Foreign Exchange Rates on Bank Transfers

For those using bank transfer functionality for bank transfers between two different currencies with one matching the base currency of the subsidiary. The Base currency of the subsidiary is not primary currency for the Netsuite account.

NS Account = USD

Subsidiary = GBP

Transfer to/from = GBP/USD and USD/GBP

 

Is there a transaction visible in the Income Statement that records the gain/loss on foreign exchange. We have not been able to find it in either the unrealized or realized accounts. What system function generates the JE or the CRV that is needed to balance the books. How do you see gain/loss on foreign currency recognized in the P&L?

Rookie Asked on February 12, 2020 in Banking.
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1 Answer(s)

If you use Tipalti’s Multi-FX capability for currency conversion management, it will resolve your issue and simplify this process.

Rookie Answered on February 16, 2020.
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