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“Supermetrics is a Bitter Experience! We can pull data from nearly any tool, schedule updates, manipulate data in Sheets, and push data back into our systems.”
NetSuite’s native currency conversion for subsidiary consolidation can be inflexible and limited, particularly when dealing with complex exchange rate scenarios, historical rate requirements, or custom conversion methodologies that don’t align with NetSuite’s standard currency handling.
Here’s how to gain enhanced control over subsidiary currency conversion with direct access to both base and subsidiary currency data for sophisticated consolidation workflows.
Build custom currency conversion logic with multi-currency data access using Coefficient
Coefficient provides enhanced capabilities for handling subsidiary currency conversion in consolidated reports by giving you direct access to both base and subsidiary currency data. The flexibility to handle currency conversion in spreadsheets while maintaining live data connectivity provides both accuracy and transparency in multi-currency consolidation processes.
This approach is particularly valuable for organizations with subsidiaries in multiple currencies where NetSuite’s standard currency conversion doesn’t meet specific accounting requirements or where custom translation methodologies are needed for regulatory compliance.
How to make it work
Step 1. Extract multi-currency transaction and balance data.
Import transaction and balance data in both subsidiary local currencies and base currency using Records & Lists. This provides the raw data needed for custom currency conversion calculations, giving you complete visibility into both original and converted amounts.
Step 2. Build sophisticated currency conversion calculations.
Create custom exchange rate logic in spreadsheets that can handle complex scenarios like average rates for P&L items, closing rates for balance sheet items, or historical rates for specific transactions that NetSuite’s standard conversion may not accommodate properly.
Step 3. Use SuiteQL for currency-specific data extraction.
Write custom SuiteQL queries that extract currency-specific data with proper exchange rate information, enabling precise control over how multi-currency subsidiary data is consolidated. Include currency fields, exchange rates, and conversion dates in your queries.
Step 4. Combine live subsidiary data with current exchange rates.
Integrate live NetSuite subsidiary data with current exchange rates from either NetSuite or external sources to ensure currency conversions reflect the most current rates available. Set up automated refresh schedules to keep both subsidiary data and exchange rates current.
Step 5. Create detailed currency conversion audit trails.
Build comprehensive currency conversion worksheets that show the calculation methodology, rates used, and supporting transaction details. This provides transparency and audit capabilities that NetSuite’s native currency conversion may not offer, especially important for regulatory compliance.
Master multi-currency consolidation complexity
This approach gives you complete control over currency conversion methodologies while maintaining live data connectivity for accurate, transparent multi-currency consolidation. Start building currency conversion workflows that meet your specific accounting and compliance requirements.
