Setting Exchange Rates Directly on Transactions in NetSuite

🚨 Problem: Need to generate currency revaluations at the end of accounting periods in NetSuite but unsure how? 🚨

This guide will show you how to generate currency revaluations in NetSuite, helping you ensure that your financials reflect the latest exchange rates for open payables and receivables. 🌐💰

Step-by-Step Guide 📋

1. Navigating to Revalue Open Currency Balances
   • Go to Transactions > Financial > Revalue Open Currency Balances. 📂💱
   • Alternatively, access this page from the Revalue Open Foreign Currency Balance task on the Period Close Checklist. 📅✅
2. Select Posting Period and Accounting Book
   • Choose a posting period and, if using multi-book accounting, select an accounting book. 📑
   • Selecting an accounting book will filter available subsidiaries. 📋🏢
   • To run month-end currency revaluation for multiple subsidiaries, check the Include Children box. ✅👶
3. Key Fields to Enter
   • Fill in all relevant fields, focusing on:
     • Match Source Classification: When checked, it generates a currency reevaluation for each combination of classifications (Class, Department, Location, Customer Segment) with an impact on the general ledger. 🧮📊
     • Be cautious: If classifications are mandatory and this box is checked, a missing classification value in a source transaction will cause an error that stops the revaluation process. ⚠️🚫
   • Choose which account type to revalue (e.g., Accounts Receivable). 💼💡
4. Running the Revaluation
   • Click Save to start the process. 💾🖱️
   • If you resubmit the same combination before the process is completed, you’ll encounter an error. ⚠️❌
5. Important Considerations
   • Maximum lines per revaluation: 2,000. 📄
   • Open receivables and open payables are included in a separate currency revaluation transaction from other accounts. 🔄💰
   • The total variance is posted to the Unrealized Gain/Loss account. 📈💸
6. Review Completed Revaluations
   • Go to Transactions > Financial > Revalue Open Currency Balances and click List to view past revaluations. 📃👀
   • This can also be accessed through the Period Close Checklist. 📝✔️

Congratulations! 🎉 You’ve now successfully generated currency revaluations in NetSuite! 🎉 Accurate financials, better reporting. 🌟📊

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