The Multi-Currency by Account for NetSuite feature enables Cube to apply exchange rates to transactions received in foreign currencies from NetSuite on an account-by-account basis.
This article is for customers using NetSuite as their source system, who have enabled one or more foreign currencies in their account, and who want to apply exchange rates on an account-by-account basis.
Learn more about using multiple currencies with Cube + NetSuite.
Does Cube support using the Historical consolidated exchange rates?
If you want to apply a historical rate to an account, you'll need to select the Historical option from the rate type dropdown and manually enter the rate you'd like Cube to apply. See Rate Types.
How does Cube know which rate to apply if there are several that could?
Cube will use the most specific rate applicable to the account. That means if a child account has an override assigned to it, Cube will ignore any overrides assigned to its parent(s) as well as any relevant default rates that could apply and use the rate assigned to the child by this override.
If a child account doesn't have an override, it will inherit the override rate of the parent account if there is one.
If there are no account overrides applied to any of the child's parents (and grandparents, etc.), the default rates will apply.
If you remove an account-specific override for a child account, Cube will apply the most specific parent account overrides that exist for that child account. If there are no account-specific overrides for this account, Cube will apply the relevant default conversion rate.
Does the rate displayed in the Detailed rates table show the rate used on import or fetch?
Import.
How do I understand which rate Cube used when fetching a value to my spreadsheet?
There are two ways to do this.
- Drill down into the relevant cell in your spreadsheet. At the far right, you'll see 2 columns labeled Local Currency Value and Local Currency Rate. The local currency value is the value Cube originally received from NetSuite. Cube applied the local currency rate to this value during import. To find the rate Cube used to fetch that data to the spreadsheet, you would take the inverse of the local currency rate. For example, if you see a local currency rate of 0.5, divide 1 by 0.5 to get the rate used during fetch (1 / 0.5 = 2).
- Navigate to the Currencies page and identify which default rule or override applies to the account. Find the rate associated with the relevant time period and currency pairing and divide 1 by that value. For example, if the rate displayed for Jan-22 in the Detailed rates table for CAD is 0.6898, then the fetch rate for converting from your base currency to CAD for Jan-22 will be 1/0.6898 = 1.4497.
Do I need to upload new rates every month?
Yes, if you're using Custom rates.
No if you're using Current, Average, and Historical rate types. The NetSuite rate file will send updates periodically that Cube will map to accounts based on the overrides or defaults relevant to those accounts. These updates are emailed from NetSuite to Cube as a CSV file on a scheduled basis. You can see this schedule in the saved search called “Cube Consolidated Exchange Rates Search” in your NetSuite instance.
Can I send refreshed exchange rates from NetSuite?
- In the Search Bar Type: Cube Consolidated Exchange Rates Search
- Click the email icon at the top-left of the search
- For the Recipient * field in NetSuite, select the name of the user who has the @fpadata.com email address as their primary email. The user will vary depending on the access level you gave Cube when we connected your NetSuite instance.
- Select Send as CSV and click Email
Who can create/edit/remove overrides?
If currencies are enabled for your Cube, Admin, Finance, or users with currency management permissions can edit currencies in your company's Cube. Business users and those without currency management permissions can’t edit currencies, but they can view and work with enabled currencies. Learn more about managing user types and permissions.
Who can enable currencies?
If currencies are enabled for your Cube, Admin, Finance, or users with currency management permissions can edit currencies in your company's Cube. Business users and those without currency management permissions can’t edit currencies, but they can view and work with enabled currencies. Learn more about managing user types and permissions.
What is a foreign currency?
A foreign currency is any currency enabled in a Cube that is not the base currency.
For example, suppose a Cube’s base currency is USD. In that case, any transactions coming through in CAD would be foreign transactions to which Cube would apply the appropriate exchange rate in order to store it as a value in the base currency of that Cube. Only Cube Staff can enable and remove currencies.
How many places before and after the decimal does Cube support?
15 before the decimal and 8 after the decimal.
The Custom rates table will only ever show 4 places after the decimal. This is the same number after the decimal that NetSuite displays in their consolidated rates table.
NOTE: Cube will show all 8 decimal places when creating or editing a Custom rate.
Can I publish in a foreign currrency?
Yes, Cube will publish the data in the default currency of the cube or of each subsidiary, depending on which Currency is selected. Any data being published from a different currency of the cube/subsidiary will be converted and stored in the default currency of the cube/subsidiary.