Payment in currency other than Bill currency

We tested different currency payment methods in NetSuite and recommend using the subsidiary’s base currency bank account [Create a clearing account in subsidiary base currency], when the payment is not in the bill’s currency. This method leverages NetSuite’s ability to handle multiple currencies effectively.

Key Steps:

• Transfer Funds:

1. Navigate to Financials → Banking → Transfer Funds.
2. Select the bank account for payment in the “From Account” field and the subsidiary’s base currency account (Clearing account) in the “To Account” field.
3. Enter the payment amount in the From currency and save the transaction.

• Match Bank Statement:

1. Match the transfer transaction with the bank statement line on the Match Bank Data page and reconcile.

• Create Bill Payment:

1. On the Bill Payment page, choose the base currency account (Clearing account), select the bill currency. The list of open bills will appear. Check the relevant bill and Save. The payment will be applied against the bill and the status of the bill will change accordingly.

Please note that step 2 and 3 are not dependent of each other and either of these can be done after transfer fund creation.