We are creating a subsidiary where the functional currency of that sub doesn't match our parent sub. The proper accounting treatment for this situation is to run a foreign exchange translation during consolidation. Does NetSuite help us automate this? What do we need to enable in NetSuite to make this happen? Are there any useful help docs or SuiteAnswers that anyone knows of?

Yes, this is standard functionality/period close management process. there is a step in closing called dFX Revaluation, you click the button, and everything is revalued. see answers ID 14965

Some considerations I wish our implementation consultants had taken us through: • The "eliminate intercompany transactions" setting on an account is not a panacea, unless you are doing proper arms-length transactions (or advanced intercompany journals) EVERY time. • You may want to consider having a "human checkable" basis for the consolidation rate, as using the auto-calculation caused problems with our auditors (they didn't like just believe in netsuite as an answer) - especially when you have multiple subsidiaries in the same "other" currency • try and get consistency with your external reporting system, if you have one • certain intercompany loans in our arrangement required special FCTR effects. We got around this using Foreign Currency Variance Posting Rules It helps to have a consultant who's done this before, but if you read the suiteanswers per Karina's link it's ok to understand. I wish the suiteanswers examples were a bit more complex though

Just want to highlight this feedback

The "eliminate intercompany transactions" setting on an account is not a panacea, unless you are doing proper arms-length transactions (or advanced intercompany journals) EVERY time.

oh man I feel your pain. And I've been at just one company the past 5 years of Netsuite. You'd think they'd have learned!

@Steve Cahill I'm new to the channel and late to respond to this post, but if this is still plaguing your system, There's a chance I can help. I specialize in all-things FASB 52/ASC 830 Fx matters, specifically because my very first NS implementation ~10 years ago was the messiest of all FX messes I still have yet to see. I'm also a multi-book expert because of it, albeit tread lightly always. Happy to do a quick Slack huddle/call anytime - can also be reached at sara@continuousscale.com or 425-444-0684.