The Problem & Why You May Have Missed It
As of August 1st, 2023, all customers who have multiple currencies enabled in their NetSuite environments should have received a notification to inform companies who are currently using Xignite that there have been instances of incorrect currency rate calculations on specific dates in 2023.
Due to potential system settings, this notification may not have reached the appropriate team members. It is crucial for administrators to review the notification settings and ensure that system notifications are consistently received by the necessary individuals. You can check this by navigating to Setup > Company > Administrative Notifications.
By adjusting notification settings, as well as maintaining accurate contact information, you can optimize your NetSuite experience and ensure that all relevant team members receive communications in a timely manner. This will help streamline response times within your organization.
TAC strongly recommends updating your primary contacts with your NetSuite account representative to ensure smooth communication and timely receipt of essential information. Keeping your contact information up to date will help you stay informed about critical updates, system changes, and any important announcements from NetSuite.
Does This Effect Your Company?
To check whether your company is affected by the currency exchange rate failure access your Accounting Preferences through the following steps: Navigate to Setup > Accounting > Accounting Preferences – General and scroll to the bottom section. For those who are using Xignite, we urge you to validate your setup to ensure accuracy by following the steps below.
Currency Rate Calculations Affected:
Due to an issue with Xignite your NetSuite account received incorrect exchange rates for these currency pairs:
EXAMPLE:
- Canadian Dollar (CAD) to Pound Sterling (GBP)
- Pound Sterling (GBP) to Canadian Dollar (CAD)
The incorrect exchange rates were transmitted on one or more of the dates listed here:
Incorrect Exchange Rate Dates | CAD/GBP Impacted | GBP/CAD Impacted |
June 10, 2023 | Yes | No |
May 23, 2023 | Yes | No |
May 13, 2023 | No | Yes |
May 6, 2023 | Yes | Yes |
April 29, 2023 | Yes | Yes |
April 22, 2023 | Yes | Yes |
November 26, 2022 | Yes | No |
October 22, 2022 | Yes | No |
September 10, 2022 | Yes | Yes |
July 2, 2022 | Yes | No |
May 7, 2022 | Yes | No |
October 23, 2021 | Yes | No |
October 16, 2021 | Yes | No |
Recommended Actions:
To ensure accuracy and maintain financial integrity, we strongly recommend conducting a thorough review of exchange rate-related processes in your NetSuite account. This review should encompass all transactions involving affected currencies, such as CAD/GBP and GBP/CAD, as well as consolidated exchange rates if applicable. Additionally, it should cover any other processes that involve these specific currency pairs.
Should you discover any inaccuracies in the currency exchange rates during your review, we urge you to get in touch with NetSuite Customer Support. Rest assured that Oracle NetSuite can provide the correct exchange rates for all the specified dates.
It’s essential to consider the impact of the updates to your business, especially when dealing with closed accounting periods. Evaluate whether updating the exchange rates or related data would be appropriate for your specific financial reporting requirements.
Only by conducting a thorough review and taking appropriate actions, can you ensure accurate financial records and make informed decisions for your business’s financial well-being.
How TAC Can Help
Unlock the Power of NetSuite with TAC’s Certified NetSuite Consultants. With extensive expertise, our team has successfully guided numerous clients in exchange rate related NetSuite processes. Whether you need clarifications or wish to schedule a call, we’re here to provide in-depth insights and discuss the full potential of NetSuite’s functionality tailored to your business. Reach out to us today and take your NetSuite experience to the next level.
