How to Set Up Multi-Currency and Revalue Balances in NetSuite

Set up and run multi-currency

1. 1Enable Multiple Currencies at Setup > Company > Enable Features > Accounting and save. In OneWorld, each subsidiary also has a base currency.
2. 2Add each currency at Lists > Accounting > Currencies > New, with symbol, precision and rounding. Optionally enable Currency Exchange Rate Integration so NetSuite pulls rates automatically.
3. 3Maintain rates at Lists > Accounting > Currency Exchange Rates. Enter the rate against base for each date you need, or review the automatic updates.
4. 4Set the customer or vendor currency on the record's Financial / Currencies subtab. Add extra currencies only if you trade in more than one with that party.
5. 5Create transactions in the party's currency. The transaction rate defaults from the exchange rate table and can be overridden on the form.
6. 6At period end, go to Transactions > Financial > Revalue Open Currency Balances, choose the subsidiary, period and accounts (AR, AP, bank, other), and run it.
7. 7Review the journal entries NetSuite creates to the Unrealized Gain/Loss account. They reverse automatically at the start of the next period.

Exchange rate maintenance

-- SuiteQL: exchange rates for a currency pair, latest first
SELECT basecurrency, transactioncurrency, effectivedate, exchangerate
FROM currencyrate
WHERE transactioncurrency = 2
ORDER BY effectivedate DESC

Common pitfalls

• !Running revaluation before all open transactions for the period are entered, which understates or overstates the adjustment.
• !Allowing exchange rates to lag so transactions use an old rate and realized gains look random.
• !Choosing the wrong currency on a customer and discovering it after invoices exist.
• !Confusing transaction exchange rates with consolidation rates in OneWorld reports.
• !Forgetting that the revaluation journal reverses, then being surprised by the opening balance in the next period.