ANS-0431 · FINANCIAL REPORTING
How to Generate Income Statements in Multiple Currencies in NetSuite?
NetSuite offers two primary methods for managing and reporting financial data across different base currencies, catering to diverse organizational structures and accounting needs.
Short answer
NetSuite provides two main approaches for generating income statements in various currencies. Organizations can leverage a OneWorld account to establish parent-child subsidiaries with distinct base currencies, or utilize Multi-Book Accounting to set up parallel accounting books, each with its own base currency, associated with the same subsidiary.
Scenario
Organizations often require the ability to view and report income statements in different base currencies, either due to operating across multiple legal entities with distinct functional currencies or needing parallel financial reporting for a single entity in various currencies. This presents a challenge in standard NetSuite configurations.
Solution
NetSuite offers two primary methods to achieve income statements in different currencies:
Leverage a NetSuite OneWorld Account for Parent-Child Subsidiaries:
This method involves configuring two subsidiaries within a parent-child hierarchy.The child subsidiary is set up with a base currency of Yen.The parent subsidiary is configured with a base currency of Euros.This approach utilizes NetSuite OneWorld's robust capabilities for multi-subsidiary management, which includes specific licensing considerations for the OneWorld edition.
Implement Multi-Book Accounting (Parallel Books):
This method involves establishing two distinct accounting books.One book is configured with Yen as its base currency.The other book is configured with Euros as its base currency.Both accounting books are then associated with the same subsidiary.
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