Multi-Currency by Account for NetSuite enables Cube to apply exchange rates to transactions received in foreign currencies from NetSuite on an account-by-account basis.
With this feature, you can:
- Apply NetSuite's current or average consolidated exchange rates to your accounts without manually entering rates for every time period.
- Create a report in a non-base currency.
- Apply a historical or weighted average currency rate for a given equity account.
- Control the exchange rate used for an account or accounts for every relevant time period.
You must have a NetSuite account to use NetSuite currency exchange rates. Reach out to our support team if you need assistance.
How it works
Cube’s Multi-Currency by Account feature for NetSuite allows you to apply NetSuite’s consolidated exchange rates (or custom rates) on an account-by-account basis.
When configured, Cube will convert foreign currency transactions received from NetSuite during import and store them in your default currency. This means you can fetch values to your spreadsheet in any foreign currency enabled in your account, and Cube will apply the proper exchange rate when the values are fetched.
It also means that when you fetch in the default currency, any foreign currency transactions sent to Cube from NetSuite will have already been properly converted and associated with your accounts.
Publishing will need to happen in your default currency.
Example
Let's say your company uses a base currency of USD, but you also do business in CAD.
The exchange rate you use to convert CAD to USD for a particular account, say Revenue, is 2.
So, if a transaction of $100 CAD comes in, Cube will convert it to the base currency (USD) using the exchange rate of 2 and store it as $200 USD.
If this is the only value booked to the Revenue account for Jan-22, and you fetched Revenue to the spreadsheet for Jan-22 in USD, the cell value would show $200.
Let's say you fetched it using CAD. Cube uses the inverse of the exchange rate, so in this case, 1 / 2 = 0.5 and applies it during the fetch to give $100 ($200 * 0.5 = $100).
Check out these additional questions about multi-currency with Netsuite and Cube for more information.
Rate assignment
By default, Cube assigns the following rates:
- Income Statement Accounts = average rate
- Balance Sheet Accounts = current rate
- All Other Accounts = current rate
If you find the exchange rates provided by NetSuite need some alteration, you can make changes to rates anytime. See our guide to setting rates.
Make changes to rates
To make changes to the default rates that Cube provides based on the consolidated rates sent by NetSuite (current, average), navigate to the Currencies page and add an Account Specific Override.
There are four rate types to choose from for this override:
- Average Rate: Provided by NetSuite periodically through a rate file.
- Current Rate: Provided by NetSuite periodically through a rate file.
- Historical Rate: Provided by NetSuite periodically through a rate file.
- Current Rate (Weighted Average): Computed based on activity to match rate in NetSuite.
- Historical Rate (Weighted Average): Computed based on activity to match rate in NetSuite.
- Constant Rate: Provided by you. Apply a fixed exchange rate that will apply for all time and never change (unless updated by you). This prevents the NetSuite consolidated rate from overwriting the exchange rate for a given account.
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Custom Rate: If the preceding rate types don’t work, enter your own rates on a per-time period basis or an account-by-account basis. Custom Rates are best for situations where you need to use an exchange rate that changes frequently and where NetSuite consolidated rates are insufficient.
Note: Custom rate overrides require a manually entered rate for each new time period. 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 how to add rates when starting a new period.
After creating an override, allow for time for the changes to be made across your Cube.
Check assigned account rates
To see what rate is being used for a given account, currency pair, and time period, navigate to the Currencies page and click Detailed rates to expand the relevant account default or override and view a table of the rates used per currency and time period.
Edit assigned account rates
Assigned account rates can be edited anytime. However, after an edit is made, it cannot be undone.
To edit an assigned rate, click the edit icon next to the rate in the table.
Update the Rate Type, if applicable, Currency Pairing, and Detailed rates as relevant:
Click the Save button when you've finished making your changes.
Remove account-specific overrides
To remove an Account-Specific Override, select the remove icon next to the override in the table.
Removing an override cannot be undone. You'll be prompted to confirm that you'd like to remove override:
Select Remove override to confirm this action.