Impact of not Using Accounting Period but have migrated to the new Foreign Currency Revaluation Engine and are using Multi-Currency Customers / Vendors

Scenario:

·        Customer has no AccountingPeriods set up but was migrated to the new Foreign Currency Revaluation Engine and is using Multi-Currency Customers / Vendors in the current version.

 

Findings:

·        Customers will still be able to use the new currency revaluation engine of NetSuite even if they do not haveany Accounting Period.

·        NetSuite will continue to support multi-currencywithout Accounting Periods but it isnot the best practice.

·        In revaluation, using the new foreigncurrency revaluation engine, instead of NetSuite posting the automatic Reversal Journal Entry at the first day of the next month, theautomatic reversal will be posted the verynext day if Accounting Periodsfeature is not enabled.

·        NetSuite requires AccountingPeriods feature to be enabled before user attempts to generate revaluation