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Foreign Exchange conversion issues?
Hello,
We started doing business in the UK last year and have not been able to figure out how NetSuite is handling our FX transactions.
It is my understanding that all FX conversions - realized and unrealized (BS conversion) runs through one account in the income statement. Obviously, as we prepare our financial report, we are required to take out unrealized conversions and run through OCI.
However, we are finding that our cash balances are off because Netsuite is using a much different rate than the rate the transaction actually occurred at. How do we remedy this? Over time, the small differences add up to large discrepancies. The only way I could account for them is to create a sub account of the foreign cash account to run the "revaluation" entry through.