transfer record in netsuite with foreign currencies realized fx

AI generated answer (using internal Slack threads):

In NetSuite, you can handle the transfer of funds in foreign currency and record a realized foreign exchange gain or loss by using the Foreign Currency Variance Posting Rules. Here's a step-by-step guide based on the conversations: 1. Create a Journal Entry for the transfer of funds from one bank to another in the foreign currency. For example, if you're transferring $6430 from Bank A to Bank B, you would debit the Funds Transfer account and credit Bank A. 2. Create a second Journal Entry when the funds arrive at Bank B. This time, you would credit the Funds Transfer account and debit Bank B. 3. If there is an exchange loss, NetSuite should automatically create an entry to debit the Financial Foreign Exchange Losses account and credit the Funds Transfer account. 4. Ensure that you're using the bank's foreign exchange rate for the journals. At the end of the month, NetSuite will revalue everything to the rate of the last day of the month, which will make your bank reconciliation easier. 5. If you're dealing with a subsidiary where the functional currency doesn't match the parent subsidiary, you can use NetSuite's standard functionality to run a foreign exchange translation during consolidation. This is part of the period close management process. There's a step in closing called FX Revaluation, where you click the button, and everything is revalued. 6. If a customer in NetSuite is set in one currency but pays in a different currency, you can handle this by adding the payment currency to the customer record. When you accept the payment, select the paying currency and record the correct exchange rate. Apply the appropriate invoice and save. The difference will be recorded as exchange rate differences. Remember, it's important to have a consultant who's familiar with these processes or to read through the SuiteAnswers for more detailed information. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******