Store Multiple Currency Exchange Rates in NetSuite

Dealing with different currency exchange rates is a common process. In most cases NetSuite users could access only single currency exchange rates per currency pair and date. However, NetSuite has provided a useful feature for its users known as “Currency Exchange Rate Types”. This helps the users to store multiple currency exchange rates. Most often this feature is left unattended by the users.

A customer can have only single exchange rate for each pair and date combination of currency. But, if you enable this feature on NetSuite One world the user access multiple number of currency exchange rate. Kindly note, this feature is available only after enabling the Multiple Currencies and Intercompany Frame work Features.

Once you enable this feature, NetSuite makes your current exchange rate with a particular currency as Default Currency Exchange Rate. Then the currency exchange records will show a new Required Field knowns as Exchange Rate Type.

The NetSuite itself adds value to the exchange rate type field. This is default according to all the existing currency exchange rates.