ANS-0657 · ONEWORLD & MULTI-SUBSIDIARY

How to Create a Budget in a Child Subsidiary’s Currency in NetSuite

NetSuite users can enable budgeting in a child subsidiary's local currency by configuring a non-global budget category.

Short answer

To create a budget in a child subsidiary's currency in NetSuite, first create a non-global budget category via Setup > Accounting > Accounting Lists > New, ensuring the 'Global' checkbox is unchecked. Then, when setting up budgets under Transactions > Financial > Set up Budgets, select the child subsidiary and the newly created non-global budget category to automatically align the budget currency.

Scenario

Organizations operating with multiple subsidiaries often need to establish budgets specific to a child subsidiary's local currency. Standard budgeting processes might default to the parent company's base currency, posing a challenge for accurate financial planning and reporting at the subsidiary level. This guide addresses how to configure NetSuite to allow budgeting directly in a child subsidiary's currency.

Solution

To enable budgeting in a child subsidiary's currency, a non-global budget category must first be created, followed by its selection during budget setup.

  1. Navigate to Setup > Accounting > Accounting Lists.

  2. Click New and then select Budget Category from the available options.

  3. Enter a descriptive name for the budget category.

  4. Uncheck the Global checkbox.

  5. Save the new budget category.Once the non-global budget category is established, proceed with budget setup:

  6. Navigate to Transactions > Financial > Set up Budgets.

  7. Select the desired child subsidiary.

  8. Select the newly created non-global budget category.Upon selecting the child subsidiary and the non-global budget category, NetSuite will automatically adjust the budget currency to match that of the selected child subsidiary.

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