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NetSuite Professionals

The exchange rates on my item receipt and the related vendor bill are different resulting in a floating accrued purchases balance. Aside from clearing it manually, is the only way to clear it systematically is by using the Post Vendor Bill Variances page?

Yes post bill variance is used for cleaning the difference between IR and Bill.

Yes if you have defined a account for exchange rate bill variance on your item 

Or by customisation like GL Plugin 
in the case of a partial receipt and a monthly closing, the bill variance  is not proposed by the system until the line on the SO is not closed