The time interval for updating exchange rates in NetSuite can be customized based on your business requirements. By default, NetSuite updates exchange rates once per day, but you can adjust this interval to better suit your needs.
To adjust the exchange rate update interval in NetSuite, follow these steps:
- Go to Setup > Accounting > Manage Currencies.
- Click on the “Update” button next to the exchange rate source you want to modify. NetSuite provides several built-in exchange rate sources, such as OANDA, the European Central Bank, and the Federal Reserve Bank of New York.
- In the “Update Exchange Rates” window, select the desired update frequency from the “Frequency” dropdown. The available options are:
- Daily: Updates exchange rates once per day.
- Weekly: Updates exchange rates once per week.
- Monthly: Updates exchange rates once per month.
- Manual: Updates exchange rates only when initiated manually.
- Click “Save” to apply the changes.
It’s important to note that changing the exchange rate update frequency may affect the accuracy of financial statements and other accounting reports. If your business deals with a high volume of foreign currency transactions, you may want to consider updating exchange rates more frequently to ensure accurate accounting treatment.