Tag: Consolidated Exchange Rates

Function to get Exchange rate using SuiteScript

function getExchangeRate(baseCurrency, sourceCurrency) { try { let exchangeRate = 0; let currencyrateSearchObj = search.create({ type: search.Type.CURRENCY_RATE, filters: [ [“basecurrency”, “anyof”, baseCurrency], “AND”, [“transactioncurrency”, “anyof”, sourceCurrency] ], columns: [ search.createColumn({ name: ‘internalid’, sort: search.Sort.DESC }), search.createColumn({ name: ‘effectivedate’, sort: search.Sort.DESC }), search.createColumn({ name: “exchangerate”, label: “Exchange Rate”, }), ] }); currencyrateSearchObj.run().each(function (result) { exchangeRate = result.getValue({… Continue reading Function to get Exchange rate using SuiteScript

Transaction saved search for the Average consolidated exchange rate

Transaction Saved Search that will extract posting transactions associated to Accounts that uses the Average General Rate Type   Set the following Criteria on the Search: Account: General Rate Type = is Average Subsidiary = Child Subsidiary Period = Preferred Month     Posting = True   Set the following fields as under Results tab: Consolidated Exchange Rate = None Show Totals = True Columns subtab: Document Number… Continue reading Transaction saved search for the Average consolidated exchange rate

Consolidated Exchange Rate Types

The Consolidated Exchange Rates table includes three consolidated exchange rate types. Current, Average, and Historical. The value of a subsidiary account multiplied by its consolidated exchange rate provides the account value in consolidated financial statements. The consolidated exchange rate types and the types of accounts that use them are as follows: Average – The weighted average… Continue reading Consolidated Exchange Rate Types

Default consolidated rates

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,… Continue reading Default consolidated rates

Search to identify the Average Consolidated Exchange Rate

Consolidated Exchange Rates are calculated based on the rate type set on Accounts. Average Consolidated Exchange Rate is the weighted average of the exchange rates of transactions applied during the period to Accounts with the Average General rate type. Here are the steps to follow to verify the Average Consolidated Exchange Rate:   1. Create a Transaction Saved Search that will extract posting transactions associated… Continue reading Search to identify the Average Consolidated Exchange Rate

Consolidated Exchange Rate Automatic Calculation Example

The following is an example of the calculation that NetSuite uses to determine the consolidated exchange rates for subsidiaries with the following hierarchy: U.S. Subsidiary is parent-subsidiary, base currency is USD U.K. Subsidiary is child subsidiary, base currency is GBP The transactions during the period of January for the U.K. subsidiary are listed in the… Continue reading Consolidated Exchange Rate Automatic Calculation Example