We’ve recently opened a new subsidiary in France, and some employees will be transitioning to this new entity. From what I understand, it’s not possible to change the subsidiary on an existing employee record in NetSuite, so we will need to create a new employee profile under the new subsidiary. Can you confirm this? Additionally, since payroll will be handled outside of NetSuite for these employees, we’d like to clarify how to manage their hourly labor cost rate. Is it acceptable to keep the rate in CAD, even though they are now part of the French subsidiary? Our assumption is that this would only impact project profitability reporting, and that NetSuite would automatically convert the rate to EUR using the system exchange rate. Do you see any issues with this approach

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. ****** Yes, you are correct. In NetSuite, it is not possible to change the subsidiary on an existing employee record if there are transactions linked to them. You will need to create a new employee profile under the new subsidiary. This is a common issue that many NetSuite users encounter when there is a need to change the subsidiary for an employee. As for managing the hourly labor cost rate, it is acceptable to keep the rate in CAD. NetSuite should automatically convert the rate to EUR using the system exchange rate for project profitability reporting. However, please note that this might not have an impact on the operations side. For accounting purposes, all your transactions will be converted to the new base currency. This doesn't mean that you can't pay using local currency. You still can but the amounts will be converted to the new base currency for GL impact purposes. Please note that this approach might require additional configuration or customization depending on your specific business processes and NetSuite setup. Always test thoroughly in your sandbox environment before implementing any changes in your production account.