Setting Exchange Rates Directly on Transactions in NetSuite

Ron Danenberg1 min

🚨 Problem: Need to generate currency revaluations at the end of accounting periods in NetSuite but unsure how? 🚨

This guide will show you how to generate currency revaluations in NetSuite, helping you ensure that your financials reflect the latest exchange rates for open payables and receivables. 🌐💰

Step-by-Step Guide 📋

  1. Navigating to Revalue Open Currency Balances
    • Go to Transactions > Financial > Revalue Open Currency Balances. 📂💱
    • Alternatively, access this page from the Revalue Open Foreign Currency Balance task on the Period Close Checklist. 📅✅
  2. Select Posting Period and Accounting Book
    • Choose a posting period and, if using multi-book accounting, select an accounting book. 📑
    • Selecting an accounting book will filter available subsidiaries. 📋🏢
    • To run month-end currency revaluation for multiple subsidiaries, check the Include Children box. ✅👶
  3. Key Fields to Enter
    • Fill in all relevant fields, focusing on:
      • Match Source Classification: When checked, it generates a currency reevaluation for each combination of classifications (Class, Department, Location, Customer Segment) with an impact on the general ledger. 🧮📊
      • Be cautious: If classifications are mandatory and this box is checked, a missing classification value in a source transaction will cause an error that stops the revaluation process. ⚠️🚫
    • Choose which account type to revalue (e.g., Accounts Receivable). 💼💡
  4. Running the Revaluation
    • Click Save to start the process. 💾🖱️
    • If you resubmit the same combination before the process is completed, you’ll encounter an error. ⚠️❌
  5. Important Considerations
    • Maximum lines per revaluation: 2,000. 📄
    • Open receivables and open payables are included in a separate currency revaluation transaction from other accounts. 🔄💰
    • The total variance is posted to the Unrealized Gain/Loss account. 📈💸
  6. Review Completed Revaluations
    • Go to Transactions > Financial > Revalue Open Currency Balances and click List to view past revaluations. 📃👀
    • This can also be accessed through the Period Close Checklist. 📝✔️

Congratulations! 🎉 You’ve now successfully generated currency revaluations in NetSuite! 🎉 Accurate financials, better reporting. 🌟📊

If you found this tutorial helpful, please subscribe to this channel for more tips and tutorials. Visit www.KOLLENO.com for more tools to enhance your accounting processes! 🎥✨

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