Account Setup in OneWorld
If you use NetSuite OneWorld, you can associate an account with one or more specific subsidiaries. This association limits availability of the account to the selected subsidiaries only.
Bank accounts and credit card accounts are restricted to one subsidiary. When you create a bank account or credit card account, you can select only one subsidiary for the account.
Each account is assigned the following exchange rate types:
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General Rate Type - This rate type is used for the income statement, balance sheet, and other general purposes.
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Cash Flow Rate Type - This rate type is used for the cash flow statement.
Go to Setup > Accounting > Manage G/L > Chart of Accounts. Click an Edit link next to account. Set up the account record as follows:
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In the General Rate Type field, select Current, Average, or Historical to determine which consolidated rate to use in all cases except cash flow.
Tip:Current – Also referred to as “ending rate,” the system uses this rate for all balance sheet accounts that do not use historical rates.
Average – The system uses this rate for all income statement accounts.
Historical – The system uses this rate for equity accounts and fixed asset accounts on the balance sheet.
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In the Cash Flow Rate Type field, select Current, Average, or Historical to determine which consolidated rate to use.
For example, long-term assets use the Historical rate type on the cash flow statement. Balance sheet uses the Current rate type on the cash flow statement.
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If necessary, select one or more subsidiaries in the Subsidiaries field.
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If the root subsidiary is selected and the Include Children box is checked, then all subsidiaries can access the account.
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If one or more subsidiaries are selected, then the account can be selected for records and transactions associated with those subsidiaries.
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For more details about rate types, see Consolidated Exchange Rate Types.
For more information about setting up accounts, see Creating Accounts.
If the Intercompany Time and Expense feature is enabled in your account, an intercompany clearing account is automatically created when there is an associated transaction. For more information, see Intercompany Clearing Account.