Before calculating consolidated rates manually in NetSuite, the system will auto calculate the rates for future periods. These default rates on the Consolidated Exchange Rates page usually vary per Fiscal Year. This is because the rate is coming from the exchange rate of the date when the fiscal period is created.
To check the same, follow the below steps in demo account:
1.Review the Subsidiaries available and their corresponding Base Currencies
- Navigate to Setup > Company > Subsidiaries
- Open each Subsidiary record or customize the view and expose the Base Currency under Results tab.
2. Assume there is a USD Base Currency for the Parent Subsidiary and a CAD Base Currency for the Child Subsidiary. Verify the Currency Exchange Rates from CAD to USD today:
- Navigate to Lists > Accounting > Currency Exchange Rates
- Set the date in the Filter as Today’s date
- Get the rate.
3.Setup a new Fiscal Year
- Navigate to Setup > Accounting > Manage Accounting Periods
- Click Set Up Full Year button
- Setup 2025 Fiscal Year
- Fiscal Year End: 2025
- Period Format: Calendar Months
- Year in Period Name: Ending Year of Period
- Hit Save
View the Consolidated Exchange Rates for periods under Fiscal Year 2025
- Navigate to Lists > Accounting > Consolidated Exchange Rates
- Set Period filter to Jan 2025 or Feb 2025
- Then, select the Child Subsidiary on the From Subsidiary filter. Then, the Parent Subsidiary on the To Subsidiary filter.
Current, Average and Historical Consolidated Rates will all default to the currency exchange rate during the day the periods were created.