Defining Foreign Currency Variance Posting Rules in NetSuite

🚨 Problem: Need to define foreign currency variance posting rules in NetSuite? Want to ensure your currency variances are posted to the correct accounts? 🚨

This guide will help you set up foreign currency variance posting rules in NetSuite, ensuring accurate accounting for foreign exchange rate fluctuations. 🌍💼

Step-by-Step Guide 📋

1. Enable Foreign Currency Variance Mapping
   • Go to Setup > Company > Enabled Features.
   • Under the Accounting subtab, check the box for Foreign Currency Variance Mapping. ✔️
   • Save the changes. 💾
2. Navigate to Foreign Currency Variance Posting Rules
   • Go to Setup > Accounting.
   • You should now see a menu for Foreign Currency Variance Posting Rules. 📊
3. Create a New Rule
   • Click New Rule to get started.
   • In the Rule Name field, enter a unique and descriptive name. 📝
     • Example: “My First Rule”
   • Optionally, add a Description for clarity. ✏️
4. Select a Destination Account
   • Choose a Destination Account where foreign currency variances will be posted.
   • Must be an Other Income or Other Expense account type. 💼
   • Ensure this account is active and linked to subsidiaries if applicable. ✅
5. Define Rule Criteria
   • Choose the Criteria > Field that will trigger the rule (e.g., account, class, department, etc.).
   • Use Ctrl-click or Command-click to select multiple options. 🖱️
   • Make sure each rule has a unique set of criteria to avoid conflicts. ⚠️
6. Set Rule Priority
   • The first matching rule is applied based on the priority list.
   • Ensure that all active rules are prioritized correctly. 📋🔄
7. Save the Rule
   • Once all fields are set, click Save. 💾
   • Double-check that the Inactive box is not checked.
8. Important Considerations
   • Ensure all destination accounts and subsidiaries are active. ✔️
   • Rules will clash if they share the same criteria. The system uses the first matching rule, so prioritize carefully. 📊

Congratulations! 🎉 You’ve now successfully defined foreign currency variance posting rules in NetSuite! 🎉 This will help you manage foreign currency fluctuations more effectively. 🌟

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