Currency revaluation is an important process for businesses that deal with multiple currencies. It helps to ensure that financial statements accurately reflect the value of assets and liabilities in different currencies. In this article, we will explain how to run currency revaluation in NetSuite.
Introduction
Before we begin, it’s important to understand what currency revaluation is. Currency revaluation is the process of adjusting the value of assets and liabilities in a foreign currency to reflect changes in exchange rates. This is necessary because exchange rates can fluctuate over time, which can affect the value of financial statements.
Step 1: Set Up Currency Revaluation
The first step in running currency revaluation in NetSuite is to set up the process. To do this, go to Configuration > Financial > Currency Management and select the currency you want to revalue. Then, click on the “Revalue” button and enter the new exchange rate. You can also choose to revalue all transactions or just specific ones.
Step 2: Run Currency Revaluation
Once you have set up currency revaluation, it’s time to run the process. Go to Transactions > Currency Revaluation and select the transactions you want to revalue. Then, click on the “Revalue” button and enter the new exchange rate. NetSuite will automatically calculate the new values for each transaction based on the new exchange rate.
Step 3: Review and Approve Currency Revaluation
After running currency revaluation, it’s important to review the results to ensure that everything is accurate. Go to Transactions > Currency Revaluation and select the transactions you want to review. You can then view the original and revalued amounts for each transaction. If everything looks correct, click on the “Approve” button to finalize the currency revaluation process.
Conclusion
In conclusion, running currency revaluation in NetSuite is a straightforward process that can help businesses ensure accurate financial statements. By following these steps, you can set up and run currency revaluation with ease. Remember to review the results carefully before approving the process to ensure accuracy.
