You can manually update rates in the Currency Exchange Rates list after they have been initially set up. If you prefer to have NetSuite update some or all exchange rates automatically one time each day, you can enable the Currency Exchange Rate Integration feature, then choose exchange rates to be updated automatically.
Manually Updating Currency Exchange Rates
To manually update an exchange rate between two currencies, you add a new exchange rate record with the same base currency and foreign currency. The effective date of the new exchange rate record must be later than the existing rate record.
Note
If you enable the Currency Exchange Rate Integration feature, manually entered rates for the same currency pair and effective date are not overwritten by rate providers. See section on the bottom part.
To manually update an exchange rate :
-
Go to Lists > Accounting > Currency Exchange Rates > New.
-
In the Base Currency field, select the base currency for this exchange rate update.
-
Select a foreign currency in the Currency field.
-
If you have an Exchange Rate Type field, select the rate type.
This field appears on the page only when the Currency Exchange Rate Types feature is enabled.
-
In the Exchange Rate field, enter the updated exchange rate.
The exchange rate is the number of base currency units that equal one foreign currency unit. For example, if you want to set the value of a Euro to 1.357 U.S. dollar, you would enter 1.357 in the Exchange Rate field.
You can enter a number with up to 15 digits to the left of the decimal or up to 8 digits to the right of the decimal.
For comparison purposes, this page also displays the current (Previous Effective Rate) exchange rate and the date that rate became effective.
-
Enter the date that this exchange rate becomes effective in the Effective Date field.
-
Click Save.
Setting Exchange Rates to Be Automatically Updated
If the Currency Exchange Rate Integration feature is enabled, you can indicate on a currency record that its exchange rate with each base currency should be automatically updated each day. For information about enabling this feature and about automatic updates, see Support > Go to Suiteanswers for Currency Exchange Rate Integration or enter answer ID: 7730.
If you use the Currency Exchange Rate Types feature, note that automatic updates work only with the default currency exchange rate type.
To automatically update exchange rates for a base currency:
-
Go to Lists > Accounting > Currencies.
-
Click the name of a currency.
-
On the Currency page, if the Automatic Update box is checked, NetSuite updates the exchange rate between this foreign currency and the base currency (or for NetSuite OneWorld, the base currency of each subsidiary).
If you do not want a foreign currency's rates to be automatically updated, clear the box.
-
On the record of a currency that has been defined as a base currency, the Update Time Zone field determines the time of the daily automatic exchange rate updates. These updates occur at 6 a.m. in the selected time zone.
The default is U.S. Eastern time. You can select another time zone.
If this currency is a base currency, the read-only Is Base Currency box is checked. If it is not a base currency, the box is clear.
Important
If you have enabled the use of cross currency triangulation, the Currency page also displays a checked, read-only Is Anchor Currency box. You cannot delete a designated anchor currency that is used in an exchange rate calculation. For more information about anchor currencies, see Exchange Rate Integration.
-
Click Save.