Hi all,
Does anyone know how i can change the ope...
# generaln
Nilesh Bodalia
03/11/2024, 5:31 PMHi all,
Does anyone know how i can change the operating currency of an entity. I have found the below but it appeared to be greyed out
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Karina
03/11/2024, 5:34 PMcannot once selected. If you have no transactions delete and re-enter. If you do inactivate and create new sub with the new currency
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Nilesh Bodalia
03/11/2024, 5:35 PMthank you - odd because I know there are various reasons why a company may elect to change their operating currency.
k
Karina
03/11/2024, 5:37 PMnot odd - there are system configs related to currency (like FX conversion, etc). It is not done in NS like that. And I frankly doubt if there is another system that would allow it
Karina
03/11/2024, 5:37 PMand of course there is multibook for that as well
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Sam-I-Am
03/11/2024, 5:47 PMNetsuite support can change sub's base currency. I have done that couple of times, you have to convince NS support with your reasonings. Note that changing the currency will effect your GL, and will make it worse. Best option is to create a new sub and zero out the old sub and keeping for historical purposes only, no new transactions. Still lot of work - FX, CTA adjustment, currency reval etc. Final verdict - do able but gotta be careful - my 0.1 cents worth
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michoel
03/12/2024, 6:09 AM@Sam-I-Am are you sure you were able to change the base currency for a subsidiary that had existing transactions?
michoel
03/12/2024, 6:10 AMFunnily enough, I had a call with our finance team today and they wanted to find out if this was possible. Out of curiosity I raised a support ticket and even claimed I have heard from other customer's that it should be possible, but support responded that it cannot be done.
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Nilesh Bodalia
03/12/2024, 9:51 AMthanks all
Nilesh Bodalia
03/12/2024, 9:58 AM@Sam-I-Am - how did you contact Netsuite support? was there a contact number?
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Sam-I-Am
03/12/2024, 3:44 PM@michoel nope never changed the base currency (not doable) - zeroed out the sub and created a another sub with new currency and brought is balance out of the old one. Kept the old one for historical purposes - added a suffix "Do not Use". I think I have documented the whole process on our sister Q&A site few years ago - search my handle.
@Nilesh Bodalia contact your acct manager for best choice