Custom Currency for U.S. Sales Tax Reports

You can select the currency from the Currency list on the US Sales Tax Reports page. You can use a custom currency to view sales tax data in the currency that fits your business, with automatic currency conversion using up-to-date exchange rates.

Before selecting a custom currency, you must ensure the following:

Enable the multiple currencies
Add all the currencies you require for reporting in the currencies record

To enable the multiple currencies feature:

Go to Setup > Company > Enable Features.
In the International subtab, check the Multiple Currencies box.
Click Save.

To add the required currencies in the currencies record, see Assigning Currencies to Entities.

You can select a custom currency from the US Sales Tax Reports page.

To select a custom currency:

Go to Reports > Tax > US Sales Tax Reports.
Select a currency from the Currency list.

Note:
If you select a subsidiary, the currency will be automatically populated in the Currency list. If the currency field is empty, the root currency is selected by default.
Click Generate Report.

The report displays all amounts and column labels in the currency you select. The ISO code of the selected currency appears in the column labels. Exchange rates are applied automatically using the latest available data.

For more information about managing the currencies, see Currency Management.

Automated Currency Exchange Rates

You can setup your account to automatically update and apply the latest currency exchange rates to your reports. To retrieve the latest exchange rates using a third-party application, you must enable the Currency Exchange Rate Integration feature. For more information about the Currency Exchange Rates feature, see Currency Exchange Rates.

To enable the currency exchange rate integration:

Go to Setup > Company > Enable Features.
In the International subtab, check the Currency Exchange Rate Integration box.
Click Save.

If you don’t enable the Currency Exchange Rate Integration feature, you must manually update the currency exchange rate record.

To manually updated the currency exchange rate record:

Go to Lists > Accounting > Currency Exchange Rates.
Click New , to manually create the record.
Enter the exchange rate in the Exchange Rate field.
Click Save.

Important:

SuiteApp standardizes currency conversions by first converting all amounts to a root currency, then applying the selected currency’s exchange rate. This method ensures consistency in reporting but may result in minor rounding differences. To minimize these differences and enhance accuracy:

Enable the Currency Exchange Rate Integration feature to automatically use current exchange rates from a third-party application.
Don't manually update the exchange rates to decrease the chance of rounding errors.

General Notices