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New to NetSuite | Multiple Currencies Feature

edited Oct 30, 2023 8:03PM in Advanced Accounting & OneWorld

A currency is a monetary unit used by companies to conduct and measure their financial transactions. In NetSuite each company or subsidiary has its own base currency – this is the default currency of which records and reports are maintained per company/subsidiary. The base currency is the currency used in recording G/L impacting transactions. While base currency is used in most transactions, users may be sometimes engaged in foreign currencies in their business operations.

The Multiple Currencies feature enables companies and subsidiaries to record and transact using different currencies other than their base currencies. NetSuite helps in converting the foreign currency amounts to the base currencies of companies and subsidiaries when this feature is enabled via Currency Exchange Rates.

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