Venezuelan currency change from Bolivar to Bolivar Fuerte
The Venezuelan currency will be changing from Bolivars to Bolivar Fuerte on January 1st 2008 (http://www.casatrudel.com/new-bolivar-fuerte.htm). Those customers who use the Bolivar as a transactional currency should take steps to properly account for this change (customers with a Bolivar functional currency have been contacted separately). The following points are for your general advisement only. If you have detailed questions, we suggest contacting your local accounting firm and/or your NetSuite account representative to engage NetSuite’s Services Group to help with these changes.
There are two options available to you outlined below. One leverages the existing currency (renaming and revaluing) and the other sets up a new currency (and entities). There are pros and cons to each as described here: