Enabling the Multiple Currencies Feature in NetSuite

🚨 Problem: Struggling to enable the Multiple Currencies feature in NetSuite? Need to manage transactions with customers and vendors in different currencies? 🚨

This guide will show you how to activate the Multiple Currencies feature in NetSuite, allowing you to handle transactions in various currencies effectively. 🌍💸

Step-by-Step Guide 📋

1. Introduction to Multiple Currencies
   • The Multiple Currencies feature allows creating transactions with customers and vendors in currencies other than your company’s base currency. 🏦💱
2. Understanding Accounting Periods
   • This feature supports transactions with customers and vendors in different currencies and relies on accounting periods to pass open balance reevaluation at the end of each month. 📆🔄
3. Enabling Accounting Periods
   • If using calendar months instead of accounting periods, enable the accounting periods feature for effective use. 📅✅
4. Navigating to Enable Features
   • Go to Setup in the top menu. ⚙️
   • Select Company and then Enable Features. 🏢🔧
5. Activating Multiple Currencies
   • In the Company subtab, find Multiple Currencies. 💼🌐
   • If it’s already activated and grayed out, it means transactions have been created using this feature, and it cannot be deactivated. ❌
6. Adding Currency Exchange Rate Integration
   • Decide if you want to add a currency exchange rate integration, which is highly recommended. 🔄💹
7. Setting the Base Currency
   • Navigate to List > Accounting > Currencies. 💰
   • Ensure your company’s base currency is set. For NetSuite OneWorld, each subsidiary must also have a base currency. 🌍🏢
   • Make any changes to the base currency before performing other actions in NetSuite, as it cannot be changed after a record with the currency amount or link is saved. 🔒

Congratulations! 🎉 You have successfully enabled the Multiple Currencies feature in NetSuite. This will enhance your ability to manage international transactions smoothly. 🌐🧾

If this guide was helpful, please share it with your colleagues 👍 and subscribe to this channel for more tips and tutorials. 🎥✨