What Is Multi Currency In NetSuite ?

The Multiple Currency feature in NetSuite allows you to create transactions with customers and vendors in currencies other than your company's base currency. This feature enables you to enter transactions in multiple currencies for an individual customer or vendor.To activate the Multiple Currencies feature, you need to have the Enable Features permission. This feature allows your company to handle transactions involving customers and vendors who use different currencies from the one used in your company's financial reporting.

When you enable the Multiple Currency feature, the following changes occur:

1. A Currencies subtab is added to prospect, customer, and vendor records under the Financial subtab.
2. The Currency field on customer and vendor records is renamed to Primary Currency.
3. You can edit the Primary Currency field on sales and purchase transactions.
4. You are allowed to define purchase and sales prices in multiple currencies on item records.

To enable the Multiple Currencies feature, follow these steps:

Navigate to Setup > Company > Enable Features.

Under the Company subtab, select the Multiple Currencies checkbox.

Finally, click Save to apply the changes.Once you have enabled the Multiple Currencies feature, make sure that your company's base currency is marked as "Yes" on the Currencies page, which can be found at Lists > Accounting > Currencies.

If you are using NetSuite OneWorld, it is also important to ensure that each subsidiary has its own designated base currency. To learn more about this feature or for any other information please reach out to us.