Foreign Currency Management
Please contact your sales or account representative to find out how to get the Full Multi-Book Accounting feature. The assistance of NetSuite Professional Services or a Multi-Book authorized partner is required to implement this feature. You should consider contacting NetSuite Professional Services or a Multi-Book authorized partner for assistance in setting up the Adjustment-Only Books feature, even though it is not required.
Multi-Book Accounting, including the Adjustment-Only Books feature, is available only in NetSuite OneWorld.
Foreign Currency Management in Multi-Book Accounting enables you to manage foreign currency transactions and generate financial reports for different accounting books using different base currencies assigned to the same subsidiary. When Foreign Currency Management is enabled, the base currency for each subsidiary in a book must be configured before a secondary accounting book can be activated.
You can clear the Foreign Currency Management box on the Enable Features page if both of the following conditions exist. 1) The base currency in each subsidiary is the same across the subsidiary’s accounting books. 2) There are no transactions in the secondary accounting books.
To enable this feature, follow the instructions in Enabling Multi-Book Accounting Features.
The Multiple Currencies feature is required to use Foreign Currency Management.
For book-generic transactions, the foreign currency exchange rate in the main transaction record is for the primary book. The exchange rates for secondary accounting books are on the Accounting Books subtab. Book-specific transactions include an Accounting Book list. For more information, see Book-Generic and Book-Specific Records.
The general ledger impact of each transaction is translated into different base currency amounts for each accounting book. The GL Impact page displays the impact for the accounting book selected in the Accounting Book list. The list includes the option to display all accounting books.
The following topics are directly related to Foreign Currency Management in Multi-Book Accounting:
Related Topics:
- Planning for Multi-Book Accounting
- Adding Accounting Books
- Adding a New Subsidiary to an Active Book
- Roles and Data Access for Multi-Book Accounting
- Chart of Accounts Mapping
- Accounting Book Period Close Management
- Revenue and Expense Management
- Reports, KPIs, and Saved Searches in Multi-Book Accounting
- Using Multi-Book Accounting