How is the historical consolidated exchange rate used?

AI generated answer (using internal Slack threads):

The historical consolidated exchange rate in NetSuite is used to calculate the value of transactions in different currencies for a specific historical period. This is particularly useful when dealing with multinational transactions and financial reporting. When you select the consolidated exchange rate setting of

Per Account

, the rate that gets applied will depend on the GL account associated with the transaction line. For assets and liabilities, the current rate will always get applied, regardless of the transaction dates. However, it's important to note that the saved search will give you the current rate if the exchange rate is per account for all months historical and current for balance sheet accounts. For Profit & Loss accounts, it uses the correct numbers. There is no way to pull a balance sheet account from the search with the proper historical period rates without doing some conversion yourself with the exchange rate table. For extracting the exchange rate for a historic month, you can do a currency rate search or consolidated exchange rate search to get this information. This allows you to calculate the average of it per month in one go instead of extracting each day one by one. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******