Hello All, I need your guidance on an issue related to the Secondary Accounting Book exchange rates in NetSuite. If we update the Secondary Book exchange rates now, will it update the exchange rates on the existing Sales Orders? This issue appears to have affected all Sales Orders, as the Revenue Team had not updated the applicable exchange rates since November 2024. As a result, the existing Sales Orders continued using the old rates, which are incorrect. Additionally, when we edit an existing Sales Order, there does not appear to be an option to update the exchange rate specifically for the Secondary Book. Currently, we are seeing a difference between the books: • Primary Book: Correct value in INR • Secondary Book: USD value is showing a difference due to the incorrect exchange rates We need to determine the safest way to correct the Secondary Book without impacting the already-correct Primary Book. One possible option is to create a book-specific Journal Entry to adjust the difference. However, the concern is that such a JE may not flow to the Project level, which could result in a mismatch in project-wise revenue reporting. Could you please advise on the recommended approach to: 1. Correct the historical Secondary Book exchange-rate impact. 2. Ensure the correction is reflected at the Project/Revenue Plan level. 3. Avoid impacting the correct Primary Book values. 4. Determine whether a book-specific JE is appropriate, or whether there is a better way to correct the Revenue Plans/Revenue Recognition. Thanks.

AI generated answer (using internal Slack threads):

Based on the conversations, here's the recommended approach: 1. Correct the historical Secondary Book exchange-rate impact: You can manually adjust the historical exchange rates in NetSuite. Go to Lists > Accounting > Consolidated Exchange Rates, and replace your historical rate for the period in question. However, be aware that NetSuite may recalculate them as part of the month-end closure. 2. Ensure the correction is reflected at the Project/Revenue Plan level: This might require a more complex solution. If the exchange rate changes are not automatically reflected at the Project/Revenue Plan level, you might need to create a custom script or workflow to update these values. Unfortunately, the conversations do not provide a specific solution for this. 3. Avoid impacting the correct Primary Book values: When you adjust the exchange rate on the transaction, NetSuite will ask you if you want to set that value as correct and store it in the system. All further created transactions will use it. However, with VIEW permission you don’t have the right to change the exchange rate for the currency. You might need to adjust permissions or use a workflow to allow changes to the exchange rate without affecting the Primary Book. 4. Determine whether a book-specific JE is appropriate: If the journal is created in the secondary book only, that’s where it stays. It does not get copied into the primary book and is book specific. Only book generic journals get copied from the primary book into a secondary book. Therefore, a book-specific JE might be appropriate to correct the Secondary Book without affecting the Primary Book. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******