Managing Consolidated Exchange Rates in NetSuite

by | Feb 1, 2023 | Suite Guides

In today’s NetSuite guide, we will discuss consolidated exchange rates, from 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 multiple 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 multiple 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.

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 currently serves as an Implementation Consultant at ScaleNorth.

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