has anyone ever automated currency revaluations?
# accounting
a
has anyone ever automated currency revaluations?
l
Yes. Any concerns?
r
Can you expand on what you mean by automated? like generating other than from the month-end process? There are things that cause a Currency Reval transaction that really aren't a currency reval like Rounding, Realized Gains/losses, etc
a
I have a client who is considering running the month-end process nightly, since they look at a balance sheet daily and are seeing discrepancies. They asked if it could be automatically done every night without manual intervention. I think the answer is no, and I'm also learning that this is an odd request in the sense that it's not something meant to be run nightly.
k
@al3xicon - you can run currency revaluation as needed by going to Transactions > Financial > Revalue Open Currency Balances. will that do?
a
That is what they are doing @Karina but they want to not have to do it manually themselves. I'm pursuing some different approaches now. Thanks.
1
j
I know a lot of investment banks will do this. Nothing technically wrong with it I have encountered netsuite failing to revalue certain transactions in the past though. Seems to correct itself the following month
d
For internal NetSuite processes like this that you may be unable to script\replicate I just automate the browser in a stand-alone virtual machine. This should work fine in this scenario too.