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Multiple Currencies Support – Positionly Blog

 
Jini Maxin
by • September 16, 2023
 
 

We have a new important announcement. From now on, Positionly will make it easier to settle payments and offer multiple currencies! Currently, we support USD, EUR, PLN, TRY, and RUB.

Various companies and professionals are using Positionly from around the world. Until now, our prices were only available in USD. We received many signals that you – our clients, would like to have the possibility to use local currencies instead. To make the tool even more accessible, we decided to implement multiple currencies. We will be adding additional ones depending on need and priority.

Feel free to contact our support in case of any questions!

Multiple Currencies in OneWorld

The Multi Currencies feature supports transactions with entities that employ different currencies than the one that your business uses to manage its finances. The currency that is used to manage your business’s finances is referred to as”the base currency. Other currencies that vendors and customers use are called foreign currencies. It is important to have the multiple Currencies option mandatory by NetSuite OneWorld. With OneWorld, the subsidiary can be able to have a different base currency that will be utilized to manage the financials of the subsidiary. It is impossible to change the base currency of a subsidiary after the subsidiary’s record is stored for the very first time.

Currency Records

When you design your hierarchy of subsidiary companies, it is important to determine the currency that will be used as the base currency for your primary subsidiary. Then, it would be best if you determined the base currencies of all your subsidiary companies. All base coins of your subsidiary, as well as all other currencies that are used in transactions, must be registered in NetSuite. See Creating Currency Records. When you record the transaction of an affiliate the, currency specified in the vendor’s or customer’s record is used to determine the money that is used in commerce. If a vendor or customer uses a different money than those of the subsidiary, it has to make use of two currencies. The currency of the foreign country that is used by the client or vendor, as well as the base currency that is used in the subsidiary.

Currency Exchange Rates

NetSuite utilizes currency exchange rates to convert foreign currencies into base currencies. Exchange rates offer the default rate for any transactions made in different currencies than those in the base currency. Exchange rates are calculated as base units for units of foreign currency. It is necessary to create an exchange rates list within NetSuite. See Currency Exchange Rates. You can turn on this feature to enable the Currency Exchange Rate Integration feature to change the exchange rate of currency on a daily basis. See Currency Exchange Rate Integration.

Consolidated Exchange Rates

Consolidated reports utilize the compact exchange rates table to convert child subsidiaries into amounts that can be rolled into compact parent-subsidiary amounts. See Consolidated Reporting in OneWorld and Consolidated Exchange Rates.

Budget Exchange Rates

Reports that have budget and actual numbers, like some financial statements, utilize budget-specific exchange rate tables for the conversion of budget figures. See OneWorld Financial Statements and Subsidiary-Specific Budget Reports.

Exchange Rate Variance Amounts

As time passes, variations in exchange rates could influence the value of transactions in foreign currencies. NetSuite instantly calculates and reports rates of variance in exchange for transactions that end in the accounting period. See Accounting for Fluctuation in Exchange Rates for Closed Transactions. Additionally, prior to your closing each month, you must revise open balances in order to account for variations. See Revaluation of Open Currency Balances.