Learn about the four different rate types and when to use them:
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Cube uses default settings that align as closely as possible with the default settings in your ERP. That means income statement accounts are assigned the Average rate by default, and balance statement accounts are assigned the Custom rate by default.
All other accounts that are not found on the income statement or balance sheet will receive the Custom rate by default.
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 send 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:
| Time Period | To Currency | From Currency | Current | Average |
| Jan-22 | USD | CAD | 1.32 | 1.45 |
| Feb-22 | USD | CAD | 1.43 | 1.41 |
When to Use Current
Use Current when you want to use the currency exchange rate that is effective at the end of the reporting period.
Typically used for most Balance Sheet Accounts.
When to Use Average
Use Average when you want to use the weighted average of the currency exchange rates for all transactions posted during the period.
Typically used for most Income Statement Accounts.
When to Use Historical
Use Historical when you want to use a fixed rate for all time. Typically used for equity accounts.
For example, 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 if any of the above rates won’t work for you. Or if you need to tweak a time period or two.
Key things to note:
- Using Custom will require you to add new rates at the beginning of each time period. Cube will not automatically map rates as we do for Current and Average.
- When creating a Custom rate, Cube will pre-fill the rates with our system's most up-to-date Current rates.