If our business has only one currency, then we can manage the currency details on the company information page. If we have multiple currencies to use in our account, then we have to enable the “Multi-currency” feature which helps us to create more than one base currency and transaction currencies in our account. Base currency is the subsidiary currency used in our account. Those that are not base currencies are transaction currencies that we are using for recording transactions.
Foreign currency revaluations (exchange rate variances) are calculated and posted based on daily exchange rates and the accounting periods set in the NetSuite account. So the account should have enabled the accounting periods feature and exchange rate integration (or update of exchange rates daily manually or by script).
Enabling the Multiple Currencies feature does the following:
- Adds a Currencies subtab to prospect, customer, and vendor records under the Financial subtab.
- Changes the Currency field on customer and vendor records to Primary Currency.
- Enables editing of the Primary Currency field on sales and purchase transactions.
- Helps to define purchase and sales prices in multiple currencies on item records
To enable multi-currency feature:
- Go to Setup > Company > Setup Tasks > Enable Features.
- On the Company subtab, check the Multiple Currencies box.
- Also, enable the Currency Exchange Rate Integration feature if we need to automatically update exchange rates one time each day.
- Click Save.
- Go to the Currencies page at Lists > Accounting > Currencies. In NetSuite OneWorld, each subsidiary must have a base currency and it will show as the base currency on this page.
By default, NetSuite provides the currencies CAD, EUR, GBP, and USD.