When adding a new subsidiary that has intercompany balances in the opening balance sheet, but each subsidiary has different functional currencies; how can I go about bringing all these balances in properly?

AI generated answer (using internal Slack threads):

****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ****** When adding a new subsidiary that has intercompany balances in the opening balance sheet, but each subsidiary has different functional currencies, you can follow these steps: 1. Set the initial foreign currency balance of a bank account: You can use the opening balance field for new account imports. Alternatively, you can put in a Journal Entry (JE) hitting the bank account and whatever other account in. 2. Create an intercompany journal: If you have the Intercompany AP/AR accounts configured and set as the defaults under Accounting Preferences, you can use the Auto Balance feature for NetSuite to make the offsetting posting for each entity. Then you only need to show the Debit/Credit to Cash, and then select Auto Balance. 3. Change the functional currency for a subsidiary: If you need to change the functional currency for a subsidiary, you can use multibook. You can keep the existing subsidiary and keep it going in the foreign currency, retaining the historical data, load the beginning balances into a USD secondary book, and go forward from there. It would be better since all your integrations and processes are already tied to the Primary book which would just be copied to the secondary. Remember, each subsidiary is a separate legal entity with its own balance sheet, own bank accounts and so on. And if one subsidiary sends money to another, then one subsidiary becomes indebted to another.