Rate settings for Multi-Currency by Account (NetSuite)

For NetSuite users only. Please reach out to our support team if you need assistance.

Cube uses default rate settings that align as closely as possible with the default rate settings in your NetSuite instance. That means income statement accounts are assigned the average rate by default, and balance statement accounts are assigned the custom rate by default.

By default, all other accounts not found on the income statement or balance sheet will receive the custom rate. 

You can choose to change the rates applied to your accounts. Learn more about managing your currency settings when NetSuite is your source system. 

When to use Current & Average

Current and average refer to two consolidated exchange rates that Cube receives in a rate file from NetSuite. 

Depending on your configuration, it can be sent daily or based on a custom schedule.

When a rate is selected, Cube uses the rate file to understand what rate to use and automatically updates the rates for a set of accounts based on the most up-to-date version of the rate file.

Simple rate-file example:

Use current when you want to use the currency exchange rate that is effective at the end of the reporting period. Current is typically used for most Balance Sheet accounts.

Average

Use average when you want to use the weighted average of the currency exchange rates for all transactions posted during the period. Average rates are typically used for most Income Statement accounts.

When to use Historical

Use historical rates when you want to use a fixed rate for all time. This is typically used for equity accounts. For example, you could use historical rates when applying a rate to intangible assets acquired as part of an acquisition.

Incoming NetSuite rate files will not overwrite this rate.

When to use Custom

Use custom rates if any of the above rates don’t work for you or if you need to adjust individual time periods.

Key things to note:

1. Custom rates require a manually entered rate for each new time period. Unlike Current and Average rates, Cube does not automatically update Custom rates from the NetSuite rate file.
2. If you import into a period where no Custom rate exists, the import will fail. See Add rates to Custom rate overrides for a new period for instructions on updating your rates when starting a new period.
3. If your rate is stable and unlikely to change period to period, consider using Constant rate instead. Constant rates carry forward automatically to all future periods without manual updates.
4. When creating a custom rate, Cube will pre-fill the rates with our system's most up-to-date current rates.