Use Nexus Currency
Certain VAT reports support the Use Nexus Currency feature. When generating these reports, you can enable the Use Nexus Currency feature to calculate the report values in Nexus currency, as opposed to currency set up in the Subsidiary or Company settings.
Use Nexus Currency is available only in accounts with SuiteTax.
The recalculation uses the NetSuite exchange rate table. Exchange rate is determined based on the transaction date.
In case the exchange rate for Company/Subsidiary currency > Nexus currency is not set up, the feature will calculate the appropriate value from available Nexus currency > Company/Subsidiary currency exchange rate. Because of the difference in exchange rates, the resulting value will be approximate.
For more information about exchange rates, see Currency Exchange Rates List Page.
For more information about exchange rates in NetSuite OneWorld, see Consolidated Exchange Rates.
During the recalculation from subsidiary to Nexus currency, the Nexus currency values are rounded up to two decimal places.
In the Detail report, the Grand Total values (Net, Tax, Gross) are calculated by adding up and rounding up the transaction exact line values. Thanks to this process, the Grand Total values add up to a different value than manual adding up of rounded values would.
Grand Total Calculation -Detail Report
|
Grand Total Value |
Transaction Values Added Up |
|---|---|
|
Grand Total Net Amount |
Added up and rounded Exact Net Amount values |
|
Grand Total Tax Amount |
Added up and rounded Exact Tax Amount values |
|
Grand Total Gross Amount |
Added up and rounded Exact Gross Amount values |
The export files include net, tax, and total transaction values and grand total values in both exact and rounded values.
|
Grand Total Value |
Transaction Values Added Up |
|---|---|
|
Grand Total Net Amount (Rounded) |
Added up rounded Net Amount values |
|
Grand Total Tax Amount (Rounded) |
Added up rounded Tax Amount values |
|
Grand Total Gross Amount (Rounded) |
Added up rounded Gross Amount values |
|
Grand Total Net Amount (Exact) |
Added up Exact Net Amount values |
|
Grand Total Tax Amount (Exact) |
Added up Exact Tax Amount values |
|
Grand Total Gross Amount (Exact) |
Added up Exact Net Amount values |
Starting with advanced decimal places (seventh and more), the nexus currency values may lose some of their accuracy. In case of an extraordinarily large report, the resulting Grand Total values may be slightly affected.