Adding a Currency Exchange Rate Type
You need a user role with the Currency permission to work with currency exchange rate types. An administrator can add this Lists permission to your role. Only Edit level permission is required since you cannot delete currency exchange rate types.
NetSuite limits the number of active currency exchange rate types in an account. You can have more currency exchange rate types if the additional types are inactive.
When you create a new currency exchange rate type, NetSuite automatically creates the initial currency exchange rates for the new rate type. These initial currency exchange rates are the same as the default exchange rates on the date you add the currency exchange rate type. The effective date for these initial currency exchange rates is January 1, 1970. For instructions to update the exchange rates, see Adding Rates to the Currency Exchange Rates List.
All currency exchange rates in NetSuite, except intercompany cross charges, use the default currency exchange rate type. 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.
To add a new currency exchange rate type:
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Go to Lists > Accounting > Currency Exchange Rate Types > New.
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Enter a unique Name for the new currency exchange rate type.
The name you enter here appears in lists that include currency exchange rate types.
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Complete the optional fields as follows:
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Description – Enter a description or purpose for the currency exchange rate type. Any description you enter here appears on the Currency Exchange Rate Types list page. A description is helpful for others who have access to the record.
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Inactive – If you want to add the new rate type but keep it inactive, check this box. The record remains in the system for future reference, but dropdown lists do not include it.
If you already have the maximum number of active currency exchange rate types, the Inactive box is automatically checked, and you cannot clear it. Best practice is to save the inactive record and review all currency exchange rate types to determine which should be active. For instructions, see Viewing and Editing Currency Exchange Rate Types.
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Click Save.