Creating Currency Records

By default, NetSuite provides the following currencies with the Multiple Currencies feature:

Country

Currency Name

Symbol/ Currency Code

Canada

dollar

CAD

European Union

euro

EUR

Great Britain

pound

GBP

United States

dollar

USD

Create additional currency records for any other currencies to be used for transactions. Each currency must have a name, default locale, ISO code, and default exchange rate. NetSuite supports all ISO 4217 standard currencies.

For instructions to view, edit, or delete existing currency records, see Viewing and Editing Currency Records.

To create a currency record:

  1. Go to Lists > Accounting > Currencies > New.

  2. In the Name field, enter a unique name for the currency.

    Use a name that combines the country name or abbreviation as well as the name of the currency. For example, pesos are the currency in the Philippines, Uruguay, and Mexico. For Mexico, you might enter Mexican peso.

    The currency name you enter here becomes an option for the currency on customer, vendor, and other records. For more information, see Assigning Currencies to Entities and Assigning a Foreign Currency Price to a Sales Item.

  3. In the Default Locale field, select a country to determine the currency format.

    The ISO Code field displays the three-letter International Standards Organization (ISO) currency code for the Default Locale you select. You receive a warning if you change the value to an unsupported ISO code. Non-standard ISO codes significantly slow down the exchange rate update process. To use the Currency Exchange Rate Integration feature, the currency record must have a valid ISO code.

    The Format Sample field displays the default currency format for the currency of the Default Locale. The currency format is the combination of the symbol, thousands separator, level of decimal precision, and negative symbol used to display amounts on transactions.

  4. In the Default Exchange Rate field, enter an exchange rate for this currency against the base currency of this company.

    If you use NetSuite OneWorld, enter the exchange rate for this currency against the base currency of the root parent subsidiary.

    If you use Multi-Book Accounting, enter the exchange rate for this currency against the base currency of the root subsidiary primary book currency.

    The exchange rate is equal to the base currency amount divided by the foreign currency amount.

    For example:

    • If your company is located in Canada and you are defining the U.S. dollar, and the current exchange rate is 1.02 Canadian dollars to 1.00 U.S. dollar, the Default Exchange Rate for the U.S. dollar is 1.02/1.00, or 1.02.

    • If your company is located in the U.S. and you are defining the Canadian dollar, and the current exchange rate is 1.02 Canadian dollars to 1.00 U.S. dollar, the Default Exchange Rate for the Canadian dollar is 1.00/1.02, or .98.

    This rate is the basis for rates in the Currency Exchange Rates table that are used in foreign currency transactions. If you use OneWorld, this rate also is the basis for rates in the Consolidated Exchange Rates table that are used in consolidated financial reporting. For more information, see Currency Exchange Rates and Consolidated Exchange Rates.

  5. Complete other fields as needed. Some fields are displayed only when the Currency Exchange Rate Integration is enabled in your account. For information about these fields, see Currency Record Fields for Currency Exchange Rate Integration.

    1. Is Base Currency is displayed only on existing currency records for currency designated as the base currency for a subsidiary or as the currency at company level. The box is always checked. You cannot edit this field on the currency record.

      For instructions to set a base currency, see Setting a Base Currency and, if you use NetSuite OneWorld, Creating Subsidiary Records.

    2. Currency Precision is populated when you save the currency record. The precision designates the number of digits to the right of the decimal point used in currency transactions. Precision can be zero or two. For more information, see Currency Decimal Precision.

    3. Clear the Inactive box to make the currency available, or check it to make the currency inactive. You cannot make a currency inactive if any open transactions exist in that currency.

    4. To customize the format for this currency, check the Override Currency Format box.

      • In the Symbol field, enter the text and currency symbol you want to use for this currency. Include spaces if you want to separate the symbol from the currency value.

      • In the Symbol Placement field, select to place the currency symbol before or after the number.

      The Format Sample field shows how currency amounts display on screen and on printed transactions using your customized currency format and personal Number Format preference. For more information, see Customizing Currency Formats and Setting Personal Preferences

  6. Click Save.

After you create records for the currencies to be used in your transactions, you can set up exchange rates between currencies. See Currency Exchange Rates.

Related Topics

Multiple Currencies
Enabling the Multiple Currencies Feature
Setting a Base Currency
Assigning Currencies to Entities

General Notices