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.
Navigate to
Setup > Accounting > Accounting Lists.Click
Newand then selectBudget Categoryfrom the available options.Enter a descriptive name for the budget category.
Uncheck the
Globalcheckbox.Save the new budget category.Once the non-global budget category is established, proceed with budget setup:
Navigate to
Transactions > Financial > Set up Budgets.Select the desired child subsidiary.
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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