In today’s NetSuite guide, we will discuss consolidated exchange rates, including types, viewing, editing, calculating, and more.
Consolidated Exchange Rates
Consolidated exchange rates ensure that the currency amounts translate properly from child-parent subsidiaries for consolidated reports.
Consolidated Exchange Rate Types
Current Rate
The currency exchange rate in effect at the end of the period.
Average Rate
Weighted average based on transaction amounts for the period for all accounts with a General Rate Type of Average. The transaction amounts are multiplied by the currency exchange rates on the dates of the transactions. The weighted average equals the total of the transaction amounts multiplied by the currency exchange rates divided by the total transaction amount.
Historical Rate
Weighted average based on transaction amounts for the period for all accounts with a General Rate Type of Historical. The transaction amounts are multiplied by the currency exchange rates on the dates of the transactions. The weighted average equals the total of the transaction amounts multiplied by the currency exchange rates divided by the total transaction amount.
The Consolidated Exchange Rates table is available at Lists > Accounting > Consolidated Exchange Rates.
Wrapping Up
As a highly accredited NetSuite Solution Provider, ScaleNorth is well-positioned to help you with the full scope of your NetSuite customization needs. If you require more NetSuite assistance, contact ScaleNorth today.
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About the Author
Brian Huelar is a Finance graduate and CPA with a background in accounting, financial reporting, and modeling. Brian spent 3 years at Oracle NetSuite, where he served as a Technical Support Engineer and Support Analyst, and is currently an Implementation Consultant at ScaleNorth.