revalued is marked for elimination. This field does not apply to revaluation transactions. This field is available only when the Automated Intercompany Management feature is enabled.  
• Location –  This field refers to the Location field of source transactions. 

• Memo –  This field refers to the Memo field of source transactions. 
• Nexus –  This field refers to the Nexus field of source transactions. 
• Posting Period – This field refers to the posting period of payments or credit memos for realized gains. For unrealized gains, this field refers to the posting period of customer invoices or vendor bills. For invoices against revenue commitments, this field refers to the invoice posting period. 
• Subsidiary – This field refers to the Subsidiary field of the source transaction and is available only in NetSuite OneWorld implementations. If you use this field, make sure the subsidiaries you select are associated with the Destination Account.  
• Variance Type – The options for variance type are Matching, Realized, and Unrealized.  

Once added the criteria needed for the rule, click Save.