How to run currency revaluation in NetSuite OneWorld

Prerequisites

You need a role with period-close and accounting permissions; the revaluation is run from the Period Close checklist or the currency revaluation page.

• Period-end transaction exchange rates entered in the currency exchange-rate table for each currency pair in use.
• All foreign-currency transactions for the period entered, so the open balances being revalued are complete.
• Agreement on which accounts are designated for the unrealised gain/loss postings.

Steps

1. Enter the period-end exchange rates. Update the Currency Exchange Rates table with the closing transaction rate for each currency pair as at period-end. Revaluation uses these rates to restate open balances.
2. Open the revaluation step. From the Period Close checklist, open Revalue Open Currency Balances (or run the currency revaluation directly), selecting the subsidiary and period to revalue.
3. Run the revaluation. Run the process so NetSuite compares each open foreign-currency balance at its booked rate to the period-end rate and calculates the unrealised difference per account.
4. Review the unrealised gain/loss. Review the generated unrealised gain/loss postings before committing - confirm the rates, the accounts hit, and that only genuinely open balances were revalued.
5. Proceed to consolidation. After per-subsidiary revaluation, run consolidation. Consolidation applies the consolidated (parent) exchange rates and is a separate step from transaction-level revaluation - do not conflate the two.

Gotchas

• Transaction rates and consolidated rates are different tables for different purposes. Revaluation uses transaction rates; consolidation uses consolidated rates. Mixing them produces numbers no one can explain.
• Revaluation restates only OPEN balances. A bill or invoice settled within the period realises its gain/loss on payment, not at revaluation.
• Run revaluation after all foreign-currency transactions are entered - revaluing early misses later entries and understates the adjustment.
• Equity and other historical-rate items should not be revalued at the closing rate; confirm the rate-type treatment per account.

Where this bites in an implementation

Currency revaluation is a monthly close step for any multi-currency group, and it is where month-end goes wrong when the transaction and consolidated rate tables are confused, or when revaluation is run before all entries are in. Getting the rate-table design and the close sequence right in the implementation prevents an unexplained FX line at the first close.

Frequently asked questions

What is the difference between realised and unrealised gain or loss?

Realised gain or loss is booked when a foreign-currency transaction is settled - the rate moved between invoice and payment. Unrealised gain or loss comes from revaluing still-open balances at the period-end rate; it reverses and re-computes each period until the item is settled.

Why are my revaluation numbers different from consolidation?

They use different rate tables. Revaluation restates open balances at transaction (closing) rates; consolidation translates each subsidiary into the parent currency at consolidated rates. Both are correct for their purpose - they are not meant to match.

When in the close should revaluation run?

After all foreign-currency transactions for the period are entered and before consolidation. Running it too early misses later entries; running consolidation before revaluation translates un-revalued balances.