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New to NetSuite | Set Up Currencies
In the previous article, we covered How to plan a Subsidiary Hierarchy. Now, let's move on to the third step in configuring a OneWorld account: Setting up Currencies.
When setting up your subsidiary hierarchy, you first need to define the base currency for your root subsidiary, followed by the base currencies for all other subsidiaries. It's important to configure both the base currencies of each subsidiary and any other currencies involved in transactions within NetSuite.
When recording a transaction, the currency specified on the customer's or vendor's record will dictate the currency for the transaction amounts. If the customer or vendor uses a different currency than the subsidiary, the transaction will involve two currencies: the
Niña Camille Paule | Advanced Accounting and Reporting
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