I set an Account to Historical rate with only one ...
# accountingi
Israel Trujillo
03/01/2021, 11:46 PMI set an Account to Historical rate with only one transaction in 2020. I verified no other transactions where processed with same rate type. There should be no reason to calculate an accounting period average for this rate type if no further transaction were processed. Why does the system keep calculating separate conversion rates for the subsequent months?
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Marc Reicher
03/02/2021, 1:26 AMWhat type of account?
Marc Reicher
03/02/2021, 1:29 AMSpecifically would be curious to see what these settings are
Marc Reicher
03/02/2021, 1:30 AMAnd when you say the system keeps calculating separate conversion rates, I am curious where you are seeing this? In a trial balance report or something?
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Israel Trujillo
03/02/2021, 2:50 AMNet Asset Account
Israel Trujillo
03/02/2021, 2:53 AMIm seeing this in the Consolidated Exchange Rates page
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karina
03/02/2021, 4:55 AMThis is a period rate. Meaning it calculates the rates for this particular period. If there are no transactions in the period for accounts with historic rate the rate is copied from the current rate i.e. the rate from the last day of the month
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Marc Reicher
03/02/2021, 5:04 PMYou don't have any other accounts with that rate type? Typically all equity accounts have the historical rate type
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Israel Trujillo
03/02/2021, 5:16 PMWe have 10 accounts set at the historical rate type but after creating a saved search only one transaction is found dated back in may 2020. No other transactions were found.
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Marc Reicher
03/02/2021, 5:25 PMWell if that's true, then the only historical exchange rate that would ever be used to calculate anything meaningful is the May 2020 rates. Even if the other exchange rates look off, they shouldn't ever be used for any sort of consolidation.
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Israel Trujillo
03/02/2021, 9:55 PMOur Accounting team is concerned the yearly historical average is not the same for that one accounting period. Since the transaction involves stock, the rate should never change. Is there a way to set just the historical rate for the subsequent months manually?
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Marc Reicher
03/02/2021, 10:11 PMyou can override the rates manually I believe in the UI
Marc Reicher
03/02/2021, 10:17 PMmessage has been deleted
Marc Reicher
03/02/2021, 10:17 PMyou can see the UI has an Edit button
Marc Reicher
03/02/2021, 10:21 PMFwiw, I'm not 100% sure why the accounting team would want this. My understanding is NetSuite is correctly applying the historical rate from the period that the transaction occurred, and it might be incorrect to apply the historical rate from the entire year (though I suppose you could have an accounting policy that just is not compatible with netsuite)
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