NetSuite dual-currency vendor bills — VAT reporting mismatch We run NetSuite OneWorld with subsidiaries in the UK, Portugal, and Iceland (among others). Many vendor invoices show two amounts: a USD figure and a local-currency figure (e.g., GBP, EUR, ISK). Today, AP processes these bills using the USD amount as the transaction currency, even when a local-currency amount is also printed on the invoice. The problem: Our indirect tax team runs AP/AR reports in local currency to prepare VAT returns. Because the bill is booked in USD, NetSuite calculates the local-currency equivalent using its own exchange rate at posting — and that calculated figure does not match the local-currency amount actually stated on the invoice. As a result, the amount declared on the VAT return doesn't match the invoice. In some cases NetSuite's calculated local-currency amount is higher than the invoice's stated amount, which has already drawn a challenge from a tax authority (HMRC) as an over-recovery/mismatch issue. What we need to solve: 1. Is it possible/advisable to process these bills using the local currency as the transaction currency instead of USD, when the invoice lists both? What are the mechanics and constraints in NetSuite (vendor currency setup, matching bill and payment currency, multi-currency payment runs)? 2. As an alternative or addition: can NetSuite capture and retain the invoice's printed local-currency amount as a discrete field — independent of the transaction/booking currency — so AP/AR VAT reports can pull that exact stated figure instead of a system-recalculated FX translation? 3. What's the standard or most scalable approach other multinational NetSuite OneWorld customers use to keep local-currency VAT reporting aligned to invoice-stated amounts for dual-currency vendor bills, at volume (i.e., without manual exchange-rate overrides per transaction)? 4. Are there specific SuiteTax settings, native fields, or SuiteApps designed for this — capturing a statutory/VAT reporting currency amount separately from the transaction currency on vendor bills?

AI generated answer (using internal Slack threads):

Based on the conversations, here are the possible solutions to your questions: 1. It is possible to process these bills using the local currency as the transaction currency instead of USD. However, NetSuite restricts the bank accounts to the same currency as the Vendor or the Company's base currency. A workaround suggested in the conversations is to create a sub-account of the local currency bank account denominated in USD, and pay from that. Then transfer the amount at the relevant exchange rate out of the local currency account. 2. NetSuite does not seem to have a native feature to capture and retain the invoice's printed local-currency amount as a discrete field. However, you can create a custom field to store this information and then use it in your AP/AR VAT reports. 3. The standard approach to keep local-currency VAT reporting aligned to invoice-stated amounts for dual-currency vendor bills is to use multi-book accounting. This allows you to maintain your books in multiple currencies and generate reports in the local currency. 4. There are no specific SuiteTax settings, native fields, or SuiteApps mentioned in the conversations that are designed for capturing a statutory/VAT reporting currency amount separately from the transaction currency on vendor bills. However, you can use custom fields or scripts to achieve this. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******