Enabling Currency Exchange Rate Types
The Currency Exchange Rate Types feature is available only in NetSuite OneWorld accounts. To make the Currency Exchange Rate Types feature available, you must first enable the following additional features:
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Multiple Currencies – For information about this feature, see Multiple Currencies.
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Intercompany Framework – For information about this feature, see Intercompany Framework.
When you enable the Currency Exchange Rate Types feature, NetSuite assigns your existing exchange rates a currency exchange rate type called Default Currency Exchange Rate Type. Currency exchange rate records gain a new required field called Exchange Rate Type. NetSuite automatically sets the value of the Exchange Rate Type field to the default on all existing currency exchange rate records.
You can use an alternate currency exchange rate type as your Corporate Exchange Rate Type for intercompany cross charges. You select your Corporate Exchange Rate Type on the Accounting subtab of the Intercompany Preferences page at Setup > Accounting > Preferences > Intercompany Preferences. For more information, see Intercompany Preferences.
All currency exchange rates in NetSuite, except intercompany cross charges, use the default currency exchange rate type.
After you enable the Currency Exchange Rate Types feature, you cannot disable it.
To enable the Currency Exchange Rate Types feature:
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Go to Setup > Company > Enable Features.
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On the Accounting subtab, in the Advanced Features section, check the box for Intercompany Framework.
This feature requires that you also enable the Advanced Intercompany Management feature. A popup window lets you enable both features at the same time.
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On the General subtab, in the International section, ensure that the box for Multiple Currencies is checked.
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Click Save.
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Go to Setup > Company > Enable Features again.
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On the General subtab, in the International section, check the Currency Exchange Rate Types box, and click Save.