ANS-0738 · ACCOUNTING & FINANCIAL CONFIGURATION
Understanding Currency Settings and Restrictions for NetSuite Accounts
NetSuite allows currencies to be assigned to certain account types for revaluation purposes, but this action has irreversible implications and operational restrictions.
Short answer
In NetSuite, currencies can be assigned to specific account types (excluding bank accounts) for revaluation, but this setting is permanent once applied. This action introduces restrictions, such as limiting journal entries from bank accounts in other currencies. It is crucial to understand these implications before setting an account currency.
Scenario
Users often inquire about the ability to set or unset currencies on NetSuite account records. Understanding which accounts can have a currency assigned, the permanence of this setting, and the resulting operational restrictions is vital for accurate financial management and avoiding potential issues.
Solution
A currency can be set on NetSuite accounts that require revaluation. However, once a currency is assigned to an account, it cannot be unset.Accounts that can have a currency set (aside from bank accounts) include:Other Current AssetsOther AssetsOther Current LiabilityLong Term LiabilityUsers should be aware that selecting a currency for an account will create restrictions on that account and subject it to revaluation. When importing account data via CSV, a specific warning regarding these implications is typically not displayed.One significant restriction is that journal entries cannot be made from bank accounts in another currency if a currency is set on the bank account.Therefore, it is generally recommended not to set a currency on accounts (aside from bank accounts) unless explicitly requested and confirmed by the client's accounting team, due to the permanent nature and operational restrictions introduced.
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