Adding Rates to the Currency Exchange Rates List in NetSuite

Ron Danenberg • 02:34

🚨 Problem: Need to manually add a currency exchange rate in NetSuite but don’t know how? Want to ensure your financial data is accurately represented? 🚨

The exchange rates you use will impact your reporting and Accounts Receivable, for which Kolleno is #1 on NetSuite.

This tutorial will guide you through manually adding a currency exchange rate in NetSuite. 💹📈

Step-by-Step Guide 📋

Introduction to Manually Adding Currency Exchange Rates
- Learn how to manually add a currency exchange rate in NetSuite. 🌐💲
Navigate to Exchange Rates
- Go to List > Accounting > Currency > Exchange Rates. 📂⚙️
- Click Add New. ➕🖱️
Select Base and Foreign Currency
- Choose the base currency for the exchange rate. 🌍
  - In NetSuite OneWorld, select the base currency for any accessible subsidiary.
  - If not using OneWorld, this field displays your base currency automatically.
- Select the foreign currency (e.g., Euro) in the Currency field. 💶💵
Create New Currency if Needed
- If the foreign currency is not listed, create a new currency as explained in the previous video. 🎥
Enter Exchange Rate Type (if applicable)
- If your version includes exchange rate types, select the appropriate type. 📊
Enter Exchange Rate
- Input the exchange rate (e.g., if €1 = $1.357, enter 1.357). 📈
- You can enter up to 15 digits to the left of the decimal and up to 8 digits to the right. 🔢
Compare and Set Effective Date
- The page displays the current or previously recorded exchange rate and its effective date for comparison. 📅
- Set the effective date for the new exchange rate. 🗓️
Save the Exchange Rate
- Click Save or Save & New to add another exchange rate. 💾
Verify Impact
- Check the impact of the exchange rate change on a transaction (e.g., an invoice) or the currency revaluation page. 🧾📊