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Netsuite One World: How can we manage Secondary Accounting Books in several currencies?

Jun 4, 2021 12:52AM in Ask A Guru 6 comments

Hello, everyone!

Currently, we are using Netsuite One World and need to manage Accounting Books in several currencies.

The situation is that a UK branch of a Japan-based company needs to get all transaction amounts to be recalculated in JPY at exchange rate as of the transaction date (Japanese head office's base currency is JPY and UK branch's base currency is GBP). It is nessessary for compliance with both IFRS and JGAAP.

To meet the requirements above we are reviewing the option of using Secondary Accounting Book for transactions recalculated in JPY.

We checked the Netsuite manual (see the link below) and on pages 30 and 44, we found such cases when one subsidiary uses several Secondary Accounting Books nominated in different currencies.

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